KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
The local currency weakened 7 paise to close at 83.60 against the US dollar.
It closed at 83.53 on Friday.
Source: Bloomberg
SBI, ONGC, NTPC Help Nifty, Sensex Close At Record High: Market Wrap
Indian benchmarks ended at fresh closing high in the first session of the week tracking sharp gains in State Bank of India, Oil and Natural Gas Corp Ltd., and NTPC Ltd.
The NSE Nifty 50 settled 81.75 points or 0.33% higher at 24,583.90, and the S&P BSE Sensex ended 145.52 points or 0.18% higher at 80,664.86.
Intraday, the Nifty 50 rose 0.54% to a fresh high of 24,635.05, and the Sensex rose 0.43% to a fresh high of 80,862.54.
"A lackluster trade was seen after a knee-jerk reaction in the opening and the Index settled at 24,586.70 with gains of 84.55 points. Barring IT, all other sectors ended the day in green with PSU Bank being the top gainer followed by Media," said Aditya Gaggar, director, Progressive Shares.
The Mid and Smallcap indices advanced over 0.50% and outperformed the Frontline Index. The Index has formed a DOJI candlestick pattern at a record level which indicates a reversal, but considering a strong uptrend such correction if any, will be considered a buying opportunity. The downside seems to be protected at 24,400 while on the higher side level of 24,740 will serve as an immediate hurdle, Gaggar added.
State Bank of India, Oil and Natural Gas Corp, NTPC Ltd., ITC Ltd., and Bajaj Auto Ltd. added to the benchmark index.
Axis Bank Ltd., Asian Paints Ltd., Tata Consultancy Services Ltd., Grasim Industries Ltd., and Tata Steel Ltd. weighed on the benchmark.
On NSE, 11 sectors ended higher, and one declined out of 12. The NSE Nifty IT declined the most, and the NSE Nifty PSU Bank rose the most.
Broader indices outperformed. S&P BSE Midcap closed 0.95% higher and S&P BSE Smallcap ended 0.21% higher.
Seventeen out of 20 sectoral indices on the BSE ended higher. BSE Oil & Gas was the top gainer.
Around 2,050 stocks advanced, 1,992 fell, and 126 stocks remained unchanged on the BSE.
MRF To Effect Price Hike On Some Categories Of Tyres.
MRF price hike to come into effect from July 18
Price revision expected for truck, car radials
No clarity of price hike for two-wheeler tyres
No clarity on quantum of price hike expected
Source: Three MRF dealers in Mumbai, Ahmedabad
CESC'S Unit In Pact With Suzlon
CESC Ltd.'s step-down arm Purvah Green Power in pact with Suzlon Energy for supply & maintenance of wind turbines.
Source: Exchange filing
Government On India-UK FTA
Seeing eagerness on UK’s part to complete the deal
New government at helm in UK, will work on FTA soon
Source: Government official
RVNL Gets Order Worth Rs 160 Crore
Rail Vikas Nigam Ltd. received a letter of acceptance from East Coast Railway for contract worth Rs 160 crore.
Source: Exchange filing
June Gold Trade Data (YoY)
$3.06 billion imports in June vs $5 billion
$2.25 billion gem and jewellery exports in June vs $2.28 billion
HDFC Life Insurance Q1 Earnings Key Highlights (Consolidated, YoY)
Net profit at Rs 479 crore vs Bloomberg est of Rs 512 crore
Net profit rose 15% at Rs 479 crore vs Rs 417 crore
Total income rose 15% at Rs 26,750 crore from Rs 23,243 crore
VNB Margins fell 120 basis points at 25%
Solvency Ratio at 186% vs 200%
Value of New Business rose 18% at Rs 718 crore
Annual Premium Equivalent rose 23% at Rs 2,866 crore
IFL Enterprises To Consider Bonus Share Issuance
IIFL Enterprises to consider bonus issue of share on July 31.
