Closing Bell: Nifty above 25,000, Sensex hits 82k on another record-breaking day; oil & gas gains

Indian benchmark indices ended higher for the fifth straight session on August 1. At close, the Sensex was up 126.21 points or 0.15 percent at 81,867.55, and the Nifty was up 59.70 points or 0.24 percent at 25,010.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

The Nifty remained range-bound during the day before closing above 25,000 for the first time. The sentiment remains positive as it closed above the short-term moving average. The RSI is in a bullish crossover while entering the overbought zone, indicating the possibility of profit booking. On the lower end, support is placed at 24,900. On the higher end, resistance is placed at 25,100/25,250.

Overnight gains in the US markets and ongoing optimism over the strong corporate earnings aided benchmark indices to scale fresh all-time highs with Nifty clocking the milestone of 25k mark and Sensex entering the 82k zone. However, weak European market cues and mixed Asian indices tempered the domestic market gains at close. Overall trading session was skewed with most of the broader and sectoral indices faltering amid profit-taking whereas metals, oil & gas and power stocks notched up gains, indicating that investors are now getting into cherry picking of stocks instead of mounting full-fledged bullish bets.

Markets edged higher amid a consolidation bias and closed slightly in the green. On the benchmark front, Nifty crossed a new milestone of 25,000 in early trading, followed by a range-bound move until the end. Meanwhile, the sectoral trend remained mixed, with energy and healthcare posting decent gains, while realty and auto saw declines. Additionally, profit-taking in the broader indices kept traders on their toes.

Nifty is now approaching its immediate hurdle at 25,100 and will need fresh triggers to surpass this level. While buoyancy in the global markets, particularly in the US, is encouraging, the underperformance of banking majors is limiting momentum. We continue to advocate a "buy on dips" strategy, emphasizing careful stock selection.

Nifty opened on gap up today and consolidated for the day to close with gains of ~60 points. On the daily charts we can observe that the Nifty has broken out of a sideways consolidation on the upside. This breakout suggests resumption of upmove after a brief pause. We expect the rally to continue towards 25330 – 25530 from short term perspective. Crucial support now stands at 24850 – 24800. Divergence between the daily and hourly momentum indicator can lead to a consolidation however price action is suggesting a breakout and hence we shall assign more weightage to the price action and continue to maintain our positive outlook on the Nifty.

Bank Nifty continued to witness rangebound price action. The consolidation has taken form of a symmetrical triangle pattern. A range breakout shall decide the further trend hereon. Thus, shall maintain our rangebound outlook for the Bank Nifty. The range of consolidation for the Bank Nifty is likely to be 51300 – 52000.

The benchmarks started positive taking cues from the global market following the Fed Chair’s indication that a rate cut might be considered at the September meeting due to easing inflationary pressures. However, the broader market closed on a negative bias due to escalating geopolitical tensions in the Middle East leading to rising crude oil prices. Sector-wise, capital goods and realty were impacted by profit-booking coupled with auto sectors owing to below-expected monthly auto sales figures.

Indian bourses began the August month on a strong note above the psychological barrier of 25,000. But, negative divergence in RSI pulled the Index lower to settle the trade at 25,010.90 with gains of 59.75 points.

Among the sectors, Energy was the top gainer while Media and Realty corrected the most. Broader markets underperformed the Frontline Index as Mid and Smallcaps corrected by 0.85% & 0.98% respectively.

The Index has formed a Spinning Top candlestick pattern which represents indecisiveness where the downside seems to be protected at 24,930 while the immediate resistance is placed at 25,100.

Indian rupee ended flat at 83.72 per dollar on Thursday versus Wednesday's close of 83.72.

Indian benchmark indices ended higher for the fifth straight session on August 1.

At close, the Sensex was up 126.21 points or 0.15 percent at 81,867.55, and the Nifty was up 59.70 points or 0.24 percent at 25,010.90. About 1237 shares advanced, 2181 shares declined, and 78 shares unchanged.

Coal India, Power Grid Corp, Shriram Finance, Dr Reddy's Labs and ONGC were among the top gainers on the Nifty, while losers were M&M, Hero MotoCorp, Tata Steel, Bajaj Finserv and SBI.

Among sectors, auto, capital goods, IT, media, telecom, PSU Bank and realty down 0.5-2 percent, while buying was seen in the metal, oil & gas, power and energy.

The BSE midcap and smallcap indices shed nearly 1 percent each.

