Closing Bell: Nifty ends above 16,250, Sensex rises 760 pts; rupee … – Moneycontrol

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Rupee ends at record low at 79.97 per dollar
Nifty ends above 16,250, Sensex rises 760 pts
BSE Oil & Gas index gains 1 percent supported by the Gail India, ONGC, Indraprastha Gas
Zydus receives final approval from the USFDA for Efinaconazole Topical Solution
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Bank of Maharashtra posts Q1 FY23 net profit at Rs 451.9 crore against Rs 208 crore, YoY
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Kotak Institutional Equities keeps buy rating on HDFC Bank, target of Rs 1,650
BSE Smallcap index up 1 percent supported by the Quick Heal Technologies, Vardhman Textiles, Max Ventures and Industries
Benchmark indices trade at day's high level
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Nifty PSU Bank index up 1 percent supported by the Bank of Baroda, Canara Bank, Bank of India
Quick Heal Technologies shares jump 16% as company mulls buyback
Indices extend gains, Nifty around 16200
BSE Capital Goods index rises 2 percent led by the Bharat Electronics, Schaeffler India, L&T
Motilal Oswal maintains 'Buy' rating on HDFC Bank, target Rs 1,800
Delhi High Court dismisses plea PIL seeking stoppage to SpiceJet operations, citing safety concerns
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BSE Information Technology index up 2 percent supported by the Quick Heal Technologies, Tanla Platforms, Xchanging Solutions
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Nifty Metal index rises 1 percent led by the Hindustan Zinc, NALCO, Hindustan Copper
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HDFC Securities retains 'Add' rating on ICICI Prudential Life Insurance, target Rs 700
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Indices open on positive note with Nifty above 16150
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Hindalco signs MoU with Phinergy and IOP for R&D, Pilot production of aluminium plates
Indian rupee opens marginally lower at 79.77 per dollar
India's forex reserves plunge by $8 billion in week ended July 8, fall to over 15-month low
Asia shares bounce, euro on edge for ECB and gas test
Oil drops as China's rising COVID cases renew fuel demand concerns
Sharekhan maintain buy with a price target of Rs 1,800
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HDFC Bank reports 18.7% jump in JUne quaretr profit at  Rs 9,195.99 crore
Asian Markets trade higher with Kospi up 1%, Taiwan Weighted, Straits Times up 0.5% each
Wall Street ends tumultuous week with strong rally as rate hike fears wane
SGX Nifty indicates a positive start for the Indian indices

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Ajit Mishra, VP – Research, Religare Broking
Markets started the week on a buoyant note and gained nearly one and a half percent, tracking firm global cues. After the gap- up start, the benchmark gradually inched higher as the day progressed and finally settled around the day’s high. 
All the sectors, barring the defensive i.e. FMCG and pharma, contributed to the move. The broader markets too ended in the green in the range of 1.4-1.7%. Consequently, the Nifty ended with a positive bias near day’s high at 16,280 levels, up by 1.4%.
Markets are largely mirroring their global counterparts, especially the US while domestic factors like macroeconomic data and earnings cause volatile swings in between. Amid all, we reiterate our positive yet cautious view as we’re eyeing the 16,300-16,500 zone in Nifty. Participants should focus more on stock selection and overnight risk management.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty witnessed a brief consolidation in the last week resulting in an Inside bar pattern on the weekly chart. On the downside, it received support from the 20 DMA and the lower end of the rising channel on the hourly chart. From these support parameters the index has taken a leap on the upside. 
On July 18, it has crossed the swing high of 16275. This shows that the Nifty is continuing with the pullback on the higher side. It is marching towards the 78.6% retracement of the June decline and the key weekly moving averages. 
Thus going ahead, the index can test 16500-16550 on the upside. On the flip side, 16140-16100 will now act as a near term support zone.

Vinod Nair, Head of Research at Geojit Financial Services:
Strong US retail sales data scaled down the worries of an aggressive rate hike higher than 75bps providing the much-needed optimism to global equities. The European Central Bank, in its meeting this week, is set to increase its interest rates for the 1st time to contain record high inflation. 
On the domestic front, while IT and banking stocks were lifted by bottom fishing, realty stocks accumulated gains on improving business prospects.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Firm global cues bolstered market sentiment as benchmark Sensex closed above the psychological 54000-mark on strong all-round buying support. The recent sell-off had made some stocks attractive, hence traders bought IT, metals & telecom stocks. 
On daily charts, the Nifty has formed a long bullish candle which suggests continuation of uptrend in the near future. 
For traders, 16150-16200 would act as a strong support zone and above the same, the index could hit the level of 16400-16450. On the flip side, below 16150, the uptrend would be vulnerable.

Kunal Shah, Senior Technical Analyst at LKP Securities:
The Nifty index witnessed a strong breakout on the daily chart and closed above the level of 16,200. The RSI indicator has given a positive crossover on the daily chart which confirms the strength in the index. The index is likely to test the level of 16,600-16,800 level on the upside. The lower end support stands at 16100-15900 zone.

Narendra Solanki, Head Fundamental Research -Anand Rathi-Investment Services:
Indian markets opened on positive note following positive overall Asian markets. During the afternoon session markets further strengthened as buying in IT, TECK and Capital Goods stocks were seen. Gains in frontline blue chip stocks such as Infosys, Tech Mahindra also helped to lift the markets. 
Sentiments were upbeat as a private report suggests that the income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on average while grain exports soared to over USD 50 billion. For certain crops in some states (like soyabean in Maharashtra and cotton in Karnataka) farmers' income more than doubled in FY22 from FY18 levels. 

S Ranganathan, Head of Research at LKP securities:
The charge of bulls going berserk on a Monday with a broad-based rally is always a pleasant sight and what is more heartening is to see investors temper and reset their expectations for the quarter in line with the reset on the ground. 
The 1.5% upmove seen today in the benchmark indices reflects the optimism behind the progress of the south-west monsoon as the BFSI & IT index led from the front with good support coming in from the broader market stocks.
Rupee Close:
Indian rupee ended at record low at 79.97 per dollar against Friday's close of 79.87.
Market Close: Benchmark indices ended on positive note for the second consecutive day on July 18 with Nifty above 16250.
At close, the Sensex was up 760.37 points or 1.41% at 54,521.15, and the Nifty was up 229.30 points or 1.43% at 16,278.50. About 2296 shares have advanced, 1077 shares declined, and 158 shares are unchanged.
Hindalco Industries, IndusInd Bank, Infosys, Bajaj Finserv and Tech Mahindra were among the top Nifty gainers, while losers included Britannia Industries, Dr Reddy’s Laboratories, HDFC Bank, M&M and Maruti Suzuki.
All the sectoral indices ended in the green with Information Technology, PSU Bank, Metal, Power, Oil & Gas, Bank, Realty and Capital Goods indices up 1-3 percent.
BSE midcap and smallcap indices rose over 1 percent each.
Zydus receives final approval from the USFDA
Zydus Lifesciences subsidiary Zydus Worldwide DMCC has received final approval from the United States Food and Drug Administration (USFDA) to market Efinaconazole Topical Solution, 10%.
Zydus Lifesciences was quoting at Rs 358.00, down Rs 13.15, or 3.54 percent on the BSE.
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