Markets rose in today's trading. Nifty 50 closed at 24,502.15 (186.2, 0.8%) , BSE Sensex closed at 80,519.34 (622, 0.8%) while the broader Nifty 500 closed at 23,095.45 (90.2, 0.4%). Market breadth is in the red. Of the 2,159 stocks traded today, 803 were on the uptrend, and 1,337 went down.
Indian indices closed higher after after extending gains throughout the day. The volatility index, Nifty VIX, fell 2% and closed at 13.7 points. Tata Consultancy Services' Q1FY25 net profit fell 3.2% QoQ to Rs 12,040 crore, while revenue rose 1.9% QoQ during the quarter.
Nifty Smallcap 100 and Nifty Midcap 100 closed flat. Nifty IT and Nifty Media closed higher. According to Trendlyne’s Sector dashboard, Software & Services emerged as the top-performing sector of the day, with a rise of 4.4%.
European indices traded flat or higher, while major Asian indices closed mixed. Most US index futures traded flat, indicating a mixed start to the trading session. US CPI inflation lowers to 3%in June compared to 3.3% in May. Markets expect a interest rate cut in September by the Federal Reserve, following this reduction in inflation.
Manappuram Finance sees a long buildup in its July 25 future series as its open interest rises 16.5% with a put-call ratio of 0.6.
IT stocks like Coforge, Tata Consultancy Services, MphasiS, and Wipro rise more than 5% in trade. All constituents of the broader Nifty IT index are also trading in the green, helping it to surge to its all-time high of 39,237.7.
Sterlite Technologies secures creditors' and shareholders' approval to demerge its global services business, paving the way for separate entity listing and independent growth opportunities.
Foreign institutional investors invest Rs 7,043.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 37,046.8 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 1,897.5 crore during the same period.
Nomura expects the Centre will lower its FY25 fiscal deficit target to 5% of GDP from 5.1% announced in the interim budget. Despite additional financial demands from key allies (estimated at around 0.2% of GDP), the Centre will likely manage its fiscal space effectively with a higher RBI dividend (~0.4% of GDP) and a lower FY24 fiscal deficit (~0.2% of GDP). Nomura anticipates no reduction in market borrowing despite the potential fiscal deficit cut.
Motilal Oswal retains its 'Buy' call on Hindalco Industries with an upgraded target price of Rs 800 per share. This indicates a potential upside of 15.5%. The brokerage expects revenue growth due to increased volumes across geographies and long-term contracts from marquee customers. It expects the company's revenue to grow at a CAGR of 4.4% over FY25-26.
Puravankara's Q1FY25 customer collections from the real estate business rise 39% YoY to Rs 965 crore. The company achieves pre-sales of Rs 1,128 crore, marginally higher than Q1FY24.
Cyient surges as it establishes a wholly-owned subsidiary to expand its semiconductor business, strengthening its decades of expertise in turnkey Application Specific Integrated Circuits (ASICs).
The Society of Indian Automobile Manufacturers (SIAM) reports a 21.3% YoY increase in two-wheeler sales to 16.1 lakh units in June. Passenger vehicle sales rise by 3% YoY to 3.4 lakh units.
Prestige Estates Projects' Q1FY25 sales decline by 22.6% YoY to Rs 3,029.5 crore due to delays in approvals and project launches. However, its collections grow by 6% YoY to Rs 2,916.2 crore, helped by a 16% YoY improvement in average realisation. It appears in a screener of stocks with falling cash flow from operations over the past two years.
Utkarsh Small Finance Bank rises as the Reserve Bank of India approves Mirae Asset Mutual Fund to acquire up to 9.9% of the bank's paid-up share capital or voting rights.
Anand Rathi Wealth's Q1FY25 net profit rises by 37.9% YoY to Rs 73.2 crore. Its revenue increases by 35.8% YoY to Rs 237.6 crore, helped by strong mutual fund inflows and client additions. The company appears in a screener of stocks with growth in quarterly net profit with increasing profit margin.
Adani Ports and Special Economic Zone reportedly plans to increase its investment in Vizhinjam, Kerala, to Rs 10,000 crore ($1.2 billion) to enhance the transshipment container port. The company is actively pursuing major container lines like MSC Mediterranean Shipping Co., A.P. Moller-Maersk A/S, and Hapag-Lloyd to utilize the port facilities.
Prakash Industries surges as the Ministry of Environment, Forest and Climate Change grants Stage-II approval for the Bhaskarpara coal mine in Chhattisgarh.