Source: Exchange filing
VFSI Holdings' Stake In Reliance Infrastructure Falls To 4.09%
VFSI Holdings stake in Reliance Infrastructure Ltd. fell to 4.09% from 6.11% earlier.
Source: Exchange filing
Nifty Midcap 150 Surges To All-Time High
Nifty Hits New Record As SBI, NTPC, ITC Lead Gains: Midday Market Update
The benchmark equity indices traded near their day's highs through midday on Monday, with the NSE Nifty 50 reaching an all-time high as market participants look forward to the quarterly results of heavyweights and the Union budget.
At 11:38 a.m., the Nifty was trading at 24,587.65, up 0.35% or 85.50 points, while the Sensex was at 80,725.16, up 0.26% or 205.82 points.
During the day, the Nifty jumped 0.45% to an all-time high of 24,611.85. The Sensex jumped 0.37% to an intraday high of 80,813.69.
The Nifty has outperformed Bank Nifty as it has got support from the IT space, according to Amar Deo Singh, senior vice president of equity, commodity and currency at AngelOne. "Any correction in Nifty is a buying opportunity," he said, pointing out that the key levels to watch out for at 24,000–24,400.
The Bank Nifty is displaying divergent trends and is expected to see consolidation. Any pullback to 51,700 and 51,800 is a buying opportunity, he said.
Shares of State Bank of India, Infosys Ltd., ITC Ltd., NTPC Ltd. and Oil & Natural Gas Corp. contributed the most to the gains in the Nifty.
Reliance Industries Ltd., Grasim Industries Ltd., HDFC Bank Ltd., Asian Paints Ltd. and Tata Steel Ltd. weighed down on the index.
All sectoral indices on the NSE were trading higher, with the Nifty Pharma. PSU Bank and Oil & Gas leading.
The broader indices also rose as the BSE MidCap was trading 0.60% higher and the SmallCap rose 0.27%.
Eighteen out of the 20 sectoral indices on the BSE advanced, except Industrials and Capital Goods.
The market breadth was skewed in the favour of the buyers as 1,986 stocks rose, 1,845 fell and 164 remained unchanged on the BSE.
Bank Of Maharashtra Q1 (Standalone)
Net interest income up 20% at Rs 2,799 crore vs Rs 2,340 crore YoY
Net profit up 47% at Rs 1,293 crore vs Rs 882 crore YoY
Gross NPA at 1.85% vs 1.88% QoQ
Net NPA unchanged at 0.2% QoQ
Source: Exchange Filing
Elara on Zomato
• Zomato hikes platform fee from Rs. 5 per order
• Platform fee at 6 per order in selective markets (Bangalore & Delhi)
• Platform fee one of the ways to improve profitability
• Increase of Re. 1 positive impact of 30-35bps on take rates
• Only in selective markets positive impact on EBITDA 1-2%
• Fifth time that they have raised convenience fee
• Platform fee raised from Rs. 2 to Rs. 5 in a phased manner
• Expect platform fee to move towards INR 8-10 per order
• Don’t foresee a big increase in restaurant commissions
• GOV to move towards management guidance of 4-5%
• Platform fee won’t impact order volumes as it is done in phased manner
Apple's Annual India Revenue Rises 33%
Apple's annual India revenue rises 33% to almost $8 billion.
Apple's India revenue jumped 33% from $6 billion in March last year.
Source: Bloomberg
IPO Update - Sanstar
IPO worth Rs 510 crore to open on July 19, close on July 23.
Sets price range for IPO at Rs 90-95 per share.
Source: Bloomberg
WPI Inflation Rises To 16-Month High
June WPI inflation rose 3.36%
June WPI food inflation at 8.68% vs 7.40% May
June WPI primary articles inflation at 8.80% vs 7.20% in May
June WPI fuel and power inflation at 1.03% vs 1.35% in May
June manufactured products inflation at 1.43% vs 0.78% in May
WPI inflation rose to 16-month high.
WPI core inflation rate at 0.9% vs 0.4% May
Varun Beverages To Produce Simba Munchiez In Zimbabwe
Varun Beverages Ltd. has signed a pact to manufacture snacks 'Simba Munchiez' in Zimbabwe and Zambia.
