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
The NSE Nifty 50 closed 0.01% higher at 24,416, while the BSE Sensex closed 0.08% lower at 80,084.76.
Tata Motors, ONGC, SBI Life Insurance, BPCL, and L&T were the top gainers in the Nifty 50. While Axis Bank, Nestle India, Titan, ICICI Bank, and Tata Steel were the major losers in the Nifty 50 on July 25.
Despite challenges such as lower consumption growth and concerns over food inflation and fluctuating commodity prices, particularly in coffee and cocoa, Nestle India continues demonstrating resilient performance across multiple fronts, said StoxBox on Nestle India’s Q1 numbers. The company’s strategic initiatives include enhancing rural penetration and increasing market share through the RURBAN program, a strong emphasis on innovation with numerous new product launches driving growth, and a strategy to elevate core categories like Maggi noodles through premiumization and differentiated offerings. Additionally, Nestle’s renewed emphasis on the rapidly expanding nutraceutical portfolio, bolstered by the acquisition of Dr. Reddy’s, improves its prospects for long-term growth.
“With these strategic initiatives firmly in place, Nestlé India is well-positioned to sustain growth, supported by robust operational strategies, a commitment to innovation, and expanding market reach,” remarked StoxBox.
All constituents of the sectoral index, Nifty Metal, were trading in the red. Tata Steel was the major dragger among other stocks.
Courtesy: NSE
Shares of Suzlon Energy rose as much as 5% to hit a new 52-week high of Rs 63.75 from its previous close of Rs 60.72. The stock was frozen in its upper band for some time, which is placed at Rs 63.75. In the last one month, the stock has given a return of over 14% and more than 45% in the past six months.
CG Power, Hindustan Petroleum, Oil India, Cummins India, and Suzlon Energy were the top midcap gainers, while Max Health, AU Small Finance Bank, KPITechnology, Persistent Tech, and Indian Hotels were the major laggards in the Nifty Midcap 100 on July 25.
Courtesy: NSE
Indian Rupee appreciated slightly on supposed intervention by the Reserve Bank of India (RBI) and overall weakness in crude oil prices. A decline in the US Dollar index also favoured the Rupee. Rupee fell to a record low earlier in the day on weak domestic markets and FII outflows over the past two days, said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. “We expect Rupee to trade with a slight negative bias on a weak global markets and fresh FII outflows.” However, weak US Dollar and declining crude oil prices may support the Rupee at lower levels. intervention by the RBI may also support the Rupee. Traders may take cues from US GDP, durable goods orders and weekly unemployment claims data from the US. “USDINR spot price is expected to trade in a range of Rs 83.45 to Rs 84,” said Choudhary.
“We believe the behemoth (Hindutan Unilever) is being re-imagined under Rohit Jawa’s leadership, and are optimistic regarding higher, FY25, growth, though gradual. We slightly lower our FY25e/26e EPS 4% each to factor in the current negative pricing and Q1 figures. We retain our Buy with a higher target price of Rs 3,130, 60x FY26e EPS, factoring in the potential revenue and margin uptick in soaps,” said Anand Rathi in a research report on Hindustan Unilever.
DCB Bank’s share price dropped over 4% to an intraday low of Rs 126.53 after the private sector lender reported a 3.6% year-on-year decline in net profit to Rs 131.4 crore for the first quarter ending June 30, 2024, down from Rs 136.9 crore in the same quarter of the previous year. Net interest income (NII) increased by 5.5%, reaching Rs 496.6 crore, up from Rs 470.7 crore in the corresponding quarter of FY24.
RVNL shares are trading 2% lower on the NSE following the receipt of a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project valued at Rs 191.53 crore. The project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system along the Rajkhaswan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway.
Dr Reddy’s share price trade marginally higher by at Rs 6853 on NSE despite the pharma company has transferred 49% of its equity share capital in the joint venture with Nestlé Health Science to Nestlé India. Following the transfer, Dr. Reddy’s Labs now holds 51% of the joint venture’s share capital, while Nestlé India holds 49%.
