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Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Tuesday’s trading session in the negative territory. The NSE Nifty 50 dropped 208 points or 0.85% to settle at 24,139, while the BSE Sensex plunged 692.89 points or 0.87% to 78,956.03. The broader indices ended in negative territory, with fall led by Large-cap and Mid-cap stocks. Bank Nifty index ended lower by 746.10 points or 1.48% to settle at 49,831.85. Financial Services and Banking stocks plunged over 1% among the other sectoral indices while Auto and Realty stocks shed.
FirstCry parent firm, Brainbees Solutions lists at Rs 651 on the National Stock Exchange. A premium of 40% to the issue price of Rs 465. The company raised a total of Rs 4,193.73 crore through a combination of fresh shares as well as an offer for sale.
Marine Electricals (India) stock is currently trading at Rs 286.75 on the NSE, marking a 5% decline and hitting its lower circuit limit. This drop comes after the company announced it has entered into a Memorandum of Understanding (MOU) with Cummins India to explore mutually beneficial business opportunities.
In the upcoming MSCI India Standard Index rebalancing announcement scheduled for Monday post-market hours, several stocks are expected to be included. The potential additions to the index are Dixon Technologies, Vodafone Idea, Zydus Lifesciences, Oracle Financial Services (OFSS), Software, KPIT Technologies, Rail Vikas Nigam Limited (RVNL), Oil India, and Cochin Shipyard.
These changes could significantly impact the market, as the inclusion of these stocks in the MSCI India Standard Index may lead to notable passive inflows and adjustments in stock prices. Investors will be keenly watching the announcement for its implications on their portfolios and market dynamics.
Shares of ONGC surged as much as 3.2% to reach the highest point of the day after the government announced that gas from new wells will be priced at a premium compared to existing wells.
Commenting on crude oil prices Rahul Kalantri, VP Commodities, Mehta Equities said the Crude oil prices surged for the fifth consecutive session in international markets after the U.S. Defense Department announced over the weekend that it will deploy a guided missile submarine to the Middle East, as the region braces for potential attacks on Israel by Iran and its allies. The escalating tensions in the Middle East have overshadowed concerns about Chinese demand.
Kalantri also added that better-than-expected U.S. and German economic data released last week also provided support to crude oil prices. However, ongoing worries about Chinese demand and fears of a U.S. recession could potentially limit further gains. We anticipate that crude oil prices will remain volatile in today’s session. Crude oil has support at $77.30-76.60 and resistance at $78.70-79.20. In INR terms, crude oil has support at Rs 6,610-6,550, with resistance at Rs 6,755-6,810.
Shares of Rail Vikas Nigam RVNL surged more than 4% in early trading on Tuesday, reaching Rs 601.75 apiece on the BSE. This increase follows a significant 11% jump in the previous session, driven by strong buying interest in railway stocks. The latest positive developments for the railway PSU stock have contributed to the continued rally.
Shares of Unicommerce are set to make their debut on the stock exchanges today after a highly successful IPO. The SoftBank-backed company saw an extraordinary response, with its issue being oversubscribed by a staggering 168.39 times.
Shares of Brainbees Solutions , the parent company of FirstCry, will debut on the stock exchanges today. The company has set its IPO price at Rs 465 per share, which is at the upper end of the price band of Rs 440-465.
The shares of HDFC Bank falls over 2.25% to intra-day low of 1,662.50 on NSE following the latest MSCI index adjustments. India‘s largest private sector lender, which had been expecting an increase in its weightage on the MSCI Global Standard index, will indeed see this increase, though it will be implemented in two tranches.
Apollo Hospitals, ICIC Bank, Axis Bank, Kotak Mahindra Bank, and Adani Ports are the top gainers on NSE Nifty 50 index whereas the top laggards include HDFC Bank Divis Lab, LTIMindtree, Tata Motors, and Asian Paints.
The NSE Nifty 50 opens down by just 4.65 points or 0.02% at 24,342.10, while the BSE Sensex falls 96.41 points or 0.12% to 79,552.51 in the opening trade.
Hero MotoCorp, Hindalco Industries, FSN E-Commerce Ventures Nykaa, Allied Blenders and Distillers, Allcargo Logistics, Anupam Rasayan India, Apollo Hospitals Enterprise, Ashoka Buildcon, Dilip Buildcon, Eclerx Services, Emcure Pharmaceuticals, Endurance Technologies, Godrej Industries, HEG, Ipca Laboratories, Indian Railway Catering and Tourism Corporation, Manappuram Finance, Medi Assist Healthcare Services, Max Financial Services, Samvardhana Motherson International, MTAR Technologies, Muthoot Finance, Nazara Technologies, NBCC India, Piramal Enterprises, Religare Enterprises, SJVN, and TBO Tek.
