Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty swung between gains and losses before closing marginally in the green on July 25. At close, Nifty was up 0.04% or 8.3 points at 19680.6. Volumes on the NSE continued to be on the higher side. Broad market indices rose more than the Nifty even as the advance decline ratio ended in the positive at 1.02:1.
Asian stock markets followed Wall Street higher on Tuesday after China’s ruling Communist Party promised to shore up its sagging economy ahead of a Federal Reserve meeting that traders hope will announce this interest rate cycle’s final increase.
European stocks made muted moves on Tuesday.
Nifty made a near hammer like pattern after a two-day fall, suggesting possibility of a short term upward reversal. Nifty could stay in the 19783-19567 band for the near term.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened on a positive note, however, it was unable to sustain at the higher levels and witnessed selling pressure during the first half of the session. The Nifty took support at the 50% Fibonacci retracement level (19650) of the rise from 19300 – 19992 and witnessed a bounce back which helped the Nifty to close marginally in the green. The correction is unlikely to result in a trend reversal and this intermediate pullback should be used as a buying opportunity. The primary trend is positive and hence we shall continue to maintain a bullish short-term outlook. In terms of levels, 19615 – 19560 shall act as a crucial support zone, and on the upside 19830 - 19850 shall act as an immediate hurdle zone.
Bank Nifty closed in the red today for the third consecutive day. It witnessed selling pressure after opening on a positive note indicating that it was unable to sustain at higher levels. On the downside, 45670 – 45460 which are the 38.2% and 50% Fibonacci retracement levels are likely to act as a strong support zone from a short-term perspective. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46500 is the expected target.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets oscillated in a range and ended flat, taking a breather after the recent dip. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein metal and auto decent gains. We saw selective participation from the broader front as midcap index edged higher while smallcap closed almost unchanged.
Indications are in favour of further consolidation in index and upcoming monthly expiry of July month derivatives contracts would keep the volatility high. Besides, the performance of the US market will also be in focus for cues. We thus recommend preferring hedged trades until Nifty resumes the trend.
Vinod Nair, Head of Research at Geojit Financial Services
Indian indices hovered along the flat line, waiting ahead for the crucial decision of Fed policy. Metal stocks rose due to China's commitment to provide policy support to its realty sector, while utilities were up in anticipation of demand & improvement in operating margin. The recent correction of the domestic market can be attributed to several factors, including muted start to Q1 results, a reversal in FII activity, a rising dollar index, and an increase in crude oil prices.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Markets were volatile but moved in a range as investors in a cautious mood are engaged in selective profit-taking, after the markets had run-up to record highs over the past few weeks. The US FOMC meeting outcome on Wednesday is the major catalyst although the market is not expecting any major surprise on the interest rate front. However, the Fed's comment would be keenly watched as it would provide some clarity on the rate movement going ahead.
Technically, after a two days correction the market witnessed range bound activity near the 10-day SMA (Simple Moving Average). On daily charts the index has formed a small bearish candle and on intraday charts it is witnessing selling pressure at higher levels. For day traders, 19620 would be the key support level, and if the index trades above the same, we could expect a quick pullback rally till 19720-19750. On the flip side, dismissal of 19620 could accelerate selling pressure and below the same, the index could slip till 19570-19550.
Rupee Close:
Indian rupee closed marginally lower at 81.87 per dollar versus previous close of 81.82.
Market Close:
Benchmark indices ended on a flat note in the volatile session on July 25.
At Close, the Sensex was down 29.07 points or 0.04% at 66,355.71, and the Nifty was up 8.30 points or 0.04% at 19,680.60. About 1686 shares advanced, 1754 shares declined, and 135 shares unchanged.
Top gainers on the Nifty were Hindalco Industries, JSW Steel, Tata Steel, NTPC and UltraTech Cement, while losers included Asian Paints, ITC, Britannia Industries, IndusInd Bank and Larsen and Toubro.
Among sectors, metal and power indices up 2 percent each, while PSU bank, capital, FMCG and realty down 0.5-1 percent.
BSE Midcap and Smallcap indices up 0.3 percent each.
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Indian Rupee declined on a surge in crude oil prices and a rise in the US Dollar. However, positive global markets on China’s stimulus talks and sustained foreign inflows cushioned the downside.
We expect Rupee to trade with a slight negative bias on concerns over global economic slowdown, amid disappointing global PMI data which may strengthen the safe-haven US Dollar. However, reports of the selling of the US Dollar by China amid stimulus talks may support Rupee at lower levels. Traders may remain cautious ahead of CB consumer sentiment data from the US today and the FOMC meeting outcome.