#1 Production down 11% at  2.17 mt Vs 2.44 mt, YoY

#2 Sales up 5% at 3.1 mt Vs 2.9 mt, YoY

#1 Delay in ramp-up of deal wins & discretionary slowdown hurt growth

#2 Q1 revenue & margin below estimates

#3 Margin disappointment driven by delay in ramp-up

#4 Cut FY25-26 EPS by 7-9 percent

#1 Company achieved 32 percent of FY25 pre-sales guidance in Q1

#2 Results suggest upside to full-year numbers, with embedded margin being higher than FY24

#3 Strong launch pipeline should support growth

#1 Q1 EBITDA above estimates

#2 Expect revenue growth momentum to normalise to 12-13 percent YoY

#3 Rising share of premium products across categories can support growth

#4 Success in solar/agri pumps & appliances, & recovery in butterfly can support growth

#5 Price hikes & operating leverage should drive EBITDA margin from 11 percent in FY24 to 11.8 percent by FY27

#6 EPS estimate slightly revised up by 2-3 percent over FY25-26

The Sensex was up 71.01 points or 0.09 percent at 81,812.35, and the Nifty was up 44.40 points or 0.18 percent at 24,995.60.

#1 July production up 2.5 percent at 55 mt vs 53.7 mt, YoY

#2 July offtake up 0.2 percent at 59.6 mt vs 59.5 mt, YoY

The company board approves demerger of food FMCG business

Nifty has hit the 25,000 mark for the first time, reaching a high of 25,078.30 before experiencing sharp selling at these all-time high levels. The 24,950 level is expected to act as immediate support. If the price closes above the 25,000 level, it could further rise to the 25,200 and 25,400 levels. Every dip presents a buying opportunity, especially near the 24,800 and 24,600 levels. The market is anticipated to remain strongly bullish above 24400 levels.

The Relative Strength Index (RSI) is trading at 73, indicating a strong bullish trend. However, since it is near the overbought zone, caution is advised.

By the end of this year, levels of 25,600 and 26,000 are expected to be reached. Investors are advised to hold and trail their positions. Those participating in Systematic Investment Plans (SIP) can also continue their investments for the long run, as every dip will be a buying opportunity in case of any correction.

#1 Net Profit up 2.4% at Rs 289.5 crore  Vs Rs 283 crore (YoY)

#2 Revenue up 1.5% at  Rs 2,292.5 crore Vs Rs 2,327.7 crore (YoY)

#3 EBITDA Flat at Rs 327 crore (YoY)

#4 Margin at 14.3% Vs 14% (YoY)

#1 Net Profit up 7.8% at Rs 500 crore  vs Rs 464 crore (YoY)

#2 Revenue up 7% at Rs 3,349 crore vs Rs 3,130.5 crore (YoY)

#3 EBITDA up 8.3% at Rs 655 crore vs Rs 604.7 crore (YoY)

#4 Margin at 19.6% vs 19.3% (YoY)

#1 Net Profit up 40.2% at Rs 2,835.6 cr  vs Rs 2,022.5 cr (YoY)

#2 Revenue up 6% at Rs 12,652.7 cr vs Rs 11,941 cr (YoY)

#3 EBITDA up 8.3% at Rs 3,607.5 cr vs Rs 3,331.7 cr (YoY)

#4 Margin at 28.5% vs 27.9% (YoY)

#1 Net Profit down 2% at Rs 49 cr  vs Rs 50 cr (YoY)

#2 Revenue down 2.4% at Rs 400 cr vs Rs 410 cr (YoY)

#3 EBITDA up 7.2% at Rs 79.4 cr vs Rs 74 cr (YoY)

#4 Margin at 20% vs 18% (YoY)

#1 Net Profit down 1.5% at Rs 236.3 cr  vs Rs 240 cr (YoY)

#2 Revenue up 20.1% at Rs 1,543 cr vs Rs 1,285 cr (YoY)

#3 EBITDA  up 14.8% at Rs 387.5 cr vs Rs 337.4 cr (YoY)

#4 Margin at 25.1% vs 26.3% (YoY)

The Sensex was up 30.12 points or 0.04 percent at 81,771.46, and the Nifty was up 30 points or 0.12 percent at 24,981.20. About 1350 shares advanced, 2055 shares declined, and 77 shares unchanged.

