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| Market Update Nifty and Sensex Today |
Nifty, Bank Nifty and Sensex today
In the end today Nifty and Sensex fell 177.60 and 56.45 points respectively and closed at 11419.30 and 38337.01. Bank Nifty touched days low 29726 the first time in two months on an intraday basis. Bank Nifty share price declined 660.30 points today and closed 29770.
Almost all the sectors ended in red today, Auto and Banking sectors were down 2 to 3 percent during the day. Nifty Midcap and Smallcap index declined 2.15% and 1.78% percent today.
The top five gainers in the Nifty 50 stocks are NTPC, Titan, Coal India, TCS, and BPCL. The top five losers in the Nifty 50 stocks are M&M, Bajaj Fin, Eicher Motor, Hero Motocorp, and Tata Motor. M&M share price has plunged more than 4% percent today.
Market update on Q1 earnings
RBL Bank Q1 net profit increased by 41% to Rs 267 crore, Net Interest Income (NII) has increased by 47.88% compared to the corresponding period last year. Company provision has also increased to 51.89% during the quarter.
Today RBL Bank share price was down 13.69 percent in the Nifty Midcap 100 index. The results were as per the street estimate. The stock was down due to the concern on some of their exposures in the near term.
Dabur has announced a stable Q1 result today. The FMCG company Dabur India has reported a 10.3% jump in consolidated net profit for the June quarter. The share price of Dabur was down around 2% in NSE and quoting at Rs 420.20 per share.
Bandhan Bank also announced its Q1 results today and it beats the street estimate. The Bank Q1 profit jumps 46% YoY in June quarter to Rs 701.1 crore even after higher provisions. The bank’s Net Interest Income (NII) and asset quality also improved. The share price of Bandhan Bank closed at 527.35 almost 0.27% down.
Reliance Industries Ltd (RIL) the larget market cap company has announced the Q1 result on Friday after the market. The company reported a net profit of Rs 10,104 crore for the quarter ended June. Net profit grew by 6.8 % on YoY but fell 2.4% on a QoQ basis.
The consolidated revenue of the company grew by more than 22% and consolidated profit was 6.8% on a YoY basis. Reliance Jio's profit at Rs 891 increased by 6.1% on a sequential basis. A sharp increase in the digital and retail business is seen in the last quarter.
The Q1 result of RIL beats the street estimate, the share price of Reliance down almost 1% today closed at Rs 1249 per share.
Reasons for Nifty and Sensex today’s fall
Today morning Asian markets were positive, Sgx Nifty price was showing a positive indication for the Indian share market. As expected Indian share market also opened in green but immediately after a few minutes market fell. In the second half, it was like a free fall. Today’s market fall is due to two reasons they are
1.The Government's stance on the “super-rich” tax on FPI, which finance minister Nirmala Sitharaman yesterday said would not be changed
2. The second reason for market fall is due to the announcement of “weak Q1 earnings”
In the Q1 result front apart from Infosys and IndusInd Bank, there was hardly any other stock that created an impact in the market. Yes Bank, Federal Bank, Mindtree, Wipro, DCB Bank, RBL Bank has disappointed the Street.
The domestic cues are worrisome for the Indian share market in the short term. Other than the above two factors weak monsoon, selling pressure by FIIs are two more reasons that dragged down the Indian share market.
There are around 2000 active FPIs in India share market. We may see some more selling pressure in the next week. To know the Weekly analysis, Nifty and Bank Nifty you can visit our website on coming Sunday 21st July.
You can also read our last Weekly Analysis Report here
Conclusions
Today's market update signals that Nifty, Bank Nifty and Sensex may come down further. HDFC Bank would announce the Q1 result on Saturday 20th July. The market may reverse and can see short-covering if HDFC Bank reports good and expected to result as per the analyst. RIL and HDFC Bank both can make the market positive on Monday.
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Finogyan Team
