Share Market Highlights: Sensex ends 477 points higher, Nifty at 11,385; JSW Steel, Kotak Bank top gainers

Sensex, Nifty LIVE Updates on August 24: Sensex and Nifty ended majorly bullish on Tuesday, amid heavy buying in realty and media scrips, despite mixed global equities. Sensex ended 477  points higher at 38,528 and Nifty added 138 points to close at 11,385. Meanwhile, April-June quarterly earnings announcements by Zee Entertainment Enterprises, Hindustan Aeronautics, JK Cement, Uflex, GTL Infrastructure, TCNS Clothing will also set the tone for the stock market today. Yesterday, Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to close at 11,259.

Here's a look at the updates of the market action on BSE and NSE today

3. 45 PM: Closing session

Sensex and Nifty ended majorly bullish on Tuesday, amid heavy buying in realty and media scrips, despite mixed global equities. Sensex ended 477  points higher at 38,528 and Nifty added 138 points to close at 11,385.

3. 20 PM: Market quote

Commenting on markets today, Vinod Nair, Head of Research at Geojit Financial Services,"Indian benchmark indices kept gaining strength during the course of the day, as opposed to mixed global market cues. US-China political tensions and the uncertainties over the US stimulus package kept global markets on edge. In India, investors took comfort in the expectation of government spending to offset the impact of the lockdown and the progress of the monsoon and its relation to the rural economy also improved sentiments. Gains were led by the banking index. With liquidity and expectations overcoming concerns about valuations, any consolidation in the markets have been bought into and this trend is expected to continue."

3.01 PM: Nifty tehcnials

Expressing views on Nifty, - Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty has done extremely well for itself as it has managed to close above the 11350 mark. This is good news for the bulls. We should now endeavour 11500-11700 as the next two levels for the market to achieve. A stop can be placed below 11200 as that is the new support for the index."

2. 44 PM: Expert outlook

Commenting on market today,  S Ranganathan, Head of Research at LKP Securities said,"Key indices inch closer to the mark today as select pivotals with support from companies belonging to the Birla Group were sought after by Investors. The noticeable action today was seen in the small-cap space as several beaten down names witnessed buying from savvy investors who understand some of these businesses well."

2.27 PM: Market gains momentum

Sensex and Nifty were trading near day's high by Tuesday's afternoon session, amid heavy buying in realty and media scrips, despite mixed global equities. Sensex was trading 438 points higher at 38,489 and Nifty was rising 130 points higher at 11,377.

2.02 PM: Real estste sector update

Speaking on outlook for real estate sector, Dr. Rahul Chaudhary, Promoter, Sunworld Group said, "Real estate like every other sector is undergoing a modification as per the changing customer's preferences and budget. While the months of lockdown refrained the construction process, the number of enquiries from digital platforms remain untainted. The festive season is now returning and opening multiple avenues for developers and homebuyers, as it is considered an auspicious time to make such high-end investments."

1. 50 PM: ICICI Bank shares gain over 1%

ICICI Bank share rose today after People's Bank of China made an investment in the private lender. Share price of ICICI Bank touched an intraday high of Rs 365.90, rising 1.13% on BSE. On Monday, ICICI Bank scrip closed at Rs 360.25 on BSE. The stock has gained after 2 days of consecutive fall.

The share trades higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages.  ICICI Bank shares have risen 3% in the last one month.

1. 20 PM: NTPC Q1 update

Commenting on 1QFY21 results of NTPC, Yash Gupta Equity Research Associate, Angel Broking said, "Company's consolidated installed capacity at 62,110 MW in Q1FY21 increased by 6984 MW as compared to 55,126 MW in Q1FY20. Consolidated commercial capacity at 61,960 MW in Q1FY21 increased by 7,634 MW as compared to 54,326 MW in Q1FY20.  Overall the company posted a good set of numbers for the quarter."

12. 58 PM: Nifty outlook

Expressing viewson Nifty' technical indicators, - Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty is trading above the crucial 11350 resistance level. We need to keep a watch to see if it can close above this level. If we manage to do that, we could target a 200 point move on the Nifty. 11100 is the support for the markets which again is crucial because if we break that, we could slide 200 points downwards. Either way, a good trading opportunity is in the offing."

12.33 PM: Market Update

Ttraders said buying in index-heavyweights amid sustained foreign fund inflow and positive cues from global markets led benchmarks higher in today's session.

12. 27 PM: Rupee surges 11 paise

Indian rupee, the local currency surged 11 paise to 74.77 per dollar on Tuesday's opening bell, tracking positive domestic equities and weak American currency.

The domestic unit opened at 74.78 per dollar at the interbank forex market, and gained further ground to touch 74.77 per dollar, registering a gain of 11 paise over its previous close of 74.88 per dollar on Monday.

