KEY HIGHLIGHTS
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Sensex, Nifty End Little Changed As Losses In M&M Weigh Gains In ITC: Market Wrap
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Watch India Market Close At NDTV Profit
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TCS Q1 Results Live Updates: IT Major Set To Kick-Off Earnings Season
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Here Are Nifty 50 Stocks That Hit Life High
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Raymond Hits Lower Circuit After Demerging With Life Style Business
Rupee Weakens Against US Dollar
The local currency weakened 3 paise to close at 83.56 against the US dollar.
It closed at 83.53 on Wednesday.
Source: Bloomberg
Sensex, Nifty End Little Changed As Losses In M&M Weigh Gains In ITC: Market Wrap
Recovering some of early losses, Indian benchmark indices ended little changed as ITC Ltd., Oil and Natural Gas Corp lead gains. Meanwhile, Mahindra & Mahindra Ltd., and Bajaj Finance Ltd. dragged on the benchmark.
The NSE Nifty 50 settled 8.50 points or 0.04% lower at 24,315.95, and the S&P BSE Sensex ended 27.43 points or 0.034% down at 79,897.34.
During the day, the Nifty 50 fell 0.54% to 24,193.75, and the Sensex declined 0.58% to 79,464.38.
"Opening gains did not last long as the Index quickly erased all its gains to retest its previous day's lower levels," said Aditya Gaggar, director, Progressive Shares.
In the mid-session, select heavyweights helped the Index to recover to end the weekly expiry trade at 24,315.95 with a marginal loss of 8.50 points. As far as sectors are concerned, Media was the top gainer followed by FMCG while Realty was the major loser by ending the trade with a loss of 1.49% Mid and Smallcaps managed to hold their opening gains and outperformed the Benchmark Index, he said.
"Our view on the Index remains the same, i.e. as long as the Index holds a level of 24,200 uptrend will remain intact and on the higher side, 24,460 will be a critical hurdle," Gaggar added.
Mahindra & Mahindra Ltd., Bajaj Finance Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., and HDFC Bank Ltd. pressured the Nifty 50 index.
ITC Ltd., Oil and Natural Gas Corp., Tata Motors Ltd., State Bank of India, and Coal India Ltd. added to the benchmark index.
On NSE, eight sectors advanced, three declined, and one remained flat out of 12. The NSE Nifty Realty was the worst performing sector, while the NSE Nifty Oil & Gas emerged as the top gainer.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap were trading 0.34% and 0.57% higher, respectively.
On BSE, 15 sectors advanced, five declined out of 20. The S&P BSE Realty declined the most, while the S&P BSE Oil & Gas rose the most.
Market breadth was skewed in favour of buyers. Around 2,180 stocks advanced, 1,734 stocks declined, and 109 stocks remained unchanged on BSE.
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Nifty FMCG Rises To Fresh High As ITC Lead Gains
The NSE Nifty FMCG scaled a fresh high of 59,548.20. It was trading 0.32% higher at 59,538.10 as of 3:18 p.m.
TCS Q1 Results Live Updates: IT Major Set To Kick-Off Earnings Season
Tata Consultancy Services Ltd. is all set to kick-off the first quarter earnings season of fiscal 2025.
TCS may report a 3.8% sequential decline in net profit to Rs 11,957 crore, according to consensus estimates compiled by Bloomberg. The topline may rise 1.4% to Rs 62,121 crore.
BPCL Plans 9-15 MMTPA Refinery
Bharat Petroleum Corp plans new 9-15 million ton per annum refinery, official said.
BPCL may seek overseas partner for new refinery.
Source: Bloomberg
Sona BLW Precison's Expanding Portfolio To Quintuple Revenue, Bernstein Says; Stock At Life High
Son BLW Precision Forgings Ltd. rose to over four-year high on Thursday as Bernstein said its expanding product portfolio is to quintuple revenue in five years.
Bernstein has maintained an Outperform on the stock and set the target price at Rs 780, which implied a 13% upside.
