Share Market Highlights July 15, 2024: Sensex and Nifty reach new record highs on foreign fund inflows and strong SBI performance

“The Indian market continues to experience optimism driven by positive expectations from the upcoming Union Budget, robust FII inflows, and better-than-expected results from the IT sector. Additionally, the initial results from PSU banks have triggered a strong rally in the PSU index. However, the degree of optimism in the broad market is moderating as we are heading towards the budget D-day next week. Also, June’s CPI inflation reached a 5-month high due to the heatwave in May-June.”

A lackluster trade was seen after a knee-jerk reaction in the opening and the Index settled at 24,586.70 with gains of 84.55 points. Barring IT, all other sectors ended the day in green with PSU Bank being the top gainer followed by Media. Mid and Smallcaps advanced over 0.50% and outperformed the Frontline Index. The Index has formed a DOJI candlestick pattern at a record level indicating a reversal but considering a strong uptrend such correction if any, will be considered a buying opportunity. The downside seems to be protected at 24,400 while on the higher side level of 24,740 will serve as an immediate hurdle.

Top gainers on the NSE:

ONGC (5.18%), SBI Life (2.95%), Shriram Finance (2.88%), SBI (2.71%), Bajaj Auto (2.58%) 

Top losers: 

LTIMindtree (-1.63%), Asian Paints (-1.34%), Grasim Industries (-1.33%), Tata Steel (-0.94%), Axis Bank (-0.67%)

Purvah Green Power Private Limited, a step-down subsidiary of CESC Limited, has entered into a framework agreement with Suzlon Energy Limited for supply, EPC and operations and maintenance of wind turbines to be commissioned over the next 2-4 years.

CESC stock declined by 1.58% on the BSE, trading at ₹183.90.

Suzlon Energy stock traded at ₹54.70 on the NSE, up 0.13%.

Top gainers on the NSE at 3 pm:

ONGC (5.10%), Shriram Finance (3.31%), SBI Life (3.08%), Bajaj Auto (2.57%), SBI (2.51%)

Top losers:

LTIMindtree (-1.77%), Asian Paints (-1.47%), Grasim Industries (-1.33%), Tata Steel (-1.14%), Axis Bank (-0.65%)

Stocks advanced on BSE at 3 pm on July 15, 2024, were 2,050 against 1,955 stocks that declined; 137 stocks remain unchanged. Total stocks traded were 4,142. The number of stocks that recorded a 52-week high was 192, and those that hit a 52-week low was 34. 

In addition, 364 stocks traded in upper circuit, while 310 hit the lower circuit.

With food prices still high, producers’ inflation based on Wholesale Price Index (WPI) surged to 3.4 per cent in June as against 2.6 per cent in May.

Westlife Foodworld’s subsidiary’s (i.e. Hardcastle Restaurants Private Limited’s) McDonald’s restaurant situated at Nashik Untwadi, has received a penalty notice from Nashik Municipal Corporation.

Westlife Foodworld stock trades at ₹856.35 on the BSE, up by 0.42%.

Rail Vikas Nigam (RVNL) has received letter of acceptance from East Coast Railway for provision of automatic block signalling system with dual MSDAC and alteration in existing El/Pl/RRI stations in the section of Jakhapura-Nergundi, Khurda Road-Bhusundpur & Bhusundpur-Golanthra over Khurda Road Division of East Coast Railway (contract worth ₹160 crore).

RVNL stock trades at ₹627.80 on the NSE, up by 0.17%

Top gainers of Nifty realty stocks:

Lodha (4.51%), Phoenix Mills (2.41%), Oberoi Realty (1.39%), DLF (1.18%)

Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), the bottling arm of Coca-Cola Company on Monday announced the appointment of Harsh Bhutani as its Chief Financial Officer. This move comes at a time when speculation is rife that the company may explore the IPO route.

Dheer Shah, CFO, BDR Pharma, on June WPI data:

June 2024’s Wholesale Price Index (WPI) reflects a steady rise with an annual inflation rate of 3.36% compared to June 2023. Comparatively, May 2024 recorded a WPI inflation rate of 2.61%, indicating a steady progression in inflationary pressures. This increase is driven by higher prices in food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, and other manufacturing sectors. It shows a consistent upward trajectory, influenced by significant price hikes across various sectors including food articles, food products manufacturing, and energy commodities. This highlights the ongoing economic shifts, necessitating strategic actions to maintain market stability and affordability.

Sanstar Limited is one of the major manufacturers of plant-based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications (Source: Company Commissioned Frost & Sullivan Report, dated May 18, 2024), has fixed the price band of ₹90/- to ₹95/- per Equity Share of face value ₹2/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, July 19, 2024, for subscription and close on Tuesday, July 23, 2024. Investors can bid for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter.

The IPO consists of Fresh Issue of up to 41.80 million Equity Shares and an Offer for Sale (“OFS”) of up to 11.90 million Equity Shares by the Promoter Selling Shareholders and Promoter Group Selling Shareholders.

The proceeds from the fresh issue to the extent of Rs 181.55 crore will be utilized for funding the capital expenditure requirement for expansion of its Dhule Facility, Rs 100 crore for repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company and general corporate purposes.

Sensex was at 80,768.23, up 248.89 points or 0.31% firmer. The Nifty 50 was at 24,615.55, up 113.40 points (0.46%).

Walchandnagar Industries board has approved issuance of unlisted, secured, redeemable, Non-convertible Debentures (NCDs) on a private placement basis up to ₹74 crore.

Walchandnagar Industries stock trades at ₹346.25 on the NSE, down by 0.24%.

A study conducted by smallcase, a leading investments platform, revealed that over 80% of smallcase managers expect status quo in the upcoming Union Budget. They expect a hike in India’s planned capex spending and more budgetary allocations in areas like Infra, Power, Railways & Defence. The survey conducted with over 50 smallcase managers reveals that they expect a fiscally prudent yet expansionary budget, a continuation of the earlier policies of the NDA Government.

Smallcase managers are financial experts or entities that create and manage smallcases. Over 90% of the smallcase managers in the study have predicted some near-term volatility around the budget, though the recommendation is to look at it as a buying opportunity with a long-term horizon. The smallcase managers expect Nifty reaching 25,000 levels and Sensex nearing 90,000 by the year end.

