Closing Bell: Sensex, Nifty end flat; Nifty Bank down nearly 1%, FMCG, pharma gain

Indian benchmark indices ended flat in the volatile session on July 5. At close, the Sensex was down 53.07 points or 0.07 percent at 79,996.60, and the Nifty was up 21.60 points or 0.09 percent at 24,323.80.

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

After showing minor weakness from the highs in the last couple of sessions, Nifty witnessed buy on dips action on Friday and closed on a sharp intraday upside recovery note. After opening with a downside gap, Nifty slipped into further weakness in the early part of the session. Minor upside recovery was seen in the mid part, but the market demonstrated sharp intraday upside bounce from the lows towards the end and Nifty closed the day higher. The opening downside gap has been filled completely.

A reasonable bullish candle has been formed on the daily chart after opening lower and with minor upper and lower shadow. Technically, this market action signal formation of bullish counterattack type candle pattern, which signal possible come back of bulls after a small dip.

Previously, similar type of formation on 24th June has resulted into a sustainable upmove for the subsequent week. This is positive indication. The underlying trend of Nifty continues to be positive. There is a possibility of upside breakout hurdle around 24400-24500 levels in the next few sessions. Immediate support is at 24170 levels.

#1 Market records gain for 5th straight week, longest since December 2023
#2 Sensex & Nifty rise 1 percent each, Midcap index gains more than 2 percent
#3 Nifty Bank relatively underperforms, moves nearly 1 percent higher

The domestic market traded with a mixed bias, with the heavy-weight banking sector acting as a laggard. Adding to the worry are the top lending banks, which recorded a sequential decline in deposit growth in the June quarter. While Midcap and Small Cap outperformed and the respective BSE indices hit an all-time high. Globally, investors now await the US non-farm payroll data to be released later today to gauge the trajectory of the US Fed’s potential rate cuts.

The index started with a gap down. However, after the initial weakness, Put writers returned heavily. The 24200 level witnessed heavy writing on the put side, marking a short-term support for Nifty. The last-hour spike in the Nifty shows the resilience of the bullish trend. This strength is likely to prevail in the market until it breaks below 24200 decisively. A fall below 24200 might induce profit booking in the market.

The Bank Nifty index witnessed a volatile trading session, mainly declining due to a fall in HDFC Bank. The index is currently stuck in a range with resistance visible at 53000-53200, where aggressive call writing is observed, and support at the 52300-52100 zone. The index needs to break decisively on either side for trending moves. However, within the range, the view remains bullish, and declines should be utilized to buy the index.

Indian rupee ended flat at 83.49 per dollar on Friday versus Thursday's close of 83.50.

Indian benchmark indices ended flat in the volatile session on July 5.

At close, the Sensex was down 53.07 points or 0.07 percent at 79,996.60, and the Nifty was up 21.60 points or 0.09 percent at 24,323.80. About 1845 shares advanced, 1562 shares declined, and 76 shares unchanged.

ONGC, Reliance Industries, State Bank of India, HUL, Britannia Industries are among the top gainers on the Nifty, while losers are HDFC Bank, Titan Company, Tata Steel, M&M and LTIMindtree.

Among sectors, capital goods, FMCG, healthcare, oil & gas and power up 1 percent each. The Nifty Bank index shed nearly 1 percent.

The BSE midcap and smallcap indices added 0.7 percent each.

Quick Heal Technologies announced a strategic partnership with NewJaisa Technologies, a leading Direct-to-Consumer (D2C) brand in the burgeoning refurbished electronics market. This collaboration will see Quick Heal's flagship product, Total Security, pre-installed on all NewJaisa refurbished laptops and desktops.