Sona BLW Precision Forgings Ltd. has jumped 7.88% to Rs 744.30, the highest level since Jan 20, 2022. It was trading 4.57% higher at Rs 722 as of 2:27 p.m., as compared to 0.05% decline in the NSE Nifty 50 index.
Nifty, Sensex Trade Lower As Financial Services Drag: Midday Market Update
The Indian benchmark indices were trading lower through midday on Thursday as shares of HDFC Bank Ltd., ICICI Bank Ltd. and Bajaj Finance Ltd. dragged.
As of noon, the NSE Nifty 50 was trading 53.60 points or 0.22% lower at 24,270.85, and the S&P BSE Sensex was trading 229.09 points or 0.29% down at 79,695.68.
During the day, Nifty declined as much as 0.37% to 24,234.50 and the Sensex fell 0.43% to 79,579.11.
"We expect volatility to increase in the second half with respect to the weekly expiry," Vikas Jain, senior research analyst at Reliance Securities, said. "The highest call open interest has moved higher to 24,500 strikes, while on the downside, the highest put OI is at 24,200 for the weekly expiry."
HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., Axis Bank Ltd. and Bharti Airtel Ltd. weighed on the Nifty the most.
ITC Ltd., Coal India Ltd., Tata Motors Ltd., Oil and Natural Gas Corp. and State Bank of India limited losses in the index.
Seven out of the 12 sectors on the NSE advanced. The Nifty Realty declined the most, while Nifty Media rose the most.
The broader markets outperformed the benchmark indices as the BSE MidCap and the BSE SmallCap rose 0.20% and 0.48% respectively.
On the BSE, 13 sectors advanced and seven declined, with Realty emerging as the top losing sector, while oil and gas was the best performing sector.
The market breadth was skewed in favour of the buyers as 2,125 stocks rose, 1,602 declined and 142 remained unchanged on the BSE.
Nomura Cautious On Auto & Consumer Discretionary Sectors
Commodity prices are moving higher
Consumer staples might see some policy support
Structural risks still prevail with consumer staples
Bullish on IT enabled services and financials
Markets are increasingly looking divergent
The Indian economy in an extended sweet spot
Real rates remain higher than warranted
Expect 75 basis points rate cuts in FY25 starting October 2024
Market rally intensity stronger than anticipated
Earnings for the two next years expected to be in mid-teens
General slowdown in volumes amidst commodity price rise
Source: Nomura Press Meet
Shipping Corp Surges To Record High
Shares of Shipping Corp of India hit a 20% upper circuit and rose to Rs 330.15, the highest level since its listing on Aug 13, 1997. It remained locked in the upper circuit as of 1:40 p.m., as compared to 0.15% decline in the NSE Nifty 50 index.
The scrip gained 225.59% in 12 months, and 102.67% on year to date basis. Total traded volume so far in the day on the NSE stood at 9.4 times its 30-day average. The relative strength index was at 77.52, which implied the stock is over bought.
Keystone Realtors To Acquire Land In Thane
Keystone Realtors Ltd. has signed a Conveyance Deed for acquisition of land in Thane for total consideration Rs 91 crore.
Source: Exchange filing
Block Deals So Far On Thursday
NTPC Ltd. had 10.8 lakh shares changed hands in a large trade.
Tube Investment of India had 10.1 lakh shares changed hands in a bunch trade.
Sun Tv Network Ltd. had 18 lakh shares traded in bunch.
Steel Authority of India had 1.06 crore shares traded in a large trade.
Here Are Nifty 50 Stocks That Hit Life High
Vedanta Board Approves Allotment Of NCDs
Vedanta Ltd.'s board approved allotment of non-convertible debentures worth up to Rs 1,000 crore on a private placement basis.
Source: Exchange filing
Ambuja Rises After Nomura Upgrades It To 'Buy'
Nomura Research has upgraded Ambuja Cements Ltd. to 'buy' from 'reduce' as the company continued its aggressive capacity expansion and its above-industry volume growth. The brokerage also raised the target price to Rs 780 per share from Rs 500 apiece earlier, implying a potential upside of 17.5% from the previous close.