Speaking on the survey, Vasanth Kamath, Founder and CEO, smallcase said, “We are thrilled to launch our inaugural smallcase managers’ survey, which provides investors an early look at the opinions and expectations of the market surrounding the upcoming Union Budget. The survey offers a view on what they anticipate will happen in the equity markets, on fiscal deficit and GDP, sectors that are likely to benefit from the Budget and more. The Union Budget will impact the different themes & strategies that retail investors are taking exposure to via multiple smallcases on the platform”.

Notwithstanding the buoyant market and record inflows, only 57 per cent or 159 open-ended equity diversified funds out of 281 have managed to beat their respective benchmark indices.

According to a PL Wealth Management, a subsidiary of Prabhudas Lilladher, large -cap was the worst performer with only 10 out of 32 schemes managed to beat their benchmarks and it was followed by 55 per cent or 23 out of 42 equity linked savings schemes returning more than the benchmark indices.

Read more here.

Zen Technologies, an anti-drone technology and Defence training solutions provider, has launched four new products, enhancing defense capabilities and operational efficiency. 

The new products – Hawkeye, Barbarik-URCWS (Ultralight Remote Control Weapon Station), Prahasta, and Sthir Stab 640 – cater to a wide range of Defence requirements, empowering the Forces with tactical superiority and improved operational efficiency.

The company worked with its Pune-based AI Turing Technologies to develop these products.

“Hawkeye is an anti-drone system camera capable of all-weather drone tracking up to 15 km, while Barbarik-URCWS is a light-weight remote-controlled weapon station, offering precise targeting for ground vehicles and naval vessels,” a company executive said in a statement on Monday.

The third product, Prahasta is an automated quadruped equipped with LIDAR and reinforcement learning for real-time 3D terrain mapping and mission planning. The quadruped can be used as the first line of defence for commandos during counter-insurgency operations like 26/11, thereby saving lives.

SIS stock declines 1.11% on the NSE, trading at ₹441.80. Company had completed the secondary investment of ₹2.17 crore in accordance with the share subscription agreement signed with Agarsha Senior Care (Agarsha) on March 28. Consequently, the company has completed the acquisition of 1,96,962 equity shares from the existing shareholders as a secondary investment in Agarsha.

Alembic Pharmaceuticals stock trades at ₹988.50 on the NSE, up 1.33%. Company had bagged tentative approval from the US Food and Drug Administration for injections to treat pulmonary arterial hypertension.

A study by PL Wealth Management, a subsidiary of Prabhudas Lilladher, has found 57 per cent of mutual funds outperformed their respective benchmarks over the past one month, ended June 30. The study was conducted among 281 open-ended equity diversified funds; 159 outperformed the benchmark in June, it said.

Ashok Leyland, India’s second largest medium and heavy commercial vehicle player, has secured what the company calls the “single largest fully built bus order” from the Maharashtra State Road Transport Corporation (MSRTC) for an undisclosed sum. Read more

Zinc prices have been stuck in a sideways range over the last couple of weeks. The Zinc Futures contract on the Multi Commodity Exchange (MCX) has been oscillating in a range of ₹259-₹286 for more than two weeks now. Within this range, the contract is now trading at ₹273 per kg. Read more

Bank Nifty index is trading flat. The index has been struggling to breach 52,800 for more than a week. It is currently trading marginally down at 52,260. The advances/declines ratio is at 6:6. This gives a mixed picture. It indicates that the index can go either way from here. Read more

“The assassin attempt on Trump will have a near-term positive impact on safe assets like gold and dollars. For the medium term, this reinforces Trump’s chances of victory in the November elections and therefore, the ‘Trump trade’ is likely to gather momentum on expectations of rate cuts and liberalisation of the regulatory framework. However, if Trump wins the elections and imposes hefty tariffs on imports from China, it is likely to trigger a trade war with China which has the potential to impact global trade and global growth.”

Top gainers: ONGC (2.61%), NTPC (2.57%), Bajaj Auto (2.26%), Shriram Finance (1.90%), SBI (1.70%)

Top losers: Grasim (-1.71%), Asian Paints (-0.90%), Tata Steel (-0.69%), LTIMindtree (-0.57%), Tata Consumer Products (-0.37%)

Of a total of 4,005 stocks traded on the BSE at 12 noon on July 15, 2024, 2,016 advanced against 1,823 stocks that declined; 115 stocks remained unchanged. 252 stocks recorded a 52-week high, and 32 hit a 52-week low. 

In addition, 299 stocks traded in the upper circuit, while 275 hit the lower circuit.

Varun Beverages board has approved following agreements:

(i) Varun Foods (Zimbabwe) (Private) Limited (wholly-owned subsidiary of the Company) and Premier Nutrition Trading LLC, Dubai (subsidiary of PepsiCo Inc.) to manufacture, distribute & sell snacks “Simba Munchiez” in the territory of Zimbabwe on or before October 1, 2025.

(ii) Varun Beverages (Zambia) Limited (subsidiary of the Company) and Premier Nutrition Trading LLC, Dubai (subsidiary of PepsiCo Inc.) to manufacture, distribute & sell snacks “Simba Munchiez” in the territory of Zambia on or before April 1, 2026.

VBL stock rose 1.29% on the NSE, trading at ₹1,605.

Philip Capital has recommended selling IREDA stock for 54% downside on the basis that the rally is driven by passive flows and not any major fundamental reason & that the best is already priced into the stock. High exposure to the private segment undermines confidence. ROA to decline. Govt holds 75% equity.

Target price Rs 130

Hindalco Industries board has approved a proposal for sale of land situated at Kalwa, Maharashtra, to Birla Estates Pvt Ltd. The transaction will be entered into with Ekamaya Properties Private Limited, a wholly owned subsidiary of Birla Estates Private Limited [instead of Birla Estates Private Limited]. 

Hindalco Industries stock trades at ₹698.40 on the NSE, up 0.92%

Nephro Care India Ltd (NCIL), inaugurated a 100-bedded multispeciality hospital Vivacity Multispecialty Hospital at Madhyamgram in Kolkata, West Bengal on Sunday. The total investment on the project is estimated to be close to Rs 36.51 crore. Of this, Rs 26.17 crore would come from the net proceeds of the IPO and the remaining would be funded through internal accruals. 

