Closing Bell: Nifty at 24,950, Sensex up 286 pts; metal, pharma, power gain

Indian benchmark indices ended higher for the fourth straight session on July 31 with Nifty at 24,950. At close, the Sensex was up 285.94 points or 0.35 percent at 81,741.34, and the Nifty was up 93.90 points or 0.38 percent at 24,951.20.

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 up move with range bound action continued in the market on Wednesday and Nifty closed the day higher by 93 points. After opening with a positive note, the Nifty shifted into a narrow range movement with positive bias for better part of the session. There was an attempt to break above the range towards the end and the market closed near the highs.

A small positive candle was formed on the daily chart with minor upper shadow. Technically, this pattern signals an attempt of upside breakout of smaller range movement at 25K mark.

Positive chart pattern like higher tops and bottoms is intact on the daily chart. Nifty is currently on the way to form another higher top of the pattern. Though placed at the highs, still there is no signs of any reversal pattern building at the new highs. However, a decisive move above 25100 levels could open sharp upside ahead. Immediate support is at 24750 levels.

Nifty remained strong throughout the day as put writers were seen shifting their positions to 24,900. On the hourly chart, the index has given a consolidation breakout. The RSI is in a bullish crossover on both the hourly and daily timeframes. A fresh leg of bullishness starts above 25,000, while support is placed at 24,900. If the index falls below this level, it might correct down towards 24,750.

Bank Nifty remained rangebound ahead of the Fed meeting on the rate decision. So far, the index has stayed below the 21 EMA. On the other hand, the daily RSI has entered a bullish crossover. A sustained trade above 51,600 might induce a rally towards 52,000-52,200. On the lower end, support is placed at 51,200-51,000.

After some movement in the morning trade, the index remained rangebound for the rest of the day to settle the last day of the month on a positive note at 24,951.15 with gains of 93.85 points.

Among the sectors, Metal was the top performer followed by Pharma and Media while the PSU Banking sector underperformed with a loss of 0.43%. A mixed trend was noticed in the Broader markets where Midcaps outperformed the Frontline Index while Smallcaps ended the session in red.

The Index is heading towards the psychological barrier of 25,000 and a sustainable move above the same will push the Index further higher to 25,200 whereas on the downside 24,800 will be considered as immediate support.

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

Indian benchmark indices ended higher for the fourth straight session on July 31 with Nifty at 24,950.

At close, the Sensex was up 285.94 points or 0.35 percent at 81,741.34, and the Nifty was up 93.90 points or 0.38 percent at 24,951.20. About 1828 shares advanced, 1613 shares declined, and 78 shares unchanged.

NTPC, Asian Paints, BPCL, JSW Steel and Tata Motors were among the top gainers on the Nifty, while losers were Britannia Industries, Dr Reddy's Labs, Tata Consumer, Reliance Industries, Grasim Industries.

On the sectoral front, except realty and PSU Bank, all other sectoral indices ended in the green with media, power, healthcare, metal and pharma added 1 percent each.

The BSE midcap index added nearly a percent while smallcap index was ended marginally lower.

#1 DMart shared confidence on a general merchandise sales recovery

#2 Company targets 10-15 percent store additions, albeit feel FY25 may see 40-45 new stores

#3 Store additions may move towards 60 in future

#4 Outperform call on belief of continuing relevance of DMart's value positioning versus quick commerce

#5 Outperform call on no material increase in price-based competition

#1 Q1 performance was ahead of expectations, with EBITDA rising 11 percent QoQ, 12 percent beat

#2 Beat was driven by a higher provision reversal of Rs 760 crore pertaining to Voda Idea’s past dues

#3 Company has now recovered Rs 130 crore of past dues, outstanding amount is Rs 460 crore

#1 On track to capitalise on strong potential in OLX

#2 Q1 EBITDA ahead across segments & margin tailwinds in place

#3 Stock trades at 22x FY26 EV/EBITDA (factoring in 51 percent stake in SAMIL), which think is attractive

#1 Key player in high end-software engineering, creating underlying codes

#2 Roughly 2/3rd of revenues are derived from large product engineering market

#3 Strongest set of digital capabilities across hyper-scalers and SaaS platforms

#4 Robust set of client base with tie-ups among top 5-10 in each industry vertical

#5 Forecast mid-high teens revenue growth with just 100 bps margin expansion

Indian Rupee depreciated on importer demand for US Dollar and overnight surge in crude oil prices and touched fresh all-time low against the US Dollar. Rupee gained earlier in the day on weak Dollar and surge in domestic markets. US Dollar fell on Wednesday after Bank of Japan raised interest rates by 15 bps to 0.25% from 0.1% which led to a sharp surge in the Yen. Other Asian currencies too appreciated on weakness in the US Dollar.

We expect Rupee to trade with a slight negative bias on month-end Dollar demand from importers and OMCs. However, positive tone in the domestic markets and weak US Dollar may support the Rupee at lower levels.

Any fresh intervention by RBI may also support the Rupee. Investors may watch out for FOMC meeting outcome today and Bank of England’s monetary policy tomorrow. USDINR spot price is expected to trade in a range of Rs 83.50 to Rs 84.