Ambuja Cements' stock rose as much as 3.45% in early trade to Rs 687.95 apiece on the NSE. It was trading 2.86% higher at Rs 684 apiece, compared to a 0.11% advance in the benchmark Nifty at 9:27 a.m.
The share price has risen 62% in the last 12 months and 31% on a year-to-date basis. The relative strength index was at 57.
Twenty-four out of the 40 analysts tracking the company have a 'buy' rating on the stock, seven recommend a 'hold' and nine suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
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NBCC Gets Order Worth Rs 36 Crore
NBCC (India) Ltd. has received an order worth Rs 36 crore for solar water heating system.
Source: Exchange filing
Sula Vineyards Shares Gain After Posting Record Net Revenue In Q1
Shares of Nashik based Sula Vineyards Ltd. rose on Thursday after it reported its highest-ever net revenue in the first quarter of fiscal 2025. The company's net revenue rose 9.7% year-on-year to Rs 129.6 crore in the quarter ended June 30, according to an exchange filing.
GE Power Shares Gain After Board Approves Sale Of Hydro, Gas
Shares of GE Power India Ltd. hit a four-year high on Thursday after its board approved plans to sell its hydro and gas power businesses through a slump sale as part of a business restructuring.
Shares of GE Power rose as much as 4.28% during the day to Rs 623 apiece on the NSE. It was trading 1.87% higher at Rs 608.60 apiece, compared to a 0.08% advance in the benchmark NSE Nifty 50 as of 10:02 a.m.
The stock has risen 283.85% in the last 12 months and 169.8% on a year-to-date basis. The relative strength index was at 88.40 indicating that the stock may be overbought.
HPL Electric Shares Surge Over 18% To Record After Rs 2,100-Crore Order Win
Shares of HPL Electric & Power Ltd. surged over 18% to hit a record high on Thursday after winning an order worth Rs 2,100 crore from their regular leading customers.
Shares of HPL Electric and Power rose as much as 18.41% to trade at Rs 552.30 apiece on the NSE. It was trading 16.84% higher at Rs 510 per share, compared to a 0.29% decline in the benchmark Nifty as of 11:05 a.m.
The share price has risen 172.60% in the last 12 months and 120.1% on a year-to-date basis. The relative strength index was at 72.07, indicating the stock is overbought.
The one analyst tracking the company recommends 'buy' rating on the stock, according to Bloomberg data.
Yes Bank Shares Gain On Outlook Upgrade From Moody's
Shares of Yes Bank Ltd. surged over 8% on Thursday after Moody's upgraded their outlook to 'positive' from 'stable' while affirming the bank's credit ratings at 'Ba3'.
Shares of Yes Bank rose as much as 8.53% to Rs 27.09 apiece on the NSE. It was trading 7.13% higher at Rs 26.74 apiece, compared to a 0.04% advance in the benchmark Nifty 50 as of 9:46 a.m.
The stock has risen 55.4% in the last 12 months and 24.7% on an year-to-date basis. The relative strength index was at 66.
One out of the 11 analysts tracking the bank have a 'hold' rating on the stock and 10 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential decline of 35.7%.
Thermax's Unit Pact With Polymers Holdings
Thermax' arm is in pact with Vebro Polymers Holdings to form a JV for flooring chemical business.
Source: Exchange filing
UCO Bank Hikes Overnight MCLR By 5 Basis Points
UCO Bank Ltd. has hiked overnight MCLR by 5 bps to 8.15%
The lender has also hiked 6-month MCLR by 5 bps to 8.75%
Source: Exchange filing
Nifty Oil & Gas Scales Fresh High As ONGC, HPCL Lead Gains
The NSE Nifty Oil & Gas rose 0.83% to 12,745.90, the highest level since its incorporation on Jan 15, 2020. It was trading 0.61% higher at 12,716.15 as of 11:45 a.m., as compared to 0.23% decline in the NSE Nifty 50 index.
