Stock Market Highlights: Nifty forms Hammer-type pattern ahead of expiry. What traders should do on Thursday – The Economic Times

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08:36 PM

WeWork shares sink after warning of bankruptcy risk

WeWork warned of a possible bankruptcy in a stunning reversal of fortune for the shared workspace provider that four years ago was one of the world’s most prized startups with a valuation of $47 billion.The SoftBank-backed company, valued at just $446.8 million as of last close, has been in turmoil ever since it filed its IPO paperwork in 2019 as investors pointed out governance issues involving its then founder-CEO Adam Neumann.

08:11 PM

Suzlon Energy launches QIP to raise up to Rs2,000 crore

Wind turbine maker Suzlon Energy on Wednesday said its board had approved launching a so-called qualified institutional placement (QIP) offering to raise as much as Rs2,000 crore, the company said in a stock exchange filing.

The company said that it has fixed a floor price of Rs18.44 per share for the QIP, which is a 5.7% discount from the stock’s closing price of Rs19.56 per share on Wednesday on the BSE.

07:14 PM

US stocks inch higher at open, CPI data in focus

Wall Street’s main indexes opened marginally higher on Wednesday, following a risk-off session triggered by a Moody’s downgrade of some banks, with focus now on an inflation report this week after mostly dovish comments from Fed officials.

The Dow Jones Industrial Average rose 9.79 points, or 0.03%, at the open to 35,324.28.

The S&P 500 opened higher by 2.19 points, or 0.05%, at 4,501.57, while the Nasdaq Composite gained 13.28 points, or 0.10%, to 13,897.61 at the opening bell.

06:35 PM

Crude intake by European refiners in July down yr-on-yr

European refiners’ crude intake in July rose by 0.5% compared with June to 9.33 million barrels per day but was down 4.6% from a year earlier, Euroilstock data showed on Wednesday. Total crude and oil product stocks held by refiners in July reached 1.02 billion barrels, slightly below June levels, but up 1.3% from July 2022 levels. Middle distillate stocks were more than 5% higher than a year earlier at 385 million barrels, but were nearly 1% below June levels.

05:59 PM

Tech View: Nifty forms Hammer-type pattern ahead of expiry. What traders should do on Thursday

Indicating buying support at lower levels, Nifty today ended 62 points higher to form a Hammer-type bullish candle with a long lower shadow on the daily charts. Now it has to hold above 19560 zones for an up move towards 19700 and 19800 zones whereas supports are placed at 19500 and 19420 zones, said Chandan Taparia of Motilal Oswal.

India VIX was down by 1.59% from 11.32 to 11.14 levels. Volatility inched higher and caused some discomfort to the bulls but cooled off and later consolidated at its lower band.

Nifty Futures’ Open Interest (OI) indicated buildup of fresh long positions ahead of the Thursday weekly expiry.

05:05 PM

IRCTC Q1 Results: Profit dips 5% YoY to Rs 232 crore; revenue rises 17%

IRCTC, the tourism and catering arm of Indian Railways, on Wednesday, reported a standalone net profit of Rs 232 crore for the quarter ended June 2023, down 5% from Rs 245 crore posted in the previous year period.

Revenue from operations during the quarter jumped 17% year-on-year (YoY) to Rs 1,002 crore. The same stood at Rs 853 crore in the same quarter last year.

05:04 PM

Tata Power Q1 Resuts

-PAT: Rs 1,141 cr vs Rs 884 crore, up 29% YoY
-Revenue: Rs 15,213 cr vs Rs 14,495 cr, up 5% YoY

04:14 PM

Market Analysis by Mr. Ajit Mishra, SVP – Technical Research, Religare Broking

Markets traded volatile but finally gained nearly half a percent. After the weak start, Nifty inched gradually lower and oscillated in the narrow range in the middle however a sharp recovery in the final hours completely changed the tone. Eventually, it settled closer to the day’s high at 19632 levels; up by 0.32%. Among the sectoral indices, metal, auto and pharma posted decent gains while realty remained under pressure. The broader indices continued to inch higher and gained nearly half a percent each.

