As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 285.94 points or 0.35% to 81,741.34. The Nifty 50 index added 93.85 points or 0.38% to 24,951.15.
In the broader market, the S&P BSE Mid-Cap index gained 0.86% and the S&P BSE Small-Cap index shed 0.14%.
The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,680.74 and 55,685.07, respectively.
The market breadth was positive. On the BSE, 2,121 shares rose and 1,831 shares fell. A total of 85 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.26% to 13.30.
Sebi proposes stricter rules for index derivatives:
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The market regulator is looking to curb speculation, protect investors, and stabilize the market by introducing measures like upfront option premiums, increased contract sizes, and restrictions on weekly index products.
IPO Update:
The initial public offer (IPO) of Akums Drugs and Pharmaceuticals received 4,73,52,272 bids for shares as against 1,51,62,239 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (31 July 2024). The issue was subscribed 3.12 times.
The issue opened for bidding on Tuesday (30 July 2024) and it will close on Thursday (01 August 2024). The price band of the IPO is fixed between Rs 646 to Rs 679 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index gained 1.22% to 9,583.40. The index rallied 4.75% in four consecutive trading sessions.
Steel Authority of India (up 3.71%), JSW Steel (up 3.54%), Hindalco Industries (up 2.01%), National Aluminium Company (up 1.7%), Adani Enterprises (up 1.38%), APL Apollo Tubes (up 1.35%), Hindustan Copper (up 1.32%), Jindal Steel & Power (up 1.28%), Ratnamani Metals & Tubes (up 1.19%) and Vedanta (up 1.01%) advanced.
On the other hand, Welspun Corp (down 0.75%), NMDC (down 0.72%) and Jindal Stainless (down 0.62%) edged lower.
Stocks in Spotlight:
Mahindra & Mahindra shed 0.36%. The company reported 5% decline in standalone net profit to Rs 2,613 crore in Q1 FY25 as compared with Rs 2,759 crore posted in corresponding quarter last year. Revenue from operations jumped 11% YoY to Rs 27,133 crore in Q1 FY25.
Bharat Heavy Electricals (BHEL) declined 0.57%. The company reported consolidated net loss of Rs 211.40 crore in Q1 FY25 as comapred with net loss of Rs 204.70 crore recorded in Q1 FY24. Revenue from operations grew by 9.62% year on year (YoY) to Rs 5,484.92 crore in the quarter ended 30 June 2024.
Godrej Properties added 1.48% after the company reported its highest ever consolidated net profit of Rs 520.05 crore in Q1 FY25, steeply higher than Rs 124.94 crore posted in Q1 FY24. On the other hand, revenue from operations declined 21.05% year on year to Rs 739 crore in Q1 FY25 from Rs 936.09 crore recorded in the same period a year ago.
Dixon Technologies (India) rose 0.99%. The company reported 107.91% surge in consolidated net profit to Rs 139.70 crore in Q1 FY25 from Rs 67.19 crore posted in Q1 FY24. Revenue from operations zoomed 101.12% year on year (YoY) to Rs 6,579.80 crore in the quarter ended 30 June 2024.
Zee Entertainment Enterprises (ZEEL) advanced 1.79% after the company reported a consolidated net profit (from continuing operations) of Rs 125.66 crore in Q1 FY25, steeply higher than Rs 3.87 crore in Q1 FY24. However, revenue from operations declined 6.89% to Rs 1,983.80 crore in Q1 FY25 as compared with Rs 2,130.53crore recorded in Q1 FY24.
GAIL (India) rallied 3.40% after the company's consolidated net profit jumped 77.54% to Rs 3,183.35 crore in Q1 FY25 as comapred with Rs 1,792.99 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 5.94% YoY to Rs 34,737.77 crore during the quarter.
IndiaMART InterMESH dropped 6.52%. The company reported 37% rise in consolidated net profit to Rs 114 crore on a 17% increase in operating revenue to Rs 331 crore in Q1 FY25 as compared with Q1 FY24.
Zaggle Prepaid Ocean Services shed 0.31%. The companys consolidated net profit surged to Rs 167.34 crore in Q1 FY25 as comapred with Rs 20.55 crore in corresponding quarter last year. Revenue from operations stood at Rs 252.20 crore, steeply higher than Rs 118.47 crore in same quarter last year.
Indus Towers slipped 3.06%. The telecom infrastructure providers consolidated net profit climbed 42.88% to Rs 1925.9 crore in Q1 FY25 as against Rs 1,347.9 crore reported in Q1 FY24. Revenue from operations stood at Rs 7383 crore, up 4.34% from Rs 7075.9 crore recorded in the corresponding quarter previous year.
Meanwhile, the company said that its board has approved a share buyback of upto Rs 2,640 crore at a price of Rs 465 per equity share through tender offer route. The company plans to buyback up to 5.67 crore equity shares, representing approximately 2.107% of the total number of equity shares in the paid-up share capital of the company.
Rajratan Global Wire gained 3.90% after the companys consolidated net profit jumped 22.61% to Rs 15.24 crore in Q1 FY25 as compared with Rs 12.43 crore in Q1 FY24. Revenue from operations increased 7.99% YoY to Rs 220.14 crore during the quarter.
Automobile Corporation of Goa zoomed 17.94% after the companys standalone net profit jumped 77.33% to Rs 17.91 crore in Q1 FY25 as compared with Rs 10.10 core recorded in Q1 FY24. Revenue from operations increased 34.67% YoY to Rs 203.32 crore during the quarter.
Global Markets:
European stocks advanced on Wednesday. In July, the Euro Zone experienced an unexpected rise in headline inflation, increasing to 2.6% from 2.5% in June, according to a report released on Wednesday by the European Union's statistics agency.
Most Asian stocks traded higher. The Bank of Japan has raised its policy rate to 0.25% from it previous range of 0% to 0.1% and plans to cut its bond-buying program by 400 billion yen per quarter. From January to March 2026, the monthly purchases of Japanese Government Bonds (JGBs) will be reduced to 3 trillion yen, with a goal of decreasing the amount of JGBs bought in a predictable manner.
China's manufacturing sector contracted for a third straight month in July, as indicated by the Purchasing Managers' Index (PMI) data. Manufacturing PMI fell to 49.4 in July, data from the National Bureau of Statistics showed. This reflects persistent weakness in domestic demand despite government support measures.
Australia's inflation rate rose as expected in the second quarter, but a softer-than-anticipated core inflation figure increased bets on a pause in interest rate hikes by the Reserve Bank of Australia. CPI inflation grew 3.8% year-on-year in the three months to June 30, up from the 3.6% seen in the prior quarter.
US stocks declined on Tuesday, primarily due to a drop in Nvidia, ahead of the Fed meeting. The S&P 500 fell by 0.5% while the tech-heavy Nasdaq Composite dropped roughly 1.3%. The Dow Jones Industrial Average rose 0.5%.
Market expectations are for the Fed to maintain interest rates on Wednesday but to signal a potential rate cut in September. This outlook is driven by encouraging inflation data.
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