Ahluwalia Contracts Gets Order Worth Rs 894 Crore
Ahluwalia Contracts (India) Ltd. has received a Rs 894 crore order for development of Lal Bahadur International Airport, Varanasi from Airports Authority of India.
Source: Exchange Filing
Global Surfaces's Unit In Strategic License Agreement With SQIP
Global Surfaces Ltd.'s wholly-owned subsidiary Global Surfaces FZE enters into strategic license agreement with SQIP.
Source: Exchange filing
Indegene In Pact With Microsoft
Indegene Ltd. is in long-term pact with Microsoft on generative Artificial Intelligence.
Source: Exchange filing
RVNL Bags Order Worth Rs 138 Crore
Rail Vikas Nigam Ltd. received a letter of acceptance worth Rs 138 crore from Central Railway.
Source: Exchange filing
Powergrid Off Life High As Board Raises Borrowing Limit
Shares of Power Grid Corp of India fell after rising to the highest level since listing as board approved to raise the borrowing limit.
Shares of Power Grid Corp of India rose 0.78% to Rs 348.75, the highest level since its listing on Oct 5, 2007. It erased gains to trade 0.12% lower at Rs 345.65 as of 10:46 a.m., as compared to 0.30% decline in the NSE Nifty 50 index.
The scrip gained 73.5% in 12 months, and 45.91% on year to date basis. Total traded volume so far in the day on NSE stood at 0.30 times its 30-day average. The relative strength index was at 67.63.
Out of 21 analysts tracking the company, 13 maintain a 'buy' rating, and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.1%
HG Infra Engineering Gets Order Worth Rs14.65 Crore
H.G. Infra Engineering Ltd. has received a letter of acceptance worth Rs 14.65 crore from Rail Land Development Authority.
Source: Exchange filing
Kalpataru Projects Soars To Record After Bagging Orders Worth Rs 2,995 Crore
Shares of Kalpataru Projects International Ltd. surged nearly 5% to an all-time high on Thursday after the company, along with its joint ventures and international subsidiaries, bagged orders worth Rs 2,995 crore.
KPIL's stock rose as much as 4.79% in early trade to Rs 1,410 apiece on the NSE. It was trading 2.27% higher at Rs 1,376 per share, compared to a 0.11% advance in the benchmark Nifty as of 9:49 a.m.
The share price has risen 149.03% in the last 12 months and 94.61% on a year-to-date basis. The relative strength index was at 72.57, indicating the stock is overbought.
Twelve out of 15 analysts tracking the company have a 'buy' rating on the stock, two recommend 'hold' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7.7%.
Raymond Hits Lower Circuit After Demerging With Life Style Business
Shares of Raymond Ltd. hit a 5% lower circuit and fell to Rs 1,810.70 on Thursday after it demerged with Raymond Lifestyle Ltd. It was pared losses to trade 2.15% lower at Rs 1,865.00 as of 10:19 a.m. as compared to 0.26% decline in the NSE Nifty 50 index.
The Raymond Ltd. closed at Rs 3,156.10 on Wednesday. It opened at Rs 1,906, which is the discovery price after the demerger.
The demerger came into effect on Thursday. The price of Raymond Lifestyle Ltd. stock is Rs 1,250.1.
Glenmark Life Sciences Falls To Near Two-Week Low As Promoter Offloads Stakes
Glenmark Life Sciences Ltd. fell to near two-week low on Thursday as promoter Glenmark Pharmaceuticals Ltd. is to offload stakes in the company.
Meanwhile, shares of Glenmark Lifesciences declined 3.61% to Rs 844.20, the lowest level since June 28. It pared losses to trade 1.92% lower at Rs 859 as of 09:59 a.m., as compared to 0.07% advance in the NSE Nifty 50 index.
The scrip gained 27.91% in 12 months, and 30.89% on year to date basis. Total traded volume so far in the day on NSE stood at 1.79 times its 30-day average. The relative strength index was at 48.24.