Source: Exchange filing
Hindalco Industries To Sell Land To Birla Estates
Hindalco Industries Ltd. is to sell land in Maharashtra to arm of Birla Estates.
Alert: Company had earlier signed proposal to sell land in Maharashtra to Birla Estates.
Hindalco Industries is to get Rs 595 crore from sale of Maharashtra land & also 1.5% sales revenue.
Source: Exchange filing
Nifty Energy Rises To Record High As NTPC, ONGC Lead
The NSE Nifty Energy rose to a fresh high of 43,273.85 tracking gains in NTPC Ltd., and Oil Natural Gas Corp Ltd. It was trading 0.83% higher at 43,200.85 as of 12:00 p.m., as compared to 0.37% advance in the NSE Nifty 50 index.
BluSmart Raises $2 Million
India's ride hailing startup, BluSmart raised $24 Million or Rs 200 Crore
It completed a Pre-Series B funding round.
Investors include Swiss-based ResponsAbility, MS Dhoni Family Office, ReNew Founder Sumant Sinha
Existing investors, BluSmart founders also participated
Source: Bloomberg
Block Deals So Far
NTPC Ltd. had 12.3 lakh shares changed hands in a block deal.
Steel Authority of India Ltd. had 65 lakh shares changed hands in two large trades.
Source: Bloomberg
Antony Waste Handling Rises To Record High Post Business Update
Shares of Antony Waste Handling Cell Ltd. jumped 8.62% to Rs 620.40, the highest level since its listing on Jan 1, 2021. It was trading 7.06% higher at Rs 611.45 as of 11:31 a.m., as compared to 0.32% advance in the NSE Nifty 50 index.
Here Are Indices That Hit Record Highs
Nifty FMCG Hits Life High
The NSE Nifty FMCG scaled a fresh high of 60,056.45 as ITC Ltd., Varun Beverages Ltd. led gains. It was trading 0.53% higher at 60,040.50 as of 11:13 a.m. as compared to 0.32% advance in the NSE Nifty 50 index.
MTNL Appoints Ravi A Robert As CMD
Mahanagar Telephone Nigam Ltd. has appointed Ravi A Robert Jerard as CMD for six months.
PK Purwar ceases to be CMD of co on account of non-extension of tenure of as CMD of BSNL.
Source: Exchange filing
Ashok Leyland Gets Order Worth Rs 981 Crore
Ashok Leyland Ltd. has received an order worth Rs 981 crore from MSRTC for 2,104 fully-built buses.
Source: Exchange filing
Tanla Platforms Jumps To Over Five-Month High On Signing Pact With Wisely ATP
Shares of Tanla Platforms Ltd. jumped 14.03% to Rs 1,086.45, the highest level since Jan 24. It pared gains to trade 9.94% higher at Rs 1,047.50 as of 10:55 a.m., as compared to 0.33% advance in the NSE Nifty 50 index.
The company has signed a pact with Wisely ATP, a global tech major, to tackle scams on messaging platforms, Tanla Platforms said in a exchange filing on Saturday.
Zomato Rises To Fresh High After Hiking Platform Fee
Shares of Zomato Ltd. rose to a fresh high level of Rs 232.00 as it hiked the platform fee to Rs 6 per order. The stock was trading 2.67% higher at Rs 228.40 as of 10:48 a.m., as compared to 0.35% advance in the NSE Nifty 50 index.
Aurobindo Pharma Off Record High As Board To Consider Buyback
Shares of Aurobindo Pharma Ltd. rose to a fresh high of Rs 1,394.35 on Monday as the company said its board will consider share buyback on Thursday. It was trading 3.66% higher at Rs 1,375.40 as of 10:44 a.m., as compared to 0.36% advance in the NSE Nifty 50 index.
