Stock Market Today: Nifty, Sensex Post Best Streak Of Weekly Gains In Over Six Months; HDFC Bank Tumbles

• The local currency closed flat at 83.49 against the US dollar.

• It closed at 83.50 on Thursday.

Source: Bloomberg

Indian benchmarks rose for fifth week to record the best streak of weekly gains in over six months. Meanwhile, the indices erased losses during the last leg of the trade on Friday tracking gains in shares of Reliance Industries Ltd., State Bank of India, and Larsen & Toubro Ltd.

The NSE Nifty 50 settled 21.70 points or 0.1% higher at 24,323.85, and the S&P BSE Sensex ended 53.07 points or 0.1% lower at 79,996.60.

Intraday, the Nifty 50 declined 0.55% to 24,168.85, and the Sensex declined 0.71% to 79,778.98.

Indian equity market sentiments remained positive with both the Sensex 30 and the Nifty 50 index reaching a new high this week. On a weekly basis, BSE 30 and Nifty 50 index gained more than 1%, while the BSE Midcap and the BSE Smallcap index outperformed the large-caps index, said Shrikant Chouhan, head equity research, Kotak Securities.

Amid the positive market momentum, most of the sectoral indices reported positive gains this week. BSE IT services performed strongly ahead of the upcoming Q1FY25 earnings season. Oil prices has been gradually inching upwards over the past one month, which needs to be monitored, Chouhan said.

Over the next few weeks, the key events for the market includes macro factors, Union Budget and the Q1FY25 earnings. Individual stocks will be in focus on Q1FY25 earnings and management commentary over coming few weeks, he added.

The benchmarks recorded best winning streak since Dec 11, 2023 when the indices rose for seven consecutive weeks. The Nifty, and Sensex rose 1.30%, and 1.22%, respectively in the week ended on Jul 5, to record straight fifth week gain.

Reliance Industries Ltd., State Bank of India, Larsen & Toubro Ltd., Hindustan Unilever Ltd., and Oil and Natural Gas Corp Ltd. helped the benchmark erase losses.

HDFC Bank Ltd., Infosys Ltd., Titan Co., Mahindra & Mahindra Ltd., and Tata Steel Ltd. pressured the benchmark throughout the session.

This week, 11 sectors logged gains and one declined out of 12. The NSE Nifty IT emerged as the top performing sector of the week, while the NSE Nifty PSU Bank declined the most.

Broader indices outperformed. S&P BSE Midcap ended 0.75% higher and S&P BSE Smallcap ended 0.7% higher.

On BSE, 14 sectors advanced, and six declined out of 20. The S&P BSE Oil & Gas rose the most, and the S&P BSE Financial Services declined the most.

Market breadth was skewed in the favour of buyers. Around 2,254 stocks rose, 1,669 fell and 93 remained unchanged on the BSE

The NSE Nifty Pharma rose 1.60% to 20,230, the highest level since its inception on July 1, 2005. It was trading 1.23% higher at 20,435.70 as of 1:57 p.m., as compared to 0.21% decline in the NSE Nifty 50 index.

• Board approves raising up to Rs 175 crore via QIP or other means

Source: Exchange filing

• Q1 gross advances at Rs 10,644 crore, up 6% YoY

• Q1 deposits at Rs 14,440 crore, up 7.8% YoY

• Q1 CASA at Rs 4,504 crore, up 2.8% QoQ

(Provisional figures)

Source: Exchange filing

India's benchmark stock indices were trading off their day's low by midday on Friday after shares of Reliance Industries Ltd. and L&T Ltd. rose over 1% while HDFC Bank continued to weigh.

At 12:06 p.m., the Nifty was trading 0.11%, or 25.80 points, lower at 24,276.35, and the Sensex fell 0.26%, or 211.56 points, to trade at 79,838.11.

When a correction happens, it is difficult to find a trigger, said Dipan Mehta, founder and director of Elixir Equities. Currently, even softer corporate earnings are not impacting the market because of the surge of inflows coming in from retail investors, Mehta said.

