Closing Bell: Sensex, Nifty end marginally higher amid volatility; IT outshine

ndian benchmark indices ended marginally higher in the volatile session on July 4. The Sensex was up 62.87 points or 0.08 percent at 80,049.67, and the Nifty was up 15.70 points or 0.06 percent at 24,302.20.

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 defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment.

Benchmark Sensex steadily pared gains after scaling new life-time high in early trades, but managed to close above the 80k-mark for the first time due to selective buying in banking and IT stocks. While the market is in an overbought zone, investors would rather wait for Budget to throw positive surprises before taking aggressive stance.

The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday's gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its lowest point at 24,306.55. Sector-wise, there was a mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. The broader indices performed better than the benchmark, each gaining about half a percent.

The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.

Right from the beginning, the Index was seen giving up its gains and ended the session at 24,302.15 with a minuscule gain of 15.65 points. The Pharma sector regained its momentum and advanced more than 1% to be the top performer followed by IT. On the flip side, Media and FMCG were the laggards.

The interest of market participants was more toward Broader markets as Mid and Smallcaps moved over 0.45%. From the past couple of days, it seems that the Index is finding it difficult to hold higher levels and bearish divergence in RSI indicates weakening of momentum. The immediate support is placed at 24,150 while on the higher side, 24,400 will be considered as resistance

Indian rupee ended marginally higher at 83.50 per dollar on Thursday against Wednesday's close of 83.53.

Indian benchmark indices ended marginally higher in the volatile session on July 4.

The Sensex was up 62.87 points or 0.08 percent at 80,049.67, and the Nifty was up 15.70 points or 0.06 percent at 24,302.20. About 1901 shares advanced, 1550 shares declined, and 62 shares unchanged.

Top Nifty gainers were HCL Technologies, ICICI Bank, Sun Pharma, Infosys and Tata Motors, while top losers included HDFC Bank, Bajaj Finance, Wipro, Tech Mahindra and Adani Enterprises.

Among sectors, Information Technologies and Healthcare indices rose 1 percent each, while Auto and Realty were up 0.5 percent each. However, the Media index shed 0.4 percent.

The BSE midcap and smallcap indices rose 0.6 percent each

Greaves Finance, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., has appointed P. B. Sunil Kumar as its new Executive Director & Chief Executive Officer effective 03rd July 2024.

#1 Management is optimistic on the growth outlook for the cables & wires industry
#2 As per company, domestic C&W industry to grow by 12-14 percent over medium-term
#3 Indian C&W industry is well placed for exports – cost competitiveness & technological adaptability
#4 Expects FMEG industry to rebound in FY25

Dredging Corporation of India has been awarded the annual maintenance dredging contract by the Cochin Port Authority. The contract, valued at Rs 156.50 crores, for the year 2024-25 with a provision to extend for another one year.

Bansal Wire Industries' initial public offer (IPO) saw a robust response, fully subscribing on the second day of bidding on July 4, primarily driven by non-institutional investors (NIIs). The company's Rs 745-crore public offer received bids for over 9 crore equity shares, surpassing the offer size of 2.14 crore equity shares by 2.57 times, as per exchange data.

NIIs led the charge, bidding 7.94 times their allotted quota, while retail investors subscribed to 5.17 times their reserved portion. The portion earmarked for qualified institutional buyers (QIBs) was subscribed 0.04 times.

#1 Hold call on Bajaj Finance, target Rs 7,600
#2 Hold call on Can Fin Homes, target Rs 800
#3 Buy call on CreditAccess, target Rs 1,900
#4 Q1 to be weak for lending financials except gold financiers, affordable HFCs & Chola Fin
#5 Expect loan growth to moderate in Q1 driven by seasonal factors
#6 Expect loan growth to moderate in Q1 driven by other events like elections, risk weight
#7 Formal HFCs (LIC Housing Finance, PNB Housing Finance) are likely to report weak loan growth QoQ
#8 Asset quality should deteriorate with higher credit cost for most players
#9 MFIs & SFBs will see higher stress in Q1 versus NBFCs operating in secured segments
#10 NIMs should see further moderation as we expect cost of funds to increase
#11 Remain positive on AU SFB, Equitas & CreditAccess Grameen from medium-term perspective
#12 See Q1 weakness as good entry opportunity for AU, Equitas & Cred

Markets@3 | Sensex, Nifty off day's high

The Sensex was up 79.21 points or 0.10 percent at 80,066.01, and the Nifty was up 16.30 points or 0.07 percent at 24,302.80. About 1961 shares advanced, 1488 shares declined, and 59 shares unchanged.