Zensar Tech Off Upper Circuit; Co Introduces AI-Powered Robots
Shares of Zensar Technologies Ltd. hit a 5% upper circuit on Monday as it introduced AI-powered robots along with launching four products for the global defense market. The stock was trading 5.10% higher at Rs 808.95 as of 10:37 a.m., as compared to 0.25% advance in the NSE Nifty 50 index.
Nifty Pharma Jumps To Record High
The NSE Nifty Pharma rose to a fresh high of 20,848.20, as Aurobindo Pharma Ltd., and Dr. Reddy's Laboratories Ltd. gain. The index was trading 1.09% higher at 20,838.10 as of 10:31 a.m. as compared to 0.22% advance in the NSE Nifty 50 index.
Nifty IT Surges To Over 24-Year High
The NSE Nifty IT scaled a high of 39,567.00, the highest level since Dec 30, 1999. It was trading 0.59% higher at 39,253.90 as of 10:27 a.m., as compared to 0.28% advance in the NSE Nifty 50 index.
Nifty Oil & Gas Rises To Fresh High
The NSE Nifty Oil & Gas rose to the fresh high of 12,967.00 as Oil and Natural Corp Ltd. and GAIL (India) Ltd. lead gains. The index was trading 0.57% higher at 12,930.05 as of 09:49 a.m., as compared to 0.18% advance in the NSE Nifty 50 index.
SRM Contractors Gets Order Worth Rs 278.5 Crore
SRM Contractors Ltd. received an order worth Rs 278.5 crore from NHAI
Source: Exchange filing
Avenue Supermarts Off Highs Post Q1 Earnings
Shares of Avenue Supermarts Ltd. rose nearly 5% as the company posted over 17% on year growth in its net profit during April-Jan period. The stock was trading 0.94% higher at Rs 4,990.05 as of 09:37 a.m., as compared to 0.22% advance in the NSE Nifty 50 index.
Ireda Jumps To Record High On Rise In Net Profit
Indian Renewable Energy Development Authority Ltd. rose to the highest level since its listing after it posted 30% annual rise in its net profit for April-June. The stock was trading 4.08% higher at Rs 295.87 as of 09:34 a.m., as compared to 0.25% advance in the NSE Nifty 50 index.
HCL Tech Jumps To Nearly Four-Month High
Shares of HCL Technologies Ltd. rose to the highest level within four months after it reported profit in line with street estimates. The stock was trading 3.51% higher at Rs 1,615.00 as of 09:28 a.m., as compared to 0.27% advance in the NSE Nifty 50 index.
Nifty Hits Fresh High At Open As HCL Tech, HDFC Bank Lead: Opening Bell
Indian benchmarks opened higher in the first session of the week with the NSE Nifty 50 scaling fresh high as HCL Technologies Ltd., HDFC Bank Ltd. lead.
As of 09:17 a.m., the NSE Nifty 50 was 61.55 points or 0.25% higher at 24,563.70, and the S&P BSE Sensex was 191.87 points or 0.24% higher at 80,711.21.
The Nifty 50 has witnessed a breakout above 24,400 levels and could test the higher range of 24,650 levels on the higher side from its 250-point range breakout, said Vikas Jain, senior research analyst at Reliance Securities.
The breakout of 24,400 levels from its inside range has extended the up move as expected and now on the downside 23,300 will be the reversal point. RSI is reversing from its average line, and crossover of the same would confirm a strong uptrend in the coming days. Highest call OI has moved higher to 24,500 strikes while the downside the highest put OI is at 24,000 for the weekly expiry, Jain added.
HCL Technologies Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., and UltraTech Cement Ltd. added to the index.
Asian Paints Ltd., Tata Steel Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., and ITC Ltd. weighed on the benchmark.
On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty IT lead gains among other sectoral indices, while the NSE Nifty Realty gained the least.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap were trading 0.15% and 0.11% higher, respectively.
On BSE, nine sectors declined, and 11 advanced out of 20. The S&P BSE IT index was the top performer, and the S&P BSE Realty declined the most.