There are expectations of a 25-bps rate hike. Investors may remain cautious ahead of Fed Chair Powell’s statement for the central bank’s guidance. We expect the USDINR spot to trade in the range of 81.40 to 82.40 in the near term.
Stock Market LIVE Updates | Morgan Stanley View SRF
-Overweight rating, target at Rs 2,968 per share
-Core PAT missed estimate amid weaker volume in refrigerant gases & near-trough earnings
-Attributed fluorochemicals volume miss to mild summer & tough demand in key markets
-Highlighted near-term risks to specialty chemical earnings amid inventory destocking
-Believe these challenges pose 18-20 percent downside to earnings estimate
Sensex Today | Dilip Parmar, Research Analyst, HDFC Securities
In the wake of a strong handover of West and Asian currencies, the Indian rupee opened a gap-up, but RBI might have intervened in the market along with the dollar demand from hedgers erasing the gains.
Inflows of foreign funds and a weaker greenback are likely to benefit the rupee, but a sharp appreciation may not be appropriate when we hold a large amount of foreign exchange reserves ($600 billion).
Technically, spot USDINR has immediate support at 81.60 (lowest low since February) and breaking it accelerates selling towards 80.90 while crossing 82.50 will reverse the trend.
Stock Market LIVE Updates | Nomura View On TVS Motor
-Buy rating, target at Rs 1,539 per share
-Ahead of industry growth to continue, Q1 margin slightly below
-Strong product performance across segments to drive stock
-Estimate FY24/25 EBITDA margin at 11.3 percent/11.8 percent to factor in slightly higher costs
Stock Market LIVE Updates | Nomura View On Samvardhana Motherson International
-Buy rating, target at Rs 106 per share
-Dr Schneider acquisition to strengthen polymer
-Await management commentary
-Acquisition would imply valuation of 0.24 EV/sales & 3.4x EV/EBITDA, lower end of peer valuations
-Believe EPS accretion can be >2 percent in the first year, which is a positive
Sensex Today | Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:
Oil prices are moving higher through the week following four consecutive weekly gains, as the underlying crude oil markets are getting tighter by each passing day amid OPEC+ which is sucking around 5% of the global supplies through their planned production cuts.
The other factor driving crude oil is the optimism surrounding the stimulus from China as leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
The demand levers are still not visible with a weak set of PMI numbers from the US, UK, and Eurozone showing manufacturing activities remain under contraction in July.
Investors and traders should remain watchful of the Central Bank's guidance later this week. We remain skeptical of recent rallies’ sustainability in the absence of real demand. We expect prices to see some correction with $80 remaining a strong resistance level for WTI. We advise traders to sell into rallies for the day as prices expect to fall back to $75 levels.
Wright Research Launches Quant-Based PMS
The Data-driven PMS will be managed by the Fund Manager, Sonam Srivastava who has an experience of over 10 years in quantitative research and portfolio management working on systematic strategies, algorithmic trading, long-short strategies, and high-frequency trading. "The portfolio blends the power of advanced mathematical models and cutting-edge artificial intelligence," said the company.
Sensex heatmap as of now
Stock Market LIVE Updates | Jefferies On Bharti Airtel
-Buy rating, target at Rs 1,020 per share
-JioBharat likely to drive market share loss among featurephone users for Bharti
-JioBharat to delay tariff hikes for the sector & drive market share consolidation further
-Cut India revenue/EBITDA estimates by 2-5 percent
-Raise India target EV/EBITDA multiple from 9x to 10x to factor this
-Over FY23-26, Bharti is well positioned to deliver 15 percent/16 percent CAGR in India revenue
Sensex Today | Market at 3 PM
The Sensex was up 47.89 points or 0.07% at 66,432.67, and the Nifty was up 27.50 points or 0.14% at 19,699.80. About 1588 shares advanced, 1599 shares declined, and 100 shares unchanged.