Rupee surges 11 paise to 74.77 amid weak dollar, positive domestic equities

12. 05 PM: Top gainers and losers

ONGC, followed by Reliance Industries, ICICI Bank, M&M, Infosys, Titan, Bajaj Finance and Bajaj Finserv were among the top gainers today. On the other hand, Tata Steel, PowerGrid, IndusInd Bank, Axis Bank and SBI were among the top laggards.

11. 43 AM: Petronet Q1 update

Commenting on 1QFY21 results of Petronet LNG, Yash Gupta, Equity Research Associate, Angel Broking said,"The operation of the company were not materially interrupted during the lockdown due to Covid-19 pandemic. Cost of material consumed has come down from 86.12% to 78.55% in Q1FY21. Overall the company posted a better than expected set of numbers for Q1FY21."

11. 36 AM: Nifty outlook

Commenting on Nifty's outlook, Angel Broking said,"Since last few days, the bulls are struggling to surpass the 11300-11370 zone which is the crucial resistance. Thus, till the index is locked within this range of 11100-11370, traders should focus on stock specific moves and capitalize on such opportunities. Also, one should be agile on the exit strategy on trading positions until we see a breakout from the range."

11. 25 AM: RIL shares gain momentum

Share of Reliance Industries (RIL) led the charge in early trade today contributing to market's upward trajectory after a brief phase of volatility in the last few sessions. While Sensex rose 216 points to 38,267, Nifty gained 72 points to 11,319. RIL share price gained 1.96% to Rs 2,132 against previous close of Rs 2091 on BSE. The scrip was among top gainers on Sensex and Nifty.

11. 11 AM: IT sector update

On IT service sector, Centrum Broking said," Tier I IT Services (Baring Infosys) delivered tepid revenue performance 1QFY21 with USD revenues reporting sequential decline of 5.3-7.5% QoQ. However, most Tier 1 IT vendors (baring TCS) have shown robust EBIT margin performance led by headcount reduction, lower travel costs and work from home led cost reduction. Among Midcaps, Persistent, Hexaware and Birlasoft delivered strongest revenue performance. While NIIT Tech delivered tepid 1QFY21, it guided for strong acceleration in 2QFY21 led by large deal wins.  Hiring remained tepid with most companies across the pack reporting Headcount reduction. While Work from Home efficiencies , lower travel  costs are driving margins in medium term , we believe that it will be passed on to clients through pricing reduction in long term.  With 50-60% of revenues coming from Fixed Price projects, we expects saving from Opex- Capex reduction led by new Hybrid Model (Onsite: Offshore: Work from Home) to being gradually passed on to client.  Prefer Infosys and HCL Tech in Tier 1 IT."

10. 53 AM: Global cues

Asian markets were trading mixed with a slight negative bias as investors continued to observe developments on tensions between US-China.

US markets closed higher despite stalemate over fresh stimulus to support American citizens and businesses. European markets closed in green even though the week started off in a choppy manner as concerns over spread of coronavirus continued.

10. 42 AM: Gold prices today

Overseas, gold prices inched closer to the $2,000 mark today, as dollar fell 0.2% to a more than one-week low. Weakness in dollar was on back of cautious traders, focusing on minutes from the US Federal Reserve's last policy meeting, set to release this week.

Spot gold rose 0.2% to $1,990.13 per ounce, while Comex gold traded flat at $1,985 per ounce, after hitting $2,063 in the previous session. US gold futures inched up 0.1% to $1,999.70. Silver climbed 1.4% to $27.77 per ounce

10. 33 AM: Gold outlook

As per Geojit Financial Services, though the broad bias is on the bullish side, prices likely to face resistance near $2000 and trigger corrective sell offs for the day. However, a direct rise above the same would lift the sentiments higher.

For MCX Gold August, resistance is placed at 53,850 and support is at 51,400. For MCX Silver August futures, the resistance is at 71,500/74,980 and the support is placed at 66,200/60,800.

10. 25 AM: Coronavirus toll

Worldwide, there are 220 lakh confirmed cases and 7.77 lakh deaths from COVID-19 outbreak. Meanwhile, India continues to see a rising number of coronavirus cases, with death toll nearing 52,000 and total coronavirus standing at 27.01 lakh as of Tuesday.

10.18 AM: Nifty outlook

Geojit Financial Services said in its note," Yesterday, we had anticipated the 11238-11270 region to attract volatility, and that is exactly where Nifty closed. The 11600 view is still in play, but we would like to push the upside marker to 11390 and play for volatility again today."

10. 07 AM: Oil prices today

Oil price edged  edged lower on Tuesday, but still mostly held onto overnight gains as OPEC producers almost met their global production cut commitment and on positive comments from US on China over compliance with trade deal. Brent crude was down 6 cents, or 0.1%, at $45.31 a barrel, after gaining 1.3% on Monday. U.S. crude was down 0.2%, at $42.81 a barrel, having risen 2.1% in the previous session.

