Sensex falls for 2nd day, slips 299 pts; ITC sheds 4%; auto stocks gain

CLOSING BELL ON JULY 24, 2023: The NSE Nifty ended with a loss of 73 points; Reliance down 2% was the other major laggard on Monday.

SI Reporter New Delhi

10:43 AM

NRIs who invest in India through AIFs set up in Gift City get tax exemption

A non-resident investor's income from offshore investments that go through an Alternate Investment Fund set up in an International Financial Services Centre will not be taxed. READ

10:30 AM

RIL dips 3% in intraday trade on weaker-than-expected Q1FY24 results

Shares of Reliance Industries dipped 3 per cent to Rs 2,469.55 on the BSE in Monday's intra-day trade as investors booked profit in the company after it reported lower-than-expected June quarter results (Q1FY24), with a 10.8 per cent year-on-year (YoY) dip in its consolidated net profit of Rs 16,011 crore owing to weak profitability seen in the oil-to-chemicals (O2C) business. READ

10:20 AM

ITC surpasses HUL to become the most-valued FMCG stock after 4 years

Thus far in calendar year 2023, the share price of ITC has appreciated by 48 per cent, while HUL's stock price has gained 1.3 per cent and the Sensex 8.8 per cent, respectively. READ

10:07 AM

VIEW: RIL telecom, retail arms sustain good growth; no big spurt seen in private bank earnings

The near-term market trend will be influenced by a host of factors like the recent Q1 results, some major results expected this week and policy decisions like the Fed meeting outcome on Wednesday.

Q1 results of RIL, though a tad disappointing on top and bottom line, are good when viewed from the perspective of the growth engines of the company - Jio Infocom and Reliance Retail - which are doing well and shows promise of improving, going forward.

ICICI Bank has delivered the best results in the banking universe with 40% growth in net profit and impressive loan growth. Kotak Bank, too, has done well. But since the NIMs are likely to remain under pressure, no big spurt in earnings growth can be expected, in the coming quarters. So, while these stocks will remain strong and resilient, a sustained rally appears difficult.

The Fed is likely to raise rate by 25 bp on Wednesday, but the market movement will be decided by the commentary of the Fed chief regarding future inflation and rate trends. Investors may wait and watch these events unfold.

Views by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

9:46 AM

IGL sinks 4% as Q1 profit comes below expectations

Indraprastha Gas's Q1 net profit comes 4% higher on a YoY basis to Rs 438.5 crore.

9:43 AM

Paytm erases opening gains; company's Q1 loss narrows to Rs 357 cr

The net loss was at Rs 644.4 crore in the same period last year.

9:41 AM

Hikal drops 6% as GPCB orders closure of ops at GIDC plant

The company received a communication on July 22 from the Gujarat Pollution Control Board (GPCB) directing it to cease operations of its plant located at GIDC Panoli, Dist. Bharuch, within 15 days from the order date.

This directive comes in light of an alleged violation reported to have occurred in 2021.