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| Market update Bank Nifty share price |
Market update: The Indian stock market was highly volatile throughout the day. Nifty50 and Bank Nifty share price closed in green at the end.
Nifty 50 and Bank Nifty share price today
In the morning the global cues were negative, SGX Nifty was indicating a negative opening for the Indian market. As per the indication, the Indian market also opens in negative and Nifty50 broke 11000 levels around 11 am in the morning.
Nifty50 then took support at 11000 levels and closed at 11118 today, gained 32.60 points. The volatility of 145 points was seen in Nifty50 during the day.
Bank Nifty share price gained 84.40 points during the day and closed at 28876. Bank Nifty has shown a movement of 450 points during the day. The strong movement in PSU Bank share was seen in the second half. The PSU Banking index gained 1.73% during the day.
Top Nifty gainers and losers of the day
Nifty Midcap and smallcap index also closed in green today. In the end, the Nifty Midcap 100 index gained 1.38% whereas the Nifty smallcap gained 0.41%. ADAG stocks R-power and RInfra were the top gainer in midcap space and IDFC is a gainer in the Nifty smallcap index.
The top Nifty50 gainers of the day are Yes Bank, IndusInd Bank, IOCL, Hero Motocorp, and Tata Steel. The Nifty50 losers of the day are Zee Ent, Axis Bank, Bharti Airtel, Titan Company, and Bharti Infra.
On Sector-wise, Auto, Bank, Engineering and Capital goods, Metal was closed in green whereas Media, Telecom, Real estate, Diamond & jewelry were closed in the red. So far FIIs are the net seller and DIIs are the net buyer in July.
Q1 result impact on Nifty50 and Bank Nifty share price
The country’s largest two-wheeler maker reported Q1 results yesterday. The company reported a 38.3% YoY increase in profit in June end quarter. Revenue from the operation declined 8.8% YoY to Rs 8030.3 crore in the June quarter-end with sales volume at 12.5% YoY.
The share price of Hero Motocorp closed at Rs 2356.10 per share 4.31% up
Yesterday IT company Tech Mahindra reported a 15.3% fall in Q1 net profit at Rs 959 crore against Rs 1132.5 crore in the previous quarter of March 2019. The company’s rupee revenue was down 2.7% at Rs 8653 crore against Rs 8892.3 crore and dollar revenue was down 1.6% at $1247.1 million against $1267.5 million QoQ.
EBIT fell 27.4% at Rs 992.8 crore, while margin was down 390 bps at 11.5%. The share price of Tech Mahindra was closed Rs 636.25, 0.62% down.
Axis Bank reported its Q1 results yesterday, Its net profit rose 95% YoY to Rs1370 crore in the June quarter. The bank had reported a profit of Rs 701 crore in last year same quarter.NII increased 13% YoY to Rs 5843.65 crore in the quarter ended June 2019, with a 13% loan growth YoY.
The Bank has reported Asset quality stable but provisioning and slippages remained higher. The share price of Axis Bank closed at Rs 674.10 per share, 4.73% down.
Indian share market reacted negatively on both Axis Bank and Tech Mahindra results announced yesterday. The brokerage houses also cut the target price of both the shares.
Today Q1 result
Eicher motor has reported Q1 result today, a 21.6% YoY fall has been reported in June quarter. The consolidated profit at Rs 451.8 crore with low volume performance and weak operating income was reported. Profit in the corresponding period last fiscal stood at Rs 576.2 crore.
The share price of Eicher Motor closed at Rs16,348.05 per share up 1.14% today.
Today UPL Ltd announced Q1 results, the company’s profit missed the street estimate in June quarter because of an exceptional loss in higher raw material and higher depreciation and finance cost. The company reported a 57.8% drop in June quarter consolidated profit at Rs 220 crore.
The share price of UPL closed at Rs 595.25 per share 3.76% up
Both Eicher Motor and UPL announced Q1 results after the market. Tomorrow the market will react on both the weak result.
Indian Oil Company reported its Q1 result during the market hour. The Company reported a 47.36% YoY drop in standalone net profit at Rs 3596.11 crore for the June quarter. On a sequential basis, profit dropped 41% to Rs 6099.3 crore in March quarter. The company had posted a standalone net profit of Rs6831.13 crore in the same quarter last year.
The company’s revenue rose marginally at Rs1.50 lakh crore from Rs1.49 lakh crore in the year-ago quarter and Rs1.45 lakh crore in March quarter.EBITDA declined 23.2 % on a QoQ basis to Rs 8,349.8 crore.
The share price of IOCL closed at Rs139.30 per share today 4.34% up
Nifty50 and Bank Nifty future share price Trading Strategy for tomorrow
Primary Trend of Nifty50 Future: Volatile (Bias Down)
Nifty50 Future Range-Bound Trend: All up moves Initiates Profit Booking (Sale) @ 11180, whereas all Down moves Initiate Short Covering (Buy) @ 11010
If Nifty Future moves above 11146 then you should Buy with 1st Target of 11184 during the day with a Stop Loss of 11107 FOR the Target of 11184- 11213- 11240
If Nifty Future moves below 11107 then you should Sell with 1st Target of 11080 during the day with a Stop Loss of 11146 FOR the Target of 11080- 11050- 11013
Primary Trend of Bank Nifty future share price: Volatile (Bias Down )
Bank Nifty future share price Range-Bound Trend: All up moves Initiates Profit Booking (Sale) @ 29200, whereas all Down moves Initiate Short Covering (Buy) @ 28600
If Bank Nifty Future moves above 29032 then you should Buy with 1st Target of 29150 during the day with a Stop Loss of 28905 FOR the Target of 29150- 29240- 29327
If Bank Nifty Future moves below 28905 then you should Sell with 1st Target of 28820 during the day with a Stop Loss of 29032 FOR the Target of 28820-28740-28605
Conclusions:
Today FED meeting’s outcome will come at night. Tomorrow the Indian share market will open as per the global cues. You can check out the Nifty50 and Bank Nifty share price trading levels above. The market will remain volatile throughout the day because of weekly options expiry. Indian share market may see a pullback tomorrow and traders are advised to trade with strict stop loss.
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Finogyan Team
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