Stock Market Highlights, July 29: Benchmarks end flat after hitting record highs; most sectors gain

Stock Market Highlights on Monday, July 29: Among the broader indices, Midcap outperformed the others, as the Nifty Midcap 100 index hit a fresh 52-week high of 58,455.10

9:18 AM

Opening Bell :: Sensex starts at record high

9:10 AM

Nifty50 hits fresh high in pre-open

9:08 AM

Sensex jumps over 300 pts in pre-open

9:03 AM

Currency check :: Rupee opens at 83.70/$ vs Friday’s close of 83.72/$

9:00 AM

Market view: 'The undercurrent of this bull market has turned stronger on positive cues'

-- The undercurrent of this bull market has turned stronger on positive cues. The soft landing scenario for the US economy and expectation of rate cut by the Fed in September are intact. This will provide the global support to this bull market. The decline in the US 10-year bond yield to 4.17 per cent and decline in Brent crude to $ 81.2 are other supporting factors.

 

-- In a departure from recent trends both FIIs and DIIs turned buyers last Friday resulting in a total buying of Rs 5,320 crore pushing the market sharply up. DIIs which were sitting on cash waiting for clarity on tax proposals in the Budget have started deploying funds, particularly in quality largecaps, which explains the sharp rally in the Nifty.

 

-- In the current scenario the market is likely to ignore the valuation concerns and march ahead. ICICI bank has posted good Q1 numbers. The market is largely ignoring the good results of banking stocks on fears of potential margin compression due to slow growth in deposits."

Vews by: V K Vijayakumar, chief investment strategist, Geojit Financial Services.

 

8:51 AM

With no angel tax, startups and investors hope for better funding scenario

The recent Budget announcement to abolish angel tax, which affected the Indian startup ecosystem, is being seen as a sentiment booster for investors, promising to incentivise high net-worth individuals, family offices, and foreign venture capitalists to loosen their purse strings. READ MORE

8:44 AM

WazirX unveils recovery plan after $230 mn cyberattack, seeks user vote

WazirX, the crypto exchange platform that lost $230 million to a cyberattack, is rolling out a fund recovery plan based on a user poll the platform will conduct by August 3. READ MORE

8:42 AM

Chinese investors pile into Saudi ETFs as two countries grow closer

Chinese investors are pouring money into two new exchange-traded funds tracking Saudi Arabian shares as the dismal performance of local equities supercharges demand for overseas assets. READ MORE

8:35 AM

Big bond funds managers in India argue that long-term rates going down

Some of India’s biggest bond fund managers say the nation’s interest rates are set for a long-term decline, ushering in a new investment era for the $1.3 trillion government debt market. READ MORE

8:26 AM

Asia shares rebound, hoping for dovish Fed guidance for a Sept rate cut

Asian shares bounced on Monday ahead of a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward "normality". READ MORE

8:19 AM

Stocks to Watch, July 29: ICICI Bank, BHEL, SBI Card, Paytm, IndiGo, RNFI

Dr Reddy's Laboratories: Hyderabad-based pharma major's profit after tax (PAT) in the first quarter of FY25 dropped by 0.90 per cent year-on-year (Y-o-Y) to Rs 1,392.4 crore, while revenue from operations rose by 13.88 per cent Y-o-Y to Rs 6,757.9 crore, the company said in a regulatory filing. READ MORE

8:15 AM

Gold price slips Rs 10 to Rs 68,990, silver declines Rs 100 to Rs 84,400

The price of 24-carat gold slipped Rs 10 in early trade on Monday, with ten grams of the precious metal selling at Rs 68,990, according to the GoodReturns website. The price of silver also declined by Rs 100, with one kilogram of the precious metal selling at Rs 84,400. READ MORE

8:09 AM

Fed rate decision, Q1 earnings to drive stock markets this week: Analysts

The US Fed interest rate decision, ongoing quarterly earnings, macroeconomic data and FII trading activity are the major triggers that will drive stock markets this week, analysts said. Investors would also track global market trends and the movement in global oil prices for further cues. READ MORE

8:04 AM

Mcap of 6 of 10 valued firms jumps Rs 1.85 trn; LIC, Infosys top winners

The combined market valuation of six of the top 10 valued firms jumped Rs 1,85,186.51 crore last week, with Life Insurance Corporation of India (LIC) and Infosys emerging as the biggest gainers. READ MORE

8:03 AM

FPIs invest Rs 33,600 cr in equities in July amid continued policy reforms

Foreign investors injected over Rs 33,600 crore into Indian equities so far this month on the expectation of continued policy reforms, sustained economic growth and a better-than-expected earnings season. READ MORE