The hospital, a unit of Nephro Care India, will have 100 inpatient beds, including a 30-bed Critical Care unit having ICU, HDU, RTU and NICU facilities. Vivacity will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology and many others, including an advanced renal transplant unit in East India. It will be the first-of-its-kind hospital in the eastern region boasting of AI-enabled smart OTs and ICU.

China’s GDP growth slowed more than expected in Q2CY24 to 4.7% (est.: 5.1%) and 5.3% growth noted in Q1. Weakness in property sector and jobs scarcity, dented domestic demand. Even retail sales growth eased in Jun’24, to 2% (est.: 3.3%) from 3.7% in May’24. Industrial production (5.3% in Jun’24 versus 5.6% in May’24) and FAI growth (3.9% in H1 versus 4% between Jan-May’24) too noted moderation. Investors are now expecting announcement of government measures, to stimulate demand. Separately in the US, PPI inched in Jun’24 to 2.6% (est.: 2.3%) from 2.2% in May’24. Core PPI also rose, signalling underlying price pressures. However, with CPI under control, investors continue to expect Fed to cut rates in Sep’24. In India, CPI inflation rose to 5.1% in Jun’24 up from 4.75% in May’24, led by higher food prices. IIP growth improved to 5.9% in May’24 from 5% in Apr’24.*

Except Nikkei (lower) and Shanghai Comp (flat), other global indices ended higher. US stocks closed in green amidst growing expectations of rate cut as given the moderation in CPI print. Hang Seng continued to climb higher. Sensex surged by 0.8% supported by strong gain in IT stocks. It is trading higher today, while Asian stocks are trading lower.

Sunil Khaitan has joined as a managing director and head of financing

Piramal Pharma stock rises 1.63% on the NSE, trading at ₹153.56. Company had informed that the USFDA conducted a Pre-Approval Inspection (PAI) of Piramal Pharma’s PPDS Ahmedabad facility from July 10 to July 12 and issued Form - 483 with zero observations and No Action Indicated (NAI) designation.

Apollo Micro Systems stock has hit the upper circuit at ₹109.76 on the NSE, higher by 4.99% on securing Make II project from Directorate-General of AAD, IHQ of the Defence Ministry (Indian Army).

Ashok Leyland bags largest order of 2104 fully built buses from Maharashtra State Road Transport Corporation, contract worth approx ₹981.45 crore.

Stock rose 1.55% on the NSE, trading at ₹227.74.

Top gainers: Godfrey Phillips (13.67%), IFCI (12.34%), JK Tyre (10.98%), Tanla (10.48%), VTL (7.63%) 

Top losers: SCI (-4.56%), Brigade (-3.16%), Paisalo (-3.10%), Welcorp (-3.09%), GRSE (-3.09%)

The board of HDFC Asset Management Company will be meeting on Monday to consider and approve the June quarter’s financial performance.

Analysts are expecting a 10 per cent increase in quarter-on-quarter AUM in Q1 FY25 for the domestic MF business, reconsidering a sharp rally in the equity market and benchmark indices. 

Macrotech Developers stock rose 1.55% on the NSE, trading at ₹1,417.45. Company had acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than ₹11,000 crore.

Nifty 50 is managing to hold higher. The index opened with a gap-up at 24.587 and has come-off slightly from the intraday high of 24,598. Read more

Sunteck Realty Ltd posted a 30% increase in its sale bookings to ₹502 crore for April-June FY25, driven by strong housing demand. However, stock declined by 1.92% on the NSE, trading at ₹572.70.

Dilip Buildcon has transferred 26% stake in its wholly-owned subsidiary company viz. Viluppuram Highways Ltd, held by the company (in the form of Equity Shares) to Alpha Alternatives Holdings Pvt Ltd.

DBL stock declines by 1.17% on the NSE, trading at ₹528.55.

Gold prices dipped on Monday as the dollar held firm, while investors awaited comments from Federal Reserve officials and economic data for further cues on US interest rate trajectory. Read more

IREDA stock jumps 5.15% on NSE, trading at ₹298.91. Stock has hit a 52-week high at ₹310 today. Company on Friday reported an over 30 per cent growth in its net profit to ₹ 383.69 crore for the June quarter, mainly on the back of higher revenues.

SRM Contractors has inked an agreement for an EPC Project of NHAI (National Highway Authority of India) for an aggregate quoted price of ₹278.48 crore. SRM Contractors stock surges 4.72% on the NSE, trading at ₹218.40.

GE T&D India Ltd has received an order from Power Grid Corporation of India Ltd for supply, installation, testing, commissioning and maintenance of SCADA/EMS Control Centres (base price ₹490 crore).

GE T&D India stock rose 2.58% on the NSE, trading at ₹1,721.50. Stock has hit a 52-week high today at ₹1,762

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Researchbytes Events Update

As of 09:30 AM Monday 15 July 2024

Can set alert for them at www.researchbytes.com 

4:00 PM Bank of Mah

Dial: 022 6280 1102

Weblink: https://tinyurl.com/4ndjk4rm

5:00 PM HDFC AMC

Dial: +91226280 1551 

Weblink: https://tinyurl.com/yc3eecbw

6:00 PM HDFC life Insur

Dial: +91 22 6280 1406 

Weblink: https://tinyurl.com/58rxpy8r

7:00 PM Jio Financial

Weblink: https://tinyurl.com/42spymbw

HCL Tech : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305070

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https://www.researchbytes.com/webcast.aspx?WID=305066

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Top gainers: HCL Technologies (3.06%), ONGC (1.71%), Shriram Finance (1.39%), Bajaj Auto (1.13%), Ultratech Cement (1.12%)

Top losers: Tata Steel (-1.57%), Asian Paints (-1.14%), Grasim (-0.98%), Tata Consumers (-0.64%), LTIMindtree (-0.56%)

U.S. stocks closed higher Friday after paring gains in the final stretch of trading, with all three major indexes rising for the week. The big three indexes soared higher on Friday, as an “everything rally” continued to take hold in the wake of encouraging inflation data. Stocks lost some momentum in the final half-hour of trading, but still closed solidly higher. For the week, the Dow climbed 1.6% and the S&P 500 gained 0.9%, each. The technology-heavy Nasdaq booked a 0.2% weekly rise, increasing a sixth straight week for its longest winning streak since December, according to Dow Jones Market Data.