Out of seven analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.2%
Glenmark Pharma Hits Life High As It Exits Glenmark Life
Shares of Glenmark Pharmaceuticals Ltd. rose to all time high on Thursday as it set to exit Glenmark Life Sciences Ltd. through an offer for sale.
Shares of Glenmark Pharmaceuticals Ltd. rose 1.00% to Rs 1,393, the highest level since its listing on Feb 7, 2000. It erased gains to trade 1.34% lower at Rs 1,361 as of 09:53 a.m. as compared to 0.09% advance in the NSE Nifty 50 index.
The scrip gained 72.17% in 12 months, and 58.69% on year to date basis. Total traded volume so far in the day stood at 0.97 times its 30-day average on NSE. The relative strength index was at 71.25, which implied the stock is overbought.
Out of 14 analysts tracking the company, six maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.4%
HPL Electric & Power Gets Order Worth Rs 2,101 Crore
HPL Electric & Power Ltd. has received work order worth Rs 2,101 crore for supply of smart meters.
Source: Exchange filing
Nifty Pharma Rises To Fresh High As Mankind Pharma Lead
The NSE Nifty Pharma rose 0.38% to 20,804.25, the highest level since its incorporation. It erased all gains to trade 0.24% lower at 20,674.35 as of 09:37 a.m., as compared to 0.02% advance in the NSE Nifty 50 index.
Nifty, Sensex Rebound As ICICI Bank, TCS, RIL Lead Gains: Opening Bell
Indian benchmark indices rebounded to open higher on Thursday tracking gains in ICICI Bank Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd.
As of 09:17 a.m., the NSE Nifty 50 was 48.70 points or 0.20% higher at 24,373.15, and the S&P BSE Sensex181.59 or 0.23% higher at 80,106.36.
"The Bearish engulfing candle on the daily chart indicates a potential reversal of the trend but to confirm a reversal, a convincing move below 24,200 is a must till then uptrend will remain intact. On the other hand, a level of 24,460 will be considered an immediate hurdle," said Aditya Gaggar, director, Progressive Shares.
ICICI Bank Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and State Bank of India added to the index.
HDFC Bank Ltd., ITC Ltd., UltraTech Cement Ltd., Infosys Ltd., and Bajaj Auto Ltd. weighed on the index.
On NSE, nine sectors advanced, and three declined out of 12. The NSE Nifty Realty declined the most, and the NSE Nifty Metal rose the most.
Broader markets outperformed the benchmarks. The S&P BSE Midcap and Smallcap were trading 0.43% and 0.48% higher respectively.
On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE Metal rose the most, while the S&P BSE Power and Healthcare declined most.
Market breadth was skewed in favour of buyers. Around 2,025 stocks rose, 931 stocks declined, and 121 remained unchanged on BSE.
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Nifty, Sensex Trade Higher
At pre-open, the NSE Nifty 50 was trading 72.10 points or 0.30% higher at 24,396.55, and the S&P BSE Sensex was trading 0.31% or 245.32 points higher at 80,170.09.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.98% on Wednesday.
Source: Cogencis
Rupee Strengthens Against US Dollar
The local currency strengthened by 2 paise to open at 83.51 against the US dollar.
It closed at 83.53 on Wednesday.
Source: Bloomberg
Kalpataru Projects Bags Order Worth Rs 2,995 Crore
Kalpataru Projects International Ltd. has received new orders worth Rs 2,995 crore along with joint venture and international arms.
Source: Exchange filing
Bernstein On Sona BLW Precision Forgings
Bernstein maintained an Outperform on Sona BLW Precision Forgings Ltd. with a target price Rs 780, which implied an upside of 13%.
