Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 93.85 points or 0.38% to settle at 24,951.15, while the BSE Sensex jumped 285.95 points or 0.35% to 81,741.35. The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 54.10 points or 0.11% to settle at 51,553.40. Metal and Pharma stocks outperformed among the other sectoral indices while PSU Banks and Realty stocks shed.
BSE Sensex and NSE Nifty 50 ended in positive territory on Wednesday.
In a report on Gail, Citi has maintained a “Buy” rating with a target price of Rs 250. The report highlights a strong first quarter, with EBITDA coming in 33% ahead of estimates.
The outperformance was driven by stronger-than-expected results in the gas transmission and gas trading segments, though the petchem and LPG segments were weaker. Net income stood at Rs 27 billion, reflecting a 93% year-on-year increase and a 25% quarter-on-quarter rise.
The stock of NTPC rose 2.6% to a new 52-week high of Rs 417.40 from its previous close of Rs 406.95. Interestingly, the stock touched its 52-week low of Rs 209.65 on the same date a year ago. The upper for the stock is placed at Rs 447.60.
Torrent Power rallied more than 11% to hit a fresh record high of Rs 1,780 after the company announced its Q1 results. Torrent Power’s net profit in Q1 FY25 surged 87% on year to Rs 532 crore on the back of healthy operational performance.
“On Tuesday, oil prices fell by approximately 1%, reaching a seven-week low, as investors grew concerned over potential weakening demand from China, while OPEC+ appeared set to maintain its plans to increase supply. China’s Services PMI fell to an eight-month low of 50.2 in July 2024 from 50.5 the previous month. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $74.55-$74.00 and resistance at $75.80-$76.40 in today’s session. In INR, crude oil has support at Rs 6,230-6,150 and resistance at Rs 6,360-6,430,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities.
Courtesy: NSE
Suzlon shares are trading nearly 3% higher at Rs 70.12 apiece. The stock has gained 31% in the past month and is up 80.7% so far this year.
Japan’s central bank has raised its benchmark interest rate to “around 0.25%” from its previous range of 0% to 0.1% and announced plans to taper its bond-buying program. The Bank of Japan stated it will reduce monthly outright purchases of Japanese government bonds to approximately 3 trillion yen per month in the January to March 2026 quarter.
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said that The decline anticipated yesterday towards 24710/665 did not quite mature fully, as a latent buying interest kept retrieving prices on every attempt to slip. However, inability was also seen to consistently float above our upside marker of 24900 suggesting that we are stuck within the same bias and range as yesterday, with a higher odds for seeing 24710-665 region. However, an outright push past 24900/28 could signal revival, and chart a quick trajectory towards 25192.
The 24 carat gold rate in India was Rs 68,820 per 10 grams on July 31. While the rate for 24 carat gold per gram is Rs 6,882. The rate of 22 carat gold was Rs 63,085 per 10 grams.
The rate of 24 carat gold has dropped by 0.4% in the last one week, while in the last ten days, the yellow metal has fallen by 6%. The silver currently quotes at Rs 827 per 10 grams.
Tata Consumer Products share price falls over 2% to day lows after the FMCG major reported a consolidated net profit of Rs 290 crore (attributable to owners) for the June quarter, a drop of 8.3% on year, missing Street estimates amid muted demand led by heatwaves and elections. Bloomberg consensus estimates had pegged the net profit for the quarter at Rs 351 crore.
Hindalco Industries, Maruti Suzuki, ICICI Bank, Adani Ports, and Adani Enterprises are the top gainers on NSE Nifty 5o index whereas the top laggards include Tata Consumer Products, Axis Bank, Power Grid Corp, Coal India, and IndusInd Bank.
The NSE Nifty 50 opens up by 29.40 points or 0.12% at 24,886.70, while the BSE Sensex gains 200.50 points or 0.25% to 81,655.90 in the opening trade.
Maruti Suzuki, Ambuja Cement, Coal India, Mahindra and Mahindra, Tata Steel, Action Construction Equipment, Asahi India Glass, Aster DM Healthcare, Bank of Baroda, BHEL, Birlasoft, Crompton Greaves Consumer Electricals, Electrosteel Castings, Elgi Equipment’s, Five-star Business Finance, GE T&D India, Godrej Properties, Greenply Industries, HeidelbergCement, JBM Auto, JK Lakshmi Cement, KPR Mills, Lakshmi Machine Works, Mankind Pharma, Maruti Suzuki India, Nuvoco Vistas Corp, The Phoenix Mills, Prestige Estates Projects, Pricol, Puravankara, Redington, Relaxo Footwears, RITES, Sonata Software, Stylam Industries, Sundaram Fasteners, Tata Investment Corp, Tata Steel, Teamlease Services, Thomas Cook, Urgo Capital, and ZEE Entertainment
Infosys has announced a partnership with TDC Net, a Danish infrastructure provider, to transform TDC Net into a customer-centric technology company. This collaboration aims to modernize TDC Net’s IT infrastructure, enhance customer experience, and optimize service costs. Infosys will implement AI-driven hyper-automation and consolidate TDC Net’s IT systems to significantly boost productivity.
Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Gift Nifty flirts with the dotted lines as Wall Street’s extended trading saw AMD’s stock price surge 7.6% on robust quarterly results, lifting Nvidia by 5%. However, Microsoft stumbled 2.7% amidst disappointing cloud results. As traders brace for the Federal Open Market Committee (FOMC) meeting concluding Wednesday with a policy statement from Fed Chair Jerome Powell, the Fed is expected to maintain interest rates unchanged.
Tapse also added Wednesday, July 31st, will be busy on Dalal Street with Q1 earnings from major companies like Adani Power, Ambuja Cement, Bank of Baroda, and Tata Steel. Meanwhile, WTI Oil prices dipped below $75 a barrel despite Middle East tensions. For Nifty, buying between 24,600-24,650 with a stop at 24,351 and targets of 25,000/25,150 is suggested, with aggressive targets up to 25,750. Bank Nifty buying is recommended between 50,900-51,000 with a stop at 49,951 and targets of 51,900/52,340, aiming for 53,500. M&M Financial is highlighted for a bullish breakout with a buy at CMP 304, stop at 293, and targets of 316/325, reaching up to 339.
India‘s largest stainless steel manufacturer reported a 13.1% year-on-year decline in net profit, recording Rs 648.1 crore for the first quarter that ended on June 30, 2024. This is compared to a net profit of Rs 746 crore in the same quarter of the previous year. The company’s revenue also fell by 7.4%, dropping to Rs 9,429.8 crore from Rs 10,184 crore in the corresponding period of the preceding fiscal year.
The nation’s largest gas transportation and distribution firm announced a 77.5% increase in its net profit for the June quarter. The consolidated net profit reached Rs 3,183.35 crore in April-June, up from Rs 1,792.99 crore in the same period last year. The company saw a 40% rise in earnings from its gas transportation business, while natural gas marketing margins doubled.
The company reported a significant 87% increase in consolidated net profit for the June quarter of FY25, reaching Rs 996.34 crore. This impressive growth was primarily driven by higher revenues. In comparison, the net profit for the same period in the previous year, April-June FY24, was Rs 532.28 crore. Additionally, the company’s total income saw a substantial rise, climbing to Rs 9,110.02 crore from Rs 7,413.32 crore.
Speciality pharmaceutical company Ajanta Pharma posted a profit growth of 18.1% for the first quarter of FY25 at Rs 245.77 crore in comparison to Rs 208.12 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1144.92 crore, up 12.1% as against Rs 1021.04 crore during the same period last year.
Vodafone Idea has received an order from the Commercial Tax Office in Chennai South, Tamil Nadu confirming the penalty of Rs 27.3 crore along with the demand and interest as applicable. The order was passed under Section 74 of the Integrated Goods and Services Tax Act, 2017. The penalty is for re-availment of credit reversed earlier in FY20.
Indian Oil Corporation reported a fall of 74.7% in its consolidated net profit for the first quarter of the financial year 2024-25 at Rs 3,722.63 crore from Rs 14,735.30 crore in the corresponding period a year ago. On a sequential basis too, the net profit declined by 32% from Rs 5,487.92 crore in Q4FY24. The significant decline in the net profit comes amid a decline in the company’s gross refining margins.
Foreign institutional investors (FII) sold shares net worth Rs 5,598.64 crore. However, domestic institutional investors (DII) bought shares net worth Rs 5,565.10 crore on July 30, 2024, according to the provisional data available on the NSE.
JSW Group looks to transform its infrastructure arm, JSW Infrastructure, into a complete logistics solutions provider, chairman Sajjan Jindal said at the company’s 18th annual general meeting on Tuesday. “India’s economy is getting bigger and stronger and it is on track to hit $10 trillion. With its diverse countryside and hinterland, India’s logistics industry needs more large-sized private sector companies to provide last-mile connectivity solutions for its stakeholders,” Jindal said.
WTI crude prices were trading at $75.33 up by 0.80%, while Brent crude prices were trading at $78.59 down by 0.05%, on Wednesday morning.
PepsiCo bottler Varun Beverages posted a 26% on-year rise in its consolidated net profit at Rs 1,253 crore in the June quarter. Bloomberg consensus estimates had pegged it at Rs 1,276 crore. The company follows a January-December accounting year. The consolidated revenue for the second quarter came in at Rs 7,334 crore, up 28.7% on year, led by India volumes which grew nearly 23% versus last year, thanks to an extended heat wave across the country.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.08% at 104.38 on Wednesday morning.
Tata Consumer Products reported a consolidated net profit of Rs 290 crore (attributable to owners) for the June quarter, a drop of 8.3% on year, missing Street estimates amid muted demand led by heatwaves and elections. Bloomberg consensus estimates had pegged the net profit for the quarter at Rs 351 crore.
US markets ended majorly on a lower note as tech stocks saw a sell-off ahead of quarterly earnings on Wednesday. The broader market index, the S&P 500, lost 0.5% to close at 5,436. Similarly, the tech-heavy Nasdaq Composite slumped 1.28% to settle at 17,147. Meanwhile, the Dow Jones Industrial Average rose 203.40 points, or 0.5%, to end at 40,743.