Sun TV Network, Aditya Birla Capital, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Birlasoft, Granules India, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank, RBL Bank, SAIL
Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Our call suggests a rally may be on the horizon, but Nifty bulls could hold off ahead of the crucial July US CPI report on August 15th. Yesterday’s session saw Nifty struggle amidst Hindenburg-Sebi-induced volatility, yet the recovery hints at potential buying opportunities on intraday dips, with confirmation of strength above 24,630. The most positive news this morning is India‘s retail inflation cooling to a nearly five-year low in July, falling below the RBI‘s 4% target for the first time in years.
Tapse also adds Key Q1 results today include All Cargo, Apollo Hospital, and Hindalco, among others. Preferred trades include buying Nifty at current levels, targeting 24,500/24,630, and Bank Nifty between 50,100-50,300, with targets up to 51,967. We’re also bullish on Bajaj Auto, Exide Industries, and TVS Motors, with TVS signalling a strong upside breakout.
The company experienced a 19.4% decrease in net profit for the first quarter, falling to Rs 25.4 crore from Rs 31.5 crore year-over-year. Revenue also declined by 4.1%, totaling Rs 339.2 crore, down from Rs 353.8 crore in the previous year. EBITDA saw a significant drop of 21.8% to Rs 51.8 crore, with the EBITDA margin narrowing to 15.3%, compared to 18.7% in the same period last year.
The company has posted a 21% increase in net profit for the first quarter, reaching Rs 61.7 crore, up from Rs 51 crore in the same period last year. Revenue grew by 16.4% to Rs 1,007.4 crore, compared to Rs 865 crore year-over-year. EBITDA also saw an increase of 14.4%, totaling Rs 113.6 crore, though the EBITDA margin slightly declined to 11.3% from 11.5% in the previous year.
The company has announced plans to acquire a 66.67% economic interest in M Res NSW HCC for $120 million. As part of the agreement, an additional $50 million will be paid as deferred consideration in 2030. M Res NSW holds a 30% stake in a company that operates two coking coal mines in Australia, further expanding the company’s presence in the mining sector.
The company posted a significant 84% rise in net profit for the first quarter, reaching Rs 10.8 crore, compared to Rs 68 crore in the same period last year. Revenue also saw growth, increasing by 8.7% to Rs 4,396 crore, up from Rs 4,043 crore year-over-year. However, EBITDA decreased by 10.4% to Rs 115.8 crore, with the EBITDA margin narrowing to 2.6%, down from 3.2% in the previous year.
Inox Wind, a leading wind energy solutions provider, announced on Tuesday that it has secured a 51 MW equipment supply order from Everrenew. The order is for Inox Wind’s 3 MW class Wind Turbine Generators (WTGs), further strengthening the company’s position in the renewable energy sector.
Power Grid Corporation said it has bagged a transmission project in Rajasthan under tariff-based competitive bidding. “Power Grid Corporation of India Ltd (Power Grid) has on 12th August 2024, received a Letter of Intent (LoI) for acquiring a Project Special Purpose Vehicle (SPV) viz. Bhadla-III Power Transmission Ltd for establishing the transmission system associated with ‘Additional Transmission System for Evacuation of Power from Bhadla-III PS as Part of Rajasthan REZ Phase-III Scheme (20 GW),” a company statement said.
The ministry of petroleum and natural gas on Monday allowed the allocation of gas produced from new wells or well interventions from nominated fields of state-owned upstream companies ONGC and Oil India at a 20% premium over the administered price mechanism (APM price) or the domestic natural gas price.
WTI crude prices were trading at $79.68 down by 0.48%, while Brent crude prices were trading at $81.90 down by 0.47%, on Tuesday morning.
Vodafone Idea’s net loss for the April-June quarter narrowed to Rs 6,432 crore from Rs 7,674 crore in the preceding quarter, owing to the fall in expenses, especially the finance costs.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.07% at 103.15 on Tuesday morning.
Berger Paints, the country’s second-largest paints company, is not worried about the entry of Birla Opus in the market and hopes to double turnover to Rs 20,000 crore by FY29 from Rs 10,000 crore in standalone revenue in FY24, Abhijit Roy, MD & CEO, Berger Paints India, said on Monday.
US markets closed on a mixed note on Monday as investors await key inflation data from the US, to recognise the economy’s health. The broader market index, the S&P 500, closed flat at 5,344.39. Similarly, the tech-heavy Nasdaq Composite advanced 0.21% to settle at 16,780.61. The Dow Jones Industrial Average pulled back 140 points, or 0.36%, to end at 39,357.01.