See co benefitting from transition to mobility
BEV revenues now at 30%, expected to reach 45% by FY26
Sona now has 30 EV clients with increased Hybrid relevance another benefit
Developed new traction motors for Hybrids and already sells started motors
Expanding product portfolio resulted in 5x revenue growth in 5 years
PLI for EV Motors helps transition to EVs in 2W
Current order book at 7.6x trailing revenues
Nuvama On Specialty Chemicals
Nuvama rated 'Buy' on Aarti Industries with target price of Rs854;upside 18%
Gujarat Fluorochemicals with target price of Rs 4697;upside 44%
Jubilant Ingrevia with target price of Rs 632;upside 18%
Prefers Aarti Industries, Gujarat Fluoro, Galaxy Surfactant and Jubilant Ingrevia
Estimate sustained growth for most speciality chemical players after bottoming in Q3FY24
Players catering to agrochem such as SRF likely to report low growth
Players with ready capex may witness higher growth as demand scenario improves
optimistic about battery chemical companies such as Gujarat Fluoro
Reckons SRF and Anupam shall witness weak growth momentum.
Jefferies On Reliance Industries
Jefferies maintained 'buy' on Reliance Industries Ltd. with a target price Rs 3,580, which implied an upside of 14%.
Jio's Potential Public Listing hinges on value maximisation
Currently with Indian market imputing 20-50% holdco discount to listed subsidiaries
Strong performance of RIL and JFS post spin off leads us to believe Jio could be spun off
Instituitional investors prefer spin offs to avoid holdco discount
Jio lead in tariff hikes unlike past creates a case for possible listing
IPO route offers better control but holdco discount; needs large Retail mobilization
RIL could look to spin off Jio and list it after a price discovery
Assuming Jio is spun off, could list at US$112bn valuation, 7-15% upside to RIL
Tata Elxsi 1QFY25 Call Takeaways
Healthcare to stablise in second half.
Aiming to exit the growth rate at better growth than FY24
Growth to be led by Transportation
Green shoots visible in Media & Communication
Confident about the good growth in 2QFY25
5%-6% wage hike (divided in 2Q and 3Q)
Have enough levers to compensate this impact
Utilisation has not peaked right now.
This will act as margin lever going forward
Investing strongly in AI and Gen AI technologies across verticals
Nomura Upgrades Ambuja Cements To Buy
Nomura upgraded Ambuja Cements Ltd. to 'Buy' from 'Reduce' with a target price at Rs 780 up from Rs 500. The target price implied 17% upside.
Upgrade on strong capacity expansion
Another round of inorganic expansion possible
Highest volume growth in industry
In the process of adding 24 million ton capacity by FY26F
Penna acquisition helps become 3rd-largest player in South India
Behind only Ultratech and Ramco; offset ACC lack of brownfield
Estimate FY24-26F volume/EBITDA CAGRs of 13%/28%; slightly above Ultratech’s
Raise target multiple to 19x from 14x to factor in:
Aggressive capacity expansion
Entry into newer markets
Above industry volume growth
Increased brownfield optionality
Cost-optimization measures
Rallis India Files Petition Against Tax Demand
Rallis India Ltd. filed a writ petition in Bombay High Court against tax demand worth Rs 408 crore by Income Tax department.
Source: Exchange filing
L&T's Unit Incorporates L&T CIS
Larsen & Toubro Ltd.'s step-down wholly-owned subsidiary incorporated arm L&T CIS in Uzbekistan.
Source: Exchange filing
Jubilant Foodworks Retains 'Buy' From Citi Research
Citi Research maintained a buy on Jubilant Foodworks Ltd., and set the target price Rs 663, which implied 14% upside.
Use SOTP and hike multiple for Dominos India 36x from 30x
Expect turnaround in Dominos in same store growth trajectory
Other upsides:
Focus on cost control
Better numbers from new ventures
Downside Risks:
Deterioration in consumer sentiment
Inflation
Irrational competition
Limited traction in new products
Escalation in operating expenditure
Emkay Global's On Dixon Technologies
Turning into an electronics engineering powerhouse increasing shift towards
Eyeing aggressive multi-year growth
Several growth initiatives under way and with mobile and IT-hardware products
Mobile, IT-hardware products are key growth drivers, aided by refrigerators, telecom devices
Strong base to pursue backward integration and increase local value-addition
Plans to foray into display module manufacturing that usually contributes 8-10% of Bill Of Materials cost
Alert: Takeaways from meeting with Atul Lall
Global Cues
U.S. Dollar Index at 104.92
U.S. 10-year bond yield at 4.29%
Brent crude up 0.83% at $85.79 per barrel
Bitcoin was up 1.08% at $58,024.28
The GIFT Nifty was trading 8 points or 0.03% lower at 24,399.50 as of 07:38 a.m.