#1 Net Profit Rs78 Cr Vs Rs104 Cr (YoY)

#2 Revenue Up 4% At Rs1,132.6 Cr Vs Rs1,088.6 Cr (YoY)

#3 EBITDA Down 13% At Rs182 Cr Vs Rs209 Cr (YoY)

#4 Margin At 16% Vs 19% (YoY)

#1 Revenue 40.3% at Rs314.2 Cr vs Rs571.2 Cr (YoY)

#2 EBITDA down 97% at Rs2.3 Cr vs Rs77.1Cr (YoY)

#3 Margin at 0.7% Vs 13.5% (YoY)

Net Profit down 24.4% at Rs 90.4 crore Vs Rs 119.6 crore and revenue down 10.8% at Rs 486 crore Vs Rs 544.3 crore, YoY

#1 Company’s focus is on growing topline driven by store additions

#2 Gross margin to remain in the range of 14.5-15.5 percent

#3 General Merchandise And Apparel (GM&A) segment is seeing recovery since H2FY24

#4 Closed a few DMart Ready pick up points to focus on home delivery

#5 45 percent of deliveries happen within 12 hours

#6 Investing in hiring new talents and building capabilities for the medium term

#7 Multiple grocery retailers can operate profitably given huge growth opportunity in India

#1 Net profit at Rs 34.2 crore versus Rs 16.7 crore, YoY

#2 Revenue up 56 percent at Rs 175.3 crore versus Rs 112,4 crore, YoY

#3 EBITDA up 97.3 percent at Rs 43.2 crore versus Rs 21.9 crore, YoY

#4 Margin at 24.6 percent versus 19.5 percent, YoY

#1 Net loss at Rs 3.8 crore versus loss of Rs 3.5 crore, YoY

#2 Revenue at Rs 177.8 crore versus Rs 315.7 crore, YoY

#1 Company’s Q1 EBITDA was down 12 percent YoY, nearly 9 percent QoQ

#2 Weakness seen in agrochemical exports partly offset by higher sales in pharma CDMO

#3 Management expects improvement through FY25

#4 Improvement expected via new supply agreements in agro chemicals, commissioning & ramp-up of agro speciality plant at Dahej

#1 Net profit up 37% at Rs 251.6 crore Vs Rs 184 crore, YoY

#2 Revenue up 40% at Rs 666.1 crore Vs Rs 480.4 crore, YoY

#1 Q1 above estimates on surprising large inventory gain

#2 Results included a surprisingly large crude inventory gain of Rs 390 crore

#3 Large crude inventory gain came in a quarter where EoP crude prices remained largely steady

#4 Trades at an attractive valuation of 1.2x FY26 P/B

#1 Q1 EBITDA margin below estimate

#2 Company witnessing healthy demand in automotive division, in both domestic & international markets

#3 According to management, its focus is on expanding product portfolio

#4 Management focus is on increasing market reach & offering exemplary after-sales services to customers

#5 Industrial sector segments like UPS, solar, traction, railways continue to deliver strong volumes

#1 Q1 revenue was a beat, margin in-line

#2 FY25 revenue growth guidance of 11.5-13.5 percent seems conservative

#3 Margin expansion to remain slow initially with front-loading of investments

#4 Raise FY26-27 EPS by 3-4 percent

#1 Net profit up 25.1 percent at Rs 2,724 crore versus Rs 2,177 crore, QoQ

#2 Revenue up 4.2 percent at Rs 33,673.8 crore versus Rs 32,317 crore, QoQ

#3 EBITDA up 27.3 percent at Rs 4,528.1 crore versus Rs 3,558 crore, QoQ

#4 Margin at 13.5 percent versus 11 percent, QoQ

Aurionpro Solutions announced a strategic win with a leading bank in Malaysia to modernize its corporate processes. The deal is valued close to USD 3 million and is expected to be implemented over a 15 months period.

#1 Net profit up 8.4 percent at Rs 67 crore versus Rs 62 crore, YoY

#2 Revenue down 0.9 percent at Rs 903 crore versus Rs 910.8 crore, YoY

#3 EBITDA down 4.1 percent at Rs 101.7 crore versus Rs 106.1 crore, YoY

#4 Margin at 11.2 percent versus 11.7 percent, YoY

#1 Strong Q1 with PAT up 108 percent YoY & expect this momentum to continue

#2 Mobile phones are likely to be mainstay in near-term

#3 Likely to see ramp-up of existing contracts & new clients onboarding

#4 Believe company is gearing up for strong medium-term growth by entering into IT hardware segment and mobile components

The Nifty index has encountered resistance at the 25,000 level for two consecutive days, with recent trading patterns indicating a possible decline to 24,600 or even 24,500. The significant open interest (OI) of around 76 lakh shares at the 25,000 call strike points to robust resistance. In contrast, the 24,600 put strike has an OI of approximately 43 lakh shares, suggesting it may offer support.

