Indices gain for 3rd day; Nifty ends above 24,850

The headline equity benchmarks ended near the flat line with minor gains on Tuesday, rising for the third day in a row. The Nifty settled above the 24,850 mark after hitting the days low of 24,798.65 in early trade. Consumer durables, media and auto shares advanced while FMCG, healthcare and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 99.56 points or 0.12% to 81,455.40. The Nifty 50 index rose 21.20 points or 0.09% to 24,857.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index gained 0.88%.

 

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,383.87 and 55,498.83, respectively.

The market breadth was positive. On the BSE, 2,296 shares rose and 1,603 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.50% to 12.88.

IPO Update:

The initial public offer (IPO) of Akums Drugs and Pharmaceuticals received 1,61,94,750 bids for shares as against 1,51,62,239 shares on offer, according to stock exchange data at 15:30 IST on Tuesday (30 July 2024). The issue was subscribed 1.07 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 Consumer Durables index gained 1.12% to 39,646. The index rallied 2.61% in three consecutive trading sessions.

Kajaria Ceramics (up 3.9%), Crompton Greaves Consumer Electricals (up 3.4%), Century Plyboards (India) (up 2.84%), Dixon Technologies (India) (up 2.82%), Titan Company (up 1.61%), Voltas (up 1.57%), Cera Sanitaryware (up 0.47%), Kalyan Jewellers India (up 0.07%) and Rajesh Exports (up 0.05%) advanced.

On the other hand, Blue Star (down 1.26%), Havells India (down 1.21%) and Bata India (down 1.17%) edged lower.

Stocks in Spotlight:

Colgate-Palmolive (India) rallied 4.89% after the FMCG major's net profit jumped 32.99% to Rs 363.98 crore in Q1 FY25 as against Rs 273.68 crore posted in Q1 FY24. Revenue from operations grew by 13.01% year on year (YoY) to Rs 1,485.76 crore in the quarter ended 30 June 2024.

ACC shed 0.45%. The company's consolidated net profit declined 22.47% to Rs 361.40 crore in Q1 FY25 as compared with Rs 466.14 crore posted in corresponding quarter last year. Revenue from operations fell marginally 0.89% YoY to Rs 5,154.89 crore in Q1 FY25.

Varun Beverages dropped 6.33%. The company reported 26.04% jump in consolidated net profit to Rs 1,252.60 crore in Q2 CY24 as compared with Rs 993.81 crore posted in Q2 CY23. Revenue from operations (excluding excise duty) surged 28.25% YoY to Rs 7,196.86 crore in second quarter of 2024.

Hindustan Petroleum Corporation (HPCL) advanced 3.67%. The company reported standalone net profit of Rs 355.80 crore in Q1 FY25, registering a de-growth 94.26% as against with Rs 6,203.90 crore posted in Q1 FY24. Revenue from operations (excluding excise duty) rose 1.56% to Rs 1,13,303.57 crore in the quarter ended June 2024 as against with Rs 1,11,567.43 crore posted in the corresponding quarter previous year.

Quess Corp rose 0.69%. The companys consolidated net profit jumped 14% to Rs 111.67 crore in Q1 FY25 as compared with Rs 97.83 crore in Q4 FY24. Revenue from operations increased 8.76% QoQ to Rs 5003.10 crore in Q1 FY25.

Jindal Saw surged 6.23% after the companys consolidated net profit jumped 66.69% to Rs 441.06 crore in Q1 FY25 as against with Rs 264.60 crore posted in Q1 FY24. Total income grew by 12.08% year on year to Rs 4,984.81 crore during the quarter.

Firstsource Solutions advanced 1.50% after the companys consolidated net profit increased 1.3% to Rs 135.24 crore in Q1 FY25 as comapred with Rs 133.50 crore in Q4 FY24. Revenue from operations jumped 6.86% QoQ to Rs 1,783.87 crore in Q1 FY25.

Shyam Metalics and Energy gained 2.15% after the company reported 35.31% jump in consolidated net profit to Rs 276.14 crore in Q1 FY25 from Rs 204.08 crore in Q1 FY24. Revenue from operations grew by 8.36% year on year to Rs 3,611.61 in the quarter ended 30 June 2024.

Global Markets:

Most European stocks traded higher on Tuesday, as earnings dominate stock action and investors anticipating US and UK central bank decisions.

Most Asian stocks declined on Tuesday, erasing the previous session's gains as investors remained cautious ahead of crucial interest rate decisions from the Bank of Japan and the Federal Reserve. Chinese market continued to underperform, hitting six-month lows amid persistent concerns over a slowing economic recovery.

Japan's Nikkei 225 index fell amid speculation over whether the Bank of Japan (BoJ) will maintain its ultra-loose monetary policy. The central bank is set to announce its policy decision on Wednesday, July 31. While recent inflation data has shown some slight improvement, analysts remain divided on the likelihood of a rate hike. The BoJ has been one of the few major central banks holding rates at ultra-low levels.

Regional markets took mixed cues from Wall Street, which ended flat on Monday. Caution ahead of the central bank meetings and a batch of quarterly earnings from tech giants prevented large market movements.

The S&P 500 rose marginally, recovering from its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped slightly while the Nasdaq Composite edged up.

The Federal Reserve's interest rate decision is also due on Wednesday. The central bank kept rates unchanged at its June meeting.

Powered by Capital Market - Live News