Sensex down from highs, still in green, Nifty above 15,850; Maruti shares jump 5%

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls continues to control Dalal Street on Tuesday with Sensex setting fresh all-time highs. Broader markets outperform benchmarks.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets began the day’s trade in firm control of bulls. S&P BSE Sensex set a fresh all-time high of 52,901 while Nifty 50 was close to 15,850. ONGC, Maruti Suzuki India, and Bharti Airtel were among the top gainers, followed by bank stocks. HUL, HCL Technologies, and Nestle were the worst-performing stocks. Broader markets were outperforming. Select smallcap indices were up more than 1% each. India VIX, the volatility index, was down 2%. All sectoral gauges were up in the green, Bank Nifty soared 0.62%.

The Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to hold its Extraordinary General Meeting (EGM). The housing finance firm is seeking shareholder’s vote on Rs 4,000-crore preferential share allotment to private equity player Carlyle and others, including General Atlantic and former HDFC Bank MD & CEO Aditya Puri’s family investment vehicle. The shares are to be priced at Rs 390 apiece for the preferential allotment. The tribunal has, however, not allowed PNB Housing Finance to disclose the results of the voting. Earlier, SEBI had restrained PNB Housing Finance from the preferential allotment after a proxy advisory firm highlighted the proposed preferential issue was against the interest of public shareholders.

Nifty to remain in positive territory, trade till 16,050 in upcoming sessions

In Tuesday’s morning trades, domestic equity bourses set new highs and were trading nearly 1% higher than their Asian counterparts. Traders were encouraged by a Ficci poll that found that with states lifting lockdown restrictions due to a drop in COVID-19 cases, there are immediate signs of improved economic activity, with enterprises anticipating better results in the next 6 to 12 months. Investors surged back to oil and other sectors projected to outperform as the economy recovers from the pandemic on Monday, with the Dow completing its highest session in over three months. Asian markets were trading in the green following the positive sentiments in the global markets. The market opened with a gap up following the global cues and further shown positivity in the market. Indices faced resistance at 15900. We can expect the market to remain in the positive territory and trade till the level of 16050 in the following trading sessions. On the sectoral front all sectors have been trading in green. Maruti and UPL are the top gainers while Nestle and Cipla are the top losers on Nifty.

Mukesh Ambani’s next growth engine: Retail to drive RIL’s growth now; share price may gain 7% more

The retail unit of Reliance Industries Ltd (RIL) could be the next engine of growth for the oil-to-telecom conglomerate, according to global brokerage and research firm Goldman Sachs. In a report this week, analysts at Goldman Sachs said that the retail EBITDA could grow 10x over the next 10 years. “During the macro downturn, RIL has focused on building strong digital capabilities and we believe the scale-up in omnichannel offering is driving sizeable market share wins. We see a six-fold increase in grocery organized retail penetration in India by FY30, coupled with 15% market share gain for RIL,” the report added. Mukesh Ambani’s RIL currently holds a 41.5% market share in organised retail space.

Focus on stock-specific momentum

“Many of the beaten-down stocks during last week recovered from the lows which led to a positive market breadth. The banking space too saw some interest yesterday after the recent underperformance. Now, the support base is around 15500-15450 range while 15800 and 15880 are the immediate resistances. Going ahead, it would be crucial to see the follow up moves in both Nifty as well as Bank Nifty in the next couple of sessions which could lead to the short term direction. Traders are advised to focus on stock-specific momentum and avoid aggressive overnight positions,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

Sectoral watch

All sectoral gauges on NSE, except Nifty FMCG were up with gains on Tuesday as bulls continued to dominate market momentum.

Nifty PSU Bank soars 2.5%; Central Bank of India, IOB share prices hit new 52-week highs on privatisation buzz

Central Bank of India, Indian Overseas Bank share prices hit fresh 52-week high on BSE in intraday deals amid reports that government might privatise these two lenders. In two days, Central Bank of India stock has surged 42.21 per cent, while IOB stock has soared 43.33 per cent from yesterday’s opening level.

Rakesh Jhunjhunwala bets big on bank shares, even ‘inefficient’ lenders; ‘bull run to last for decades’

Ace investors Rakesh Jhunjhunwala expects the demand of money to increase in the coming years as India’s economy picks up steam, making him extremely bullish on the banking sector, including the “so-called inefficient banks”. “I’m extremely bullish on banks and extremely bullish on the so-called inefficient banks,” Rakesh Jhunjhunwala said in an interview with CNBC TV18. The big bull reiterated his views on what he expects to be a bull run lasting decades, saying that equities have the potential to help investors pocket massive returns over the coming years.

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Article first Appeared on Informalnewz

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