US PPI Index for June showed core prices were unchanged last month, compared with a 0.2% increase expected by economists polled by FactSet. Headline prices rose 0.2%, surpassing expectations for a 0.1% increase.

Consumers’ optimism about the economy fell to an eight-month low in July over frustration with high prices, even though they expect inflation to slow over the next year. The first reading of the consumer sentiment index in July dropped to 66.0 in July from 68.2 in June, the University of Michigan said Friday. It was the fourth decline in a row and the weakest reading since November.

India’s retail inflation rose to four-month high of 5.08 percent in June compared with 4.75 percent in the previous month as food inflation galloped to 9.4 percent given the impact of heatwave on vegetables.

Inflation had dipped to a 12-month low of 4.75 percent in the previous month, despite food inflation hovering around 8.7 percent.

The industrial output growth in India surprised in May rising to a seven month high of 5.9 percent from 5 percent in the previous month, as manufacturing and electricity production soared, according to the official data released on July 12. A CNBC-TV18 poll had pencilled in an IIP growth of 4.6 percent, lower than what was reported a month ago. Electricity growth soared to 13.7 percent in May compared with 10.2 percent in April, while manufacturing, which accounts for nearly two-thirds of the index, was up 4.6 percent in May from 3.9 percent earlier.

China’s imports fell in June, missing expectations for slight growth, while exports rose more than expected, customs data released Friday showed. China’s imports fell by 2.3% in June from a year ago in U.S. dollar terms. That contrasts with a forecast of 2.8% growth, according to a Reuters poll. U.S. dollar-denominated exports for June climbed by 8.6% year on year, beating expectations for 8% growth forecast by a Reuters poll.

Analysts expect the upcoming Third Plenum in China to focus on areas — such as high local government debt levels and a push for advanced manufacturing. The much-anticipated policy meeting, scheduled for Monday to Thursday, is a major gathering of the top members of the ruling Communist Party of China that typically happens only once every five years. This plenum was widely expected to be held last fall but has been delayed.

Chinese bank lending jumped less than expected in June while some key money gauges hit fresh record lows, highlighting weak demand in the world’s second-largest economy as the country’s top leaders prepare to meet to lay out longer-term policy goals.

U.S. stock-index futures saw a modest rise Sunday night, as financial markets opened for the week following an apparent assassination attempt on former President Donald Trump a day earlier at a campaign rally. Traders took stock of the likelihood of Donald Trump winning the US presidential election after an assassination attempt.

China’s central bank left…

[9:18 am, 15/7/2024] +91 87791 76561: Today’s Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities:

In the past week, the benchmark indices showed positive momentum, with the Nifty ending 0.73 percent higher and the Sensex gaining 522 points. The FMCG and IT sectors recorded strong momentum, both rallying over 3 percent. However, the Metal and Reality sectors experienced selling pressure despite the overall market momentum.

Technically, after a period of range-bound activity last Friday, the Nifty surpassed the 24400/80100 resistance zone and demonstrated increased positive momentum post-breakout. We believe that 24400/80100 and 24350/79800 would be crucial support levels for trend-following traders. On the higher side, 24550-24600/80100-80200 would serve as the resistance zone. A close above 24650 could drive the market towards 24900-25000/81000/81300. Conversely, dropping below 24350/79800 could alter the sentiment, leading to a retest of the level of 24150-24100/79500-79100, a major support zone of the last two weeks and 20 days SMA.

The strategy should be reducing weak long positions between 24550/24600 levels. Buying is advisable around 24250/24200, with a stop loss at 24100 on a closing basis. Our advice is to wait for a deeper correction before buying. Until then, focus on specific stocks.

For the Bank Nifty, a 20-day SMA (Simple Moving Average) or 52100 would be the pivotal level for determining the trend. Staying above these levels could prompt an upward movement towards 52800-53500. Conversely, dropping below 52100 could make the uptrend vulnerable, potentially leading to a fall to 51500 levels.

The Index is in a strong uptrend and one should opt for buy on dips strategy. With the overbought conditions in the Auto sector, we recommend booking profits; however, selective buying can be seen in the Ancillary space. We are bullish on ONGC and Reliance from the Energy space. The FMCG and IT sectors have given a breakout from a Cup and Handle formation which indicates an extension of the current up-move (Colpal and Dabur- Breakout, GodrejCP- Flag Breakout, ITC- on the verge of a massive Flag and Pole formation breakout, and Nestle-Pennant and Pole Breakout, Tech Mahindra- Flag and Pole Breakout, and Wipro- Symmetrical Triangle Breakout). We are bullish on the Pharma sector but it is approaching the higher end of the rising channel indicating a short-term reversal in the form of profit booking, however, the overall uptrend remains intact. Some stocks from the Textile segment have given a strong breakout: Cantabil (Symmetrical Triangle Formation), and Welspun Living (Cup and Handle Formation).

“The global support for the market rally in India continues. It is important to understand that the US is leading this rally with 18.4% returns YTD in S&P 500 compared with 12.7% YTD returns in Nifty. Latest inflation data in the US indicates a rate cut by the Fed in September. This is likely to keep the US market buoyant with positive impact in India, too. However, valuations in India are moving to elevated levels. Investors have to be cautious about the excessive valuations in the momentum stocks which are moving to frothy levels.

IT results from TCS and HCL Tech indicate improving prospects which the market is discounting now. But the growth projections of IT companies remain low and, therefore, a sharp restart from the present levels is unlikely. Financials remain the fairly valued segment of the market. Decline in US 10-year bond yield is positive for FII inflows.”

Focus Today (Trend Positive – Gift Nifty is up 80 points 0.4% - focus on IT stocks – FIIs over Rs4000cr net buyers and Net direct tax collection grow 24%. HDFC Life an HDFC AMC results. ) – US market closed record high and Dow closed above 40000 mark on rate cut expectation by the US Fed. Direct Expect rally on IT stocks to continue after Nifty IT majors TCS and HCL Tech announced better than expected Q1 results. Net direct tax collections grew over 24% touching Rs 5.74 lakh crore till July 11. ADR/GDR – Wipro up 3%. Infosys up 2.5%. Both L&T and Axis Bank rose 1% each. Both Goldman Sachs and Morgan Stanley results this week. ECB meeting, Fed chairman speech, US retail sales and political trend in US following attack on Trump.