In parallel, the Bank Nifty has shown volatility, closing near 51,500 yesterday. For today's monthly settlement, the Bank Nifty is likely to face resistance at higher levels, particularly at the 52,000 strike, which has considerable OI. On the downside, the 51,000 level is expected to act as support.

Investors should be cautious and refrain from taking aggressive short positions unless there is a clear break in the upward trend.

Zydus Life receives marketing approval from Mexican regulatory authority for drug is used in the treatment of early breast cancer (EBC) and advanced gastric cancer

#1 We Saw Increased Natural Gas Marketing Volumes In Domestic Markets

#2 Profits Higher Due To Better Gas Trading Margins & Gas Transmission Volumes

#3 There Was An Increase Of 5 mmscmd Volumes In Domestic Market Led By Power Segment

#4 We Aim To Add 80 New CNG Stations In The Next 2 Years

#5 GAIL Gas Turnover Stood At Rs 279 Cr In Q1FY25 Due To Better Volumes In CNG Segment

#6 PAT For GAIL Gas Stood At Rs 110 Cr

Leading electronics manufacturer Dixon Technologies has secured the Competition Commission of India's clearance to acquire a majority 50.10 per cent share in Ismartu India - a subsidiary of Chinese handset maker Transsion Technology - company’s Managing Director, Atul Lall said in the earnings call on July 30.

Lall confirmed that Dixon Tech through its subsidiary Padget Electronics' pact with Taiwan's Compal Electronics will start making Google Pixel smartphones from September this year.

"On the Ismartu deal, we received approval from the Competition Commission of India this month, and we will start consolidating those financials...we have got a large scale through the deal," he said during the Q1 earnings call.

Dixon has created a capacity of 45 million smartphones and will add another 10-12 million after the Ismartu acquisition, which is around 55-60% of the opportunity pool in this business. Read More

Autoline Industries entered into an order/contract with Tata Motors Passenger Vehicle for manufacturing tools & supply of sheet metal parts & assemblies.

#1 Net profit at 36.2 crore versus loss of 41 crore, YoY

#2 Revenue up 75.6 percent at Rs 996 crore versus Rs 567.2 crore, YoY

#3 EBITDA at Rs 56.6 crore versus EBITDA loss of Rs 36 crore, YoY

#4 Margin at 5.7 percent, YoY

Infosys has partnered with TDC Net, a Danish infrastructure provider, to transform TDC Net into a customer-centric technology company. The collaboration aims to modernize TDC Net's IT infrastructure, enhance customer experience, and optimize service costs.

Infosys will implement AI-driven hyper-automation and consolidate TDC Net's IT systems to boost productivity.

#1 Q1FY25 results a mixed bag

#2 Key positive: Sharp increase in EBITDA margin to 36.1 percent, up 870 bps YoY

#3 Key negative: Weak net subscriber additions at 1,519 Vs 5,000 YoY & 2,600 QoQ

#4 Weak collections at Rs 340 crore, up 14 percent YoY Vs estimate of 19 percent growth

#5 No end in sight to high churn of subscribers

#6 Reported EBITDA margin to have tailwinds in near term, but drop once churn reduces

#1 Net profit up 87.2 percent at Rs 996.3 crore versus Rs 532.3 crore, YoY

#2 Revenue up 23.3 percent at Rs 9,033.7 crore versus Rs 7,327.6 crore, YoY

#3 EBITDA up 56.8 percent at Rs 1,857.9 crore versus Rs 1,184.8 crore

#4 Margin at 20.6 percent versus 16.2 percent, YoY

#1 Net profit down 13.1 percent at Rs 648.1 crore versus Rs 746 crore, YoY

#2 Revenue down 7.4 percent at Rs 9,429.8 crore versus Rs 10,184 crore, YoY

#3 EBITDA up 1.6 percent at Rs 1,211.8 crore versus Rs 1,192.4 crore, YoY

#4 Margin at 12.9 percent versus 11.7 percent, YoY

#5 Board approves raising funds up to Rs 5,000 crore

#1 Net profit at Rs 16.7 crore versus Rs 2 crore, YoY

#2 Revenue at Rs 252.2 crore versus Rs 118.5 crore, YoY

#3 EBITDA at 22.4 crore versus Rs 8 crore, YoY

#4 Margin at 8.9 percent versus 6.8 percent, YoY

#1 Net Profit up 3 percent At Rs 232.2 crore Versus Rs 225 crore, YoY

#2 Revenue up 4.8 percent at Rs 1,397.5 crore versus Rs 1,333.8 crore, YoY

#3 EBITDA up 4.1 percent at Rs 322.4 crore versus Rs 309.8 crore, YoY

#4 Margin at 23.1 percent versus 23.2 percent, YoY

Lloyds Engineering Works board approved the issuance of fully paid-up or partly paid up equity shares of the company for an amount not exceeding Rs 1,050 crore by way of a rights issue to the eligible equity shareholders of the company.

#1 Indicative price of Rs 976 per share

#2 Indicative price at 13.24 percent discount to closing price & 4.98 percent discount to SEBI floor price

#3 To utilise QIP proceeds for capex requirements & debt repayment