03 Aug , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Dalal Street benchmark indices started the day flat but soon edged higher. S&P BSE Sensex rose more than 100 points or 0.23% to sit above 58,200 while the NSE Nifty 50 index was above 17,300. Bank Nifty was in the red, hovering around 38,000 mark while India VIX rose and inched closer to 19 levels. Bharti Airtel was up 0.92% as the top Sensex gainer, followed by HUL, and Tata Steel, Kotak Mahindra Bank was the top laggard, down 0.90%, followed by Mahindra & Mahindra, and IndusInd Bank.
In its second review, the government of India on late Tuesday evening announced a reduction in the windfall tax on Diesel exports to just Rs 5 per litre. The move could benefit fuel exporters such as Reliance Industries. While the tax on diesel exports has been cut from Rs 11 per litre to just Rs 5 per litre, the new additional excise duty (cess) on petroleum crude was increased marginally from Rs 17,000 to Rs 17,750 per tonne, as the trade parity prices followed by domestic oil producers like ONGC and OIL rose marginally since mid-July, in line with the global crude prices. The government notification also said that the tax on ATF has been removed.
Sensex opened flat and dropped into negative territory but minutes into the day's trade, Sensex was seen trading above 58,200 adding 100 points while NSE Nifty 50 index was above 17,300. Bank Nifty was hovering around 38,000.
The higher bottom formation on intraday charts indicating continuation of uptrend in the near future. We are of the view that, as long as the indices are trading above 17200/57700 the uptrend texture is likely to continue. Above the same, the index could move up to 17400-17450/58300-58500. On the other side, below 17200/57700, traders may prefer to exit out from the trading long positions. Below 17200/57700, the index would slip till 17150-17100/57500-57300.
Stocks stabilized in Asia on Wednesday, helped by a rebound in Hong Kong, as some of the investor anxiety over fraught US-China ties eased. Nifty swung between gains and losses on August 02, but closed with marginal gains, extending the winning streak for the fifth day. At close Nifty was up 0.03% or 5.4 points at 17345.5. Nifty seemed to have halted after 4 days of sharp rise. It may now consolidate/correct minorly before embarking on the next move. 17173-17390 could be the band for the Nifty in the near term.
0 Comment