The company has received an order worth 64 million euros from Grid Solutions SAS, France, for the supply and supervision of high voltage products. It has also bagged an order worth 26 million euros from Grid Solutions Middle East FZE, Dubai, for the supply and supervision of high voltage products.

#1 Expect company to benefit from accelerated digitalisation of the life sciences industry
#2 Like the strong management team underpinned by robust domain expertise
#3 Current valuations (nearly 29x FY26 estimates) appear to be pricing in the positives
#4 Wage hikes are likely to offset some of the benefit for the company
#5 We expect EBIT margin to remain stable in FY25 and FY26

Sensex Today | Nifty Realty index up nearly 1%; Sobha, Phoenix Mills, Brigade Enterprises

#1 Q1 update showed muted loan growth & deposits declined sequentially
#2 Casa declined 1 percent QoQ, while YoY growth was strong at 26 percent in Q1 update
#3 CASA ratio declined by 17 bps QoQ to 30.7 percent, await further details from Q1 results
#4 Expect company to deliver RoA of 0.5 percent/0.8 percent and RoE of 4.5 percent/7.5 percent in FY25/FY26
#5 Company’s return profile, though on an improving trajectory, is significantly lower than peers
#6 We believe book value per share adequately captures the positives for the company

#1 Equitas Small Finance Bank Q1 gross advances up 17.8% YoY

The Sensex was up 128.70 points or 0.16 percent at 80,115.50, and the Nifty was up 39.60 points or 0.16 percent at 24,326.10. About 1946 shares advanced, 1478 shares declined, and 67 shares unchanged.

#1 Total deposits up 9.44 percent at Rs 2.67 lakh crore Vs Rs 2.44 lakh crore, YoY
#2 Gross advances up 19 percent at Rs 2.09 lakh crore Vs Rs 1.75 lakh crore, YoY
#3 CASA up 7.06 percent at Rs 1.33 lakh crore Vs Rs 1.24 lakh crore YoY, YoY
#4 CASA ratio at 49.86 percent vs 50.97 percent YoY & Vs 52.73 percent, QoQ

The board has appointed Charmi Kamlesh Lodhiya as Chief Financial Officer (CFO) of the company, effective July 3, following the resignation of Krunal Soni as CFO.

ITD Cementation's promoter shareholder - Italian Thai Development - is in early stages to explore divestment of its stake in the company, the company informed stock exchanges through an exchange filing on July 3.

The Company said that the process is at a preliminary stage and no definitive decision has been taken as yet. Italian Thai Development Public Company (ITD Bangkok) is the parent company, holding 47 percent stake in the company.

Sensex Today | BSE IT index up 1%; NELCO, Mastek, C. E. Info among top contributors

Shares of Suryoday Small Finance Bank rallied over 5 percent to Rs 194 per share on July 4 after the lender clocked strong advances and deposits in the June-ended quarter (Q1FY25).

Suryoday SFB loans and advances increased by 42 percent year-on-year (YoY) to Rs 9,037 crore in Q1FY25, as compared to Rs 6,372 crore. Sequentially too, it was up by 4 percent from Rs 8,650 crore in Q4FY24.

On the other hand, the lender's deposits improved by 42 percent YoY to Rs 8,137 crore in Q1FY25 from Rs 5,722 crore in the year-ago period. It was up 5 percent QoQ from Rs 7,777 crore.

The non-banking finance company has recorded assets under management (AUM) at Rs 3.54 lakh crore for Q1FY25, growing 31% over the year-ago period.

The deposits book at Rs 62,750 crore increased by 26% compared to Q1FY24.

Net liquidity surplus was Rs 16,200 crore as of June 2024. New loans booked during Q1FY25 grew by 10% YoY to 10.97 million.

