Sensex Today Live: Indian stocks recovered from early losses on Monday as falling oil prices and strengthening auto stocks boosted investor sentiment.
“Crude price remains below 95 and foreign investors buying Indian stocks last week are mainly the two factors that keep us positive,” said Neeraj Dewan, director at Quantum Securities.
Foreign investors have poured $1.79 billion into Indian stocks so far this month, according to data from Refinitiv.
Meanwhile, oil prices were near multi-month lows on Monday as data pointed to a slow recovery in China’s July crude imports.
India, the world’s third largest oil importer, is benefiting from falling crude prices as it reduces imported inflation.
In Mumbai trade, the Nifty auto index advanced over 0.6%. Automaker Mahindra and Mahindra was the top performer on the Nifty 50, gaining as much as 2.6%.
Among individual stock moves, State Bank of India fell as much as 3.2% and was the top drag on the Nifty 50 index. The bank on Saturday missed estimates with a drop of 6.7% of first quarter profits affected by investment losses.
FSN E-Commerce Ventures, parent of fashion cosmetics retailer Nykaa, rose as much as 4.4% after it reported a rise in quarterly profit.
Indian markets will be closed on Tuesdays for holidays.
Investors await U.S. consumer price data due on Wednesday that will provide more clues about the pace of Federal Reserve rate hikes.
Strong US payrolls data last week pushed back talk of a recession in the world’s largest economy, but also strengthened the case for bigger rate hikes.
!1 New updateClick here for the latest updates
Sensex increases 450 points, close to 59,000
Nykaa management show after June quarter
#WinWithETNOW | Anchit Nayar of @MyNykaa says – We are now entering the ‘festive half’ of the year – Caution… https://t.co/5uagmFL8lV
— ET NOW (@ETNOWlive) 1659940964000
Shares up to 52 weeks
SoftBank posts first-quarter loss of $23 billion
SoftBank Group Corp on Monday reported a net loss of 3.16 trillion yen ($23.37 billion) in the April-June quarter. This compares with a profit of ¥761.5 billion in the same period a year earlier.
These stocks gain in line with market sentiment, jump as much as 7%
Price as of August 8, 2022 11:26 AMClick on the company names to see their live prices.
STOCK IN FOCUS: NTPC
#StocksInNews | @ntpclimited exploring nuclear power capacity setup #StockMarket #StocksToWatch #NTPC https://t.co/lZDIwYyh7H
— ET NOW (@ETNOWlive) 1659936955000
Weak pharmaceutical values, fall up to 4%
Price as of August 8, 2022 11:08 AMClick on the company names to see their live prices.
Paytm rises 6% after strong Q1 operating performance
Shares of Paytm parent One97 Communication rose as much as 6 percent in early trade on Monday after the company reported better-than-expected performance in the June 2022 quarter. The digital financial services provider said its net loss widened year-on-year to Rs 644.4 crore in the June quarter of the current fiscal from a loss of Rs 380.2 crore in the corresponding quarter of l last fiscal year. Paytm, however, reported an 89% rise in year-on-year revenue to Rs 1,679.6 crore. It said revenue growth was driven by strong payments monetization, device subscriptions and accelerated adoption of high-margin businesses.
Tata Motors has signed a pact to acquire Ford India’s manufacturing plant in Sanand for Rs 725.7 crore as it aims to strengthen its passenger vehicle production capacity. As part of the deal, Tata Motors will get all the land and buildings, the vehicle manufacturing plant along with the machinery and equipment located there, the Mumbai-based major said in a statement.
Price as of August 8, 2022 10:48 AMClick on the company names to see their live prices.
Syrma SGS Tech IPO to open on August 12; price band set at Rs 209-220 each
After a hiatus of nearly three months, the primary market is likely to bounce back as Syrma SGS Technology’s initial public offering (IPO) will open for subscription on Friday, August 12. The engineering and design company has set the price band. at Rs 209-220 each for the issue. The issue will run until August 18 (Thursday). The company aims to raise Rs 840 crore through its primary offering, which includes a fresh issue of Rs 766 crore, while existing shareholders and promoters will offload 33,69,360 shares of their stake.
