THE NIFTY, NIFTY BANK ENDED LOWER; A GAP-UP OPENING DID NOT SUSTAIN

NIFTY:

The NIFTY opened at 19850.90 with a gap up of 72 points. The index initially moved sideways, eventually breaking on the downside after prices recorded its intraday high at 19867.55.Prices have seen a steep fall and filled the gap in no time. The index kept sliding lower and almost reached 18600 but could not breach that and started a recovery process. The NIFTY recorded its intraday low at 19603.55, moved up in the last 30 minutes of trading, and finally closed at 19659.90 with a loss of 118.40points or 0.60% down. The PHARMA and REALTY outperformed and gained over 2%. The rest of the sectoral indices have closed lower led by AUTO, Oil GAS, BANK, FMCG, and FINANCIAL. The short-term trend is sideways now. After a sharp upside move, the index is going through a consolidation process. Support is visible around 19500 while resistance is visible around 20000.

BANK NIFTY:

The BANK NIFTY opened at 46285.85 with a gap up of 242 points. The index initially moved sideways for about one and a half hours and then eventually broke on the downside after recording its intraday high at 46310.10. Prices have seen a steep fall throughout the day, recorded its intraday low at 45570.65, and finally closed at 45774.60 with a loss of 269 points. PSU BANK outperformed, saw a mild upside move, and closed with a gain of 0.50%. PVT BANK has underperformed, saw a sharp intraday decline, and closed with a loss of 1.03%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. It was a trend day but, on the downside, where prices have recorded its intraday high near the opening tick and intraday low near the closing tick. The short-term trend is sideways as the index is going through a brief consolidation. Support is visible around 45000 while resistance is visible around 46300.

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News Updates

• The benchmark indices erased previous session gains and ended lower on July 27 with Nifty around 19,650 amid selling seen in the auto, oil & gas, metal and FMCG names. At close, the Sensex was down 440.38 points or 0.66 percent at 66,266.82, and the Nifty was down 118.40 points or 0.60 percent at 19,659.90.

• Cement maker ACC on July 27 said that its consolidated net profit more than doubled to Rs 466.1 crore for the quarter ending in June 2023, led by volume growth. The company had posted a net profit of Rs 227 crore in the year-ago period. Revenue from operations stood at Rs 5,201.1 crore in the quarter under review, a significant increase from Rs 4,468 crore in the same period last year.

• Shriram Finance on July 27 reported a 25.13 percent rise in its April-June quarter net profit to Rs 1,675.44 crore, as against Rs 1,338.95 crore recorded in the year-ago period. Net Interest Income (NII) for the first quarter ended June 30 increased by 11.31 percent and stood at Rs 4,435.27 crore as against Rs 3,984.44 crore in the same period of the previous year.

• Singapore-based private equity firm Clermont Group-backed non-banking finance company SBFC Finance has decided to launch its initial public offering (IPO) for subscription on August 3. The company plans to raise Rs 1,025 crore from the offering.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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