European shares climbed on Thursday boosted by optimism on interest rate cuts by the Federal Reserve after weak U.S. data, while London markets gained as voting began in the UK with opinion polls predicting a historic win for the Labour party.

Shares of Suryoday Small Finance Bank rallied over 5 percent to Rs 194 per share on July 4 after the lender clocked strong advances and deposits in the June-ended quarter (Q1FY25).

So far this year, the stock of this small bank financier surged over 24 percent, outperforming 10 percent rise in the benchmark Nifty 50 index. Earlier, Suryoday SFB had hit 52-week high of Rs 219 apiece on May 3, 2024. Read More

GRM Overseas has bagged a new order worth Rs 600 million from Bin Awadh Alnaqeeb Group from Yemen. As per the agreement, GRM Overseas will ship Indian Basmati Rice to Bin Awadh Alnaqeeb Group, is the largest importer of Basmati Rice from India.

The Rs. 600 million order is the biggest order the company has received from the Yemen-based importer distributor till date.

Sensex Today | BSE Samllcap index hits fresh record high today

Adani group companies Adani Enterprises Ltd and Adani Energy Solutions are gearing up to tap the markets soon by way of qualified institutional placement (QIP) offerings to raise as much as $2.5 billion, people aware of the group’s plans told Moneycontrol.

Moneycontrol first reported on May 26 that the boards of Adani Enterprises Ltd and the group’s energy transmission and distribution business Adani Energy Solutions Ltd were looking to approve fundraising plans to the tune of $3.5-4 billion, collectively. Read More

Sensex Today | BSE Midcap index hits fresh record high today

#1 Puts overall capping up to 90 percent over issue price for SME IPOs
#2 Price control cap of 90 percent shall be applicable only to SME segment
#3 Circular will come in force with immediate effect July 4, 2024

Markets@1 | Sensex, Nifty trade higher

The Sensex was up 229.07 points or 0.29 percent at 80,215.87, and the Nifty was up 62.00 points or 0.26 percent at 24,348.50. About 2043 shares advanced, 1375 shares declined, and 54 shares unchanged.

Bitcoin fell below $60,000 - down for a third day - testing levels last since in February this year on concerns over President Biden's re-election bid and outflows in ETFs tracking cryptocurrencies.

Prices are also weighed down by a potential mass sale from a defunct crypto exchange Mt Gox. Read More

The Bengaluru-based real estate developer has signed a Joint Development Agreement for a residential project spread across 8 acres with a total development potential of around 1.2 million square feet. The gross development value of the project is around Rs 1,100 crore.

Sensex Today | BSE Capital Goods index up 0.5%; Suzlon Energy, SKF India, Honeywell Automation among major gainers

Philogen S.p.A. and Sun Pharmaceutical Industries announces that on June 20th the European Medicines Agency (EMA) validated the submission of the Marketing Authorization Application (MAA) for Nidlegy, which was finalized on June 3rd.

Wockhardt shares are on a roll, extending the uptrend for the 12th straight session on July 4. With the sharp rally, the stock hit a fresh 52-week high of Rs 995, delivering exuberant gains of nearly 80 percent in the past month.

Optimism for the company stems from its research and development prowess as it nears the launch of two blockbuster antibiotics, poised to change the course of the drugmaker's earnings trajectory. Read More

Bansal Wire Industries' initial public offer (IPO) saw a robust response, fully subscribing on the second day of bidding on July 4, primarily driven by non-institutional investors (NIIs). The company's Rs 745-crore public offer received bids for over 5.5 crore equity shares, surpassing the offer size of 2.14 crore equity shares by 2.57 times, as per exchange data.

The public offer, priced between Rs 243-256 per share, remains open for subscription until July 5.

NIIs led the charge, bidding 3.9 times their allotted quota, while retail investors subscribed to 3.4 times their reserved portion. The portion earmarked for qualified institutional buyers (QIBs) was subscribed 2 percent.

Alembic Pharmaceuticals has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Ivosidenib Tablets, 250 mg.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Tibsovo Tablets, 250 mg, of Servier Pharmaceuticals LLC (Servier).

