Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended more than half a per cent up on Tuesday, on the back of positive global cues. S&P BSE Sensex closed 379 points or 0.64% higher at 59,842. Nifty 50 ended 127 points or 0.72% in the green at 17,829. Index heavyweights such as M&M, Maruti Suzuki, Asian Paints, Hindustan Unilever, Ultratech Cement, Housing Development Finance Services (HDFC), Reliance Industries, Titan Company, ICICI Bank were among top Sensex gainers. On the flip side, Bharti Airtel, State Bank of India (SBI), Bajaj Finance, and Tata Consultancy Services (TCS) were the index laggards.

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Rising attrition amid a tight labour market is likely to propel India Inc to shell out a 10 per cent salary hike to employees in 2023, up from 9.5 per cent in the previous year, a report by Global advisory, broking and solutions company Willis Towers Watson revealed. The Willis Towers Watson Salary Budget Planning report added that the hike that Indian companies are planning is the highest among the countries in the Asia Pacific Region (APAC).  The report was based on a survey across 168 countries in April and May 2022, which includes 590 organisations in India.

Sensex extended gains on Tuesday as the index closed 378 points or 0.64% higher at 59,842. Nifty 50 ended 127 points or 0.72% in the green at 17,825.

Just ahead of the closing bell India VIX was up at 17.63 levels, trading flat with positive bias.

Sensex was up nearly 400 points or 0.67% to sit above 59,850 mark on Tuesday morning while NSE Nifty 50 index added 133 points or 0.76% to breach 17,800.

“The fall in WPI inflation for the second consecutive month comes as a big relief. The easing of WPI inflation in July is primarily led by lower food, metals and chemical prices. If not for a sharp sequential rise in mineral oil prices and hike in electricity tariff, the fall in WPI inflation would have been sharper. Going ahead, the signs of global supply chain normalisation coupled with recession fears in major economies should support the downtrend in commodities prices. Consequently, wholesale price inflation is expected to ease further in coming months. However, lower sowing of paddy and tight supply of wheat could limit the fall in primary inflation. Further, a weaker rupee would to some extend mitigate the benefit of decline in commodity prices,” said Rajani Sinha, Chief Economist, CareEdge.

The fall in WPI inflation for the second consecutive month comes as a big relief. The easing of WPI inflation in July is primarily led by lower food, metals and chemical prices. If not for a sharp sequential rise in mineral oil prices and hike in electricity tariff, the fall in WPI inflation would have been sharper. Going ahead, the signs of global supply chain normalisation coupled with recession fears in major economies should support the downtrend in commodities prices. Consequently, wholesale price inflation is expected to ease further in coming months. However, lower sowing of paddy and tight supply of wheat could limit the fall in primary inflation. Further, a weaker rupee would to some extend mitigate the benefit of decline in commodity prices. Rajani Sinha, Chief Economist, CareEdge

Companies in India are expected to give a salary hike of 10 per cent in 2023 as they struggle with rising attrition in the tight labour market, according to a report. Global advisory, broking and solutions company Willis Towers Watson's Salary Budget Planning report found that companies in India are budgeting an overall increase of 10 per cent for 2022-23, compared with the actual 9.5 per cent growth in the previous year.

Go Digit General Insurance Ltd, backed by Canada-based Fairfax Group, has filed preliminary papers (DRHP) with capital markets regulator SEBI to garner funds through an initial public offering (IPO).

Macroeconomic and geopolitical developments are unlikely to turn back or stall business-critical technology modernisation, IT services firm Mindtree's CEO Debashis Chatterjee has said. (PTI)

Rare Enterprises and Quadria Capital-backed Concord Biotech has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The issue with a face value of Re 1 per equity share is a complete offer for sale (OFS) aggregating to 20,925,652 equity shares by Helix Investment Holdings Pte. Limited.

“With Bank Nifty aiming for new ATH (all-time high) & stocks like RELIANCE set for 7-8% upmove – Don’t Question this Bull Market & keep trading longs with stoplosses. Our Top Picks are RELIANCE, TATAMOTORS & Banks,” said Rahul Sharma, Director & Head- Research, JM Financial.

WeWork’s co-founder and former CEO Adam Neumann is back making headlines after leaving his previous venture in 2019. Adam Neumann has secured a massive cheque worth $350 million for his newly-floated residential real estate startup ‘Flow’; the funding comes from venture capital powerhouse Andreessen Horowitz, according to the New York Times. Adam Neumann was shown the door at WeWork after the company, which was once valued at around $47 billion, failed to go public. Neumann was the Chief Executive Officer at WeWork after having founded it with Miguel McKelvey in 2010.