Valuations have gone way beyond what their averages should have been, he said. He advises against investing new money and liquidating holdings whose earnings are disappointing.

Shares of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Titan Co. Ltd., Tata Consultancy Services Ltd., and Tata Steel Ltd. were weighing on the Nifty.

While those of Reliance Industries Ltd., Larsen & Toubro Ltd., Oil & Natural Gas Corp. Ltd., State Bank of India, and Infosys Ltd. were contributing to the index.

Most sectoral indices were trading higher, with Nifty Pharma leading and Nifty Finance losing the most.

Broader indices outperformed their larger peers, with the S&P BSE Midcap rising 0.52% and S&P BSE Smallcap gaining 0.82% through midday on Friday.

Four out of the 20 sectoral indices declined and 16 advanced. S&P BSE Financial Services fell the most.

The market breadth was skewed in the favour of the buyers. Around 2,133 stocks rose, 1620 fell, and 119 remained unchanged on the BSE.

• Gross loan rose 30.6% on the year to Rs 18,798 crore

• Deposits rose 30% on the year to Rs 18,163 crore

• CASA ratio at 19.0% vs 20.5% QoQ

  (Provisional figures)

Source: Exchange filing

• Poonawalla Fincorp Ltd. had 20.92 lakh shares traded in a block at Rs 419 apiece.

• Its 0.27% equity changed hands. Buyers and sellers are unknown.

Source: Cogencis

• Thermax received an order worth Rs 513 crore for supply of 2x 550 TPH boiler.

Source: Exchange filing

Shares of Raymond Ltd. surged to life high on Friday after its board approved the demerger of its realty arm with an aim to consolidate the entire real estate business of the group under one single entity.

Shares of Raymond rose as much as 18.50% to a lifetime high of Rs 3,484.00 apiece on the NSE. It was trading 17.92% higher at Rs 3,466.92 apiece, compared to a 0.09% decline in the benchmark Nifty 50 as of 11:41 a.m.

The stock has risen 98.27% in the last 12 months and 100.91% on a year-to-date basis. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 80.70, which implied the stock is overbought.

Five out of the six analysts tracking the company have a 'buy' rating on the stock and one suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 14%

• Sanghi Industries Ltd. has approved allotment of shares worth up to Rs 500 crore on private placement basis to Ambuja Cements Ltd.

Source: Exchange filing

Shares of Ircon International Ltd. rose to a one-month high on Friday after it won an order worth Rs 750.83 crore from Rail Vikas Nigam Ltd. related to a new 125 kilometre broad gauge line between Rishikesh and Karanprayag in Uttarakhand.

Shares of Shilpa Medicare Ltd. jumped 15.415 to Rs 669.00, the highest level since Jul 22. It was trading 14.21% higher at Rs 662.90 as of 11:09 a.m., as compared to 0.25% decline in the NSE Nifty 50 index.

• Ashok Leyland Ltd. had 10.1 lakh shares change hands in a bunch trade.

• Delhivery Ltd. had 11.2 lakh shares traded in a large trade.

• Restaurant Brands Asia Ltd. had 20 lakh shares change hands in a bunch trade.

• Medplus Health Services Ltd. had 23.7 lakh shares change hands in a bunch trade.

• Cigniti Technologies Ltd. had 46.2 lakh shares change hands in a large trade.

Shares of Divi's Laboratories Ltd. rose as much as 2.77% to Rs 4,657.45, the highest level in over two years. It was trading 2.50% higher at Rs 4,657.80 as of 10:58 a.m., as compared to 0.24% decline in the NSE Nifty 50 index.

• Godrej Agrovet Ltd.'s promoters to acquire 2.16% stake in the company from RKN Enterprises via block deal.

Source: Exchange filing

• Godrej Properties Ltd. promoters to acquired 1.43% stake in the company from RKN Enterprises via block deal.

Source: Exchange filing

The NSE Nifty Oil & Gas rose 1.26% to 12,467.30, the highest level since Jan 15, 2020. It was trading 1.24% higher at 12,465.35 as of 10:45 a.m., as compared to 0.21% decline in the NSE Nifty 50 index.