#1 Net Profit up 20.6 percent at Rs 30.4 crore versus Rs 25 crore, YoY

#2 Net Income up 38.2 percent at Rs 301.6 crore versus Rs 218 crore, YoY

#1 Net Profit down 54.8 percent at Rs 87 crore versus Rs 191.7 crore, YoY

#2 Revenue down15.2 percent at Rs 1,199.2 crore versus Rs 1,414.2 crore, YoY

#1 Q1 EBITDA & recurring PAT rose 36-39 percent YoY & were 11-12 percent above estimates

#2 EBITDA & recurring PAT growth led by better-than-expected ASP and margin

#3 PV Industry growth has moderated from 27 percent YoY in FY23 to 8 percent in FY24 & to just 3 percent in Q1

#4 Company’s CNG portfolio is performing well

#5 Company continues to face headwind of industry demand shifting to SUVs

#6 Raise FY25-27 EPS by 1-3 percent; tax cut on hybrids is an upside risk

#1 Net profit at Rs 134.5 crore versus Rs 28 crore, YoY

#2 Revenue up 33.5 percent at Rs 958.3 crore versus Rs 717.6 crore, YoY

#1 Net profit up 4.2 percent at Rs 10,943.5 crore versus Rs 10,498.4 crore, YoY

#2 Revenue up 1.3 percent at Rs 36,464.6 crore versus Rs 35,983.2 crore, YoY

#1 Net profit at Rs 156.3 crore versus Rs 74.9 crore, YoY

#2 Revenue down11.6 percent at Rs 1,444.5 crore versus Rs 1,633.3 crore, YoY

#1 Net profit down 65.1 percent at Rs 10.8 crore versus Rs 31 crore, YoY

#2 Revenue up 27.1 percent at Rs 137.4 crore versus Rs 108.1 crore, YoY

#1 Q1 was a weak set

#2 Q1 key takeaways include power & industry segment EBIT margin

#3 Adjusted, PAT loss of Rs 210 crore was higher than estimates

#1 SUV growth to be well ahead of industry

#2 Q1 average selling prices miss but better margin versus consensus

#3 Success of Thar Roxx + BEVs & rural revival, key catalysts

#4 Current valuation at 14x FY26 EV/EBITDA (adjusted for subsidiaries), versus peers at 15-22x

#5 Current valuation appears attractive given 16 percent core EPS CAGR over FY24-27F

#1 Net profit up 42.7 percent at Rs 46 crore versus Rs 32 crore, YoY

#2 Revenue up 15.4 percent at Rs 620 crore versus Rs 537.2 crore, YoY

#1 Q1 beat consensus, led by robust marketing profitability, which can surpass full-year guidance

#2 Global supply increasing should support domestic gas demand

#1 Q1 consol revenue of up 7 percent YoY, was above estimates

#2 Ad revenue declined 3 percent YoY due to cricket and the elections

#3 Company’s India subscriptions was up 10 percent YoY, with positive surprise led by movies revenue

#4 OTT/ZEE5 revenue was up 15 percent YoY & EBITDA loss diluted its consolidated margin

#1 Net profit down21.1 percent at Rs 44.4 crore versus Rs 56 crore, YoY

#2 Revenue up 1.3 percent at Rs 748.2 crore versus Rs 738.8 crore, YoY

The Sensex was up 103.12 points or 0.13 percent at 81,844.46, and the Nifty was up 51.10 points or 0.20 percent at 25,002.30. About 1363 shares advanced, 2005 shares declined, and 91 shares unchanged.

#1 Net profit down 4.4 percent at Rs 105.6 crore versus Rs 110.4 crore, QoQ

#2 Revenue up 15.3 percent at Rs 2,527.4 crore versus Rs 2,191.6 crore, QoQ

Aditya Birla Capital, Adani Enterprises, Alkyl Amines Chemicals, Arvind Fashions, Allcargo Terminals, Bharat Wire Ropes, Bombay Dyeing, Dabur India, Datamatics Global Services, Prataap Snacks, Emami, Escorts Kubota, Great Eastern Shipping, Godrej Agrovet, G R Infraprojects, Hikal, Hind Rectifiers, HPL Electric & Power, ITC, Kalyan Jewellers India, NIIT Learning Systems, Patel Integrated Logistics, Punjab Chemicals And Crop Protection, RailTel Corporation of India, RattanIndia Power, Rushil Decor, Sun Pharmaceutical Industries, Suryoday Small Finance Bank, Tata Motors, Tata Motors – DVR, Thermax, Tube Investments of India, Triveni Engineering & Industries, TV Today Network, UFO Moviez India, Welspun Enterprises, Zomato, among other to announce their June quarter earnings today.

