In Asia, markets in Seoul and Shanghai were trading lower, while Tokyo and Hong Kong quoted in the green in mid-session deals. Markets on the Wall Street had ended higher on Thursday.
Meanwhile, the international oil benchmark Brent crude was trading 0.38 per cent lower at USD 96.21 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares after many days as they sold shares worth Rs 1,706 crore on Thursday, according to exchange data.
“The market momentum which pushed the Nifty up by 18 per cent from the June lows is likely to face some headwinds from now on. The sudden sharp spike in the dollar index will impact capital flows to emerging markets like India. The consistent FII buying seen in August is likely to lose steam impacting sentiments,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Gold imports up 6.4% to USD 13 billion in April-July this fiscal
India’s gold imports, which have a bearing on the country’s Current Account Deficit (CAD), rose 6.4 per cent to USD 12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at USD 12 billion during the same period a year ago.In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to USD 2.4 billion, as per the latest data released by the commerce ministry.
Further rally expected in the US Dollar: Emkay Wealth Management
The UK political scenario is currently passing through some major changes. There is quite a bit of uncertainty around the situation after the resignation of the Prime Minister, and the process of electing the new Tory leader is underway. Once the election is over, and the policy pronouncements or till at least a sense of that emerges, the Pound Sterling may not be able to regain ground. But the Euro is struggling to stabilize due to the European gas crisis as the supply of gas is only to the tune of 20% of capacity from Russia’s Nord Stream1.
These factors generally present a case for the US Dollar in the immediate term. The US Dollar Index is trading in the range of 105-108, and its projected target is 109.30, though one may see some intermittent periods of the index falling and then rising, it is generally expected that the US Dollar Index is north-bound.
Intercept Pharmaceuticals Inc has said it entered into a settlement agreement with Dr Reddy’s Laboratories resolving the previously disclosed patent litigation to market a generic version of Ocaliva (obeticholic acid) 5 mg and 10 mg tablets in the USA. Ocaliva is used to treat a rare, chronic liver disease known as primary biliary cholangitis (PBC).
Price as on 19 Aug, 2022 12:14 PM, Click on company names for their live prices.
Top losers from the tourism & hospitality space
Price as on 19 Aug, 2022 12:09 PM, Click on company names for their live prices.
India RBI likely to set 7.23% cutoff yield on new 10-year bond
The Reserve Bank of India will likely set a cutoff yield of 7.23% on 130 billion rupees ($1.63 billion) of the new 10-year bond being auctioned on Friday, according to the median estimates in a Reuters poll of 11 traders. India’s federal government is also selling 40 billion rupees of a 6.69% 2024 bond, 70 billion rupees of a 7.10% 2029 bond and 90 billion rupees of a 6.95% 2061 bond.
Nifty500 stocks that hit 52-week highs in a falling market
Sensex under 60,000
Top losers in the PSU Bank index
Price as on 19 Aug, 2022 11:13 AM, Click on company names for their live prices.
Sensex falls 100 points, hits day’s low
Ircon International is scouting for more projects to build its international portfolio as the construction firm’s foreign business was affected by the pandemic and other issues, a top company official has said.
Price as on 19 Aug, 2022 10:50 AM, Click on company names for their live prices.
Indian rupee pressured by strong dollar, RBI support eyed
The Indian rupee slipped against the U.S. currency on Friday as the dollar got a boost from U.S. labour data and hawkish comments from Federal Reserve officials. The rupee was trading at 79.7350 per U.S. dollar by 0436 GMT, down from 79.6725 in the previous session. It opened at 79.7575 and since then has traded in an about 4 paisa trading range. It is “not entirely unexpected” that after a higher opening move, there is “not much follow through”, a trader at a Mumbai-based bank said. “Thanks to RBI, there will be hesitancy to buy dollar near to 80.”
On the technical front, Nifty formed a small positive candle on the daily chart and is close to challenge the life time high. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 has been breached and is trading comfortably above it. Against such backdrop one can expect that the present rally to extend further immediately towards 18100-18150 levels. Likewise support base has now shifted higher to 17,500 to 17,550 range (gap support). Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors.
– Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
How largecap IT stocks are doing
Price as on 19 Aug, 2022 10:40 AM, Click on company names for their live prices.
Chemical sector & pharma space (API & CRAMS) will see a phenomenal performance in the next one or two decades despite the near-term headwinds.