Brokerage Call | Nomura View On Cement Sector

#1 Pan India prices unchanged in July as demand failed to revive
#2 Eastern region was the only region to witness price hikes, trade prices up by Rs 4/bag MoM
#3 Southern region demand shows signs of a recovery; market share tussle leads to unchanged prices
#4 Central region shows no uptick in demand due to extreme weather conditions
#5 Trade prices flat MoM in central region
#6 Western region’s trade prices remain flat at Rs 353/bag in July
#7 Strikes in Pune lead to significant decline in volumes in western region
#8 Northern region trade prices flat in July MoM at Rs 349/bag; demand remains weak

Stock Market LIVE Updates | Sensex recovers 600 points from day's low

Sensex Today | Nifty recovers 150 points from day's low

#1 Gross loan growth was 3 percent QoQ, 18 percent YoY
#2 Retail loan growth was strong while non-retail declined
#3 Retail deposit growth was healthy, +5 percent QoQ; +25 percent YoY
#4 CASA deposits declined 9 percent, after +16 percent QoQ in Q4FY24
#5 Liquidity was strong, 137 percent versus 140 percent

Stock Market LIVE Updates | Cement stocks in focus 

Markets@3 | Sensex, Nifty trade lower

The Sensex was down 223 points or 0.28 percent at 79,826.67, and the Nifty was down 19.20 points or 0.08 percent at 24,283. About 1847 shares advanced, 1567 shares declined, and 66 shares unchanged.

Sensex Today | BSE Power index up 1%; CG Power, Suzlon Energy, NTPC gains 2-7%

Indian Rupee gained by 0.04% today on a weak Dollar. However, weak domestic markets and a rise in crude oil prices capped sharp gains. US Dollar declined extending previous day’s fall on rising expectations of a rate cut by the Fed.

We expect Rupee to trade with a slight positive bias on weak tone in the US Dollar and FII inflows. However, a correction in the domestic markets and elevated crude oil prices may cap sharp upside. Traders may remain cautious ahead of US non-farm payrolls report. It is expected to increase at a slower pace. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

Sensex Today | BSE Auto index down 0.2 percent; Tube Investment, M&M among major losers

The company has signed an MoU with Delhi Metro Rail Corporation (DMRC) for participation in upcoming projects in India and abroad as a project service provider.

#1 The order was awarded to the wholly owned subsidiary of Thermax by Jindal Energy Botswana Pty

#2 Nature of the order includes Design, Engineering, Manufacturing, Testing, Supply, Supervision & Performance Testing of 2 X 550 TPH CFBC boiler.

#3 The execution period of the order is 23 months.

#4 This order will support the development of the first phase of 600 MW greenfield energy project in Botswana being established by the customer.

#5 Prabhudas Lilladher says stock is currently trading at a PE of 87.5x/73.9x on the earnings of FY25/26E. They have a Reduce rating with a tp of Rs3,923.

#1 There has been no breach whatsoever from Airtel Systems, says Bharti Airtel

Shares of Titan Company dropped 2 percent on July 5 after brokerage firm Kotak Institutional Equities downgraded the stock to 'reduce' from the earlier 'add' call, citing unfavourable risk reward.

The brokerage highlighted external challenges for Titan, including potential heightened competition due to Aditya Birla Group’s Novel Jewels launch. Additionally, the direct or indirect effects of lab-grown diamonds could impact Tanishq's growth and profitability, influencing Titan's future growth trajectory, the firm believes. Read More

#1 Q1 is seasonally weak but deposit accretion was weaker-than-expected in Q1 update
#2 Total deposit book was flat QoQ versus an accretion of Rs 30,000-45,000 crore in past quarters
#3 Flat deposit book due to run-down of large part of current account deposit accretion in prior quarter
#4 Have highlighted current account run-down in Q1 is usually 50-60 percent of the accretion in prior Q4
#5 On a YoY basis, deposit growth was 16-17 percent, adjusted for merger

The company has received approval from board members for the issuance of equity shares worth up to Rs 1,000 crore via rights issue to eligible equity shareholders.

#1 Advances up 6 percent YoY & 2.4 percent QoQ at Rs 10,644 crore
#2 Deposits up 7.7 percent YoY & up 1.3 percent QoQ at Rs 14,440 crore
#3 Gold loan up 28.6 percent YoY & up 11 percent QoQ

#1 Gross loans up 30.6 percent YoY & up 2.7 percent QoQ at Rs 18,798 crore
#2 Deposits up 30 percent YoY & up 3.9 percent QoQ at Rs 18,163 crore
#3 CASA deposits up 27 percent YoY, down 3.6 percent QoQ at Rs 3,453 crore

The company has entered into a ‘Development Agreement’ with Skybound Realty, a K Raheja Corp group company, for the joint development of property CG House in Mumbai.