Money Market Update
The Indian currency weakened 4 paise to close at 83.53 against the US dollar.
F&O Cues
Nifty July futures down by 0.53% to 24,355.05 at a premium of 30.6 points.
Nifty July futures open interest down by 2.8%.
Nifty Bank July futures down by 0.55% to 52,318.60 at a premium of 129.3 points.
Nifty Bank July futures open interest down by 8.96%.
Nifty Options July 11 Expiry: Maximum call open interest at 24,500 and maximum put open interest at 24,000.
Bank Nifty Options July 16 Expiry: Maximum call open interest at 55,000 and maximum put open interest at 52,000.
Securities in ban period: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers & Chemicals, GNFC, IEX, India Cements, Indus Towers, Piramal Enterprises, RBL Bank.
Trading Tweaks
Price band changes from 10% to 5%: PC Jeweller.
Price band changes from 20% to 10%: GE Power India, Rail Vikas Nigam.
Price band changes from 20% to 5%: Raymond.
Ex/record Dividend: Route Mobile, Oriental Hotels, Century Textiles & Industries, Vimta Labs.
Ex/record Demerger: Raymond.
Ex/record AGM: Century Textiles & Industries, Vimta Labs.
Moved in short-term Framework: Bombay Burmah Trading Corp., Dynamic Services & Security, Omaxe, and Optiemus Infracom.
Moved out short-term Framework: Atul Auto, ION Exchange (India), Orient Cement, and Solara Active Pharma Sciences.
Who’s Meeting Whom
Jana Small Finance Bank: To meet analyst and investors on July 22.
Earnings in Focus
TCS Bloomberg Estimate
Revenue estimate at Rs 62,128.4 crore.
EBIT estimate at Rs 15,245.5 crore.
Margin estimate at 24.5%.
Net profit estimate at Rs 11,959 crore.
Earnings Post Market
Kesoram Industries Q1 FY25 (Consolidated, YoY)
Revenue down 12% at Rs 879 crore vs Rs 999 crore.
Ebitda down 32.8% at Rs 70 crore vs Rs 105 crore.
Ebitda margin at 7.9% vs 10.5%.
Net loss of Rs 62 crore vs loss of Rs 32 crore.
Tata Elxsi Q1 FY25 (QoQ)
Revenue up 2.3% at Rs 926 crore vs Rs 906 crore (Bloomberg estimate Rs 922.5 crore).
EBIT down 3.6% at Rs 225 crore vs Rs 233.7 crore (Bloomberg estimate Rs 235.2 crore).
Margin at 24.3% vs 25.8% (Bloomberg estimate 25.5%).
Net profit down 6.5% at Rs 184 crore vs Rs 197 crore (Bloomberg estimate Rs 198.2 crore).
Block Deals
Delhivery: Canada Pension Plan Investment Board sold 2.34 crore shares (3.18%) at Rs 388.45, FMRC Fidelity Emerging Markets Fund bought 61.9 lakh shares (0.83%) at Rs 388.45 apiece, ICICI Prudential Life Insurance bought 33.5 lakh shares (0.45%), Aditya Birla Sun Life Mutual Fund bought 25.94 lakh shares (0.35%) and among others at Rs 388.45 apiece.
Mankind Pharma: Hema Cipef (I) sold 18.5 lakh shares (0.46%) at Rs 2,082 apiece, while ICICI Prudential Mutual Fund A/C through its affiliates bought 10.10 lakh shares (0.25%) at Rs 2,082 apiece, Morgan Stanley Asia Singapore Pte bought 3.36 lakh shares (0.08%) and among others at Rs 2082 apiece.