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| Jyothy Labs | 290.90 | 290.90 243.55 | 19.44% |
| Adani Green Ene | 1,088.05 | 1,088.05 990.00 | 9.9% |
| Adani Power | 257.45 | 261.60 238.00 | 8.17% |
| Adani Trans | 827.25 | 839.95 770.55 | 7.36% |
| Ajanta Pharma | 1,522.05 | 1,567.75 1,420.45 | 7.15% |
| Motherson SWI | 62.20 | 62.55 58.15 | 6.96% |
| Thermax | 2,613.55 | 2,728.50 2,447.00 | 6.81% |
| Shoppers Stop | 774.20 | 775.00 725.25 | 6.75% |
| SRF | 2,166.85 | 2,183.00 2,040.00 | 6.22% |
| Motilal Oswal | 780.90 | 783.80 736.10 | 6.09% |
Stock Market LIVE Updates | Federal Bank raises Rs 3,099 crore via QIP route
Private sector lender Federal Bank on Tuesday said it has raised Rs 3,099 crore through qualified institutional placement route to fund business growth.
The board approved the allotment of 23.04 crore shares with a face value Rs 2 each to eligible qualified institutional buyers at an issue price of Rs 131.90 per unit, including a premium of Rs 129.90 per share, reflecting a discount of Rs 0.69 (0.52 per cent) on the floor price of Rs 132.59, Federal Bank said in a regulatory filing.
Last week, the board had fixed a floor price of Rs 132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from Rs 4,23,63,28,436 crore comprising 2,11,81,64,218 shares to Rs 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. Read More
Stock Market LIVE Updates | CLSA View On DLF
-Downgrade to outperform rating, target at Rs 547 per share
-New launches planned with sales potential of Rs 19,700 crore, mostly in H2FY24
-Downgrade as stock has run up in past few months limiting upside potential
-Continue to like DLF for dominant positioning in NCR market
Stock Market LIVE Updates | Jubilant FoodWorks Q1 Earnings:
The company has posted 74.4 percent fall in its Q1 net profit at Rs 28.9 crore versus Rs 112.6 crore and revenue was up 6.3% at Rs 1,334.5 crore versus Rs 1,255.1 crore, YoY.
Stock Market LIVE Updates | Nomura View On ITC
-Buy rating, target at Rs 485 per share
-Demerger of hotels business announced
-Value unlocking with creation of pure play hotels entity a positive
-Company will improve balancesheet, capital allocation and RoCE profile a positive
-Surplus cash & higher dividend payout profile with no capex of hotels a positive
-Management control in hotels a positive
Top index contributor to Nifty
| Company | CMP Chg(%) | F.F Market Cap (Rs cr) | Contribution |
|---|---|---|---|
| Asian Paints | 3,399.5 -4.07% | 163,039 | 6755.71 |
| ITC | 464.55 -1.44% | 405,124 | 5792.85 |
| SBI | 609.15 -1.38% | 244,639 | 3334.63 |
| Larsen | 2,586.3 -0.73% | 327,170 | 2341.71 |
| Axis Bank | 961.75 -1% | 207,355 | 2053.46 |
| Britannia | 4,890.5 -1.58% | 117,796 | 1844.69 |
| Kotak Mahindra | 1,878.7 -0.98% | 186,668 | 1800.47 |
| Bharti Airtel | 879.75 -0.95% | 150,190 | 1400.85 |
| Bajaj Finserv | 1,648.5 -0.54% | 262,575 | 1400.35 |
| SBI Life Insura | 1,305 -0.92% | 130,626 | 1188.02 |
Sensex Today| Suzlon Energy net profit plunged sharply. Its Q1 PAT came in at RS 101 crore down from Rs 2433 crore last year. To be fair base quarter had an exceptional item of Rs 2,469 crore.
Stock Market LIVE Updates | CLSA On View Samvardhana Motherson International
-Acquires Dr Schneider entities
-Increases presence in automotive interior business
-Company will get access to strong R&D capabilities with over 200 patents
-Capabilities will be led by a team of >240 engineers based out Germany R&D centre
Stock Market LIVE Updates | Jefferies View On TVS Motor
-Buy rating, target at Rs 1,550 per share
-EBITDA & recurring PAT grew 27-40 percent YoY to new highs
-EBITDA margin & EBITDA/vehicle expanded, both at new highs
-Believe company will be a key beneficiary of demand revival in domestic & export markets
-Improving franchise provides headroom for further margin expansion
-See 39 percent EPS CAGR over FY23-25
Stock Market IVE Updates | Aurionpro Solutions Q1 Earnings:
Aurionpro Solutions has posted 30 percent jump in its Q1 net profit at Rs 31.6 crore against Rs 24.2 crore and revenue was up 36.6% at Rs 198.7 crore versus Rs 145.5 crore, YoY.