IT hardware and mobile accessories firm Balaji Solutions has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The stock plunged after the IPO on concerns around lack of visibility on profitability, governance issues and higher valuations. The recent upmove in the stock due to guidance on turning EBITDA (ex-ESOP) positive by Sep-23 and softness in valuations (3.6x FY22 P/B v/s 10x at IPO price) has been stalled, owing to CG issues being raised by proxy advisors. Thus, we believe Paytm will not only have to deliver on its promise to turn profitable, but also steer clear of CG/regulatory issues, to drive-up valuations/returns for investors in the long term. Emkay Financial Services

BSE Sensex and NSE Nifty 50 were trading firm on Tuesday, on the back of positive global cues. BSE Sensex rose to a day’s high of 59,923.03, and a low of 59,674. Index heavyweights such as HDFC Bank, Hindustan Unilever Ltd (HUL), Housing Development Finance Corporation (HDFC), Asian Paints, and ICICI Bank contributed the most to the indices’ gain. So far in the trade, NSE Nifty 50 hit a day’s high of 17,839, and a low of 17,764. On S&P BSE Sensex, ICICI Bank, and Mahindra & Mahindra (M&M) touched fresh 52-week highs. ICICI Bank hit a fresh high of Rs 884.50, crossing the previous high of Rs 876.95 apiece. Read full story

Wholesale price inflation eased to 13.93 per cent in July against 15.18 per cent in June: Govt data

Overall – 0.63 times, QIB 0.00 times, NII 0.25 times and Retail 1.17 times

Auto major Maruti Suzuki India and food-delivery giant Zomato were among the most purchased stocks by mutual fund managers in the month of July, data sourced by Edelweiss Alternative Research showed. In terms of shares held, fund houses, as a whole, saw an increase of 1.5 million shares of Maruti Suzuki while the value soared to Rs 13.42 billion. Zomato shares increased by 107.3 million while their value was up in portfolios by Rs 5.02 billion. The month of July saw inflows into mutual funds slow down while stock indices zoomed higher.

Adani Logistics, a wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for Rs 835 crore. Adani Logistics Ltd (ALL) in a statement said the deal comprises the acquisition of the operational ICD with a capacity to handle 0.5 million TEUs (twenty-foot equivalent unit). Read full story

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Tuesday, following the global cues. On Multi Commodity Exchange, gold October futures were ruling 1.07 per cent or Rs 562 lower at Rs 52,023 per 10 gram as against the previous close of Rs 52,585. Silver September futures were trading Rs 1,266 or 2.14 per cent lower at Rs 58010 per kg. Globally, gold prices inched lower after falling more than 1% in the previous session, weighed down by an uptick in the U.S. dollar and worries over further U.S. interest rate hikes. Read full story

Tata asset management company is likely to acquire stake in UTI AMC, CNBC TV18 and ET Now reported citing unidentified sources. UTI AMC stock was seen trading 16% higher on Tuesday

Syrma Retail fully subscribed. The IPO got subscribed 0.53 times on day 2. NII portion subscribed 0.18 times and Retail 1.00 times

Nifty has risen for 7 weeks from the lows of 15183 (with one negative close in between). It could now make a top for this move this week in the 17784-18115 band and later correct. On falls, 17556 and 17407 are the supports. Deepak Jasani, HDFC Securities

On the technical front, Nifty formed a small bodied bullish candle on the daily charts with minor upper and lower shadows. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 will be the immediate resistance zone on the higher side which is around 17,750 to 17,800. A fresh breakout above the said range can extend the present rally towards 18100-18150 levels. Likewise support base has now shifted higher to 17,350 to 17,300 range. Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors. During the day Nifty is likely to open on a positive note and is expected to continue its positive momentum while maintaining higher high-low formation. Hence, intraday dip towards 17,560-17,615 can be the buying opportunity for target of 18,100. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

We expect LICI to deliver ~13% CAGR in APE during FY22-24, while VNB margin is likely to improve to 14.6%. However, we estimate operating RoEV to remain modest ~12.4% on a lower margin profile than its private peers. LICI’s valuation, at 0.7x FY24E EV, appears reasonable, considering the gradual recovery in margin and diversification in the business mix. We maintain our buy rating with an unchanged TP of Rs 830.