JK Paper’s share price plunged over 7% to an intraday low of Rs 498.95 on the NSE after the company reported a 54.8% year-on-year decline in net profit to Rs 139.7 crore for the first quarter ending June 30, 2024, compared to Rs 308.7 crore in the same quarter the previous year. However, the company’s revenue increased by 8.2% to Rs 1,713.7 crore, up from Rs 1,584.4 crore in the corresponding period of the previous fiscal year.
EPACK Durable’s share price fell over 3% to intraday lows following the release of its Q1 results. The company reported a year-over-year (YoY) net profit increase of 168% to Rs 23.4 crore, but a quarter-over-quarter (QoQ) decline of 16%. Revenue rose by 77% YoY to Rs 773 crore, and increased by 47% QoQ. EBITDA was up 89% YoY to Rs 55.22 crore, remaining flat QoQ. EBITDA margins stood at 7.13%, compared to 6.7% YoY and 10.55% QoQ.
Some buying activity may be observed between $2368 and $2360, potentially pushing gold to the nearest resistance zone of $2384-$2390. If this resistance is cleared, preferably with a day close, gold could extend to the psychological level of $2400, which aligns with the 4-hourly rising 100 SMA.
In MCX, prices are in an oversold condition with the RSI_14 near 28. However, it’s important to note that the nearly 4000-point drop in gold prices was due to a cut in custom duty. Therefore, the MCX chart may not accurately reflect the situation, whereas the COMEX chart shows selling pressure as prices have breached the $2390 support.
As mentioned, we might see some value buying around the $2368-$2360 zone. We advise traders to remain on the sidelines until the PCE data is released on Friday, and only consider taking new positions after that.
Also Read: Selling in Gold may increase if it breaches $2390 support says TradeBulls Securities
RITES has received the Letter of Intent (LOI) for Project Management Consultancy (PMC) services on a turnkey basis for the construction of a new government medical college with a capacity of 100 students and a 430-bed hospital in Amravati, Maharashtra. The project is commissioned by the Directorate of Medical Education & Research, Mumbai, with an estimated cost, including PMC fees, of Rs 321.30 crore, excluding GST. RITES stock is currently trading at Rs 697.30 on the NSE, up 0.78%.
Shares of HG Infra Engineering surged over 5% in intra-day trading on Thursday after the company announced it was the lowest bidder (L-1) for a project by the Ministry of Road Transport and Highways (MORTH). The project, estimated by MORTH to cost Rs 898.5 crore, saw HG Infra’s winning bid at Rs 763.11 crore.
Shares of Ashok Leyland saw a steep fall of 3.3%, quoting at Rs 224.85, intraday low, as soon as the company reported its Q1 FY25 earnings. The company’s net profit in Q1 FY25 declined 9% to Rs 525.5 crore.
“The Bank Nifty was an underperforming sector and was also primarily responsible for dragging Nifty lower in today’s trading session. Technically, it also closed below the crucial support zone of 51,900-52,000 for two consecutive days, which is not a positive sign. It is likely to find resistance in the 51,900-52,000 area on an immediate basis. On the downside, the support zone lies at 50,900-51,000 / 50,500 while the resistance is seen at 51,900-52,000 / 52,500,” said Tejas Shah, Technical Research, JM Financial & BlinkX.
Gold and Silver prices have fallen to around $2375 (~ Rs 68000) and $28 (Rs 82000). According to Renisha Chainani, Head of Research at Augmont – Gold For All, the downfall may be due to technical selling, but it is expected to be limited. “Markets have fully priced in a September rate cut and expect the US central bank to lower borrowing costs twice more by the end of this year.” The release of mostly disappointing global flash PMIs on Wednesday added to worries about an economic slowdown and should support the safe-haven met. “Aside from this, the political uncertainty in the US could support bullion ahead of the two most important US macro-data points, the PCE Price Index on Friday and the Advance Q2 GDP report on Thursday. The maximum downside expected in Gold is $2300 ( Rs 65500) and for Silver to about $26.5 (Rs 79000),” said Chainani.