Sensex Today | Market at 2 PM
The Sensex was down 73.37 points or 0.11% at 66,311.41, and the Nifty was down 17.30 points or 0.09% at 19,655. About 1539 shares advanced, 1614 shares declined, and 97 shares unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Tata Steel | 119.75 | 3.68 | 71.00m |
| JSW Steel | 801.80 | 3.37 | 3.61m |
| Hindalco | 444.90 | 2.76 | 5.31m |
| NTPC | 200.40 | 2.3 | 14.43m |
| UltraTechCement | 8,398.00 | 2.17 | 457.83k |
| Tata Motors | 640.50 | 1.79 | 11.31m |
| Titan Company | 3,014.10 | 1.17 | 626.86k |
| Power Grid Corp | 250.10 | 1.07 | 5.27m |
| ONGC | 172.50 | 0.88 | 7.08m |
| HDFC Bank | 1,691.35 | 0.77 | 19.55m |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Asian Paints | 3,409.45 | -3.79 | 1.81m |
| ITC | 462.30 | -1.92 | 36.00m |
| Kotak Mahindra | 1,861.15 | -1.9 | 5.50m |
| SBI | 607.05 | -1.72 | 12.68m |
| Britannia | 4,891.80 | -1.55 | 243.67k |
| SBI Life Insura | 1,296.80 | -1.55 | 979.11k |
| Axis Bank | 956.55 | -1.54 | 9.09m |
| UPL | 624.95 | -1.14 | 1.66m |
| Larsen | 2,579.60 | -0.98 | 1.32m |
| BPCL | 385.95 | -0.92 | 1.67m |
Mukesh Kochar, National Head-Wealth, AUM Capital view on Instant Transaction Settlement In Stock Markets
This will be a great milestone for the Indian equity market. There are very few market in the world that settles in even T+1. Many countries are even struggling to bring the settlement to T+1 from T+2. Settlement in T+0 will enhance liquidity for traders and investors and this will ultimately increase the overall volumes. Brokers will also benefit from faster settlement of funds and churning of funds faster. This move will bring down the overall settlement risk to a large extent. Equity mutual fund investors are currently getting redemption proceeds in T+2 days as the exchange settles in T+1. So if the T+0 settlement gets implemented, then this cycle will also reduce to T+1 benefitting mutual fund investors.
Stock Market LIVE Updates | Tips Industries Q1 Results
Company has posted 57% jump in its Q1 net profit at Rs 27 crore versus Rs 17.2 crore and revenue was up 53.8% at Rs 52.6 crore versus Rs 34.2 crore, YoY.
Stock Market LIVE Updates | Jefferies View On DLF
-Buy rating, target raised to Rs 570 per share
-Strong home mkt performance & disciplined approach has turned co net debt free
-Mumbai entry, via JV route, likely first attempt to larger geographic expansion
-Q1 performance was muted on the pre-sales front
-Pricing is strong & management fairly optimistic on home market performance
Stock Market LIVE Updates | Morgan Stanley View On SBI Cards
-Overweight rating, target at Rs 1,155 per share
-Industry spending growth was 26 percent YoY in June
-Company rose faster & regained market share it lost in May 2023
-Company continued to outperform in cards in force, up 1.2 percent MoM
Stock Market LIVE Updates | Eugia Pharma receives USFDA approval for Plerixafor Injection
Aurobindo Pharma's wholly owned subsidiary Eugia Pharma Specialities has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Plerixafor Injection, 24 mg/1.2 mL (20 mg/mL), Single-Dose Vial, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Mozobil Injection, 24 mg/1.2 mL (20 mg/mL) of Genzyme Corporation.
Amit Syngle, Managing Director & CEO of Asian Paints
Our Domestic Decorative business registered double digit volume growth and a relatively healthy value growth, coming on a high base of the previous year. Both the Auto OE and the General Industrial coating businesses achieved a strong double‐digit revenue growth, led by growth in the Protective & Powder Coatings segment.
Stock Market LIVE Updates | Asian Paints Q1 Earnings:
The company has posted 52 percent jump in its consolidated net profit at Rs 1,574.8 crore versus Rs 1,036 crore and revenue was up 6.7% at Rs 9,182.3 crore versus Rs 8,607 crore, YoY.
Stock Market LIVE Updates | Bajaj Auto Q1 Results
Net profit up 41.9% at Rs 1,664.38 crore against Rs 1,173 crore and revenue up 28.8% at Rs 10,309.8 crore versus Rs 8,005 crore, YoY.
Sensex Today | Gold gains on weaker dollar as traders eye Fed verdict
Gold prices rose on Tuesday on a weaker dollar, while traders awaited a widely anticipated rate hike along with monetary policy clues from the U.S. Federal Reserve over the next two days.