Market breadth was skewed in favour of buyers. Around 1,860 stocks rose, 1,175 stocks declined, and 144 stocks remained unchanged on BSE.
Nifty, Sensex Higher At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.35% or 85.45 points higher at 24,587.60. The S&P BSE Sensex was trading 0.21% or 167.20 points higher at 80,686.54.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.00%.
It closed at 6.99% on Friday.
Source: Cogencis
Rupee Flat Against US Dollar
The local currency opened flat at 83.54 against the US dollar.
It closed at 83.53 on Friday.
Source: Bloomberg
SBI Raises MCLR By 5-10 Basis Points
State Bank of India raised marginal cost of funds based lending rates by 5-10 bps for most tenors.
Source: Lender's website
Investec On India IT Services
ISG-One index call highlighted the continued weakness in discretionary spending and Managed Services
It flagged potential for a strong BFSI recovery in 2025
ISG-One observed 30% in cost savings from Gen Ai based projects in ADM and Infra
For now, the sector is celebrating the lower revenue leakage on the book
However a bigger recovery is more likely in 2025
ISG-One has cut it growth forecast for managed services to 2% vs 3% earlier
Data suggests that Managed Services reduction in pricing is slowing.
Morgan Stanley On Cement
Limited upside triggers in cement
Medium term outlook remains robust
Demand led margin expansion story intact
Stocks with capacity and cost improvement capability will do well
Ultratech and Ambuja to see strong additions
Margin expansion to continue for Ultratech and Ambuja
Raise our bull case weight on both stocks
Ultratech remains top pick
Citi Research Maintains Neutral On Coal India
Citi Research maintained a 'Neutral' on Coal India at Rs 460 target, which implied a 7% downside
Impact of Changes in E- auction process
Firm asks subsidiaries to increase share of e-auction sold coal to 40% of production
Enhanced coal availability in spot market to result in lower premium of e-auction coal
Impact on Coal India's profitability to depend on quantum of additional sales
1% change in e-auction pricing impacts EBITDA/PAT by 0.4%
1% change in e-auction volumes impacts EBITDA/PAT by 0.15%
Watch India Market Open At NDTV Profit
Brokerages On Avenue Supermarts
Bernstein
Maintain Market-perform with a target price Rs. 1,520 from Rs. 1460), which implied a downside of 2.6%
In-line quarter, revenue growth muted across segments
FY25 revenue and margin guidance maintained
Products and Platforms business was flat, services revenue was lower QoQ
Update FY26 earnings by 0.7%
Maintain PE multiple at 21 times
Nuvama
Maintains hold revised target price of Rs. 5,091 from Rs. 4,821 earlier, which implied 3% upside
Building in 45 stores for FY25
Q1FY27E earnings at an unchanged 75x PE
Store productivity remains below pre-covid average
DMart sustained improving trajectory of GM&A
Expects Slight improvement in store productivity
DMart Ready growth was stable at 27% YoY.
Citi Research
Maintain Sell with a target price of Rs 3,550 from Rs3,400 earlier, which implied a 28% downside
Gross margin recovery to the pre-covid will take 18-24 months
Revenue per sq ft continue to face headwinds from quick-commerce
Key concerns
Store growth – given the ownership model
Revenue per sq ft impacted by quick commerce
Gross margin – slowdown in discretionary consumption
Avenue Supermarts remains one of the best run retailers in India
Brokerages On HCL Tech
Citi Research
Maintain Neutral, target price revised to Rs. 1,545, downside 1%
Unchanged guidance for FY25 is a positive
TCV were weaker than expected
The two largest verticals- Financials and manufacturing reported revenue declines
Business is gradually bottoming out but recovery still slow.
Management highlighted competitive intensity driving irrational behavior in deal renegotiations
Nuvama
Maintain Buy and raised the target price to Rs. 1,720 from Rs.1,700, which implied an upside of 10.2%
Reiteration of FY25 guidance does not factor in improvement in discretionary demand
Seeing signs that discretionary demand may have bottomed out, but it is too early to call with certainty
Discretionary demand is unlikely to worsen further based on G2000 database
Expect Q2 growth across verticals and geographies to be better than Q1 expect financial services
Jefferies
Maintain Hold with a target price revised to Rs 1,630, which implied an upside 4%.