Today’s Market Outlook – Better than expected both HCL Tech and TCS results, solid net direct collection, rate cut hope lifted US market to record high and consistent FIIs buying interest in the domestic market, may open equity market on a strong note. Gift Nifty is up 102 points or 0.4%. Previous day, solid buying interest in IT stocks lifted the Nifty nearly 1% to close at a record high. FIIs were net buyers over Rs4000cr on Friday.

Sentiment is positive not only in the domestic market but also across global markets. The cooling of US June inflation data and dovish commentary by the US Fed Chairmen in the US Congress imply a potential rate cut in September. As a result, the US 10-Year Bond Yield fell to a 1-month low of 4.18% from a recent high of 5.2%. The US Dollar Index also dropped to a 1-month low at the 104 level. US markets, as well as European and Asian markets, have reacted positively. The Dow Jones closed above the critical 40,000 level. Both the Nasdaq and S&P 500 reached record highs after JP Morgan and Citi group announced impressive quarterly results.

Domestic Market Trend and sector to be focus - Expect a rally in tech stocks to continue after TCS and HCL Tech announced good quarterly results. IT stocks had underperformed compared to other sectors due to poor earnings in the past few quarters. A favourable risk-reward ratio and strong quarterly results may positively impact IT stocks. Defense stocks may also see positive movement as the government focuses on domestic players to support the ‘Make in India’ initiative. Expect positive for RAIL, metal, PSU, housing finance and fertilizer sectors.

Gold –- Gold edged lower by 0.5% to $2403/ounce on Monday as the dollar strengthened following an attempted assassination attempt on former US president and Republican contender Donald Trump over the weekend..

Brent Crude – Crude oil declined 1% to $85/bbl as concerns about weaker U.S. consumer sentiment outweighed rising hopes for interest rate cuts in September

“The global support for the market rally in India continues. It is important to understand that the US is leading this rally with 18.4% returns YTD in S&P 500 compared with 12.7% YTD returns in Nifty. Latest inflation data in the US indicates a rate cut by the Fed in September. This is likely to keep the US market buoyant with positive impact in India, too. However, valuations in India are moving to elevated levels. Investors have to be cautious about the excessive valuations in the momentum stocks which are moving to frothy levels.

IT results from TCS and HCL Tech indicate improving prospects which the market is discounting now. But the growth projections of IT companies remain low and, therefore, a sharp restart from the present levels is unlikely. Financials remain the fairly valued segment of the market. Decline in US 10-year bond yield is positive for FII inflows.”

NIFTY-50 OUTLOOK

NIFTY-50 has witnessed a breakout above 24,400 levels and could test the higher range of 24,650 levels on the higher side from its 250-point range breakout. f The breakout of 24,400 levels from its inside range has extended the up move as expected and now on the downside 23,300 will be the reversal point. f RSI is reversing from its average line, and crossover of the same would confirm a strong uptrend in the coming days. f Highest call OI has moved higher to 24,500 strikes while the downside the highest put OI is at 24,000 for the weekly expiry. 

BANK NIFTY OUTLOOK

Bank Nifty remained flat to positive holding its 20-day average with key supports at 51,800 and PSU Banks could lead the up move. f The 20-day average at 51,900 will be a strong support for the up move and on the higher side 52,800 will be a strong resistance from current levels. f RSI is moving higher from its average line and other key technical indicators are positively poised on multiple time frames. f Bank Nifty highest call OI is at 53,000 levels while on the downside put OI is at 52,000 levels for the weekly expiry

Nomura Securities has retained ‘Buy’ recommendation on HCL Technologies with the software company on track to achieve its FY25 revenue growth guidance 

In 1Q FY25, slight beat to estimates. HCLT’s 1QFY25 revenue of $3,364mn (-1.6% q-q, +5.6% y-y) in constant currency was slightly ahead of the consensus estimate of a 1.9% qoq decline. IT Services and Engineering & R&D Services declined 1.5% and 3.5% qoq, respectively, while Products and Platforms was up 0.4% qoq, in cc terms. Net new deal wins at $1.96bn were up 22.5% yoy. EBIT margin of 17.1% (-50bp q-q, +10bp y-y) was broadly in line with the consensus estimate of 17%. Other income included a $70mn one-time income from State Street JV divestment. EPS at Rs 15.7 was up 20% yoy. Retains FY25E revenue growth guidance of 3-5% in cc. HCLT has retained its 3-5% y-y revenue growth guidance for FY25E in cc terms, which does not factor in an improvement in discretionary demand vs FY24. HCLT notes that it is seeing certain signs that discretionary demand may have bottomed out, but it is too early to call with certainty. In our recent India IT Services Sector report, we highlight that discretionary demand is unlikely to worsen further based on our proprietary G2000 database..

HCL Technologies (HCLT) reported a decent performance in 1QFY25. 

Revenue stood at USD3.3b, down 1.6% QoQ in constant currency (CC) vs. 

our estimate of a 1.8% decline. In USD terms, revenue reported growth of 

5.1% YoY (5.6% YoY in CC), which was in-line with our estimates. EBITDA 

witnessed QoQ de-growth of 3.9% but increased 7.4% YoY to INR59b (1.8% 

above our est. of INR58b). EBIT margins came in 30bp ahead of our estimate 

at 17.1%. PAT grew 7% QoQ/20.5% YoY to INR43b (13% above our est. of 

INR38b). New deal TCV stood at USD1.9b (down 14.4% QoQ/up 25% YoY). 

HCLT maintained its FY25 revenue growth guidance at 3-5% YoY in CC (3-5% 

YoY in CC for Services). 

We expect HCLT’s margins in IT services to recover in the next three 

quarters; however, there is an overhang of wage hikes for the year. We 

expect HCLT to deliver 18.3% EBIT margin in FY25, which should recover to 

18.6% in FY26 as growth improves. We expect HCLT to deliver a CAGR of 

7.2%/9.6% in USD revenue/INR PAT over FY24-26E. 

 Our positive view on HCLT remains tethered to its business profile, which 

should continue to benefit in the current macro environment. Its 

investments in next-gen platforms also position the company well for a 

recovery in client spending. 