The Bhabha Atomic Research Centre, Government of India, has awarded the tender to the company for providing tele-reporting services for radiology at the BARC Hospital, Mumbai.

The company has received a LOA for the work of design, supply, installation, testing, and commissioning of broad gauge ballastless track (BLT), supply of ballast, and installation of track (excluding supply of rails and track sleepers) in Uttarakhand, from Rail Vikas Nigam (RVNL).

#1 Volume growth was expected to be soft owing to seasonality in Q1 update
#2 Period-end deposit growth was flat QoQ, but was up 4.6 percent QoQ on an average basis
#3 Company reported loan growth which was down 0.8 percent QoQ, largely owing to the wholesale segment
#4 LCR improved sharply QoQ, at 123 percent versus 115 percent

Makers of industrial steel wires, Bansal Wire Industries' initial public offer (IPO) continued to witness strong investor interest on July 5, the final day of bidding, largely led by non-institutional investors (NIIs).

The company's Rs 745-crore public offer received bids for over 14.55 crore equity shares, surpassing the offer size of 2.14 crore equity shares by 6.78 times.

NIIs led the charge, bidding 15.38 times their allotted quota, while retail investors subscribed to 6.92 times their reserved portion. The portion earmarked for qualified institutional buyers (QIBs) was subscribed 10 percent.

Master Components received of a purchase order from a US based company working in the field of childcare for development and manufacturing of Aesthetic and Mechanism Parts to be supplied at the company’s domestic plant amounting to IND Rs. 2,38,25,000/- approximately (excluding tax).

Sensex Today | Nifty Pharma index at record high

The company has signed an MoU with Delhi Metro Rail Corporation (DMRC) for participation in upcoming projects in India and abroad as a project service provider.

#1 In Q1 FY2025 the company recorded consolidated revenue growth of approximately 27% when compared to the same period in the previous financial year.

#2 Recorded revenue growth of approximately 29% for India operations during Q1 FY2025 as compared to Q1 FY2024

#3 Company launched 13 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India

Sensex Today | Nifty Healthcare index rises 1.3%; Laurus Labs, Glenmark Pharma, Aurobindo Pharma among major gainers

#1 Disbursements grow 5% to Rs 7,400 crore

#2 Assets under management up 52% at Rs 26,970 crore

#3 Gross NPA & net NPA expected less than 1% and Less Than 0.50% respectively

#4 Liquidity stands around Rs 5,200 crore

Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of the company, has concluded an order of Rs 513 crores for supply of 2X 550 TPH boiler.

#1 Total business up 11.51 percent at Rs 4.62 lakh crore

#2 Total advances grow 17.78 percent to Rs 1.94 lakh crore

#3 Total deposits up 7.39 percent at Rs 2.68 lakh crore

Markets@12 | Sensex down 200 pts, Nifty below 24300

The Sensex was down 207.44 points or 0.26 percent at 79,842.23, and the Nifty was down 26.90 points or 0.11 percent at 24,275.30. About 1900 shares advanced, 1422 shares declined, and 71 shares unchanged.

Sensex Today | BSE Oil & Gas index up 1%; ONGC, Petronet LNG, Gail among major gainers

The Mahindra Group company is the preferred partner for the redevelopment of seven residential societies in Borivali West, Mumbai. This project offers an estimated gross development value of approximately Rs 1,800 crore.

The company announced the vertical demerger of its real estate business into its wholly owned subsidiary, Raymond Realty (RRL). After the completion of this demerger, Raymond and Raymond Realty will operate as separate listed entities within the Raymond Group, pending all statutory approvals. According to the scheme of arrangement, each Raymond shareholder will receive 1 share of RRL for every 1 share held in Raymond.

#1 Company reported 11 percent YoY/ flat QoQ growth in its gross AUM on a pro forma basis
#2 Gross loans declined by 0.8 percent QoQ, While YoY growth stood at a soft 10.8 percent YoY
#3 Deposit growth was soft, growing at 15.3 percent YoY on a pro-forma basis & flat QoQ
#4 CASA declined 5 percent QoQ, and as a result CASA ratio was down 190 bps QoQ to 36 percent

Canarys Automations has been awarded a contract by Jalkal Vibhag, Nagar Nigam Gorakhpur, UP to provide the Design, Supply, Install, Commission and Maintain Urban Flood Early Warning System along with Associated Infrastructure for a period of 1+4 Years.