We expect the Nifty to head towards 17900 levels this truncated week wherein the broader market expected to outperform. However, bouts of volatility after a 12% rally over the past four weeks (which hauled weekly stochastic oscillators in overbought conditions currently placed at 97) can not be ruled out. Therefore, one should adopt a buy on dips strategy as we believe strong support is placed at 17300. Our target of 17900 is based on 80% retracement of the entire decline from October 2021 to June low (18600-15200). Read full story

Syrma SGS Technology IPO opened for subscription last week on Friday and garnered a decent response on the very first day. The issue has been subscribed a total of 0.37 times with retail investors leading the charge. The Rs 840-crore public issue is still open for subscription for investors till Thursday, August 18 and investors can bid for the shares of the engineering and design company in the fixed price band of Rs 209-220 per share. Ahead of its listing, the shares of the company are trading at a premium of Rs 15 per share in the unlisted space. The grey market premium has held steady since the IPO opened. 

Nifty Bank index was up nearly one per cent to trade at 39382, and Nifty FMCG jumped more than a per cent

Forex and money markets will remain closed on Tuesday on account of 'Parsi New Year

Tata Steel, NTPC, Sun Pharma were BSE Sensex laggards in the opening trade on Tuesday

M&M, Asian Paints, Axis Bank, IndusInd Bank, HDFC Bank, Nestle India, HDFC, Bajaj Finserv, HUL, Kotak Mahindra Bank, Maruti Suzuki were among top BSE Sensex gainers

BSE Sensex jumped nearly 400 points to 59,856, while NSE Nifty 50 reclaimed 17800

The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which would lead the index towards 18000-18300 levels. However if the index breaks below 17600 level it would witness selling which would take the index towards 17300-17000. For the week, we expect Nifty to trade in the range of 18000-17400 with a positive bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias. Read full story

The 2 sd range of Nifty projected by the trades of the last 20 days is at 2000 points and Nifty is just 1.6% away from the upper range. Historically such a set up has usually led to corrections. Oscillators are now either overbought or show negative divergence, but they have been so for a while now, which is in line with how oscillators behave during strong uptrends. It is such bear traps that give more legs to the uptrend, with both FOMO as well as short covering chipping in, as it is difficult to pick the top of an uptrend. Read full story

LIC: Life Insurance Corporation (LIC) on Friday reported a multi-fold increase in net profits to Rs 682.88 crore for the quarter ending June.

Paytm: After Institutional Investor Advisory Services India (IiAS), two more proxy advisory firms have advised shareholders to vote against the resolutions of One 97 Communications, the parent company Paytm. Read full story

The price of petrol and diesel has been left unchanged for the 83rd day by OMCs on August 16. The most recent price reduction had came in Maharashtra when the state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, prices have been steady since May 21 when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. 

Truly Amrit Mahotsav in Dalal street, as the nation celebrated the 75 year of independence so did the markets. Equity benchmark Index closed nearly 5-month high last week and rallied for the 4th straight week led by banking, metal and energy stocks. Sensex advanced 1075 points or 3% to close at 59,463. Its broader peer, Nifty, added over 300 points to close above near the 17,700 mark (17698).  Impressive quarterly results, strong micro data and above normal monsoon boosted the market sentiments. A largely positive trend in global equities and foreign capital inflows also supported the domestic equities.

Syrma SGS Technology Limited’s IPO has been subscribed 0.37 times so far. The IPO opened for subscription on August 12. Retail investors are leading the bidding for the company with 0.69% portion subscribed. The issue will close on Thursday.

On Friday, the Nifty 50 index formed a small positive candle on the daily chart with minor upper and lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this pattern indicates a formation of high wave type candle pattern. Having formed this pattern within a narrow range movement, the predictability of this pattern could be less. However, the action of high wave display high volatility in the market,” he added. 

On Wall Street, NASDAQ zoomed 0.62% on Monday, followed by a 0.40% up-move by S&P 500 and 0.45% by Dow Jones. Among Asian peers, Shanghai Composite. Hang Seng, Nikkei 225, KOSPI, and KOSDAQ were all in the green. TOPIX struggled in the red.

Domestic headline indices look to enter the new week of trade after a long break and on the back of gains. S&P BSE Sensex settled at 59,462 on Friday, adding 130 points or 0.22%. NSE Nifty 50 soared 39 points or 0.22% to close at 17,698. India VIX, the volatility gauge, has slumped, falling 4% on Friday to settle at 17.6 levels. Now, ahead of Tuesday’s trade, SGX Nifty was up with gains suggesting favourable momentum build-up, signalling a flat to positive start to the day’s trade. Global cues were also positive after Wall Street equity indices closed with gains the previous session. Read full story