Revenue declined across key markets due to productivity benefits being passed
Management highlighted that spending continues on cost efficiency programs
Seen some weakness in Auto segment in Europe
Expect HCL to deliver at midpoint of guided range in FY25
Expect HCL to deliver 18% margins in FY25
See limited scope for re rating as the stock is trading at 26x PE multiple for its services business
Global Cues
U.S. Dollar Index at 104.26
U.S. 10-year bond yield at 4.18%
Brent crude up 0.08% at $85.10 per barrel
Nymex crude up 0.06% at $82.26 per barrel
Bitcoin was up 2.34% at $61,518.95
The GIFT Nifty was 4.5 points or 0.02% higher at 24,607.50 as of 07:47 a.m.
F&O Cues
Nifty July futures up by 0.6% to 24,529 at a premium of 26.85 points.
Nifty July futures open interest up by 3.03%.
Nifty Bank July futures down by 0.13% to 52,372 at a premium of 93.1 points.
Nifty Bank July futures open interest up by 0.56%.
Nifty Options July 18 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.
Bank Nifty Options July 16 Expiry: Maximum call open interest at 54,000 and maximum put open interest at 50,000.
Securities in ban period: Aditya Birla Fashion & Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers & Chemicals, GMR Airports Infrastructure, GNFC, IEX, India Cements, Indus Tower, Piramal Enterprises, and RBL Bank.
Money Market Update
The Indian currency strengthened by 3 paise to close at 83.53 against the US dollar.
Bulk Deals
Hindustan Oil Exploration: Pandarinathan Elango sold 8.69 lakh shares (0.65%) at Rs 232.2 apiece.
Pledge Share Details
Sterling & Wilson Renewable Energy: Promoter Kainaz Khurshed Daruvala created a pledge for 10 lakh shares on July 9.
Trading Tweaks
Price Band change from 20% to 10%: HPL Electric & Power.
Price Band change from 5% to 10%: Inox Wind Energy.
Ex/record Dividend: JITF Infralogistics, K.P.R. Mill, Alembic Pharmaceuticals, Rane Brake Lining, Siyaram Silk Mills, ZF Commercial Vehicle Control Systems India.
Ex/record AGM: K.P.R. Mill, Rane Brake Lining, Siyaram Silk Mills.
Moved in short-term Framework: HPL Electric & Power, Rane Holdings.
Moved out short-term Framework: D-Link (India), Gujarat Industries Power Co., Kingfa Science & Technology.
Earnings in Focus
Angel One, Hatsun Agro Product, HDFC AMC, HDFC Life Insurance Co., Jio Financial Services, Bank of Maharashtra and SpiceJet.
Earnings Post Market
HCLTech Q1 FY25 (Consolidated, QoQ)
Revenue down 1.6% at Rs 28,057 crore versus Rs 28,499 crore (Bloomberg estimate Rs 28,028 crore)
EBIT down 4.6% at Rs 4,795 crore versus Rs 5,024 crore (Bloomberg estimate Rs 4806.4 crore)
EBIT margin at 17.1% versus 17.6% (Bloomberg estimate 17%)
Net profit up 6.6% at Rs 4,259 crore versus Rs 3,995 crore (Bloomberg estimate Rs 3,846.1 crore)
Company declared a dividend of Rs 12 per share.
IREDA Q1 FY25 (YoY)
Revenue up 32% at Rs 1,511 crore vs Rs 1,143 crore.
Net profit up 30% at Rs 384 crore vs Rs 295 crore.
