Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a flat note on July 11. The BSE Sensex fell 27 points or 0.03% to finish the day’s trading at 79,897.34, while the NSE Nifty 50 closed 8.50 points or 0.03% lower at 24,315.95. Bank Nifty closed in the green, 81 points or 0.16% higher at 52,271. Nifty Midcap 100 closed 227 points or 0.40% higher at 57,148.25.
The NSE Nifty 50 closed 0.05% higher at 24,337, while the BSE Sensex closed 0.01% lower at 79,914.26
ONGC, BPCL, Coal India, ITC, and Tata Motors were the top gainers in the Nifty 50. While Tata Consumer Products, Bajaj Finance, M&M, Divi’s Laboratories, and NTPC were the major laggards in the Nifty 50 on July 11.
The Indian Rupee fell 0.08% on Thursday because of a weak tone in the domestic markets and a recovery in crude oil prices. FII inflows and a soft tone in the US Dollar cushioned the downside. The US Dollar declined as Fed Chair Jerome Powell was dovish, with rising expectations of a rate cut by the Fed in September, said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
“We expect Rupee to trade with a slight negative bias on profit booking in the domestic market which may result in FII outflows. Elevated crude oil prices may also weigh on the Rupee. However, soft US Dollar and positive Asian currencies may support the Rupee at lower levels. Traders may take cues from inflation and weekly unemployment claims data from the US today. USDINR spot price is expected to trade in a range of Rs 83.35 to Rs 83.80.”
“Despite the absence of the PBoC, global central bank buying continues to support gold prices. Other central banks continued to participate in June, with India’s RBI purchasing more than 9 tons of gold, the National Bank of Poland raising its gold holdings by 4 tons, and the Czech National Bank indicating that its gold reserves increased by around 2 tons. With these central banks continuing to grow Gold positions, it is clear that the official sector is considerably larger than the PBoC,” said Renisha Chainani, Head of Research at Augmont – Gold For All.
“During his testimony before the Senate Banking Committee, Chairman Jerome Powell declined to provide a specific timetable for the Fed’s first interest rate decrease, stating that interest rates will be determined based on facts. This could put pressure on gold prices for a while,” Chainani said.
Coal India, ONGC, Tata Motors, BPCL, and ITC are the top gainers on NSE Nifty 50 index whereas top laggards include Bajaj Finance, Nestle India, Sun Pharma, NTPC, and Divis Labs.
Tata Motors, ITC, Reliance, Tata Steel, and others are trying to hold the index at its current level. While Nestle India, Bajaj Finance, Sun Pharma, HDFC Bank, ICICI Bank are weighing on the index.
Courtesy: BSE
In terms of stock performance, RVNL shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a handsome 62.92% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 217.72%, indicating a strong upward trend.
Year-to-date, RVNL shares have surged by 248.16%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 423.18% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
Thermax shares traded down by more than 2% to an intra-day low of Rs 5,159.05 on the NSE following the announcement of a new agreement. The company stated that it has inked a deal with Vebro Polymers Holdings Ltd. to form a joint venture in the flooring chemical business. According to the exchange filing, the parties aim to enter into a strategic partnership by collaborating with Thermax and its group entities in this sector.
The share price of State Bank of India marginally gained to intra-day highs of Rs 858.30 on the NSE following successful fundraising by the country’s largest lender. SBI raised Rs 10,000 crore at a coupon rate of 7.36% through its sixth infrastructure bond issuance. The issuance received an enthusiastic response from investors, with bids exceeding Rs 18,145 crore. This resulted in the issuance being oversubscribed by approximately 3.6 times against the base issue size of Rs 5,000 crore.
Courtesy: NSE
The NSE Nifty 50 was down 0.46% at 24,212, while the BSE Sensex was down 0.52% at 79,509.
Indegene’s share price jumped over 3% to an intra-day high of Rs 589.90 on the NSE following its announcement of a strategic collaboration with Microsoft. Indegene, a leading company in life sciences solutions, aims to enhance the adoption of generative AI within the industry through this partnership, leveraging Microsoft’s advanced AI capabilities to accelerate business impact.
Yes Bank’s share price surged by 7% to reach an intra-day high of Rs 27.09 following news that Moody’s Ratings affirmed the private lender’s long-term foreign currency and local currency deposit ratings at Ba3. Moody’s also revised its outlook on these ratings from stable to positive.
“The Bank Nifty index continued to witness selling pressure from higher levels and was unable to surpass the 52500 mark, where call writers are active. The index is trading near a crucial support zone of 52000-51800. If it manages to hold this level, it can witness a pullback rally towards 52500. A sustained move above 52500 will open up gates for 53000, but if it fails to hold the support of 51800, it can decline further towards the 51300-51000 zone,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Shares of Mahindra & Mahindra fell by 1% to an intra-day low of Rs 2,707 on the NSE following the company’s announcement that it does not anticipate any material impact on its financials. The demand for the XUV700 remains strong, with new bookings in June increasing by 23% compared to May. Additionally, the company clarified that there is no issue with unsold inventory, contrary to reports by certain news channels and newspapers.
TCS, Tata Steel, ICICI Bank, State Bank Of India, and Tata Motors are the top gainers on NSE Nifty 50 index whereas the top laggards include Mahindra & Mahindra, HDFC Bank, ITC, Eicher Motors, and HDFC Life Insurance.
The NSE Nifty 50 opens up by 72.10 points or 0.30% at 24,396.55, while the BSE Sensex gains 245.32 points or 0.31% to 80,170.10 in the opening trade.
The NSE added Aditya Birla Fashion and Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers GNFC, IEX, India Cements, Indus Tower, RBL Bank and Piramal Enterprises in F&O on July 11, 2024.
Shares in the Asia-Pacific region are trading positively on Thursday morning. The Asia Dow is up by 0.78%, while Japan’s Nikkei 225 has gained 1.07%. Hong Kong’s Hang Seng Index is up by 0.90%, and the benchmark Chinese index, the Shanghai Composite, is trading slightly lower by 0.19%.
“The Bearish Engulfing pattern seen in Nifty suggests a potential short-term reversal. Although the Index initially opened higher, it failed to maintain those levels and instead fell towards 24141.80. However, buying activity at lower levels pushed Nifty to close at 24324. There is a Short Buildup (SB) at 24500 CE followed by 24400 CE, while a Long Buildup (LB) is evident at 24200 PE followed by 24100 PE. These data points suggest that the index may close below 24500 in the weekly expiry,” said Kunal Kamble Sr. Technical Research Analyst at Bonanza Portfolio.
On Thursday morning, WTI crude prices were trading at $82.50, up by 0.49%, while Brent crude prices were at $85.42, up by 0.40%.
Federal Reserve Chair Jerome Powell stated on Wednesday that he was hesitant to declare victory over inflation, emphasizing that the U.S. economy was progressing towards achieving stable prices and sustaining low unemployment. Powell and his colleagues at the Fed have expressed their stance on holding off interest rate cuts until they are more assured that inflation is returning to the central bank’s targeted 2% level, following a significant rise during the pandemic.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, edged up by 0.01% to 104.98.
The Nasdaq and S&P 500 soared to record high closes on Wednesday, driven by gains in Nvidia and other major Wall Street stocks, as reported by Returns. This surge comes ahead of upcoming inflation data and quarterly earnings reports. The tech-heavy Nasdaq Composite rose by 218.16 points, or 1.18%, to finish at 18,647.45. The S&P 500 increased by 56.93 points, or 1.02%, closing at 5,633.91. Meanwhile, the Dow Jones Industrial Average climbed by 429.39 points, or 1.09%, ending at 39,721.36.