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Stock Market Highlights: Sensex jumps 209 points, Nifty ends above 16,600 led by IT, FMCG stocks
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Stock Market Highlights: Sensex jumps 209 points, Nifty ends above 16,600 led by IT, FMCG stocks
Aug 16, 2021 10:39 PM

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Aug 17, 2021 4:51 PM

Ajit Mishra, VP - Research, Religare Broking

Markets remained volatile for yet another session but managed to end marginally higher. The recent surge in the index lacks decisiveness due to prevailing underperformance from the banking pack, which holds considerable weightage. Besides, the continuous profit-taking in the broader indices is also keeping the participants on the edge. Considering the scenario, it’s prudent to limit naked leveraged positions and maintain caution in the selection of stocks.

Aug 17, 2021 4:45 PM

Here are key stocks that moved the most on August 17

The Sensex jumped 209.69 points, or 0.38 percent, to close at 55,792.27, while the Nifty ended 51.55 points, or 0.31 percent, higher at 16,614.60.

Aug 17, 2021 4:45 PM

Deepak Jasani, Head of Retail Research, HDFC Securities.

Advance decline ratio had improved in the morning of Aug 17 compared to the previous day, but late selling in the broader markets took it down again in the negative in line with the recent numbers. Nifty recovered smartly on Aug 17 from the intra day lows, but the broader market is yet to bounce up. Sector rotation is being seen with IT and FMCG rising while Metals and Telecom undergoing correction. Nifty could continue to rise gradually but the broader markets could take time to complete their correction.

Aug 17, 2021 4:36 PM

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

Markets maintained their upward trajectory thanks to a sharp rally in IT stocks, as investors bet on recovery on the back of states relaxing lockdowns and opening up their economies. On daily charts, Nifty has formed a breakout continuation formation even as intraday charts suggest traders may prefer to take some profits near the 16,700 resistance level. As long as Nifty trades above 16,520, the uptrend formation could continue up to 16,675-16,720 levels. On the flip side, trading below 16,520 could trigger a quicker intraday correction up to 16,460-16,410 levels.

Aug 17, 2021 4:27 PM

Sachin Gupta, AVP - Research, Choice Broking

Technically, the Nifty50 Index is in a bullish trend and trading upward continuously with higher high & higher low formation from the last couple of days. On an hourly chart, it has given a breakout of immediate consolidation levels and managed to close above the 16,500 mark. Moreover, the Parabolic Sar & Super trend is also supporting the index to move upward. Furthermore, the MACD & Stochastic has indicated the positive crossover on a weekly chart, which suggests bullish strength in the index. At present, the nifty index has immediate support at 16,450 levels while resistance may come around 16,800 levels.

Aug 17, 2021 4:16 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The index successfully achieved its target of 16,600. If we can keep above this, the next level should be 16,850. Profit booking sessions cannot be ruled out. Since the overall trend is positive, traders can utilize intra day corrections to accumulate long positions for higher targets.

Aug 17, 2021 3:55 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lacklustre movement and an attempt to hold the support level around the Nifty50 Index level of 16,500. It is going to be crucial for the short-term market scenario to sustain above the 16,500 Nifty50 Index level. If the market is unable to sustain the level of 16,500, the market witness lower levels of 16,350. The momentum indicators like RSI and MACD showing signs of reversal in the market.

Aug 17, 2021 3:53 PM

Market At Close | Market recovers in the last hour of trade to post record closing highs. NSE advance-decline ratio is at 1:2.