Shares of Mahindra Lifespace Developers Ltd. jumped to the highest level in over two months after bagging property development projects in Bengaluru and Mumbai.

In Mumbai, Mahindra Lifespace Developers will redevelop two residential projects with Rs 1,800 potential value. It will also develop a land in Bengaluru with Rs 250 crore potential value.

Shares of Rail Vikas Nigam Ltd. jumped to the highest level since its listing after the company said it has partnered with Delhi Metro Rail Corp for future projects.

Shares of Rail Vikas Ltd. jumped 7.94% to Rs 452.00, the highest level since its listing on April 11, 2019. The stock was trading 6.84% higher at Rs 447.40 as of 10:00 a.m., as compared to 0.46% decline in the NSE Nifty 50 index.

The scrip gained 261% in 12 months, and 146.21% on year to date basis. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 75.76, which implied the stock is overbought.

Three analysts tracking the company recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 22%.

• Expect Q1FY25 to be weak for most companies, except Gail (India), Petronet LNG

• RIL: O2C segment weakness to offset modest growth in RJio/retail

• Indian OMCs may see 35-43% QoQ Ebitda decline on weaker GRM, lower auto-fuel marketing margins

• Gail (India), Petronet LNG to benefit from higher gas consumption

• Sharp tariff cut to offset higher volumes for Gujarat State Petronet

• Rising APM shortfall, price cuts to impact gross margins for CGDs

• Upstream: Higher windfall to offset benefits of higher oil prices

Shares of HDFC Bank Ltd. declined 3.6% to Rs 1,665.70 in Friday's session after the bank reported decline in gross advances, and CASA deposits.

The private lender's gross advances declined 0.8% quarter-on-quarter at Rs 24.87 lakh crore, it said on Thursday.

Indian benchmarks reversed two-day winning streak at open on Friday tracking decline in heavyweight HDFC Bank Ltd., and Mahindra & Mahindra Ltd.

As of 09:16 a.m., the NSE Nifty 50 was trading 58.40 points or 0.24% lower at 24,243.75, and the S&P BSE Sensex was trading 288.52 points or 0.36% down at 79,761.15.

"After a promising uptrend rally, the market is witnessing non-directional activity at higher levels, perhaps traders are waiting for a breakout on either side," said Shrikant Chouhan, head equity research, Kotak Securities.

"For day traders, 24,400/80,390 would be the immediate breakout level. Above that, the market can move up to 24,500-24,525/80,700-80,800. Below 24,400, the market can retest 24,200-24,165/79,700-79,550 levels where it has left a price gap on Wednesday."

HDFC Bank Ltd., Mahindra & Mahindra Ltd., Titan Co., Tata Consultancy Services Ltd., and Tata Steel Ltd. pressured the index.

ICICI Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Hindalco Industries Ltd., and Hindustan Unilever Ltd. limited losses in the index.

On NSE, four sectors declined, seven advanced, and one remained flat out of 12. The NSE Nifty Financial Services were leading losses in the index. The NSE Nifty PSU Bank rose the most among peers.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap were trading 0.01% and 0.21% higher, respectively.

On BSE, 10 sectors declined and 10 advanced out of 20. The S&P BSE Financial Services the worst performing sector, and the S&P BSE Healthcare rose the most.

Market breadth was skewed in favour of buyers. Around 1,783 stocks rose, 1,148 stocks declined, and 94 remained unchanged on BSE.

• Jefferies kept a 'Buy' on HDFC Bank Ltd. with a target price Rs 1,880, which implied a 9% upside.