FSN E-Commerce Ventures: Canada Pension Plan Investment Board sold 1.47 crore shares (0.51%) at Rs 174.04 apiece, ICICI Prudential Mutual Fund A/C through affiliates bought 1.47 crore shares (0.51%) at Rs 174.04 apiece.
Stocks to Watch
Sula Vineyards: The company saw the highest-ever first-quarter net revenue and own-brand revenue. Net revenue grew 9.7% year-on-year to Rs 130 crore. Wine tourism revenue in the quarter was Rs 11.3 crore, down 2.5% year-on-year. Own-brand revenue rose 2.7% to Rs 104.4 crore.
Satin Creditcare Network: The company received 15 million euros in debt funding from Austria's OeEB.
Trent: The company opened the 229th store in Faridabad, Haryana.
Power Grid Corp.: The company will increase the current borrowing limit from its existing Rs 12,000 crore to Rs 15,000 crore during the financial year 2024–25. The board approved the proposal in a meeting on Wednesday and the company will seek shareholders' nods at the upcoming annual general meeting.
Glenmark Pharmaceuticals: The company and Glen Saldanha will sell up to a 7.85% stake via an offer for sale at a floor price of Rs 810 per share. The OFS will open for non-retail investors on July 11 and for retail investors on July 12.
GE Power India: The company is to sell its hydro business undertaking to GE Power Electronics and its gas power business undertaking to GE Renewable Energy Technologies through slump sales.
IRB Infrastructure Developers: The company's gross toll collection was up 35% year-on-year at Rs 517 crore in June.
Bajaj Healthcare: The company approved raising up to Rs 137 crore through the preferential issue of shares.
Shalby: The company received the Mumbai charity commissioner's nod for executing a 30-year lease for Asha Parekh Hospital in Santa Cruz, Mumbai. This order will enable the company to construct a new 175+-bed healthcare facility.
PTC Industries: The company mulls fundraising on July 13.
IRCTC: The company, DMRC, and CRIS collaborated to promote the 'One India – One Ticket' initiative, enhancing the travel experience for main-line railway and metro passengers in the NCR area.
Asian Paints: The company confirmed a price hike across the portfolio by approximately 1%, to be effective July 22.
Oriana Power: The company received a new order worth Rs 155 crore for a 40 MWp solar plant in Rajasthan.
GIFT Nifty Trades Near 23,400
Japan's benchmarks scaled fresh highs with the Nikkei 225 crossing historic 42,000 level, tracking sharp gains on tech stocks globally.
The Nikkei 225 rose to a fresh high of 42,426.77, and the Topix hit a new high of 2,946.60. Both the indices were trading 0.94% and 0.67% higher, respectively.
The Kospi and S&P ASX 200 were trading 0.83% and 0.82% higher, respectively.
US equities rose for the seventh straight day to hit fresh all-time highs on Wednesday. This is the longest winning run for the equities since November.
The S&P 500 and Nasdaq Composite rose 1.02% and 1.18%, respectively, as of Wednesday. The Dow Jones Industrial Average rose 1.09%.
Brent crude was trading 0.75% higher at $85.72 a barrel. Gold rose 0.12% to $2,374.02 an ounce.
The GIFT Nifty was trading 20 points or 0.08% lower at 24,387.50 as of 06:51 a.m.
The Indian benchmark equity indices logged their worst session since June 4 after hitting respective highs at open on Wednesday as shares of Mahindra & Mahindra Ltd. fell nearly 7%.
The NSE Nifty 50 closed 108.75 points or 0.45%, lower at 24,324.45, while the S&P BSE Sensex ended 426.87 points or 0.53%, lower at 79,924.77.
Overseas investors remained net buyers of Indian equities for the sixth consecutive session on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 584 crore, while domestic institutional investors stayed net buyers for the second session and bought equities worth Rs 1,416.4 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened 4 paise to close at 83.53 against the US dollar.
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