LT Foods rises to its all-time high of Rs 297.5 per share as it sets up a new manufacturing facility in the United Kingdom (UK). The company commissions this facility to meet the growing demand for premium rice and rice-based food products.
Bondada Engineering hits an upper circuit as its arm, Bondada Managed Services, wins an operations and maintenance work order worth Rs 316.8 crore from Reliance Projects & Property Management Service.
Vodafone Idea receives shareholders' approval to issue preferential shares valued at Rs 2,458 crore to Nokia and Ericsson. This transaction will grant Nokia a 1.5% stake and Ericsson a 0.9% stake in VIL. The financially constrained telecom company aims to settle vendor payments and strengthen its 5G and 4G network expansion efforts.
Jio Financial Services receives approval from the Reserve Bank of India to convert into a core investment company from a non-banking financial company.
Rashtriya Chemicals surges to its all-time high of Rs 244.9 per share as it places a purchase order worth Rs 514.6 crore with Topsoe A/s to procure a basic engineering design package (BEDP) and supply equipment to expand its Ammonia plant.
Dolly Khanna adds Super Sales India to her portfolio in Q1FY25. She buys a 1.1% stake in the company.
Investec initiates a ‘Buy’ on Bharti Hexacom and keeps its ‘Hold’ on Bharti Airtel. The brokerage expects annual tariff hikes over the next few years. It believes Bharti Hexacom will benefit from tariff hikes. Investec also notes that telco players need to improve ARPU (average revenue per user) to reduce debt and enhance RoCE.
Vijay Kedia cuts his stake in Talbros Automotive Components to below 1% in Q1FY25. He held a 1% stake in the company in Q4FY24.
Ashish Kacholia cuts his stake in Vaibhav Global to below 1% in Q1FY25. He held a 1.1% stake in the company in Q4FY24.
Oriental Rail Infrastructure surges to its all-time high of Rs 397.5 per share as its subsidiary, Oriental Foundry, bags an order worth Rs 432.2 crore from Indian Railways for 1,200 wagons.
Tata Consultancy Services' Q1FY25 net profit falls 3.2% QoQ to Rs 12,040 crore, in line with Forecaster estimates. Its revenue rises 1.9% QoQ during the quarter. The company appears in a screener for stocks with no debt.
Nifty 50 was trading at 24,354.95 (39, 0.2%), BSE Sensex was trading at 80,122.91 (225.6, 0.3%) while the broader Nifty 500 was trading at 23,057.10 (51.9, 0.2%).
Market breadth is surging up. Of the 1,932 stocks traded today, 1,435 were on the uptick, and 455 were down.
Riding High:
Largecap and midcap gainers today include Oil India Ltd. (614.45, 11.5%), Coforge Ltd. (5,977.65, 7.4%) and Tata Consultancy Services Ltd. (4,183.95, 6.6%).
Downers:
Largecap and midcap losers today include Macrotech Developers Ltd. (1,395.80, -5.2%), Indian Oil Corporation Ltd. (167.04, -4.2%) and Schaeffler India Ltd. (3,995.10, -3.6%).
Crowd Puller Stocks
35 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Sonata Software Ltd. (710.50, 13.8%), Oil India Ltd. (614.45, 11.5%) and KPIT Technologies Ltd. (1,865.55, 9.1%).
Top high volume losers on BSE were Aegis Logistics Ltd. (845.85, -4.0%), Anand Rathi Wealth Ltd. (3,995.50, -3.5%) and RHI Magnesita India Ltd. (582.40, -2.8%).
ITI Ltd. (319.10, 3.4%) was trading at 12.1 times of weekly average. Vinati Organics Ltd. (1,905, 0.3%) and Zensar Technologies Ltd. (769.70, 7.2%) were trading with volumes 9.6 and 8.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
34 stocks overperformed with 52 week highs,
Stocks touching their year highs included - Axis Bank Ltd. (1,317.30, 1.6%), Britannia Industries Ltd. (5,787.05, 0.5%) and Dr. Reddy's Laboratories Ltd. (6,719.45, 1.9%).
6 stocks climbed above their 200 day SMA including Sonata Software Ltd. (710.50, 13.8%) and Coforge Ltd. (5,977.65, 7.4%). 3 stocks slipped below their 200 SMA including Kama Holdings Ltd. (2,730.50, -1.8%) and CSB Bank Ltd. (363.95, -0.8%).