Aug 17, 2021 3:52 PM

Market At Close | Here are the highlights of today's trading session

- Market Recovers In Last Hour Of Trade To Post Record Closing Highs

- IT & FMCG Lead Market With Infosys, TCS & HUL Being Top Nifty Contributors

- Nifty Rises 52 Points To 16,615 & Sensex 210 Points To 55,792

- Nifty Bank Slips 227 Points To 35,867 With Majority Of Its Constituents In The Red

- Midcap Index Gains 90 Points To 27,598 But Market Breadth Favours Declines

- NSE Advance-Decline Ratio Is At 1:2

- Bajaj Fin & Bajaj Finserv recovery Sharply To End At Day’s High

- Steel Stocks See Profit Booking With JSW Steel Slipping 2% & Tata Steel 1%

- Apollo Hospitals Extends Post-earnings Gains, Surges To Record High

- Petronet LNG Gains Over 4% After Company Tones Down Its Aggressive Capex Plans

- L&T Tech, Mphasis, Midtree, Jubilant Food, SRF & Cummins Top Midcap Gainers

- Vedanta Slips 10% After Hind Zinc Defers Its Board Meet Scheduled For Dividend

- Voda Idea, JSPL, sail, Canara Bank, Nalco Top Midcap Losers

Aug 17, 2021 3:46 PM

Closing Bell | The Indian equity benchmark indices staged a sharp recovery from the day's lows to end Tuesday's volatile session higher led by strong buying in IT and FMCG stocks. The Sensex jumped 209.69 points, or 0.38 percent, to close at 55,792.27, while the Nifty ended 51.55 points, or 0.31 percent, higher at 16,614.60. Broader market ended mixed as the Nifty Midcap100 gained 0.33 percent, while the Nifty Smallcap100 closed 0.25 percent lower.

Among sectors, IT, FMCG and Pharma indices ended in the green, while Nifty Metal, Nifty PSU Bank, Nifty Auto and Nifty Realty fell the most. Tata Consumer Products, Wipro, Tech Mahindra, Hindustan Unilever and Nestle India were the top Nifty50 gainers, while JSW Steel, Adani Ports & SEZ, Tata Motors, Coal India and UPL were the top index losers.

Aug 17, 2021 3:38 PM

Market Watch: Deepak Shenoy, Founder, Capitalmind

On Pharma | Revenues for hospitals will go up. I also think that the valuations currently are probably the highest they have ever been so while there is a lot of momentum in these stocks, I would say let us also wait for the quarter data to show some recovery. We do have some positions in some stocks but we are waiting for this quarter-ended data to come in before we take a decision.

On Vedanta | We have got it in some of our portfolios but those are more momentum oriented. There is still this air of delisting and the promoter pushing hard to try and get more and more stake which will probably provide, at some level, a support base to the stock but I think being a commodities player and being exposed to environmental challenges means there is negative optionality in this stock. So even in good times, you might get hit by an environmental order. So you will have to give it a lot lower P/E than currently dictates from a fundamental basis.

Aug 17, 2021 3:29 PM

Anand Rathi on Amara Raja Batteries

Amara Raja’s continuous market-share gains in automotives, expected strong replacement growth and higher industrial segment growth for telecoms and UPS applications augurs well for its strong growth and goes a long way in building a strong position in its business verticals. With strong volume growth expected led by replacements, we expect margin expansion in the next two years. We expect a 15% revenue CAGR over FY21-23, and the margin to expand to 16.1%. Accordingly, we expect earnings to register a 17% CAGR over FY21-23 to Rs 8.8 billion, leading to an EPS of Rs 51. We continue to be positive on the stock. We maintain a Buy rating, with an unchanged target price of Rs 1,131 (22x FY23e).

Aug 17, 2021 3:25 PM

Nomura sees GDP growth stabilising between 7-8% in 2022; expects reverse repo hike by CY21-end

The Indian economy has seen its fair share of tough times, battling its way out of one of the deadliest Covid second waves. However, there seems to be some respite coming in for the Indian economy as the Nomura India Business Resumption Index (NIBRI) has finally risen above 100 for first time since the second wave of Covid. It is now higher than both February 2020 and February 2021 levels. The lowest levels were in March-April 2020 at around 46.5 and by February-end it was back at 99.3. In mid-May of 2021, it was at 60.4 and in August first week, it was back at 99.6. It has now crossed above 100 to 101.2. Read here.

Aug 17, 2021 3:16 PM

Aug 17, 2021 3:12 PM

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