#1 Net profit up 3.1 percent at Rs 73.1 crore versus Rs 70.9 crore, YoY

#2 Revenue up 10.9 percent at Rs 2,105.9 crore versus Rs 1,899 crore, YoY

#1 Net profit down 15 percent at Rs 217 crore versus Rs 255.2 crore, YoY

#2 Revenue up 0.5 percent at Rs 21,283.3 crore versus Rs 21,187.2 crore, YoY

#1 In a tough quarter, company posted impressive results

#2 Trailing underperformance versus Nifty Auto, relatively lower multiples

#3 Consensus earnings estimate upgrades to drive outperformance

#1 Net profit up 1.4 percent at Rs 112.8 crore versus Rs 111 crore, YoY

#2 Revenue up 15 percent at Rs 141 crore versus Rs 122.6 crore, YoY

#1 SUV orderbook is coming off & company won't disclose same going forward

#2 Strong product traction will keep company the fastest-growing PV play in India

#3 Farm outlook also appears to be improving

#1 Net profit at Rs 182.2 crore versus Rs 75 crore, YoY

#2 Revenue up 56.4 percent at Rs 639.9 crore versus Rs 409.1 crore, YoY

#1 Net profit down 3.4 percent at Rs 307 crore versus 317.8 crore, YoY

#2 Revenue up 10.8 percent at Rs 1,862.1 crore versus Rs 1,680.9 crore, YoY

#1 Q1 showed slow balance sheet growth amid high LDR

#2 Q1 asset quality trends in retail were slightly weak – both remain key to monitor

#3 Positives were good profitability and improved balance sheet strength

#4 Valuation at 0.9x FY26 book keeps us equal-weight

Wainganga Expressway, wholly owned subsidiary of Kaplataru Power has received an Arbitration Award dated 31st July, 2024, wherein the Arbitral Tribunal by way of a majority award has allowed certain claims of WEPL,

against National Highways Authority of India (NHAI).

Exicom Power Solutions B.V, a wholly-owned subsidiary of Exicom Tele-Systems has acquired 12,000 ordinary shares of USD 0.01 per share of Tritium Power Solutions Pty Ltd., Queensland from Mr. Raj Kumar, at a consideration of USD 120 representing 100% paid up share capital of Tritium Power Solutions Pty Ltd.

Steel Strips Wheels has achieved net turnover of of Rs 362.64 crore in July 2024 versus Rs 357.09 crore in July 2023, recording a growth of 1.55% YoY and achieved gross turnover of Rs 441.08 crore in July 2024 versus Rs 434.35 crore in July 2023, there by recording a growth of 1.55% YoY.

Aditya Birla Capital, Adani Enterprises, Adani Ports And Special Economic Zone, Akzo Nobel India, Alkyl Amines Chemicals, Arvind Fashions, Allcargo Terminals, Bharat Wire Ropes, Bombay Dyeing, Dabur India, Datamatics Global Services, Prataap Snacks, Emami, Escorts Kubota, Great Eastern Shipping, GHCL, Godrej Agrovet, G R Infraprojects, Hikal, Hind Rectifiers, HPL Electric & Power, ITC, Kalyan Jewellers India, NIIT Learning Systems, Patel Integrated Logistics, Punjab Chemicals And Crop Protection, RailTel Corporation of India, RattanIndia Power, Rushil Decor, Sun Pharmaceutical Industries, Suryoday Small Finance Bank, Tata Motors, Tata Motors – DVR, Thermax, Tube Investments of India, Triveni Engineering & Industries, TV Today Network, UFO Moviez India, Welspun Enterprises, Zomato, among other to announce their JUne qurter earnings today.

#1 Net Profit down 21.2 percent at Rs 20.8 crore Versus Rs 26 crore, YoY

#2 Revenue up 18.8 percent at Rs 2,579.9 crore Versus Rs 2,171.6 crore, YoY

The Reserve Bank of India (RBI) has granted ‘Fit & Proper’ certificates to three potential suitors for IDBI Bank, paving the way for their possible acquisition of the bank, CNBC-TV18 reported quoting sources. The candidates include Fairfax Financial, Emirates NBD, and Kotak Mahindra Bank. READ MORE

After a gap of more than a decade, India Inc appears to be raising more money through initial public offers (IPOs) to fund capex and expansion plans rather than just coming to the market to give an exit option for their investors, including the PE/VC community. In the current year till date, the majority share of the cumulative IPO fund raising has happened through issue of fresh shares with the offer for sale (OFS) component playing second fiddle. READ MORE

c#1 Net profit at Rs 10.4 crore versus Rs 1.6 crore, YoY

#2 Revenue up 57.7 percent at Rs 101.1 crore versus Rs 57.7 crore, YoY