Shares of Nestle India fell more than 3% to an intraday low of Rs 2,460 as soon as the company reported its Q1 results for FY25. The FMCG major’s profit and revenue didn’t meet the street’s expectations as price hikes nudged shoppers towards cheaper competitors, pushing the company to mark its slowest revenue growth in eight years.
Courtesy: NSE
The stock of ONGC rallied 5.6% to touch a fresh 52-week high of Rs 333.90 in the weak market on the National Stock Exchange. The upper band for the company’s stock is placed at Rs 351.50. The share of ONGC is up more than 5% from its intraday low of Rs 317.78.
The stock of ONGC rallied as much as 5.6% to hit a fresh 52-week high of Rs 333.90 in the weak market on the National Stock Exchange. The upper circuit for the stock is placed at Rs 351.50. The shares of ONGC are up more than 5% from its day low of Rs 317.78.
Shares of Larsen & Toubro rose as much as 2.4% to an intraday high of Rs 3,606.10. The surge in the stock price came on the back of higher order inflow. The company’s order pipeline grew 8% on year to Rs 70,900 crore in Q1 of FY25. Also, the company has kept the order inflow growth estimates at 10% for the fiscal year 2025. The stock is contributing over 23 points to the Nifty 50 and trying to pull it up. The company’s stock has a 52-week high of Rs 3,919.90, which it touched on June 03, 2024.
Banking and metal stocks dragging the markets lower.
Courtesy: BSE
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said that the Nifty continues to remain volatile with a mild negative bias. On the daily chart, a small-bodied red candle has formed. However, the short-term trend remains positive as it closed above the 21-day exponential moving average. The Relative Strength Index (RSI) is showing a bearish crossover and is declining. Weakness might increase in the market in the short term if the Nifty falls below 24,350. On the higher end, resistance is seen at 24,600. A decisive move above 24,600 could trigger a meaningful rally in the market.
The NSE Nifty 50 was down 0.22% at 24,358, while the BSE Sensex was down 0.32% at 79,889.
Tata Motors’ share price surged by 5.65% to record highs of Rs 1,084.90 per share on the NSE during Thursday’s trading session. This increase followed the Japanese brokerage firm Nomura upgrading Tata Motors Ltd. from a ‘Neutral’ to a ‘Buy’ rating.
Nomura has upgraded Tata Motors Ltd. to a ‘Buy’ rating from the previous ‘Neutral’ and increased its price target to Rs 1,294 per share, up from Rs 1,141. This revised target implies a potential upside of 26% from the stock’s closing levels on Wednesday and is the highest target on the street.
M&M Finance’s disbursements for Q1 FY25 were muted at Rs 12,740 crore, up 5% on year and down 17% on quarter. Business AUM was up 23% YoY primarily due to a high base of Q4 FY24. RoA guidance for FY25 was maintained at 2.2%. “We continue to build in AUM/PPOP/PAT CAGR at 17%/26%/37% over FY24-26E and expect RoA/RoE at 2.2%/15.7% for FY26E. Seasonally weak quarter and elections continued the deceleration of disbursement growth and we expect the slowdown to continue as the company remains focused on strengthening its internal processes. We value M&M Financial Services (standalone) at 1.5x FY26E P/ABV and subsidiaries at Rs 19 to arrive at our target price of Rs 250,” said Centrum Broking in a research report. The company maintained its “Sell” rating on the stock.
Courtesy: NSE
“Net debt to EBITDA stood at 1.0x as on 30th Jun’24 vs 1.10x on 31st Mar’24. Balance sheet continues to strengthen while supporting the on-going capex. The total capex for the quarter was Rs 2800 crore largely driven by the expansion projects in India – time over run observed in certain modules of the 6 mtpa expansion. With a strong balance sheet to support growth capex, increasing raw material security and strong volume growth pipeline, the company remains well positioned to withstand cyclical challenges – subject to execution risk,” said JM Financial Institutional Securities in a research report. The brokerage house kept the “Buy” rating unchanged.