Bulls are trying hard to reclaim some strength but it would be tough without the participation from the banking majors. Besides, resilience on the global front, especially in the US, would play a critical role ahead. Meanwhile, traders should continue with stock-specific trading approach and focus on sectors that are attracting buying interest.

The Nifty index experienced a strong resurgence of bullish momentum, resulting in a sharp recovery from its previous lower levels.At present, the index is positioned in close proximity to a critical resistance zone at 19640, which aligns with its 20-day moving average (20DMA).A conclusive break above the 19700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement, with an eye towards the 20000 mark.

– Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth.

– Vinod Nair, Head of Research at Geojit Financial Services

03:36 PM

Hero MotoCorp faces tax probe over links to vendor – sources

Indian tax authorities are investigating motorcycle maker Hero MotoCorp’s relationship with a vendor suspected of reporting about 900 million rupees ($10.87 million) in false expenditure, two sources familiar with the matter told Reuters.

Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about 160 million rupees, one of the two sources said, speaking on condition of anonymity.

03:15 PM

European stocks outperform as Italy soothes bank tax nerves

Global stocks rose on Wednesday and European equities outperformed as Italy soothed market nerves with the news that a windfall tax on bank profits would be less punishing than analysts had expected.

MSCI’s broad index of global shares was 0.3% higher in early European trade. Europe’s regional Stoxx 600 share index rose 1%, with bank stocks around 1.6% higher. Italy’s FTSE MIB share index gained 2%.

03:15 PM

Trent Q1 Results: Profit surges 45% YoY to Rs 166.67 crore

Tata group retail firm Trent Ltd on Wednesday reported a 45% rise in consolidated net profit to Rs 166.67 crore for the first quarter ended June 30. The company had posted a consolidated net profit of Rs 114.93 crore in the same period of the last fiscal, Trent Ltd said in a regulatory filing.
Its consolidated revenue from operations in the quarter under review was Rs 2,628.37 crore against Rs 1,803.15 crore in the year-ago period, it added.

The total expenses were higher at Rs 2,494.69 crore compared to Rs 1,734.28 crore a year ago, the company said.

02:30 PM

China stocks fall as economy slips into deflation

China A-shares extended losses on Wednesday as consumer prices fell into deflation, with markets looking forward to more stimulus policies to revive spending. Hong Kong stocks closed higher.

China’s blue-chip CSI 300 Index dipped 0.31%, and the Shanghai Composite Index fell 0.49%.

Hong Kong’s Hang Seng Index edged up 0.32% and the Hang Seng China Enterprises Index rose 0.39%.

01:42 PM

Pyramid Technoplast IPO to open on August 18, sets price band at Rs 151-166

The initial public offer (IPO) of Pyramid Technoplast will open for public subscription on August 18 and closes on August 22. The anchor investor allocation will be done on August 17.

The IPO comprises a fresh issue of 55 lakh shares and an offer for sale of 37.2 lakh shares. Under the OFS, promoter Credence Financial Consultancy will sell 37.2 lakh shares.

The company has fixed a price band of Rs 151-166 per share and investors can bid for a minimum of 90 shares in one lot and in multiples thereafter.

Pyramid Technoplast aims to raise anywhere between Rs 139 crore – Rs 153 crore through the IPO and the post implied market cap is likely to be around Rs 611 crore.

12:50 PM

European stock markets rebound at open

European stock markets rebounded at the start of trading Wednesday as bank shares recovered. London’s benchmark FTSE 100 index advanced 0.8 percent to 7,585.16 points. In the eurozone, Frankfurt’s DAX index jumped 0.9 percent to 15,920.92 points and the Paris CAC 40 rallied 1.3 percent to 7,366.01.

12:28 PM

Australian shares end higher aided by upbeat CBA results

Australian shares ended higher on Wednesday, aided by gains in the financial stocks after the country’s biggest lender posted upbeat results.

