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Nifty 50 today: overall bullish despite choppy conditions, say analysts

02:47, 17 August 2022

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On Tuesday, Nifty ended up 0.72% at 17,825.25 – Photo: Shutterstock

The NSE Nifty 50 (India 50) could be volatile on Wednesday while the overall sentiment continues to remain bullish, analysts told Capital.com. With no definite cues on the domestic front, the National Stock Exchange index would mirror global peers, including currency movements and fluctuating crude oil pricesm, they said.

Adani Ports share price and HDFC ICICI Bank share price could react to news flow from those counters, that could influence the National Stock Exchange index.

UltraTech Cement’s counter will be in focus ahead of the company’s annual shareholder meeting on Wednesday.

Nifty 50 (India 50)

Deepak Jasani, head of retail research at HDFC Securities thought sentiments have improved across the board post encouraging macro news locally. ”The next resistance for Nifty could be 17,921, while 17,719 could be the support in the near term,” he said.

On Wednesday, the US Federal Open Market Committee (FOMC) will release the minutes of its meeting. The data would be important as it would be an update on the country’s attempt to contain inflation.

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Earnings season nears close

“With the earnings season nearing its end, most companies witnessed a strong revenue growth with continued pressure on the margins due to commodity inflation. For the first quarter of FY23, revenue of NSE 500 companies rose by 39% YoY, while EBITDA and PAT grew by 19% and 23%, respectively.

Nifty gained 16% since its June low but we expect markets to remain volatile in the near-term.

However, strong economic rebound, normalised commodity prices, inflation within targeted range and better visibility is expected by the second half of FY23, which would transform Nifty valuation to close to its historical average,” Mitul Shah, head of research at Reliance Securities said.

Oil - Crude

76.52 Price
-3.510% 1D Chg, %
Long position overnight fee 0.0117%
Short position overnight fee -0.0286%
Overnight fee time 21:00 (UTC)
Spread 0.03

Gold

1,626.83 Price
-1.090% 1D Chg, %
Long position overnight fee -0.0153%
Short position overnight fee 0.0053%
Overnight fee time 21:00 (UTC)
Spread 0.18

Oil - Brent

82.59 Price
-3.690% 1D Chg, %
Long position overnight fee 0.0313%
Short position overnight fee -0.0531%
Overnight fee time 21:00 (UTC)
Spread 0.04

Silver

18.43 Price
-2.410% 1D Chg, %
Long position overnight fee -0.0109%
Short position overnight fee 0.0019%
Overnight fee time 21:00 (UTC)
Spread 0.020

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Hot stocks

Adani Ports

Adani Logistics, a wholly-owned subsidiary of Adani Ports and Special Economic Zone, acquired inland container depot Tumb from Navkar Corporation for INR8.35bn ($1.04bn). ICD Tumb has a capacity of 0.5 million TEU or twenty-foot equivalent unit, and is strategically located between the Hazira port and the Nhava Sheva port, according to a media report.

HDFC

Abrdn Investment Management (formerly Standard Life Investments) on Tuesday sold its 5.58% stake in HDFC Asset Management Company (HDFC AMC) for a little over INR23bn through an open market transaction, according to stock exchange data.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and BRDN Investment Management. The company sold a total of 11.9mn shares, or 5.58% stake, of the asset management company.

Nifty on Tuesday

On Tuesday, Nifty ended up 0.72% at 17,825.25, marking its sixth day of rise in a row. Among sectors realty, power, oil and gas and auto indices gained the most, while metal and telecom indices fell.

“Market started the truncated week on an optimistic note amid supportive global cues. The benchmark witnessed a gap up opening and thereafter it continued to hover in the positive range throughout the session.

Healthy buying in sectors such as auto, fast moving consumer goods and realty drove the rally. Consequently, the Nifty ended higher by 0.72% at 17,825 levels,” Ajit Mishra, vice president (Research) at Religare Broking said.

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