Stock Market Highlights, July 22: Sensex, Nifty end flat ahead of Budget; RIL, Wipro sink up to 9%
Stock Market Highlights on July 22: In the broader markets, the BSE MidCap, and SmallCap indices snapped their two-day losing run to settle 1.3 per cent and 0.85 per cent higher, respectively
 "BSE, NSE, Indian share market, Stock market")
(Photo: Bloomberg)
Closing Bell, Monday, July 22, 2024: Indian stock markets traded in a narrow range on Monday as investors chose to be fence-sitters ahead of the presentation of the Union Budget 2024 (FY25). The BSE Sensex ended at 80,502, down 102 points or 0.13 per cent, while the Nifty50 closed at 24,509, down 22 points or 0.09 per cent.
In the broader markets, the BSE MidCap, and SmallCap indices snapped their two-day losing run to settle 1.3 per cent and 0.85 per cent higher, respectively.
Sectorally, the Nifty Auto, and Pharma indices ended over 1 per cent higher each. On the downside, the Nifty Media, and IT indices slipped up to 0.7 per cent.
Buzzing stocks
Wipro: Shares of Wipro closed 9 per cent lower on the BSE on Monday. This came after the information technology firm posted sluggish growth in the first quarter of financial year 2024-25 (Q1FY25). According to analysts, Wipro failed to show positive signs of a recovery with miss on revenue growth, muted growth guidance for 2QFY25 and decline in large deal TCV despite bagging a mega deal.
Reliance Industries: Shares of Reliance Industries (RIL) dipped around 3.5 per cent on the BSE on Monday after the company reported a 5.5 per cent year-on-year (Y-o-Y) decline in consolidated profit to Rs 15,138 crore for the April-June period of 2024-25 (Q1FY25). This, the company said, was a result of weakness in its oil-to-chemicals (O2C) division and higher depreciation costs, offsetting gains in the consumer (retail and telecom) and oil & gas upstream businesses.
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Comment :: 'Conservative FY25 growth forecast introduced volatility in markets'
The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25.
Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
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Currency check :: Rupee ends 1 paise lower vs US dollar
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Sensex Heatmap :: RIL, Kotak Bank, ITC settle as top laggards on July 22
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Broader markets :: MidCap index gains 1%, SmallCap 0.8%
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Closing Bell :: Nifty holds 24,500
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Closing Bell :: Sensex ends 100 pts lower ahead of Budget 2024
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Realty sales highest since 2013, 4 lakh homes sold in 8 cities: Eco Survey
The momentum hasn't slowed down. The first quarter (Q1) of 2024 witnessed a phenomenal 41 per cent growth in sales compared to the same period last year, with a record 1.2 lakh units sold. Since mid-2022, the number of new housing units launched has consistently crossed the one lakh mark each quarter. READ MORE
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Economic survey 2024 flags concerns over rising retail participation in heated market
The benchmark indices Nifty and Sensex have surged over 12.5 per cent this calendar year, while the total number of demat accounts has risen to over 150 million. Further, as of FY24, the number of unique clients or PAN-registered accounts on the National Stock Exchange has grown to 92 million, up from 27 million in FY19. READ MORE
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ALERT :: Emkay Global sees risk of up to 10% correction in Sensex, Nifty
We see the risk of an imminent 5-10% correction in the headline indices, with bigger drawdowns in SMID stocks.
Nifty valuations are stretched at 21.4x 1YF PER, and a positive budget is now in the price.
There are no additional positive catalysts, as we expect a tepid 1QFY25 earnings season with rate cuts coming only at end-CY24.
Nifty valuations are stretched at 21.4x 1YF PER, and a positive budget is now in the price.
There are no additional positive catalysts, as we expect a tepid 1QFY25 earnings season with rate cuts coming only at end-CY24.
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Axis Securities picks V-Mart as 'Stock Pick of the Week'; Check strategy
"It is believed that value players such as V-Mart and Relaxo should see earnings and profitability improve as rural areas and small towns recover. This recovery, coupled with market share gains from smaller and unorganised players, is expected to drive their performance," said the brokerage in its report. READ MORE
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Shakti Pumps stock locks in 5% upper circuit post robust Q1 earnings
Shares of Shakti Pumps were locked in a 5 per cent upper circuit at Rs 4,095.10 per share on the BSE in Monday’s intraday deals. This came after the company on Saturday announced its financial results for the first quarter of FY25. Shakti Pumps (India) reported a net profit of Rs. 92.66 crores for the quarter ended June 30, 2024, (Q1FY25) compared to Rs. 89.64 crores for the quarter ended March 31, 2024 (Q4FY24). In Q1FY24, the company had posted a net profit of Rs. 1 crore. READ MORE
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NFL, RCF, FACT: Shares of fertiliser firms rally up to 13% ahead of Budget
Shares of fertiliser companies were in demand a day ahead of the Union Budget on hopes of sops for the sector with the likes of National Fertilisers Limited (NFL) and Rashtriya Chemicals & Fertilizers (RCF) soaring up to 13 per cent in an otherwise range-bound market. READ MORE
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India's green H2 push facing demand and supply side constraints: Eco Survey
India’s ambitious green hydrogen production target remains subject to various demand and supply-side constraints, the Economic Survey 2023-24 released on Monday said. READ MORE
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CEA Nageswaran bats for re-orientation of farm policies despite subsidies
Chief Economic Advisor V Anantha Nageswaran has called for a pan-India dialogue on the agriculture sector, highlighting the need for policy re-orientation despite existing subsidies and support measures. READ MORE
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Private capex picked up in FY24, driving growth: Economic Survey FY24
Caapital expenditure by private companies picked up in FY24 compared to the year before, said the Economic Survey on Monday. It noted that gross fixed capital formation (GFCF) is an important driver of growth, as indicated by its rising share in nominal gross domestic product (GDP). READ MORE
Topics : Economic Survey Sensex MARKET LIVE MARKET WRAP Markets Sensex Nifty BSE NSE pre-Budget Economic Survey Budget and Economy Market news Gift Nifty
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First Published: Jul 22 2024 | 7:38 AM IST