The total contract value is Rs 25,65,58,461 and to be executed in five years.

#1 Total deposits grow 22 percent to Rs 32,500 crore

#2 CASA rises 27 percent to Rs 8,336 crore

#3 Gross loan book up 19 percent at Rs 30,091 crore

#4 Disbursements flat at Rs 5,305 crore

Sensex Tdoay | Defence stocks rally

Stock Market LIVE Updates | Nifty Pharma index top sectoral gainer at this hour

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

Sensex Today | BSE Bank underperforms

Auto ancillary player Gabriel India's plans to diversify and ride the premiumisation theme has prompted a Buy rating from Elara Capital, which has initiated coverage and assigned a target price of Rs 624 a share, 30 percent higher than the current market price.

Gabriel India has a dominant 31% market share in India's 2W suspension segment, which added 61 percent to its total sales in FY24. With the expected recovery in the 2W industry (projected CAGR of 8% from FY24 to FY27E) and increasing premiumization, Elara believes Gabriel India is well-positioned to benefit.

Gabriel leads in e2W as well with a 70% market share, as of Q4FY24, and Elara Capital has forecast a 12% revenue growth in 2W segment for Gabriel India during FY24-27E, outpacing industry's production growth of 8%. Read More

Sensex Today | BSE Capital Goods index up 1.5%; Rail Vikas Nigam, Suzlon Energy, Bharat Electronics among major gainers

#1 Cut FY25– 27e EBITDA by 5–8 percent
#2 Lower target multiple to 12x vs 13x earlier
#3 Cement prices at 4-year low may not meaningfully improve
#4 Utilisation levels in South will hover around 55-85 percent over FY24–27e
#5 Ramp-up of recently acquired low utilised assets by larger peers in the near-term to have an impact
#6 Profitability may not improve meaningfully in near-term
#7 Improvement in profitability is key for deleveraging and re-rating

A team of officials from the Directorate General of GST Intelligence (DGGI), Bengaluru, visited the company's premises at BBMP Khata, Koramangala, seeking information regarding purchases made by the company from one of its vendors.

According to the DGGI, the vendor was non-existent at its registered premises as per a discrete inquiry conducted by the Department. The search started on July 2 and concluded on July 3. The company has voluntarily reversed input tax credit of Rs 7 crore on July 3.

Angel One's shares finally saw some respite from a four-day losing streak - due to revised market intermediary charges - rising by 3 percent as company registered a rise in client base and the number of orders in June.

Angel One's client base was up 3.7 percent on month to 2.47 crore in June. On a yearly basis, the client base increased by 64.2 percent.

In addition, the total number of orders for the broking company grew around 6 percent month-on-month and 87.3 percent on year to 16.80 crore. Average daily turnover for the company also rose 4.4 percent on month to Rs 45.74 lakh crore in June. Read More

Emcure Pharmaceuticals' public issue was off to a strong start on the final day of bidding on July 5, driven by non-institutional and retail investors. The Rs 1,952.03-crore public offer was subscribed 5.5 times, with bids for 7.5 crore shares as against the 1.37 crore shares on offer.

Non-institutional investors led the bidding, subscribing 15.30 times their allotted quota, while retail investors picked up 3.7 times the reserved portion. Employees of Emcure Pharmaceuticals showed significant interest, placing bids 5.1 times their allotted quota. The qualified institutional buyers (QIB) also lapped up the IPO by fully subscribing to it.

SML’s CDMO customer, Unicycive Therapeutics, Inc. has reported positive results from pivotal clinical trial of Oxylanthanum Carbonate (OLC), a NCE molecule with potential treatment for hyperphosphatemia in chronic kidney disease patients which has several benefits for various patients in this chronic disease. Unicycive is expected to file the New Drug Application for OLC by mid-2024 with potential approval by mid-2025.

