Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates Monday 7 August

Stocks To Watch: Adani Enterprises, Reliance Industries, BHEL, Britannia, Bank of Baroda, ABFRL, Gland Pharma

Cognizant: Strong deal win momentum continues; company to unlock potential with NextGen programme in FY24-25

Stocks To Watch: GAIL (India), Maruti Suzuki, Reliance Industries, State Bank of India, Adani Green, PVR Inox

NSE Bulk Deals, August 4: Indiabulls Hsg Fin, Reliance Home Finance, other major deals took place on Friday

Mahindra & Mahindra share price jumped 3.7% to Rs 1,519.75 today after the automaker’s net profit zoomed 98% to Rs 2,774 crore on-year in Q1FY24, compared to Rs 1,404 crore in the year-ago period. Revenue from operations in the quarter ended June, rose 22% on-year to Rs 24,056 crore. M&M’s MD & CEO Anish Shah in a press conference clarified the company’s investment in RBL Bank. “RBL Bank investment is for us to understand banking in greater detail. At this stage, we will not raise further stake in RBL Bank.” Last month, M&M acquired a 3.53% stake in RBL Bank for Rs 417 crore. The majority of brokerages have recommended a ‘Buy’ rating on the stock. M&M stock has fallen 3% in the last one month while it has gained 22% in the past one year.

Should you buy or sell M&M stock?

Rupee at the start of the week consolidated in a narrow range and volatility remained low as investors remained cautious ahead of the important numbers that were expected to be released on the global front. On the domestic front, India’s fiscal balance number was released and data showed the deficit stood at Rs 4.51 lakh crore, or 25.3% of annual estimates. Total expenditure amounted to Rs 10.5 lakh crore during April-June 2023, which was 23.3% of the Budget Estimate. 

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India Shelter Finance, a company specializing in affordable housing finance, has initiated the process of going public by submitting preliminary documents to Sebi, the capital markets regulator. The proposed initial public offering (IPO) aims to raise a total of Rs 1,800 crore. The IPO structure includes a fresh issuance of equity shares valued at Rs 1,000 crore, along with a Rs 800 crore offer for sale (OFS) by existing investor shareholders. This information was outlined in the draft red herring prospectus (DRHP) that was officially lodged on Friday.

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Bank of Baroda share price rose nearly 1% to Rs 193.20 today after the bank’s net profit jumped 87.7% to Rs 4,070 crore on-year in Q1FY24, compared to Rs 2,168 crore in the year-ago period. The net interest income (NII) grew by 24% on-year to Rs 10,997 crore in the April-June quarter while the global net interest margin (NIM) for the said quarter stood at 3.27%, up 25 bps on-year. The domestic NIM rose 34 bps on-year to 3.41% in Q1. Brokerages have mostly recommended a ‘Buy’ rating on the stock. BoB shares have fallen over 8% in the last one month and have gained 62% in the past one year.

Should you buy, sell or hold BoB stock?

Britannia Industries share price tanked 2% to Rs 4,702.60 today after the company posted its fiscal first-quarter profit at Rs 455.45 crore, up 35.7% in comparison to Rs 335.74 crore during the corresponding quarter of FY23, missing estimates. Its revenue from operations stood at Rs 4,010.70 crore, up 8.4% as against Rs 3,700.96 crore during the same period last year. Analysts at Nuvama and ICICI Securities have recommended ‘Buy’ and ‘Add ratings on the stock, respectively. Britannia shares have fallen over 7% in the last one month and have risen 27% in the past one year.

Should you buy, sell or hold Britannia shares?

The NSE Nifty 50 rose 53.90 points or 0.28% to 19,570.90 ad BSE Sensex soared 151.68 points or 0.23% to 65,872.93.

Domestic indices ended the pre-opening session in green. The NSE Nifty 50 rose 59.85 or 0.31% to 19,576.85 and BSE Sensex gained 90.15 points or 0.14% to 65,811.40.

“Bank Nifty closed with a neutral candlestick pattern on the daily timeframe after taking support at an important zone of 44,500. The trend for this week can be considered sideways till the time 44,400 and 45,000 zones are broken on either side. Important support zones are at 44,500, 44,400 whereas resistance zones are at 44900, 45000,” said Mitesh Karwa, Research Analyst, Bonanza Portfolio.

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“After a sharp correction, the Bank Nifty took support near the 50-day SMA and bounced back sharply. For traders, the 50-day SMA or 44,500 would be the sacrosanct support level. Above this, it could rally till 20-day SMA or 45,400-45,500. On the flip side, below 44,500, the uptrend would be vulnerable and below the same, it could retest the level of 44,300-44,000,” said Amol Athawale,  Vice President – Technical Research, Kotak Securities.

Share Market Outlook Today

“We could see promising pullback rallies if Nifty trades above 19,400 and on the further upsurge, it could move up to 19,600 or 20-day SMA. Further upside could lift the market to 19,700. On the flip side, below 19,400 the selling pressure is likely to accelerate. Below, the index could slip to 19,300-19,250,” said Amol Athawale,  Vice President – Technical Research, Kotak Securities.

Share Market Outlook Today

“We expect Nifty to consolidate in a broader range ahead wherein 19,100-19,300 would offer support in case of further decline while a rebound towards the 19,650-19,850 zone would attract profit-taking again,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.

Share Market Outlook Today

“Till the time, Nifty does not surpass 19,550–19,600 on a closing basis, one should avoid being complacent and ideally, it’s better to avoid aggressive trades. In case of further global aberration, the Nifty may go back to challenge 19,400–19,300 levels and a move below this would reinforce the selling pressure to slide towards the next important cluster of 19,000–18,800. As far as the optimistic scenario is concerned, a move beyond 19,600 is crucial with global things needing to subside completely,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd.

Share Market Outlook Today

“The recent fall has pulled the Nifty below the 21-day exponential moving average (EMA) for the first time since March 29.  On an immediate basis, 19,300 has acted as support. However, on the higher end, 19,566 is likely to act as a crucial resistance level. The sentiment is likely to remain weak as long as the Nifty remains below 19,566. However, a decisive move above 19,566 could take the index towards 19,700-19,750. On the other hand, a failure to move above 19,566 could trigger selling pressure,” said Rupak De, Senior Technical Analyst at LKP Securities.

Share Market Outlook Today

Asian markets were trading flat – China’s Shanghai Composite Index tumbled 0.65%, Japan’s Nikkei 225 dipped 0.13%, Asia Dow fell 0.15% while South Korea’s KOSPI rose 0.05% and Hong Kong’s Hang Seng was up 0.05%.

“Positive earnings reports provided a much-needed boost to the domestic market, aiding its recovery from the impact of weak global cues. The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks. However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.

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