Stock Market Highlights, July 9: Sensex rises 391 pts, Nifty holds 24,400; Maruti leaps 6%, ITC 2%

Stock Market Highlights on July 09, 2024: The benchmarks Nifty, and Sensex indices hit record highs in intraday trade

9:15 AM

View: Markets exhibit strength, no signs of a sharp correction despite high valuations

The market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations. A healthy trend in the market is that fundamentally strong largecaps are seeing buying.

The rising accumulation and delivery based buying in largecaps like RIL and ITC is a reflection of this healthy trend. It appears that the market is waiting for triggers for a breakout from the present levels.

This trigger may come from the Q1 results starting this week. If the management commentaries from the IT majors are positive, that can trigger an up move led by IT stocks. Another trigger for a breakout can come from the Budget to be presented on 23rd of this month.

Since the economy is in a sweet spot the finance minister is in a position to offer relief to the middle class through income tax reliefs while simultaneously moving firmly on the path of fiscal consolidation. And if the status quo is maintained on taxation of capital gains, the market is likely to give a thumbs up to the Budget.

(View By: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.)

9:13 AM

Rupee opens flat at $83.50

9:11 AM

Pre-open: Sensex surges over 100 points

9:09 AM

Pre-open: Nifty settles at 23,350

8:56 AM

Russian tycoons pocket $11 bn in dividend incomes on war economy boom

Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine. READ MORE

8:46 AM

MobiKwik wallet numbers rise as banking players go through downturn

Fintech major MobiKwik's PPI (prepaid payment instrument) wallets have seen their market share expand to about 12.11 per cent in May, up from 9.3 per cent in January, in terms of total number wallets. The Gurugram-based company saw this surge and expanded its presence into tier-II and -III cities as other major players in the banking space went through a downturn. MobiKwik also attributes the growth in its numbers to its expansion drive. READ MORE

8:36 AM

Robust FY25 volume outlook to sustain gains for consumer major Marico

The stock of consumer major Marico was up 3.9 per cent in trade on Monday after the company reported a robust June quarter performance in a pre-quarterly update. Further, the management indicated that domestic volume growth should witness an improvement in FY25 while other segments (growth portfolio, international business) too would see traction going ahead. READ MORE

8:31 AM

Sun Pharma open to exploring acquisitions in global specialty portfolio

The country’s largest drugmaker by market share Sun Pharmaceutical Industries says it is open to exploring acquisitions in the global specialty portfolio as it closed financial year 2023-24 (FY24) with a strong net cash position of $2.4 billion. READ MORE

8:22 AM

Tax overhaul, populism: Icra on proposals that Modi 3.0 budget must avoid

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024. A lot of ink will focus on what the budget should include. However, here we focus on what the Budget is can exclude / avoid, and rightly so. READ MORE

8:20 AM

Nestle India investors clear royalty payments to parent co at existing rate

FMCG firm Nestle India on Monday said its shareholders have approved to continue paying royalty to its parent firm at the current rate of 4.5 per cent of the net sales. READ MORE

8:15 AM

Centre likely to roll out electric vehicle policy guidelines by Sept-end

Policy guidelines on the Centre’s “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI), which include provisions for reduced customs duties on imported cars if there is a concomitant investment commitment in India, are expected to come by September, according to officials. READ MORE

8:12 AM

Gold price dips Rs 10 to Rs 73,570, silver rise Rs 100 to Rs 95,100

The price of 24-carat gold slipped Rs 10 in early trade on Tuesday, with ten grams of the precious metal selling at Rs 73,570, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 95,100. READ MORE

8:08 AM

Zero registration fee for hybrid cars in UP raises the bar in NCR

The on-road prices of strong hybrid cars have decreased by up to Rs 4 lakh in Uttar Pradesh after the state government decided to waive registration fee on them in a bid to promote green technology, according to automobile industry sources. READ MORE

8:03 AM

Salesforce is creating solutions specifically for SME segment: CEO

India is a key growth market for Salesforce and it has recently started a public services division in the country. READ MORE

7:59 AM

Valuations frothy? Profit and market cap moved in sync in 5 years

As benchmark indices continue to reach new highs almost every other day, a heated debate rages on: Have stocks outpaced their fundamentals, and can earnings keep up with these valuations? READ MORE