 We keep our estimates unchanged. Reiterate BUY with a TP of INR1,850 

(based on 27x FY26E EPS). HCLT remains our top pick in large cap IT.

Apollo Micro: Company is shortlisted keeping in view the capability and was awarded make ii project by the Indian army, this project is for the procurement of a vehicle mounted counter swarm drone system. 

EMS: Company gets LoA for project worth ₹141 cr from Uttarakhand Power Corporation 

LUPIN: U.S. FDA inspection at Dabhasa manufacturing facility in Gujarat closes with no observations. 

Piramal Pharma: U.S. FDA’s pre approval inspection at Ahmedabad manufacturing facility in Gujarat closes with no observations. 

Cipla: Company has been classified as Voluntary Action Indicated by the USFDA for its manufacturing facility in Kurkumbh, Maharashtra, India. 

Alembic Pharma: Company gets tentative U.S. FDA approval for Selexipag injection

Sunteck Realty: Company’s Q1FY25 pre-sales at Rs 502 crore, up 30% year-on-year. 

Plastiblends: Net profit up 42.1% at ₹10.8 cr vs ₹7.6 cr, Revenue up 8.1% at ₹211.6 cr vs ₹195.7 cr (YoY) 

Infosys: Company foundation USA joins forces with congressional app challenge to champion stem education 

RVNL: Company gets LOA from central railway worth 1.33b rupees

GTPL Hathway: Received permission from Ministry of Information and Broadcasting for providing Headend-In-The-Sky (HITS) Services 

GE T&D India: Company has received of order from Power Grid with basic price 490 Cr INR 

Sterlite Technologies: Crosses milestone towards its Global Services Business demerger 

Central Bank: Entered in co-lending partnership with Arka Fincap to offer MSME loans 

Marico: In medium term, company aims to deliver double-digit revenue growth. 

Godrej CP: Company announced that It has developed ‘renofluthrin’ - A Patented Mosquito Repellent Molecule and Has Integrated It into Its Household Insecticide Product 

Deep Industries: Company gets a contract worth Rs 82 crore from ONGC to charter hire 100MT and 150MT workover rigs contract for 3 years each 

PayTM: Investor Akash Bhanshali name appear with 1.21% stake in during Q1 

HCL Tech: Company’s executive said that expect good deal bookings in next few quarters 

ISMT: Investor Mukul Mahavir Agrawal Increase stake by 1.05% during Q1. 

ZenTech: Company introduces AI-powered robots, unveils 4 products for the global defense market 

Manaksia: Company updated regarding recognition by Ministry of Commerce & Industry as three star export house 

Apcotex Industries: Company has resumed normal operations at its Taloja, MIDC plant.

Tanla Platforms: Company has partnered with a Global Tech Major to use Wisely ATP to combat scams on their messaging platform by identifying fraudulent phone numbers. 

Macrotech: Company acquires three land parcels in Mumbai region and Pune for projects with revenue potential of over Rs 11,000 crore. 

Hind Petro: Moody’s Ratings upgrades HMEL’s CFR to Ba1; outlook stable.

BEPL: Net profit up 5.6% at ₹53.4 cr vs ₹50.5 cr, Revenue up 15.4% at ₹340 cr vs ₹294.5 cr (YoY)

Indusind Bank: Board Meeting on July 19 to Consider Proposal Relating to Issuance of Long Term Bonds/debt Securities. 

ZOMATO: Company unit Zomato Slovakia s.r.o., situated in slovak republic has been dissolved w.e.f. July 12, 2024 

Oriental Hotels: Net Profit at Rs 3.6 cr vs Rs. 12.20 cr (YoY), Revenue at Rs 81.4 cr vs Rs 91.9 cr (YoY)

Shoppers Stop: Company says as of now, no tie-up is done with Aditya Birla group’s luxury store 

Taal Enterprises: Equity intelligence India private limited increased stake by 0.20% in co during Q1 

Tata Steel: Fitch revises outlook on Tata steel to negative from stable; affirms at ‘BBB-’.

The benchmark Sensex and Nifty indices are likely to open positive as trends in the GIFT Nifty indicate a higher start for the broader index. Asian markets were trading higher. US markets closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September. The S&P 500 climbed 0.55% to end the session at 5,615.35 points. The Nasdaq gained 0.63% at 18,398.45 points, while the Dow Jones Industrial Average rose 0.62% to 40,000.90 points. Indian benchmark indices rose to record highs on Friday lifted by a solid rally in information technology (IT) stocks. The BSE Sensex hit surged nearly 1,000 points intraday to hit a record high of 80,893.5, while the Nifty50 zoomed to 24,592.

- KALYAN’s hyperlocal strategy continues to drive its success in new markets, with fast learning and better preparation for competition. The company is confident in its expansion plans, targeting 80 new stores annually through its FOCO model, enhancing store-level execution and franchise participation.

- Leveraging local consumer preferences, KALYAN has built strong entry barriers and deep community connections. Its asset-light approach aims to reduce leverage, with plans for 80 new FOCO stores in India and six internationally by FY25. Effective localized marketing and innovations drive customer engagement, while strong financials and debt reduction efforts underpin growth.

- With a 29% CAGR over FY21-FY24, KALYAN aims for further expansion and improved return ratios. The company will further improve its balance sheet and return ratios. The near-term underlying growth for KALYAN is also stronger than peers. Reiterate BUY with a TP of INR570 (based on 45x Jun’26E EPS).

This Wednesday, July 17th, the stock markets will be closed in observance of Muharram. Key catalysts for the day include the release of WPI inflation numbers and Federal Reserve Chair Jerome Powell’s speech on July 15th. The FOMO rally remains strong, with India projected to become the world’s second-largest economy by 2031, the Dow Jones surpassing 40,000, and a 93% chance of a Fed rate cut in September. FIIs were net buyers of Rs. 3,844 crores last week. For Nifty, the preferred trade is to buy at 24,502 with a stop at 24,101, targeting 24,650/24,751. For Bank Nifty, buy at 52,279 with a stop at 51,451, targeting 52,500/53,100. Bullish stocks include IRCTC, Zydus Life, and Torrent Pharma.