• HDFC Bank deposit growth was slightly disappointing

• Loans contracted 0.8% QoQ

• Retail, SME and rural led growth on the loans front

• LDR is flat QoQ

• What to watch out for: retail deposit trend, NIM, Opex

• Client base as of June rose 3.7% to 2.47 crore

• Gross client acquisition as of June rose 6.3% to 9.4 lakh

• Number of orders as of June rose 5.9% to 16.8 crore

Source: Exchange filing

• Top picks: UltraTech and Ambuja Cement

• Expect avg EBITDA/t for companies to decline by Rs 133 QoQ

• Decline in Ebitda per tonne on continued weak cement prices

• Expect blended to decline 3% QoQ to Rs 5246/t

• Q1 demand slowdown on general elections, heat waves, labor-availability issues

• Q1 volumes of coverage stocks to rise 4% YoY in Q1FY25

• Stable input prices to provide a breather, expect overall unit costs to remain flat QoQ

At pre-open, the NSE Nifty 50 was trading 88.80 points or 0.37% lower at 24,213.35, and the S&P BSE Sensex was trading 62.88 points or 0.1 higher at 80,049.67.

• Pre-sales rose 20% Rs 4,030 crore

• Collections rose12% to Rs 2,690 crore

• Adds 3 projects in NMR and Pune Having GDV of Rs 11,100 crore

Source: Exchange filing

• The yield on the 10-year bond opened flat at 6.99%.

• It closed at 6.99% on Thursday.

Source: Cogencis

• The local currency strengthened by 3 paise to open at 83.47 against the US dollar.

• It closed at 83.50 on Thursday.

Source: Bloomberg

• U.S. Dollar Index at 105.04

• U.S. 10-year bond yield at 4.36%

• Brent crude up 0.40% at $87.08 per barrel

• Bitcoin was down 5.15% at $55,325.76

• The GIFT Nifty was trading 13.5 points or 0.06% lower at 24,345.00 as of 08:57 a.m.

• Procter & Gamble Hygiene and Healthcare Ltd.'s shareholders approved the appointment of Kumar Venkatasubramanian as director and managing director.

Source: Exchange filing

• Coforge Ltd. has acquired 30 lakh shares of Cigniti Tech aggregating to 11.07% of current paid-up share capital & 10.97% of expanded capital.

Source: Exchange filing

• Nifty July futures are up 0.1% at 24,359, a premium of 57.3 points.

• Nifty July futures open interest up by 0.43%.

• Nifty Bank July futures are 0.19% higher at 53,166.2, at a premium of 62.5 points.

• Nifty Bank July futures open interest up by 0.37%.

• Nifty Options July 11 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 23,000. 

• Bank Nifty Options July 10 Expiry: Maximum Call Open Interest at 55,000 and Maximum Put open interest at 53,000.

• Securities in ban period: Aditya Birla Fashion and Retail Ltd., Bandhan Bank Ltd., Piramal Enterprises Ltd., India Cements Ltd., Hindustan Copper Ltd.

The Indian currency weakened 3 paise to close at 83.53 against the US dollar.

• Price band changes from 10% to 5%: Usha Martin Education & Solutions Ltd.

• Price band changes from 20% to 10%: Mazagon Dock Shipbuilders Ltd.

• Ex/record dividend: Mahindra and Mahindra Ltd., Redington Ltd., Thermax Ltd., Piramal Enterprises Ltd., Nucleus Software Exports Ltd., Navin Fluorine International Ltd., Biocon Ltd., Bharat Forge Ltd., Balkrishna Industries Ltd., AstraZeneca Pharma India Ltd., Apollo Tyres Ltd., Allsec Technologies Ltd., 3M India Ltd., Welspun Enterprises Ltd., Escorts Kubota Ltd. and Sundaram Finance Ltd.

• Ex/record special dividend: 3M India.

• Ex/record AGM: Mahindra and Mahindra, Welspun Enterprises, and Escorts Kubota.

• Moved in short-term framework: Kingfa Science & Technology (India) Ltd., Refex Industries Ltd. and Zen Technologies Ltd.

• Zaggle Prepaid Ocean Services Ltd.: To meet analyst and investors on July 10.

• Mahindra Lifespace Developers Ltd.: To meet analyst and investors on July 25.

• Gravita India Ltd.: To meet analyst and investors on July 9.

