Indian Indices Continue Momentum; Sensex Ends 214 Points Higher as IT Stocks Witness Buying

Wed, 3 Aug Closing

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After opening the day on a flat note, Indian share markets extended gains as the session progressed and witnessed huge buying during closing hours.

Benchmark indices started with caution but made a late rally. The global negative cues played a role in today's volatility, especially the US-China tensions over Taiwan.

At the closing bell, the BSE Sensex stood higher by 214 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 42 points (up 0.3%).

TCS, Tech Mahindra, and Infosys were among the top gainers today.

Sun Pharma, Tata Motors, and Kotak Bank on the other hand, were among the top losers today.

Bajaj Finserv share price is rising after it reported good results last week.

ITC shares are also rising due to its positive quarterly results.

The SGX Nifty was trading at 17,439, up by 113 points, at the time of writing.

The broader markets ended on a positive note. The BSE MidCap index fell by 0.6% and the BSE SmallCap index ended lower by 0.3%.

All sectors, except IT and financial services, witnessed selling pressure today. Auto, pharma, and public sector bank stocks were the biggest laggards.

Check out these 4 sectors that can produce future multibagger stocks.

Shares of Blue Dart, Adani Transmission and Adani Total Gas hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also, check out the 5 stocks paying out big dividends in August 2022.

Reliance, SBI, TCS were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended mixed. The Nikkei ended the day up by 0.5%, while the Hang Seng inched higher by 0.4%. The Shanghai Composite ended 0.7% lower.

The rupee is trading at 79.15 against the US$.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 51,1713 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.5% at Rs 57,285 per 1 kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, Chartist Brijesh Bhatia shares how to select the best penny stocks for 2022, in his latest video for Fast Profits Daily.

Penny stocks have been a rage in the stock market for the last two years. Despite all the volatility in these stocks, they remain very popular.

In this video, Brijesh explains in detail how he goes about identifying multibagger penny stocks using charts.

In news from the real estate sector, Godrej Properties share price dipped today post the quarterly earnings announcement.

Godrej Properties slipped 3% intraday despite the company reporting good results.

For the June 2022 quarter, the company reported a 154% YoY growth in net profit to Rs 433 m.

The revenue of the company also saw a rise of 184% YoY growth to Rs 2,446.7 m.

EBITDA grew by the 41% YoY to Rs 140 m. The net debt of Godrej Properties stood at Rs 9 bn.

The company's yearly result show a positive growth in the earnings, while on the quarterly basis, the performance was negative. On a quarterly basis, the profit was down by 71%.

Godrej Properties share price ended the day down by 3%.

Speaking of stock markets in general, Brijesh believes the Nifty can head higher from here on.

In his daily market analysis video, Brijesh had highlighted the rally even when RSI moves into an overbought zone.

On short-term charts, the RSI is hovering at 60 which Brijesh thinks is a bullish entry if it is in sync with the daily chart.

Nifty Daily Chart

 

If you're interested in being part of Brijesh's charting journey as he shares how to create wealth from the profitable trade setups, join his telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

Moving on to news from the energy sector, Adani New Industries and Reliance Industries will invest Rs 5 -Rs 6 bn each in compressed Biogas plants (CBG).

Adani New Industries plans to set up a 40-million tonne per annum (mtpa) plant in Uttar Pradesh and Gujarat, while Reliance is still formalizing the location for two similar capacity units.

CBG is produced by anaerobic decomposition of agricultural waste, sugarcane press mud, and municipal waste.

Reliance and Adani group will feed CBG into their fuel retail outlets and CGD network.

Reliance, with equal partner BP, has a fuel retailing joint venture called Reliance BP Mobility, which operates a network of over 1,400 outlets under the Jio-bp brand.

Note that both these group are competing hand in hand in various verticals to emerge as the top group. Both these companies are involved in the green hydrogen space.

The Adani group recently forayed into telecom to take advantage of the 5G opportunity.

Check out other sectors the Adani group has invested in.

Speaking of the Adani group, Adani Enterprises today became the fourth Adani group firm to cross the Rs 3 tn market cap barrier.

The company is the fourth firm to achieve the milestone in the Adani group. Adani Transmission, Adani Green and Adani Total Gas have already surpassed this feat earlier.

As things stand now, most of the Adani group stocks are the fastest growing stocks of 2022.

If you are in the dilemma whether to exit the Adani Group stocks at current level or hold on to them, check out Rahul Shah's video on - the Adani Multibaggers: HOLD or SELL?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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