The US market ended higher on Friday as large-cap stocks rebounded from steep losses in the previous session on expectations of Fed rate cuts. Investors shrugged off data that showed US producer prices increased slightly more than expected in June amid a rise in the cost of services. According to gross domestic product data, China’s economy grew less than expected in the second quarter, as weak consumption largely offset a fledgling recovery in manufacturing activity and industrial production. Indian market looks set to open slightly higher on Monday as investors react to positive global cues and the return of foreign inflows. Investors will be cautiously watching out for the next set of quarterly results, which may influence sentiment, with IT majors Infosys and Wipro as well as heavyweights including Reliance Industries, Asian Paints and UltraTech Cement among the prominent companies due to unveil their financial results in the truncated week ahead.

During the past six weeks, the Nifty 50 index has consistently ended with gains, showing a firm uptrend in the markets. Despite some intraday fluctuations, the overall trend has been upward. Based on options data, the resistance points are expected to shift higher towards 24700-24800 levels, with 24500 being a crucial level to monitor. It’s important to note that the markets have significantly deviated from their mean, so it’s essential to focus on locking in profits at higher levels and strategically rotating stocks to stay invested in those with strong relative strength and promising technical setups.

The start of the new week is likely to see a positive start for domestic markets. Thanks to positive global cues, Gift Nifty is ruling at 24,600 (730 am) against Nifty futures close of 24,521, signalling a gain of about 80 points for the Nifty. So far, the result season has began on positive start. However, analysts said that the focus is now on the upcoming Budget. Read more

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Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:47 AM Monday 15 July 2024

Can set alert for them at www.researchbytes.com 

4:00 PM Bank of Mah

Dial: 022 6280 1102

Weblink: https://tinyurl.com/4ndjk4rm

5:00 PM HDFC AMC

Dial: +91226280 1551 

Weblink: https://tinyurl.com/yc3eecbw

6:00 PM HDFC life Insur

Dial: +91 22 6280 1406 

Weblink: https://tinyurl.com/58rxpy8r

7:00 PM Jio Financial

Weblink: https://tinyurl.com/42spymbw

HCL Tech : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305070

GTPL Hathway : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305066

Star Housing Fin : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305068

Anand Rathi Wealth : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305045

TCS : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305017

JTL Infra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=304997

Tata Elxsi : (replay)

https://www.researchbytes.com/webcast.aspx?WID=304988

Shalby : (replay)

https://www.researchbytes.com/webcast.aspx?WID=304899

Shilpa Antibiotics . : (replay)

https://www.researchbytes.com/webcast.aspx?WID=304797

eMudhra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=304630

Results today …

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Recent interviews …

https://www.researchbytes.com/Default.aspx?cc=interview

Replays available at www.researchbytes.com

Fitch Ratings has revised the outlook on India-based Tata Steel Ltd’s (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at ‘BBB-’. We have also affirmed the rating on the $ billion notes due July 2024 issued by TSL’s subsidiary ABJA Investment Co. Pte. Ltd. and guaranteed by TSL, at ‘BBB-’. Read more

MS on Ambuja: Upgrade to Overweight on Company, raise target price at Rs 775/Sh from Rs 665/Sh (Positive) 

MS on Ultratech: Maintain Overweight on Company, raise target price at Rs 13620/Sh (Positive) 

MS on ACC: Maintain Equal weight on Company, raise target price at Rs 2930/Sh (Positive) 

MS on Grasim: Maintain Equal weight on Company, raise target price at Rs 2990/Sh (Positive) 

JP Morgan on DMart: Maintain Overweight on Company, target price at Rs 5400/Sh (Positive) 

CLSA on DMart: Maintain Outperform on Company, target price at Rs 5535/Sh (Positive) 

BofA on DMart: Maintain Buy on Company, target price at Rs 5465/Sh (Positive) 

Nomura on HCL Tech: Maintain Buy on Company, raise target price at Rs 1720/Sh (Positive) 

Kotak on HCL Tech: Maintain Add on Company, raise target price at Rs 1650/Sh (Positive) 

Jefferies on HCL Tech: Maintain Hold on Company, raise target price at Rs 1630/Sh (Positive) 

Investec on VIP Ind: Initiate Buy on Company, target price at Rs 560/Sh (Positive) 

Investec on Safari Ind: Initiate Buy on Company, target price at Rs 2800/Sh (Positive) 

Nuvama on Maruti: Maintain Buy on Company, raise target price at Rs 16000/Sh (Positive) 

Nomura on Fortis: Maintain Buy on Company, raise target price at Rs 547/Sh (Positive) 

CLSA on Titan: Maintain Outperform on Company, target price at Rs 3948/Sh (Positive) 

Nuvama on DMart: Maintain Hold on Company, target price at Rs 5091/Sh (Neutral) 

Investec on HCL Tech: Maintain Sell on Company, raise target price at Rs 1312/Sh (Neutral) 

Citi on HCL Tech: Maintain Neutral on Company, raise target price at Rs 1545/Sh (Neutral) 

JP Morgan on HCL Tech: Maintain Neutral on Company, target price at Rs 1510/Sh (Neutral) 

CLSA on HCL Tech: Downgrade to Hold on Company, raise target price at Rs 1556/Sh (Neutral) 

Citi on Coal India: Maintain Neutral on Company, target price at Rs 460/Sh (Neutral) 

MS on Dalmia Bharat: Downgrade to Underweight on Company, cut target price to Rs 1990/Sh (Negative) 

MS on Shree Cement: Downgrade to Underweight on Company, cut target price to Rs 27000/Sh (Negative)

ALEMBIC PHARMA – Rs 11

KPR MILL – Rs 2.50

RANE BRAKE LINING – Rs 30

SIYARAM SILK MILLS – Rs 4

Goldman Sachs Group, Inc.(Pre Market) (Sector - Finance)

Black Rock, Inc.(Pre Market) (Sector - Finance)

* ABFRL

* BALRAMCHIN

* BANDHANBANK

* CHAMBAL

* GMRINFRA

* GNFC

* IEX

* INDIACEM

* INDUSTOWER

* PEL

* RBLBANK

FY24 - ₹4.80 lakh crore

FY25 - ₹5.74 lakh crore 

Good increase in tax collection

| CMP Rs. 499 | M Cap Rs. 1557 Cr | 52 W H/L 759/385

(Nirmal Bang Retail Research)

Result has improved owing to decline in opex

Revenue from Operations came at Rs. 102.2 Cr (-9.4% QoQ, 20.9% YoY) vs QoQ Rs. 112.9 Cr, YoY Rs. 84.5 Cr

EBIDTA came at Rs. 37.3 Cr (81.3% QoQ, 45.8% YoY) vs QoQ Rs. 20.6 Cr, YoY Rs. 25.6 Cr

EBITDA Margin came at 36.5% vs QoQ 18.2%, YoY 30.3%

Adj. PAT came at Rs. 20.1 Cr vs QoQ Rs. 5.8 Cr, YoY Rs. 14.5 Cr

Quarter EPS is Rs. 6.4

Stock is trading at P/E of 19.4x Q1 annualised EPS

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Recent Interview...

