Share Market HIGHLIGHTS: Sensex ends 278 pts up from day’s low, Nifty tops 16,250; M&M, Axis Bank top gainers
74.40-74.50 levels will act as an important resistance for USD-INR
The IPO fever continues to buzz with Nuvoco Viastas' Rs 5000 cr, CarTrade Rs 3000 cr, Aptus Value Housing Rs. 2800, and Chemplast Sanmar Rs.3800cr likely to hit markets this week. It will be watchful whether RBI shows any intervention downside to cap sharp gains in rupee. If so, any dip on account of inflows should be taken as a buying opportunity amid broad dollar strength. Going ahead, India’s Industrial Production for June and CPI inflation for July will keep markets on edge especially after the RBI increased its FY22 inflation forecast to 5.7% from 5.1% earlier. Technically, for dollar-rupee pair 74.40-74.50 levels will act as an important resistance to watch for. If the pair breaks and consistently trades above 74.40-50 levels, then the rupee is most likely to move near 74.80-90 levels in the near term and then towards 75.30-75.50 levels in the medium term. Amit Pabari, MD, CR Forex Advisors
Stock Market Highlights: Sensex gains 125 points, Nifty ends above 16,250; mid, smallcaps underperform
Manish Shah, Founder, Niftytriggers.com
Nifty-50 settled relatively flat for the third day in a row. Nifty opened positive for the day but a rotational day capped the upsides and the downsides. The highlight for the day was that the gap area between 16,162-16,188 held as a support and bounce in Nifty came from this zone. We usually see a gap area when tested acts as a support zone. The underlying action in Nifty remains positive. Lack of any sustained selling after a sharp rise does point out latent buying at lower levels. MACD and directional movement are in a positive buy mode.
Nifty needs a punch above the weekly R3 pivot for the rally to move towards 16,500 and higher in the days to come. The Gap area will act as a support. A break below 16,150 may result in a drop to 16,000-15,950 another crucial buying area. Price action in Nifty suggests a buy on declines market condition. Let us see how long bear will be able to resist an inevitable upside in Nifty.
Avenue Supermart share price: Share price of Avenue Supermart jumps as Sensex gains 147.57 points
Did you Know? Stock score of Avenue Supermarts Ltd moved up by 1 in 3 months on a 10-point scale. View Latest Stock Report »
Share price of Avenue Supermarts Ltd. gained 0.38 per cent to Rs 3542.3 at 11:01AM (IST) in Monday’s trade. The scrip hit a high of Rs 3576.25 and low of Rs 3532.05 so far during the session. The stock had closed at Rs 3529.05 in the previous session.The counter had a total traded volume of 11:01AM shares so far with a turnover of Rs 0.98 crore on BSE . The stock traded at a price-to-earnings multiple of 198.83 and a price-to-book ratio of 15.17.A higher P/E ratio shows investors are willing to pay a higher price for per rupee earnings given by the stock because of better future growth expectations.The price-to-book value indicates the inherent value of a company and is the measure of the price that investors are ready to pay even for no growth in the business.Avenue Supermarts Ltd. belongs to the Supermarkets industry.Promoters held 74.99 per cent stake in the company as of 30-Jun-2021, while foreign investors and domestic institutional investors ownership stood at 10.04 per cent and 6.7 per cent, respectively.The company reported consolidated sales of Rs 5214.58 crore for the quarter ended 30-Jun-2021, down 30.1 per cent from the previous quarter’s Rs 7459.8 crore and down 32.56 per cent from the year-ago quarter’s Rs 3933.78 crore.Its profit for the latest quarter stood at Rs 95.37 crore, up 137.89 per cent from the same quarter a year ago.