ITD Cementation's promoter shareholder - Italian Thai Development - is in early stages to explore divestment of its stake in the company, the company informed stock exchanges through an exchange filing on July 3.

The Company said that the process is at a preliminary stage and no definitive decision has been taken as yet. Italian Thai Development Public Company (ITD Bangkok) is the parent company, holding 47 percent stake in the company.

Emcure Pharmaceuticals' public issue saw a strong start on its second day of bidding on July 4, driven by non-institutional and retail investors. The Rs 1,952.03-crore public offer was subscribed 2 times, with bids for 2.7 crore shares against the 1.37 crore shares on offer.

Non-institutional investors led the bidding, subscribing 4.47 times their allotted quota, while retail investors picked up 2 times the reserved portion. Employees of Emcure Pharmaceuticals showed significant interest, placing bids 3.2 times their allotted quota. However, the portion reserved for qualified institutional buyers (QIBs) was subscribed 0.08 times.

Shares of Inox Wind skyrocketed over 13 percent on July 4 after the company informed that it has received a Rs 900-crore capital infusion from promoter Inox Wind Energy Limited (IWEL).

The fund was raised through the sale of equity shares of Inox Wind in block deals on stock exchanges, attracting participation from several high-profile investors. In a regulatory filing, Inox Wind informed that IWEL finalised the capital infusion on July 4, marking a significant step towards achieving a debt-free status for IWL.

The proceeds from the infusion will be used to pare Inox Wind's external term debt and thereby enhance its financial position and accelerate its growth prospects. CEO Kailash Tarachandani sounded upbeat on the company's future, following the capital infusion.

Sensex Today | Ship Building stocks in focus

Sensex Today | Nifty Bank sheds more than 400 points from day's high

Dalmia Cement (Bharat), wholly owned subsidiary of Dalmia Bharat, has commenced commercial production of 1.0 MTPA, at new cement mill installed at its existing cement plant at Kadapa, Andhra Pradesh.

With the commencement of commercial production, the total cement manufacturing capacity of the company stands increased to 46.6 MTPA.

Sensex Today | Nifty Midcap 100 index hits fresh high

The board of the directors of the IDFC at its meeting held on July 04, 2024 has considered and declared an interim dividend of 10% i.e. Re 1 per equity share of the company.

The Hon'ble Arbitrator has rejected the counter claims filed by Kerala Water Authority of Rs 83 crores and allowed the claims of Va Tech of return of Bank Guarantee (BG) amount of Rs 23,24,29,700 and release of Rs 12,86,70,359 along with 9% interest from the date of award i.e. 03.07.2024 till the date of realization of payment.

Stock Market LIVE Updates | Broader indices outperform benchmark Nifty 50 index

The Sensex was up 143.73 points or 0.18 percent at 80,130.53, and the Nifty was up 40.10 points or 0.17 percent at 24,326.60. About 1730 shares advanced, 1569 shares declined, and 98 shares unchanged.

Centre for Development of Advanced Computing (C-DAC) has partnered with MosChip Technologies, and Socionext Inc. for the design and development of a High-Performance-Computing (HPC) Processor SoC based on the Arm architecture and built on TSMC (Taiwan Semiconductor Manufacturing Company Limited) 5nm technology node.

#1 Company reported strong loan growth of 20 percent YoY/5 percent QoQ in Q1 update
#2 Retail & wholesale loan growth rates were robust
#3 Overall deposit growth was strong at 20 percent YoY/ 5 percent QoQ, driven by 20 percent YoY/5 percent QoQ
#4 Growth in customer deposits and 17 percent YoY/ 13 percent QoQ growth in wholesale deposits
#5 Expect NIM to be stable sequentially, strong fee income growth to sustain
#6 Expect company’s asset quality to remain benign

#1 Target 1,60,000 for Sensex by 2029
#2 Market can double in the next 5 years with a 15% CAGR
#3 Retail equity revolution has truly taken off
#4 There shouldn’t be any regulation that makes equity investing unattractive
#5 No change in the budget would be the best
#6 Wouldn't want to see any changes in taxation; we are in a very good equilibrium
#7 Surprising that with a GDP growth of 8% for 2 years
#8 There is no big growth at HUL, Nestle, Marico
#9 PSUs, despite the rally, are still trading in single-digit PE multiples

The retailisation in Q1FY25 is estimated at 95% against 82% in Q1FY24.