As of 18:13 PM Friday 12 July 2024

Anand Rathi Wealth: Feroze Azeez, CEO

Larger Wallet Share Is One Of The Reasons For Strong Growth: Anand Rathi Wealth

https://www.youtube.com/watch?v=hFWNGW87UzY

Poly Medicure: Himanshu Baid, MD

PLI Scheme Needs To Be Expanded & Should Focus On Downstream Opportunities: Poly Medicure

https://www.youtube.com/watch?v=N3ciqtavVco

Protean eGov Te: Suresh Sethi, MD & CEO

New-Age DPIs & Cloud Infra Services Are New Growth Opportunities: Protean eGov Technologies

https://www.youtube.com/watch?v=_wJqs_ulLIs

Senco Gold Limited: Suvankar Sen, CEO

Senco Gold: Strong Q1 Recorded By Company, What’s The Expansion Plan For Future? | ET Now

https://www.youtube.com/watch?v=8bMWAPCMIrw

TCS: K Krithivasan, CEO & MD

TCS Q1 Result: Manufacturing Led Co’s Growth, What Factors Lead To Strong Numbers In This Qtr?

https://www.youtube.com/watch?v=kmb_1hlXQ3U

Bikaji Foods: Manoj Verma, COO

We Aim To Double Our Exports Business In The Next 3-4 Years: Bikaji Foods

https://www.youtube.com/watch?v=KxaikWhjoa4

GE Shipping: G Shivakumar, ED & CFO

GE Shipping: Development Fund To Power Up Shipping Inds, Elevated Delivery Rates To Sustain?

https://www.youtube.com/watch?v=1J05sLtGTJk

Gulf Oil Lubric: Ravi Chawla, MD

The Volume For Data Center Market Is Really Small At Around 14 M Litres: Gulf Oil Lubricants

https://www.youtube.com/watch?v=mXCwjVW1Drg

IRB Infra: Anil Yadav, CFO

IRB Infra: Toll Collections Serving Fundraise Plans, What’s The Monetisation Plan Of Co For FY25?

https://www.youtube.com/watch?v=GtEt11vkDZI

Kesoram: P Radhakrishanan, Whole time Director

Deal With UltraTech Is On Track To Be Completed Before December 2024: Kesoram Industries

https://www.youtube.com/watch?v=tMaDdVgQIDE

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

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Replays available at www.researchbytes.com

12 July 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 155554.74 + 11956.72 Total: 167511.46

F&O Volume: 616386.28 + 38977843.75 Total: 39594230.0

Provisional Cash

FII/FPI: NET BUY: +4021.6 

(19113.62 - 15092.02) 

DII: NET SELL: -1651.45 

(14490.17 - 16141.62)

Closing Bell:

* Sensex: 80519.34(+622.00) 

* Nifty 50: 24502.15 (+186.20) 

* Nifty bank: 52278.90 (+8.25) 

Nifty top 5 Gainers:

* TCS: 4,183.95 (+260.25) 

* Wipro : 560.15 (+26.05) 

* Infosys: 1,711.75 (+59.05) 

* HCL Tech:1,560.20 (+48.30) 

•LTIMindtree : 5,572.65 (+165.05) 

Nifty top 5 losers:

* Maruti: 12,562.50 (-152.70) 

* Divis Labs: 4,539.30 (-43.20 ) 

* Coal India: 496.20 (-3.85) 

* Asian Paints: 2,999.15 (-22.90 ) 

* BPCL:304.55 (-2.05)

On a typical rainy day in monsoony Mumbai, the fifth floor in Cipla’s office reflects a quiet calm — unlike the buzz elsewhere in the city, preparing to welcome a World Cup winning cricket team later in the day. The stillness is soon dispelled as Umang Vohra, Cipla’s Managing Director and Global Chief Executive Officer walks into the room for an exhaustive interaction on the drugmaker’s journey, especially in the eight-odd years he’s been at the helm. Read more

For years, agarbathis (incense sticks) have been obscure, lying in a corner of one’s pooja room, looking the same across brands. They have also long been a staple purchase, which the consumer picked off the shelves hardly giving a second thought about the brand. So then, what can an FMCG giant like ITC do to make it a product of discerning taste? Read more

The pharma sector has been on a roll, with peak revenues in FY24. The Nifty Pharma breached 20,000 levels for the first time in July 2024, gaining 20 per cent YTD compared to Nifty-50’s 12 per cent gain. Read more

Sensex and Nifty 50 sustained higher and were range-bound for most part of the week. On Friday, they broke the range on the upside and rose to close higher. The short-term outlook remains positive for both the Sensex and Nifty. We can expect the index to go up further in the coming days. Read more

The concentration of mutual fund assets with the top 15 fund houses has fallen with recent entrants catching up fast, riding on the recent market rally and record collections through new fund offers. Read more

India dedicated funds are seeing humongous amounts of money pouring in and last week saw record high flows of $1.25 billion, with the most flows coming into exchange traded funds at $848 million, data from EPFR and Elara Securities showed. Read more

The combined market valuation of seven of the top-10 most valued firms jumped Rs ₹1,72,225.62 crore last week, with IT bellwether Tata Consultancy Services (TCS) stealing the show, amid a rally in equities. Read more

The upmove in Wipro has gained momentum. The stock surged 4.8 per cent on Friday and has closed on a strong note. This rise has ended the two-week long sideways consolidation. It also indicates that the broader uptrend has resumed. Read more

Foreign portfolio investors (FPIs) stayed net buyers in July, with flows in equities exceeding that in debt for the second time this year. Read more