• Aegis Logistics Ltd.: To meet analyst and investors on July 9.

• Emcure Pharmaceuticals: The public issue was subscribed to 4.98 times on day 2. The bids were led by institutional investors (1 times), non-institutional investors (13.67 times), retail investors (3.43 times), Portion reserved for employees (4.83 times).

• Bansal Wire Industries: The public issue was subscribed to 5.73 times on day 2. The bids were led by institutional investors (0.09 times), non-institutional investors (12.16 times), retail investors (6.19 times).

• Godrej Consumer Products Ltd.: Godrej Seeds & Genetics Ltd. bought 30. 57 lakh shares (0.29%), while BNG Successor Trust, HNG Family Trust and SNG Successor Trust collectively sold 30.57 lakh shares (0.29%) at Rs 1,367.05 apiece.

• Restaurant Brands Asia Ltd.: HDFC Mutual Fund bought 45.5 lakh shares (0.91%) at Rs 110.46 apiece.

• Cigniti Technologies Ltd.: Coforge Ltd. bought 30.21 lakh shares (11.06%) at Rs 1,412.25 apiece, Ashika Credit Capital sold 1.99 lakh shares (0.73%) at Rs 1,395.07 apiece.

• Cupid Ltd.: Minerva Ventures Fund sold 15 lakh shares (0.55%) at Rs 87.64 apiece.

• HDFC Bank Ltd.: The bank's gross advances fell 0.8% quarter-on-quarter at Rs 24.9 lakh crore, while the deposits were flat at Rs 23.8 lakh crore. CASA deposits were down 5% quarter-on-quarter at Rs 8.6 lakh crore in the first quarter of fiscal 2025.

• Raymond Ltd.: The company approved the demerger of its real estate arm, Raymond Realty Ltd., subject to approval of shareholders and regulators. The company will issue 6.65 crore shares of Raymond Realty having a face value of Rs 10 per share, upon demerger. One share of Raymond Realty will be given for every share held in the parent firm.

• Poonawalla Fincorp Ltd.: The lending company reported total disbursements at Rs 7,400 crore, up 5% year-on-year, and AUM growth of 52% at Rs 26,970 crore, in the April-June quarter of fiscal 2025.

• IDBI Bank: The bank's total business was up 15% year-on-year at Rs 4.71 lakh crore, while deposits were up 13% year-on-year to Rs 2.77 lakh crore. CASA deposits grew 5% year-on-year at Rs 1.34 lakh crore for the end of the first quarter in FY25.

• Punjab National Bank: The bank's domestic advances were up 12.1% year-on-year to Rs 9.89 lakh crore, while domestic deposits grew 8.1% year-on-year to Rs 13.7 lakh crore. Global advances were up 12.7% at Rs 10.33 lakh crore and global deposits were up 8.5% at Rs 14.08 lakh crore for the end of the first quarter in FY25.

• ESAF Small Finance Bank Ltd.: The bank reported a 30% year-on-year jump in gross advances at Rs 18,783 crore, while deposits grew 33.4% year-on-year at Rs 20,887 crore. CASA ratio was at 23.59% against 18.22% quarter-on-quarter for the end of year-on-year

• Rail Vikas Nigam Ltd.: The company signed a Memorandum of Understanding with Delhi Metro Rail Corp. for participation in upcoming projects in India and abroad.

• UCO Bank: The bank's total business advanced 11.5% year-on-year to Rs 4.62 lakh crore, while total advances grew 17.8% year-on-year to Rs 1.94 lakh crore. Total deposits were up 7.4% YoY at Rs 2.68 lakh crore and CASA ratio stood at 38.62% in Q1 FY25 versus 39.25% in the fourth quarter of fiscal 2024.

• RBL Bank: The bank's total deposits went up 18% year-on-year at Rs 1.01 lakh crore, while gross advances were up 18% at Rs 88,455 crore. CASA ratio was at 32.6% against 35.2% reported in the previous quarter.