Retail disbursements for Q1FY25 are estimated at Rs 14,830 crore, growing 33% YoY, and the retail loan book at the end of June FY25 quarter is estimated at Rs 84,440 crore, a growth of 31% YoY.

Sensex Today | Nifty Media index down 0.5%; Sun TV, TV Today Network Dish TV among major losers

#1 Q1 update showed muted loan growth & deposits declined sequentially
#2 Casa declined 1 percent QoQ, while YoY growth was strong at 26 percent in Q1 update
#3 CASA ratio declined by 17 bps QoQ to 30.7 percent, await further details from Q1 results
#4 Expect company to deliver RoA of 0.5 percent/0.8 percent and RoE of 4.5 percent/7.5 percent in FY25/FY26
#5 Company’s return profile, though on an improving trajectory, is significantly lower than peers
#6 We believe book value per share adequately captures the positives for the company

The National Company Law Tribunal (NCLT), Mumbai Bench, has approved the Scheme of Amalgamation among Tata Steel and Angul Energy and their respective shareholders.

The bank recorded 21.8% year-on-year (YoY) and 0.7% quarter-on-quarter (QoQ) growth in loans and advances at Rs 1,25,619 crore for Q1FY25.

Total deposits fell 1.5% QoQ but grew 22.8% YoY to Rs 1,33,203 crore in Q1. CASA deposits registered a 13.8% YoY growth, and retail deposits (including CASA) rose 19.2% YoY, while bulk deposits jumped 31.6% YoY for the quarter.

Stock Market LIVE Updates | ITD Cementation promoter Italian Thai Development looking to divest stake

ITD Cementation's promoter shareholder - Italian Thai Development - is in early stages to explore divestment of its stake in the company, the company informed stock exchanges through an exchange filing on July 3.

The Company said that the process is at a preliminary stage and no definitive decision has been taken as yet. Italian Thai Development Public Company (ITD Bangkok) is the parent company, holding 47 percent stake in the company.

Markets@10 | Sensex, Nifty trade higher

The Sensex was up 391.93 points or 0.49 percent at 80,378.73, and the Nifty was up 113.00 points or 0.47 percent at 24,399.50.

Inox Wind Limited (IWL) has received a Rs 900-crore capital infusion from promoter Inox Wind Energy Limited (IWEL).

The fund was raised through the sale of equity shares of IWL, a prominent player in India's wind energy sector, in block deals on stock exchanges, attracting participation from several high-profile investors. Read More

The Bengaluru-based real estate developer has signed a Joint Development Agreement for a residential project spread across 8 acres with a total development potential of around 1.2 million square feet. The gross development value of the project is around Rs 1,100 crore.

Sensex Today | Nifty crosses 24,400

Sensex Today | Nifty IT index up 1%; Coforge, Persistent Systems, HCL Tech among major gainers

The non-banking finance company has recorded assets under management (AUM) at Rs 3.54 lakh crore for Q1FY25, growing 31% over the year-ago period.

The deposits book at Rs 62,750 crore increased by 26% compared to Q1FY24.

Net liquidity surplus was Rs 16,200 crore as of June 2024. New loans booked during Q1FY25 grew by 10% YoY to 10.97 million.

The Maharashtra Government has conferred the status of 'Ultra Mega Project' to Privi Speciality Chemicals' proposed expansion project for manufacture of synthetic aroma chemicals used in flavour and fragrance industries at its manufacturing facility at Mahad, Raigad in Maharashtra.

KFin Technologies has disinvested the entire stake of 20.95% of the total issued and paid-up share capital of Fintech Products and Solutions (India) held by the company in FPSIPL.

Sensex Today | BSE Auto index up 0.5%; Tata Motors, TVS Motor, M&M among major gainers

The company has received an order worth 64 million euros from Grid Solutions SAS, France, for the supply and supervision of high voltage products. It has also bagged an order worth 26 million euros from Grid Solutions Middle East FZE, Dubai, for the supply and supervision of high voltage products.