Stock Market Live Updates: Equity benchmarks started the trade on a positive note on Friday, but both indices turned volatile soon after, with the Sensex and Nifty oscillating between gains and losses.
In Asia, markets in Seoul and Shanghai were trading lower, while Tokyo and Hong Kong were trading in the green in mid-session deals. Wall Street markets had ended higher on Thursday.
Meanwhile, international benchmark Brent crude was trading down 0.38% at $96.21 a barrel.
Foreign institutional investors (FIIs) unloaded stocks after many days as they sold stocks worth Rs 1,706 crore on Thursday, according to exchange data.
“The market momentum that took the Nifty up 18 percent from the June lows is likely to face some headwinds from now on. The sudden rise in the dollar index will affect capital flows in emerging markets such as India. The steady FII buying seen in August is likely to lose steam affecting sentiment,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
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Sensex falls 100 points, hits low of the day
Ircon International is looking for more projects to build its international portfolio as the construction company’s overseas business was hit by the pandemic and other issues, a senior company official said.
Price as of August 19, 2022 10:50 A.MClick on the company names to see their live prices.
Indian rupee under pressure from strong dollar, RBI support looks
The Indian rupee fell against the US currency on Friday as the greenback got a boost from US jobs data and hawkish comments from Federal Reserve officials. The rupee was trading at 79.7350 per US dollar at 04:36 GMT, down from 79.6725 in the previous session. It opened at 79.7575 and has since traded in a trading range of around 4 paisa. “It’s not entirely unexpected” that after an opening move higher, “there’s not much follow-through,” said a trader at a Mumbai-based bank. “Thanks to RBI, there will be hesitation to buy a dollar near 80.”
On the technical front, Nifty formed a small positive candle on the daily chart and is close to challenging the lifetime high. The trend line resistance next to the highs of October 21, January 22 and April 22 has been broken and is trading comfortably above. In this context, the current rally can be expected to extend more immediately towards the 18100-18150 levels. Likewise, the base of support has moved higher to the 17,500-17,550 range (gap support). The momentum oscillator, although trading in overbought conditions, but no signs of exhaustion are seen, rather they have been supported with the weekly RSI breaking above the downtrend line of 6 months. The breadth of the market has seen a marked improvement, indicating a wider market share across all sectors.
– Tirthankar Das, Technical and Derivatives Analyst, Retailer, Ashika Stock Broking
How large-cap IT stocks are doing
Price as of August 19, 2022 10:40 A.MClick on the company names to see their live prices.
The chemical sector and the pharmaceutical space (APIs and CRAMS) will see phenomenal performance over the next decade or two despite short-term headwinds.
– Santosh Meena, Head of Research, Swastika Investmart
Bitcoin Breaches $23,000; Dogecoin and Shiba Inu fall up to 12%
IEX confirms to ET NOW that out of the 13 states that were restricted, the bid restriction is now removed for 6 states.
#StocksInNews | IEX confirms to ET NOW that of the 13 states that were restricted, supply restriction is n… https://t.co/T2mSq4vLxQ
— ET NOW (@ETNOWlive) 1660882930000
Vodafone in talks with Canada’s CDPQ for Indus Towers stake sale
Price as of August 19, 2022 10:11 AMClick on the company names to see their live prices.
BLOCK OFFER TO HANDS: 3.8% of shares change hands
Price as of August 19, 2022 09:43 a.mClick on the company names to see their live prices.
India raises yields ahead of new 10-year bond sale
Indian government bond yields rose gradually on Friday, a day after the Reserve Bank of India highlighted inflation concerns, while traders remained focused on upcoming debt supply, including a new 10-year note.
India’s central government will sell bonds worth 330 billion Indian rupees ($4.14 billion) in an auction that includes a new 10-year bond worth 130 billion rupees.
The benchmark 10-year government bond yield was 7.2593% at 03:40 GMT. The yield rose 6 basis points on Thursday to end at 7.2421%.
What should you do with Reliance Infra stock?
After a quick short-term correction, the stock found support near Rs 115 and recovered sharply. In this week so far, it is up more than 13 percent. On the daily and weekly charts, it has formed a long bullish candle that supports a new uptrend from the current levels. For trend following traders, Rs 125 would act as a key support level. If the stock manages to trade above the same, we can expect a continuation of the uptrend wave to Rs 140-145.
The market momentum that took the Nifty up 18% from the June lows is likely to face some headwinds from now on. The sudden rise in the dollar index to 107.6 will affect capital flows to emerging markets such as India. The steady FII buying seen in August is likely to lose steam affecting sentiment. High valuations do not justify a new rise in the markets. Certain profit retention and diversion of money to fixed income can be considered as a short-term strategy. Buy on dips can be considered in high-quality financials, leading names in capital goods and automobiles.
– Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
IIFL Finance, Yes Bank among the most active stocks on NSE
Price as of August 19, 2022 09:21 AMClick on the company names to see their live prices.
OPENING BELL: Sensex up 100 points, Nifty nears 18K; Adani Power gains 4%, Emami 3%
The rupee opens 0.12% higher at 79.7575 per US dollar; previous closing 79.6725
Indian bond yields may rise ahead of supply, RBI inflation comments weigh
Indian government bond yields are likely to trend higher in early deals on Friday as investors wait for fresh debt supply and the central bank highlights inflation concerns weighing on sentiment. The benchmark 10-year government bond yield is likely to trade in a range of 7.21 percent to 7.27 percent until a government debt auction later in the day, a trader at a private bank said. The yield rose 6 basis points on Thursday to end at 7.2421%.
Asian shares in limbo as dollar takes lead
Asian stocks were left in limbo on Friday, while the US dollar made a run as recession clouds gathered in Europe and highlighted the relative performance of the North- American
SGX Nifty indicates negative start
Witty futures on the Singapore Stock Exchange traded up 43.5 points, or 0.24 percent, at 17,960.50, indicating that Dalal Street was heading for a negative start on Friday.
Oil rises on optimism for firmer demand for crude oil
Oil prices rose in early trade on Friday, extending a rally into a third day, as investors weighed hopes of strong demand for the fuel after a bigger-than-expected fall of US crude stockpiles, allaying concerns about a global economic slowdown.
Tokyo stocks open higher
Tokyo stocks opened higher on Friday as investors looked for fresh leads ahead of next week’s annual meeting of central bankers in Jackson Hole, Wyoming. The benchmark Nikkei 225 rose 0.58 percent, or 167.65 points, to 29,109.79 in early trade, while the broader Topix advanced 0.49 percent, or 9.78 points, up to 2,000.28.
Technical view: Nifty50 bulls look tired; be careful
Nifty50 somehow pushed its winning run to the eighth consecutive day on Thursday. The index made a similar high to Wednesday’s as bulls looked tired at the highs.
Wall Street ends higher, Cisco Systems jumps after forecast
US stocks ended higher on Thursday as an upbeat sales forecast from Cisco Systems helped boost the tech sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday’s minutes from the Federal Reserve’s July meeting, which they initially saw as supporting a less aggressive stance by the central bank.
The rupee falls 19 paise to 79.64 against the US dollar
The rupee depreciated by 19 paise to close at 79.64 against the US dollar on Thursday as the strong overseas US currency and rally in crude oil prices weighed on investor sentiment.
Sensex, Nifty on Thursday
The 30-share Sensex recovered 352 points from the day’s low to end just 37.87 points higher, but still above the 60,200 mark. Its broader peer Nifty50 also managed to move above the 17,950 mark.
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