Spot gold rose 0.3% to $1,961.13 per ounce by 0708 GMT. U.S. gold futures were mostly flat at $1,962.80.
The dollar index edged lower from its near-two-week peak, supporting gold as a weaker dollar makes bullion cheaper for buyers holding other currencies.
Stock Market LIVE Updates | Jefferies View On SRF
-Hold rating, target at Rs 2,380 per share
-Reported weak print with sharp EBITDA decline on weaker chemicals segment
-Management attributed this to weakness in refrigerant prices & demand
-Management attributed this to ongoing inventory destocking in global agro chemicals
-Company will keep up capex momentum in specialty chemicals
-PF margins remained weak, TT improved QoQ
Stock Market LIVE Updates | Tata Steel top gainer on the Indices post Q1 numbers
Shares of Tata Steel recouped early losses and trading with 3 percent gain on July 25 as the company's better-than-expected earnings for the April-June quarter supported sentiment.
The stock opened one percent lower but soon recouped its losses to and moved higher.
The steel manufacturer's consolidated net profit of Tata Steel plummeted 93 percent year-on-year to Rs 525 crore in Q1. This downturn was primarily attributed to the performance of its Europe operations.
Comparatively, the company's net profit in the same quarter a year ago was much higher at Rs 7,714 crore, and in the previous quarter (January-March 2023), it stood at Rs 1,566 crore. Read More
Stock Market LIVE Updates | Morgan Stanley View Samvardhana Motherson International
-Equal-weight rating, target at Rs 80 per share
-Company approved acquisition of Dr Schneider Holding for an EV of €118.3 m
-Acquisition gives company access to Dr Schneider's portfolio of >200 patented products & R&D capabilities
Stock Market LIVE Updates | Rane Engine Valves Q1 Earnings:
The company has posted net profit of Rs 1.7 crore in the quarter ended June 2023 versus loss of Rs 3.1 crore and revenue was up 20% at Rs 138 crore versus Rs 115 crore, YoY.
Stock Market LIVE Updates | SJVN share price up 5 percent post 5097 MW project win
SJVN share price up 5 percent after company received five projects of 5097 MW from government of Arunachal Pradesh.
The projects allocated are 3097 MW Etalin, 680 MW Attunli, 500 MW Emini, 420 MWAmulin and 400 MW Mihumdon.
All the five projects are located in Dibang Basin, which will result in optimal resources utilization and timely completion of projects.
The development of these projects will involve an investment of more than RS 50,000 crores, while construction of these projects will reduce carbon emission in tune of around 1.1 million tonnes per year.
Stock Market LIVE Updates | Goldman Sachs View On TVS Motor
-Neutral rating, target at Rs 1,340 per share
-Q1 in-line, expect pickup in iQube & export run rates
-Management indicated that retails in export markets are growing sequentially
-Wholesales are expected to follow this trend into the remainder of FY24
-Company’s stake in TVS Credit has dropped to 81 percent from 85 percent following fund infusion
Stock Market LIVE Updates | JK Paper scripts 18% surge in Q1 net profit, share price rallies 5%
Shares of JK Paper darted up over 5 percent on July 25 after the company posted an 18 percent jump in its net profit for the April-June quarter of this financial year.
The paper and packaging products company on July 24 reported a net profit of Rs 313 crore for the June quarter, up 18 percent from Rs 264 crore reported a year back. Sequentially, the net profit was up 10 percent from Rs 284 crore.
Revenue from operations grew 16 percent year-on-year (YoY) to Rs 1,664 crore from Rs 1,430 crore in Q1FY23, while it was down 3.2 percent from Rs 1,719 crore in the March quarter of FY23.
Stock Market LIVE Updates | Aarti Surfactants soars 11% as Q1 net profit rises 30% YoY
Shares of Aarti Surfactants surged on July 25, a day after the company reported a jump in its net profit for the quarter ended June.
The chemicals company's net profit for April-June rose 30 percent year-on-year (YoY) to Rs 5.2 crore, up from Rs 4 crore clocked in the base quarter of the previous fiscal. The increase in net profit can be attributed to the company's improved operational metrics in the quarter under review.
EBITDA margin also expanded to 9.9 percent in Q1, as against 7.3 percent in the year ago period. Further, it was Aarti Surfactants' rise in bottomline along with an improved operational performance at a time when chemicals players are suffering with weak demand and pressure on margins that bode well with investors.