The S&P/ASX 200 index rose 0.4% to 7,338 points, lifted by the financial index which closed up 1.21%. The benchmark ended 0.03% higher on Tuesday.

Financial stocks rallied after the Commonwealth Bank of Australia posted record annual profit leaving investors less concerned about the second-half outlook even as the lender warned of rising debt arrears and shrinking margins.

12:05 PM

Japan’s Nikkei snaps 3 sessions of gains as SoftBank, Daikin drag

Japan’s Nikkei share average snapped three consecutive sessions of gains on Wednesday, as heavyweights SoftBank Group and Daikin Industries slumped and caution grew ahead of the release of U.S. inflation data.

The Nikkei index fell 0.53% to close at 32,204.33, while the broader Topix slipped 0.40% to 2,282.57.

All three major Wall Street benchmarks finished lower on Tuesday in a broad sell-off after the downgrading of several lenders by credit rating agency Moody’s reignited fears about the health of U.S. banks and the economy.

11:22 AM

Rupee fails to shake off 82.80/USD; US inflation, RBI policy awaited

The Indian rupee was trading flat on Wednesday amid limited risk appetite and mixed Asian cues and ahead of U.S. inflation data and the Reserve Bank of India’s (RBI) policy decision.

The rupee was at 82.8150 against the dollar by 10:40 a.m. IST, barely changing from the previous session. The currency was stuck in a narrow range around 82.80 on Tuesday as well.

Oil companies bought the dollar at around the current levels, a foreign exchange trader at a state run bank said, before adding it was likely to be another quiet day.

09:25 AM

Market View | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

With the Q1 results season coming to an end soon, the focus of the market will shift from micros to macros. The institutional activity in the market has turned neutral since the FII selling is matched by DII buying. A clear trend in the market may come from macros. US CPI print expected soon and the MPC decision on 10th might give indication of the likely market trend. The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July.

Macro trends in India indicate impressive credit growth and improving capex. So, high quality stocks in banking and capital goods are likely to remain resilient. Investors can use weakness in the market to buy these stocks.

07:46 AM

Markets Live Updates: Asian shares hesitant on China inflation data, US bank jitters

Asian shares were on the defensive on Wednesday after China inflation data confirmed the recovery in the world’s second-biggest economy is losing steam, while resurfacing concerns about U.S. bank stability also capped sentiment.MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% after a 1.2% tumble a day earlier. Japan’s Nikkei slipped 0.1%.

07:31 AM

Markets Live Updates: Quarterly earnings today

Tata Power, Berger Paints, IRCTC, ZEE, Max Financial among others will announce their first quarter results today.

07:31 AM

Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded 45 points, or 0.23 per cent, higher at 19,605.50, signaling that Dalal Street was headed for positive start on Wednesday.

07:31 AM

Tech View: Nifty stuck in tight range

Nifty on Tuesday ended about 26 points lower to form a small-bodied bearish candle with a long lower shadow on the daily chart. The pattern indicates that buying was visible at base but momentum and follow-up was missing. Now it has to hold above 19560 zones for an up move towards 19700 and 19800 zones whereas supports are placed at 19500 and 19420 zones, said Chandan Taparia of Motilal Oswal.

07:30 AM

Rupee slides by 16 paise to close at 8-month low on strong dollar demand

The rupee depreciated by 16 paise to settle at more than an eight-month low of 82.91 against the US dollar on Tuesday weighed down by safe-haven dollar demand and a muted trend in domestic equities.

07:30 AM

Markets Live Updates: Tokyo stocks open lower

Tokyo stocks opened lower on Wednesday extending falls on Wall Street, with investors spooked by a Moody’s downgrade of several banks and weak China trade data.The benchmark Nikkei 225 index was down 0.31 percent, or 101.12 points, at 32,276.17 in early trade, while the broader Topix index trimmed 0.39 percent, or 8.87 points, to 2,282.86.

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