RBI may raise repo rate to 6.00%, pace may slow: analysts
The Reserve Bank of India is likely to raise its key policy rate by as much as 60 basis points by the end of 2022, before pausing, but the pace of rate hikes is likely to slow , analysts said. “We are maintaining our terminal policy rate view of 6%…We expect a 35bp hike at the next September meeting and a final 25bp hike in December, before growth concerns and cumulative rate hikes made so far bring the MPC to a prolonged pause,” Nomura economist Sonal Varma said in a note.
Impact on earnings
Price as of August 8, 2022 10:05 AMClick on the company names to see their live prices.
Rupee opens lower on aggressive Fed policy tightening expectations
The Indian rupee opened lower against the dollar on Monday, following broad declines in Asian peers after upbeat U.S. jobs data prompted traders to bet on an aggressive 75-basis-point hike by the Federal Reserve in their September meeting. The rupee was trading at 79.46 per US dollar at 0333 GMT, compared with the previous close of 79.23.
Market vision: Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
A paradox in the economy-market connection is that good news about the economy can turn out to be bad news for the markets. This is playing now. US employment data for July came in at a solid 580,000 compared to the survey of 250,000. This indicates a strong economy nowhere near recession. That means the Fed could raise rates by another 75bp in September to cool the economy to contain inflation. Therefore, there may be a strengthening of the dollar in the short term. It remains to be seen how FIIs will react to this.
Growth impulses in India are strong. Leading indicators such as bank credit growth, capacity utilization in manufacturing, demand for automobiles, etc. they suggest a booming economy.
Finance, capital goods and construction are in strong range. Pharma and FMCG are stable. Strong US employment data bodes well for the IT sector.
Most active stocks on NSE
Price as of August 8, 2022 09:20 a.mClick on the company names to see their live prices.
Sensex Heatmap: Top Open Winners and Losers
OPENING BELL: Sensex rises 30 points, Nifty holds above 17,400; SBI falls 2%, Nykaa gains 3%
Asian stock trading is mixed
Asian stock markets were mostly softer on Monday, with the dollar holding firm after an impressive US payrolls report pushed back recession talk but also strengthened the case for bigger rate hikes.
Quarterly earnings today
Bharti Airtel, Adani Ports and Special Economic Zone, Power Grid Corporation Of India, Samvardhana Motherson International, Delhivery, Torrent Power, Whirlpool Of India and National Aluminum Company are among the companies to announce their quarterly earnings today.
SGX Nifty indicates negative start
Witty futures on the Singapore Stock Exchange traded 65 points, or 0.37 percent, lower at 17,358.50, indicating that Dalal Street was headed for a negative start on Monday.
Technical view: Nifty50 loses momentum, may enter consolidation phase
Nifty50 on Friday ended on a flat note for the second consecutive session. The index formed an indecisive candle on the daily chart. On a weekly basis, the index formed a small bullish candle. Analysts said the index could be losing momentum after strong recent gains. They see 17,500 as an immediate resistance level. The 17,150 level may act as strong support, they said.
Oil falls amid recession fears, slow recovery in China’s imports
Oil prices fell to near multi-month lows on Monday as recession fears hurt the outlook for demand and data pointed to a slow recovery in China’s crude imports last month.
Tokyo markets open lower after recent gains
Tokyo stocks opened lower on Monday after recent gains in Japanese markets and lower prices in US technology stocks. The benchmark Nikkei 225 fell 0.33 percent, or 92.54 points, to 28,083.33 in early trade, while the broader Topix lost 0.36 percent, or 6.94 points, to 1,940.23.
S&P 500 closes as jobs data rekindles rate hike fears
The S&P 500 ended lower on Friday, weighed down by Tesla and other tech-related stocks after a strong jobs report torpedoed recent optimism that the Federal Reserve could end its aggressive campaign to reign in high inflation. decades
The rupee rose 16 paise to 79.24 against the US dollar
Reversing a two-session losing streak, the rupee appreciated by 16 paise to close at 79.24 against the US dollar on Friday after the Reserve Bank hiked interest rates by 50 basis points.
Sensex, Nifty on Friday
The BSE Sensex remained choppy in the last hour but settled 89 points higher at 58,388. Its NSE counterpart Nifty50 recovered from the day’s lows to add another 16 points but ended the week below 17,400.
Good morning, dear reader! Here’s something to start your trading day