– Santosh Meena, Head of Research, Swastika Investmart
IEX confirms to ET NOW that out of the 13 states that were restricted, the bidding restriction is now removed for the 6 states
#StocksInNews | IEX confirms to ET NOW that out of the 13 states that were restricted, the bidding restriction is n… https://t.co/T2mSq4vLxQ
— ET NOW (@ETNOWlive) 1660882930000
Vodafone in talks with Canada’s CDPQ for Indus Towers stake sale
Price as on 19 Aug, 2022 10:11 AM, Click on company names for their live prices.
BLOCK DEAL IN CAMS: 3.8% equity shares change hands
Price as on 19 Aug, 2022 09:43 AM, Click on company names for their live prices.
India yields tad higher ahead of new 10-year bond sale
India’s central government will sell bonds worth 330 billion Indian rupees ($4.14 billion) in an auction that includes a new 10-year bond worth 130 billion rupees.
The benchmark 10-year government bond yield was at 7.2593% as of 0340 GMT. The yield rose 6 basis points on Thursday to end at 7.2421%.
After a quick short-term correction, the stock took support near Rs 115 and bounced back sharply. In this week so far, it has rallied over 13 percent. On daily and weekly charts, it has formed a long bullish candle which supports a further uptrend from the current levels. For the trend following traders, Rs 125 would act as a key support level. If the stock manages to trade above the same, we can expect a continuation of the uptrend wave up to Rs 140-145.
The market momentum which pushed the Nifty up by 18% from the June lows is likely to face some headwinds from now on. The sudden sharp spike in the dollar index to 107.6 will impact capital flows to emerging markets like India. The consistent FII buying seen in August is likely to lose steam impacting sentiments. The elevated valuations do not justify further run up in markets. Some profit booking and diversion of money to fixed income may be considered as a short-term strategy. Buy on dips can be considered in high quality financials, leading names in capital goods and autos.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
IIFL Finance, Yes Bank among most active stocks on NSE
Price as on 19 Aug, 2022 09:21 AM, Click on company names for their live prices.
OPENING BELL: Sensex rises 100 points, Nifty nears 18K; Adani Power gains 4%, Emami 3%
Rupee opens down 0.12% at 79.7575 per US dollar; previous close 79.6725
India bond yields may rise ahead of supply, RBI inflation comments weigh
Indian government bond yields are likely to trend higher in early deals on Friday, as investors await fresh supply of debt and the central bank highlighting inflation concerns weighed on sentiment. The benchmark 10-year government bond yield is likely to trade in a 7.21%-7.27% band until a government debt auction later in the day, a trader with a private bank said. The yield rose 6 basis points on Thursday to end at 7.2421%.
Asian stocks in limbo as dollar takes the lead
Asian shares were left in limbo on Friday while the U.S. dollar made all the running as recession clouds gathered over Europe and highlighted the relative outperformance of the U.S. economy.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 43.5 points, or 0.24 per cent, lower at 17,960.50, signaling that Dalal Street was headed for a negative start on Friday.
Oil edges higher on optimism for firmer crude demand
Oil prices edged higher in early trade on Friday, extending a rally into a third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown.
Tokyo shares open higher
Tokyo stocks opened higher Friday as investors searched for new cues ahead of next week’s annual meeting of central bankers in Jackson Hole, Wyoming. The benchmark Nikkei 225 index rose 0.58 percent, or 167.65 points, to 29,109.79 in early trade, while the broader Topix index advanced 0.49 percent, or 9.78 points, to 2,000.28.
Tech View: Nifty50 bulls look tired; stay cautious
Nifty50 somehow pushed its winning run to the eighth straight day on Thursday. The index made a similar high as Wednesday’s, as the bulls looked tired at highs.
Wall Street ends higher, Cisco Systems jumps after forecast
U.S. stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday’s minutes from the Federal Reserve’s July meeting, which they initially saw as supporting a less aggressive stance by the central bank.
Rupee falls 19 paise to 79.64 against US dollar
The rupee depreciated 19 paise to close at 79.64 against the US dollar on Thursday as a strong American currency overseas and rebound in crude oil prices weighed on the investor sentiment.
Sensex, Nifty on Thursday
The 30-share pack Sensex recovered 352 points from the day’s low and ended only 37.87 points higher but still above the 60,200 mark. Its broader peer, Nifty50, also managed to settle above the 17,950 mark.