• Ujjivan Small Finance Bank: The bank reported a 22% year-on-year jump in total deposits at Rs 32,500 crore, while gross loan book grew 19% to Rs 30,091 crore. CASA ratio was at 25.6% against 26.5% reported in the previous quarter.

• Lloyds Metal and Energy Ltd.: The company has opened qualified institutional placement, at a price of Rs 732.08 per share.

• Ircon International Ltd.: The company’s joint venture received a Rs 750 crore order from RVNL for the installation of tracks in Uttarakhand. The company holds a 60% stake in the project.

• Solar Industries India Ltd.: The company’s step-down unit acquired 73.99% stake in South Africa's Problast BS.

• IDFC First Bank: Life Insurance Corp. of India acquired 2.48% additional stake in IDFC First Bank for Rs 1,500 crore. The current stake stands at 2.68%.

• Mahindra Lifespace Developers Ltd.: The company was selected as a preferred partner for the redevelopment of seven residential societies in Mumbai. The project has an estimated gross development value of Rs 1,800 crore. The company also acquired land in Bengaluru with an estimated GDV of Rs 250 crore.

• BGR Energy Systems Ltd.: The company plans to raise up to Rs 100 crore via rights issue.

• Sanghvi Movers Ltd.: The company incorporated a wholly-owned subsidiary, Sangreen Logistics.

• CG Power And Industrial Solutions Ltd.: The company entered into a development agreement with Skybound Realty for the joint development of the company’s property 'CG House' in the Worli region in Mumbai.

• Delhivery: The Ministry of Corporate Affairs approved the incorporation of a wholly owned subsidiary, Delhivery Robotics India.

• Nazara Technologies Ltd.: The company incorporated a wholly owned US-based subsidiary, Nazara US Inc. in Delaware.

• FSN E-commerce And Ventures Ltd.: The company arm incorporated a wholly owned subsidiary, Nysaa Cosmetic Trading in Qatar.

• KDDL Ltd.: The company is to consider a buyback proposal on July 9.

• Welspun Specialty Solutions: Gujarat Pollution Control Board has revoked the notice of closure for company's Jhagadia plant for three months.

• Samvardhana Motherson International Ltd.: The company declared the successful pricing of its secured guaranteed notes— 144A/Reg S 5.625% US dollar senior, totaling $350 million—through its subsidiary, SMRC Automotive Holdings Netherlands B.V., with a corporate guarantee from SAMIL. This fundraise through the issuance of notes marks the return of Motherson Group to the US bond market after eight years.

Most markets in Asia-Pacific region were trading lower on Friday in absence of cues from US peers, and as investors keenly await non-farm payroll data, due to be published later today.

The Nikkei 225 was trading 39.05 points, or 0.1% lower at 40,874.60 as of 06:52 a.m. The index scaled a fresh high of 41,100.13.

Japan household spending dropped to 1.8% in May, against expectation of 0.1% gain. It's a key metric that the Bank of Japan watches to assess 'virtuous' cycle of wage and price hike, according to Dow Jones.

The KOSPI was trading 0.71% higher, while the S&P ASX 200 was down 0.1%.

The September contract of Brent crude was trading 0.05% higher at $87.47 per barrel on the International Continental Exchange as of 06:59 a.m. The spot Gold was 0.05% up at $2,357.83.

The GIFT Nifty was trading 4.5 points or 0.02% higher at 24,363.00 as of 07:00 a.m.

The benchmark equity indices extended their record rally for the second consecutive session but ended little changed on Thursday, as gains in information technology shares were offset by loss in HDFC Bank Ltd.

The NSE Nifty 50 ended 15.65 points, or 0.06%, up at 24,302.15, while the S&P BSE Sensex was 62.87 points, or 0.08%, up at 80,049.67, closing above the 80,000 mark for the first time.

Overseas investors stayed net buyers of Indian equities for the second consecutive day on Thursday. Foreign portfolio investors mopped up stocks worth Rs 2,575.85 crore, while domestic institutional investors stayed net sellers for the second session and sold equities worth Rs 2,375.18 crore, according to provisional data from the National Stock Exchange.