SML has partnered with Unicycive to provide end-to-end CDMO services right from development & supply of APIs to finished dosage form

#1 Total deposits up 18 percent at Rs 1.01 lakh crore, YoY

#2 Gross advances grow 18 percent to Rs 88,455 crore, YoY

#3 CASA rises by 3 percent to Rs 32,996 crore, YoY

#4 Retail advances grow 31 percent, YoY

#5 Wholesale advances rise 2 percent, YoY

Sensex Today | Nifty Private Bank index down 1.4%; HDFC Bank, RBL Bank, Bandhan Bank, among major losers

#1 Total business grows 15 percent YoY to Rs 4.71 lakh crore, YoY

#2 Total deposits rise 13 percent to Rs 2.77 lakh crore, YoY

#3 CASA deposits increases 5 percent to Rs 1.34 lakh crore, YoY

#4 Net advances up 17 percent to Rs 1.94 lakh crore, YoY

#1 Global business jumps 10.3 percent to Rs 24.41 lakh crore, YoY

#2 Global deposits grow 8.5 percent to Rs 14.08 lakh crore, YoY

#3 Global advances up 12.7 percent at Rs 10.33 lakh crore, YoY

#4 Domestic deposits grow 8.1 percent to Rs 13.69 lakh crore, YoY

Shares of Nephro Care India made a stellar debut on NSE SME, listing at Rs 171 per share on July 5, commanding a premium of 90 percent over issue price of Rs 90 per share on the upper price band. The Rs 41.26 crore-IPO garnered bids exceeding Rs 20,000 crore, marking the first-ever SME IPO to achieve such a feat.

The public issue opened for subscription on June 28 and closed on July 3, 2024, wherein its price band was fixed between Rs 85-90 apiece. The public issue is entirely a fresh issue of Rs 45.84 lakh shares and investors had to apply a minimum of 1,600 equity share and in multiples thereof.

Bitcoin sank to a four-month low on Friday and was on course for its worst weekly performance in a year, hurt by uncertainty over whether Joe Biden will remain the Democrats' U.S. presidential candidate and by worries about potential increases in crypto supply.

Bitcoin prices fell 5% to $55,366, their lowest since February end on Friday, and was down 10% for the week. Ether slid 8% to $2,891, a one and half month low.

Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March. However, bitcoin has lost more than 21% since then.

United Spirits entered into a leased manufacturing agreement with Transways Exim in the state of West Bengal.

Transways Exim Private Limited has agreed to sub-lease the production capacity of 216 lakhs BL per annum (leased capacity) for the manufacturing of IMFL operations.

Markets@10 | Sensex, Nifty trade lower

The Sensex was down 458.67 points or 0.57 percent at 79,591, and the Nifty was down 109.20 points or 0.45 percent at 24,193. About 1637 shares advanced, 1509 shares declined, and 90 shares unchanged.

Sensex Today | Nifty Bank index sheds 1.3%; HDFC Bank, Bandhan Bank, IndusInd Bank among major losers

The Mahindra Group company is the preferred partner for the redevelopment of seven residential societies in Borivali West, Mumbai. This project offers an estimated gross development value of approximately Rs 1,800 crore.

#1 Total Deposits up 33.41 percent at Rs 20,887 crore, YoY

#2 Term deposits rise 24.65 percent to 15,960 crore, YoY

#3 Gross advances jump 30.04 percent to Rs 18,783 crore, YoY

#1 In Q1 FY2025 the company recorded consolidated revenue growth of approximately 27% when compared to the same period in the previous financial year.

#2 Recorded revenue growth of approximately 29% for India operations during Q1 FY2025 as compared to Q1 FY2024

#3 Company launched 13 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India

FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.

At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market.

The company announced the vertical demerger of its real estate business into its wholly owned subsidiary, Raymond Realty (RRL). After the completion of this demerger, Raymond and Raymond Realty will operate as separate listed entities within the Raymond Group, pending all statutory approvals. According to the scheme of arrangement, each Raymond shareholder will receive 1 share of RRL for every 1 share held in Raymond.

#1 The company achieved Q1FY25 pre-sales of Rs 40.3 billion, showing growth of ~20% on YoY basis.

#2 Collections were Rs 26.9 billion for Q1FY25 showing a growth of ~12% YoY.

#3 Net debt stands at Rs 43.2 billion

Sense Today | Nifty slips below 24,200