Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a flat note on July 25 recovering morning losses. The BSE Sensex fell 109 points or 0.14% to finish the day’s trading at 80,040, holding the psychological level of 80,000, for the second consecutive day. The NSE Nifty 50 closed 7.40 points or 0.03% lower settling the session at 24,406.10. Bank Nifty closed in the red, shedding more than 400 points for the second straight session, settling at 50,888.75. Bucking the trend, Nifty Midcap 100 closed 131 points or 0.23% lower at 56,741.75.
Share Market Highlight: Nifty, Sensex ends flat
JM Financial report maintains a positive outlook on Axis Bank, recommending the stock as a “BUY” with a target price of Rs 1,375, valuing the core bank at 1.9 times FY26E book value per share.
The report acknowledges the current challenges in deposit growth but notes that Axis Bank’s liability franchise is gradually improving, which should benefit the bank in the medium term. Loan growth was 14.2% YoY and 1.6% QoQ, while deposits grew 12.8% YoY but declined 0.6% QoQ.
Despite this negative surprise, JM Financial believes that Axis Bank is unlikely to face significant asset quality deterioration, given its slower growth in the unsecured portfolio and focus on existing customers.
The report forecasts average credit costs of approximately 50 basis points for FY25E/26E. Operating expenses grew at a slower rate of 11% YoY, supporting core pre-provision operating profit (PPOP) growth of 16.9% YoY.
Also Read: Axis Bank plunges 6% on loan concerns and sharp rise in credit cost- Brokerages say upside limited
Tata Motors‘ stock price rose by 3.56% to Rs 1,064.20, outperforming its peers. While companies such as Maruti Suzuki India, Ashok Leyland, and Jupiter Wagons experienced declines in their stock prices, Tata Motors DVR saw an increase.
On Wednesday, gold and silver prices exhibited considerable volatility and settled with mixed results ahead of the key U.S. economic data release. “However, today morning, we observed sharp declines in gold and silver prices in the Asian markets due to heightened risk aversion, driven by escalating economic concerns in China. Silver has been notably weaker than gold in recent weeks. Silver prices have struggled to maintain their gains due to weakness in industrial metals and sluggish manufacturing activity in the U.S. and the EU,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities. Also, disappointing Chinese economic data and poor demand from China are also limiting the gains of precious metals. However, strong possibilities of Fed rate cuts in the September policy meetings could provide some support for prices. “We anticipate a sharp gap-down opening in today’s session. Gold has support at $2,360-$2,342 and resistance at $2,400-$2,418. Silver has support at $28.00-$27.78 and resistance at $28.50-$28.70. In INR, gold has support at Rs 68,210-68,000, with resistance at Rs 69,880-69,100. Silver has support at Rs 83,550-82,880, with resistance at Rs 84,720-85,200,” said Kalantri.
Axis Bank‘s share price fell more than 6% in early trade on Thursday after the company reported its first-quarter FY25 earnings, which were largely in line with street estimates. Axis Bank shares declined by as much as 6.01%, reaching intra-day lows of Rs 1,168 apiece on the NSE.
SBI Life Insurance, L&T, Tata Motors, Nestle India, and Hindustan Unilever are the top gainers on NSE Nifty 50 index whereas the top laggards include Axis Bank, Shriram Finance, Power Grid Corp, Tata Steel, and Hindalco.
The NSE Nifty 50 opens down by 182.55 points or 0.75% at 24,230.95, while the BSE Sensex drops 616.10 points or 0.77% to 79,532.79 in the opening trade.
Foreign institutional investors (FII) offloaded shares worth Rs 5,130.90 crore, while domestic institutional investors (DII) mopped shares worth Rs 3137.30 crore on July 24, 2024, according to the provisional data available on the NSE.
“Nifty has declined for four consecutive days, with a rough start expected today due to July F&O expiry-induced volatility. The Union Budget praised for fiscal prudence and employment focus, targets a 4.9% fiscal deficit and Rs 11.11 trillion in infrastructure spending for FY25. However, a capital gains tax hike is dampening sentiment. Technically, a bearish engulfing pattern suggests downside risk towards 24,000. Nifty’s options data indicates a trading range of 23,500-25,000, with 25,000 as key resistance. Q1 results are anticipated from companies like Ashok Leyland and Nestle India,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Shares in the Asia-Pacific region are trading in negative territory on Thursday morning. The Asia Dow is down 1.68%, Japan’s Nikkei 225 is down 2.89%, Hong Kong’s Hang Seng index is marginally lower by 0.64%, and the benchmark Chinese index, the Shanghai Composite, is down 0.24%.
WTI crude prices are trading at $77.37, down 0.12%, while Brent crude prices are trading at $81.43, down 0.34%, on Thursday morning.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down 0.12% to 104.37.
The S&P 500 and Nasdaq closed at multi-week lows on Wednesday, with the S&P breaking one of its longest streaks without a daily decline of more than 2%. Disappointing earnings from Alphabet and Tesla dampened investor confidence in megacap stocks, reported Returns. The tech-heavy Nasdaq Composite fell by 654.94 points, or 3.64%, to 17,342.41. The S&P 500 dropped by 128.61 points, or 2.31%, to 5,427.13, while the Dow Jones Industrial Average decreased by 504.22 points, or 1.25%, to 39,853.87.
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