9.54 AM: Stocks to watch today on August 18

YES Bank, Bandhan Bank, SBI Card, Quess Corp, Indiabulls Real Estate among others are the top stocks to watch out for in Tuesday's trading session

Stocks in news: YES Bank, Bandhan Bank, SBI Card, Quess Corp, Indiabulls Real Estate

9. 47 AM: Nifty outlook

Expressing views on Nifty's technical indicators, RSL Research said," NSE-NIFTY respected its 20-day EMA after a bearish confirmation of Tri-Star Pattern. Due to recent recovery, the index settled above the bearish confirmation point (11,243 mark) and formed a Bullish Harami Cross Pattern. In case the index manages to surpass the high of Bearish candle of Harami Cross Pattern convincingly (placed at 11,366 level), rising trend will resume. That could help the index to test 11,435 mark. In the meanwhile, the index will remain sideways. On the lower side, the index will initially find support around its 20-day EMA and then around its 200-day SMA, which are placed at 11,123 and 10,840 levels, respectively.

As for the day, support is placed at around 11,180 and then at 11,101 levels, while resistance is observed at 11,303 and then at 11,346 levels."

9. 32 AM: AGR hearing  

Shares of telecom companies, Vodafone Idea and Airtel, will react to the outcome of AGR hearing in early trade on Tuesday. The three-Judge bench of Supreme Court, which is hearing the case, reportedly asked the government to share its view on how it plans to recover adjusted gross revenue (AGR) dues of RCom from Mukesh Ambani-controlled Reliance Jio Infocomm (RJIL) and also explain its stand on Jio using spectrum of RCom since 2016.  

9. 22 AM: Opening session

Sensex and Nifty opened on a bullish note on Tuesday, amid mixed global equities. Sensex was trading 221 points higher at 38,271 and Nifty was rising 70 points higher at 11,317.

9. 13 AM: Global cues

Asian stocks were little changed on Tuesday as investors continued to watch developments in US-China tensions. US President Donald Trump's administration announced Monday a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant's access to commercially available chips.

Wall Street stocks also closed muted over lingering concerns over a US coronavirus stimulus bill. Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package.

9.07 AM: FII/ DII action

Foreign portfolio investors (FPIs) bought shares worth Rs 332.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 717.62 crore in the Indian equity market on 17 August, provisional data showed.

9.00 AM: Week ahead

Expressing views over the week's trend, Ajit Mishra, VP - Research, Religare Broking said: "Markets will first react to the outcome of AGR hearing in early trade on Tuesday i.e. August 18. On the global front, participants are closely eyeing the US and China tussle. Besides, the upcoming OPEC meeting is also on their radar. We thus advise continuing with a positive yet cautious stance and maintaining focus on overnight risk management." 

8. 55 AM: Market outlook

With quarterly earnings of index heavyweights already out, traders will keep an eye on US-China tensions and coronavirus cases which will set tone for the markets. Development in global markets will also be watched closely by the traders.

Investors remained cautious over the uncertainty regarding the fresh US economic relief, the US-China trade talks and rising coronavirus crisis. Adding to it, the upcoming OPEC meeting will be closely watched.

Share market expectations: 7 things you need to know before tomorrow's opening bell

8. 50 AM: Earnings today

Zee Entertainment Enterprises, Hindustan Aeronautics, JK Cement, Uflex, GTL Infrastructure, TCNS Clothing are among companies scheduled to announce their April-June quarter earnings today.

8. 45 AM: Rupee Closing

The USD-INR pair ended flat at 74.89 in another range bound session, compared to previous close of 74.90. There was low volume in the currency market in the absence of any significant triggers globally as the trade talks between world superpowers got postponed indefinitely. Rupee remained range bound during the day's trade despite global dollar weakness and positive equities.

8. 40 AM: Nifty outlook

Commenting on the market movement, Manish Hathiramani, said, "11050 would be the level to watch out for this week. If we can break that, shorts could be attempted for a target of 10800-10900. On the upside, 11350 is the resistance and any up move would require us to go past that."

8. 35 AM: Nifty technical indicators

"The short term trend of Nifty is at the verge of shifting towards up, after one day weakness. The formation of negative patterns on Friday is at the edge of negation (on the Nifty moving above 11365). Hence, there is a possibility of further upside in the short term before showing any downward correction again from the new swing highs. Immediate support is placed around 11100-11150 and the key overhead resistance is placed at 11350-11380," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

8.30 AM: Closing on Monday

Sensex and Nifty ended on a bullish note on Monday, on back of heavy buying in auto and metal stocks, amid positive global equities. Reversing from three straight sessions of losses, Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to close at 11,259. On Friday, the BSE Sensex settled 433 points lower at 37,877 and Nifty fell 122 points to end at 11,178.

Sensex ends 173 points higher, Nifty at 11,259; auto stocks lead