Avenue Supermarts Q1 FY25 (Consolidated, YoY)
Net profit rose 17.5% to Rs 774 crore from Rs 659 crore
Revenue rose 18.6% to Rs 14,069 crore from Rs 11,865 crore
Ebitda rose 18% to Rs 1,221 crore from Rs 1,035 crore
Margin at 8.7%, flat
Stocks to Watch
Lupin: The US FDA inspection at the Dabhasa manufacturing facility in Gujarat ended with no observations and received an establishment inspection report with the 'no action indicated' classification.
Alembic Pharmaceuticals: The pharmaceutical company received tentative US FDA approval for Selexipag injection.
Sunteck Realty: The real estate company, in its first quarter, reported pre-sales at Rs 502 crore, up 30% year-on-year, and collection at Rs 342 crore, up 19% year-on-year.
EMS: The company headquartered in Delhi received an LOA worth Rs 140 crore from Uttarakhand Power Corp. to supply installation services contracts for the execution of distribution infrastructure development.
General Insurance Corp.: Radhika CS takes charge as executive director.
RVNL: The construction arm of the Ministry of Railways received a LoA from Central Railways for a Rs 133-crore project in Maharashtra.
Apollo Micro Systems: The company received the Make II project from the Indian Army for the supply of a vehicle-mounted counter-swarm drone system.
GTPL: The aerospace and defence company received the I&B Ministry's nod for providing headend-in-the-sky services.
Central Bank of India: The bank is in a co-lending partnership with Shriram Housing Finance to offer MSME loans and a co-lending partnership with Arka Fincap to offer MSME loans.
Piramal Pharma: The US FDA pre-approval was inspected at the Ahmedabad facility and closed with zero observations.
GIFT Nifty Trades Above 24,600
Asian markets were trading on a mixed note on Monday as investors await China's third plenum and on bets on Donald Trump becoming US president.
The S&P ASX 200 was 73.30 points or 0.92% higher at 8,032.60, and the 1.46 points or 0.1 lower at 2,855.54 as of 06:49 a.m.
Financial markets were closed in Japan for observance of Marine Day.
US stocks closed the week positively following encouraging economic data that strengthens expectations for a Federal Reserve rate cut in September.
Approximately 85% of stocks in the S&P 500 saw gains, pushing the index back above the 5,600 level after a decline in the previous session. Technology stocks rebounded, although smaller companies continued to outperform large-cap stocks.
However, banks faced challenges at the start of the earnings season, as results from Wells Fargo & Co., JPMorgan Chase & Co., and Citigroup Inc. did not provide significant momentum for the sector.
The S&P 500 and Nasdaq Composite rose over 0.55% and 0.62%, respectively, as of Friday.
Brent crude was trading 0.55% lower at $84.56 a barrel. Gold fell 0.18% to $2,407.12 an ounce. The GIFT Nifty was trading 9 points or 0.04% higher at 24,612.00 as of 06:52 a.m.
The Indian benchmark indices recovered from a two-day decline to end sharply higher on Friday as information technology stocks soared after Tata Consultancy Services Ltd. surprised the market with its quarterly earnings.
The NSE Nifty 50 closed 186.20 points or 0.77%, higher at 24,502.15 and the S&P BSE Sensex ended 622.00 points or 0.78%, up at 80,519.34. On a weekly basis, the benchmarks have recorded the best stretch of gains in seven months.
Overseas investors became net buyers of Indian equities after a day on Friday. Foreign portfolio investors mopped up stocks worth Rs 4,022 crore, while domestic institutional investors turned net sellers for the fourth session and offloaded equities worth Rs 1,652 crore, according to provisional data from the National Stock Exchange.
RECOMMENDED FOR YOU
Sensex, Nifty Resume Declines After Two-Day Rally, Cipla Share Price Falls: Market Wrap
Oct 30, 2024
Stock Market Oct 29 Highlights: Sensex, Nifty Gainers And Losers
Oct 29, 2024
Nifty, Sensex Record Best Session In A Month; ICICI Bank, M&M Lead: Market Wrap
Oct 28, 2024
Stock Market Today: Nifty, Sensex Snap Five–Day Losing Streak; ICICI Bank, M&M Rise
Oct 28, 2024
POPULAR