Market Highlights, July 12: Sensex up 622pts, ends atop 80,500; Nifty holds 24,500; IT stocks dazzle

Stock Market Highlights on Friday, July 12, 2024: TCS shares soared nearly 7 per cent today after it posted better-than-expected June quarter (Q1) results. Infosys, Tech M, and HCL Tech followed suit

7:55 AM

US June budget deficit shrinks to $66 billion after calendar shifts

The US government recorded a $66 billion budget deficit for June that was reduced sharply by a shift of benefit payments into May that ballooned that month's deficit to $347 billion, the Treasury Department said on Thursday. READ MORE

 

7:46 AM

Reliance Jio listing: Tariff hikes a trigger, but spinoff better option

A Jefferies report suggesting the possibility of a spinoff, or an IPO of Reliance Jio Infocomm (Jio) has trained the spotlight on the telecom and digital space. READ MORE

7:38 AM

Gold price climbs Rs 10 to Rs 73,430, silver rises Rs 100 to Rs 95,600

Gold Price Today: The price of 24-carat gold climbed Rs 10 in early trade on Friday, with ten grams of the precious metal trading at Rs 73,430, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 95,600. READ MORE

7:34 AM

Adani Ports planning to invest $1.2 bn in new transshipment terminal

Adani Ports and Special Economic Zone Ltd. plans to ramp up its investment to Rs 10,000 crore ($1.2 billion) to boost its southern India transshipment container port, according to people with knowledge of the matter, as it looks to lure some of the world’s largest ships. READ MORE

7:28 AM

Stocks to watch, July 12: TCS, M&M, Affle, Nazara Tech, ABFRL, Anand Rathi

TCS recorded net profit of Rs 12,040 crore, up 8.7 per cent year-on-year, dollar revenue up 2.7 per cent sequentially to $7.5 billion. Constant currency revenue growth of 2.2 per cent sequentially, higher than expectations of 1.5 per cent. Total deal wins at $8.3 billion. EBIT margin narrows by 130 basis points from March to 24.7 per cent but higher than the estimate of 24.5 per cent. Management reiterated that FY25 will be better than FY24. READ MORE

7:23 AM

Sensex, Nifty Outlook July 12: Gap-up open likely post TCS Q1; Asia down

The BSE Sensex and the Nifty are likely to start Friday’s trading session on a positive note led by gains in IT shares after TCS beat analyst expectations in Q1 results. READ MORE

7:22 AM

Reliance Jio could list at $112bn valuation, 15% upside in RIL: Jefferies

Reliance Industries' telecom arm Reliance Jio could list on the bourses in calendar year 2025 with a likely valuation of $112 billion, global brokerage Jefferies said in a report on July 10. RIL, Jefferies said, could look to spin off Jio Platforms and list it after a price discovery. READ MORE

7:21 AM

US inflation cools again, may usher interest rate cuts by Federal Reserve

Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve. READ MORE

7:18 AM

Bull spread on Bank Nifty, recommends Nandish Shah of HDFC Securities

Short covering is seen in the Bank Nifty Futures at lower levels, where Open Interest fell by 1 per cent (Prov) with Bank Nifty future rising more than 500 points from the intraday lows. READ MORE

7:16 AM

Sell Nifty Metal on the rise, support at 9,500; more details here

The Nifty Metal Index is currently in a phase of consolidation, trading within a narrow range of 300 points, specifically between 9,700 and 10,000. A breakout above or below this range would trigger a directional move. However, given the current technical indicators and chart patterns, it is advisable to book profits or sell on rises in this index and its constituents. READ MORE

7:15 AM

Brent crude at $85.49 per bbl

7:14 AM

Asian markets trade lower

7:12 AM

US markets ended mixed on Thursday, inflations eases to 3%

7:10 AM

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