Market Highlights, July 18: IT stocks drive benchmarks to record; Sensex tops 81k, Nifty at 24,800

Stock Market Highlights, today, July 18, 2024: The Sensex index ended at 81,343, up 627 points, while Nifty ended at 24,801, up 188 points

2:16 PM

Union Budget 2024 to signal next steps for IDBI Bank privatisation

IDBI Bank's market capitalisation is around Rs 95,000 crore. The government could secure close to Rs 29,000 crore for the sale of 30.5% of its 45.5% stake. READ MORE

2:09 PM

Infosys hits 52-week high ahead of Q1 results; check what street expects

Shares of Infosys, the second biggest domestic information technology (IT) company soared up to 1.90 per cent, hitting their 52-week high at Rs 1,758.60 per share on the BSE. READ MORE

1:58 PM

Comment on Budget Expectations: Market focussed on short-term capital gains tax

We believe that the upcoming budget will likely support the vision of "Viksit Bharat" by 2047, following a transformation similar to the one seen in the last decade. With the formation of the NDA 3.0 government, there are increasing expectations from the market for some allocation to address rural challenges and a potential cutback on capital expenditure.

 

The budget is expected to strike a balance between capital expenditure and addressing rural challenges. Moreover, a higher-than-expected RBI dividend has provided some flexibility to progress further with welfare schemes.

 

We anticipate that the government's priority will continue to be achieving and maintaining macro stability by following a path of fiscal consolidation while balancing growth and stability. We expect the fiscal deficit for FY25 to be kept below 5.1%, with a goal of reaching 4.5% by FY26.

 

Currently, the market is closely monitoring developments related to the capital gains tax. Any deviation from market expectations could lead to some short-term unfavourable reaction, although the likelihood of this happening seems low.

 

-  Naveen Kulkarni, Chief Investment Officer at Axis Securities

 

1:49 PM

MapmyIndia share's 11% fall today has links with Google Maps. Explained

MapmyIndia shares fall 11% today: According to reports, Google has announced its decision to slash the pricing of Google Maps Platform by as much as 70 per cent from August 1, 2024. READ MORE

1:37 PM

ALERT:: Nifty atop 24,700 for the first-time; rallies more than 100 pts

1:27 PM

EU Central Bank rates seen firmly on hold, but door to Sept cut still open

The ECB lowered rates from record highs last month in a move even some policymakers considered rushed and the bank is likely to be more cautious about a follow up step. READ MORE

1:18 PM

ALERT:: Sensex crosses 81,000-mark for the first time; rises over 350 pts

1:09 PM

This cement stock has almost doubled from June low; trades at new high

India Cements stock hit a new high of Rs 343.85, surging 6% in an otherwise volatile market. The stock has zoomed 50% since June 25. READ MORE

12:57 PM

BOB hikes FD rates, introduces Monsoon Dhamaka with up to 7.90% interest

The scheme is available in two tenor buckets: Interest rate of 7.25 per cent per annum for 399 days and 7.15 per cent p.a. for 333 days. The latest FD rates offered by Bank of Baroda opened on July 15 and are applicable on retail deposits below Rs 3 crore. READ MORE

12:46 PM

BASF India parent firm to sell flocculants biz to Solenis, stock down 3%

The decline in stock price occurred following the announcement that BASF SE, the parent company, would sell its flocculants business for mining applications to Solenis. READ MORE

12:33 PM

35 mainboard IPOs sizzle in H1'25, raising Rs 32,000 Cr with 61x demand

These companies were from diverse sectors like coworking space, furniture retailing and online ticket booking. Most IPOs witnessed strong retail buying, showing domestic investors remain bullish on India. READ MORE

Illustration: Binay Sinha

12:23 PM

Aditya Birla Money stock zooms 13%, hits 52-week post strong Q1 results

The shares of Aditya Birla Money surged up to 13.52 per cent, hitting their 52-week high at Rs 188.45 per share on the BSE in Thursday's early morning deals. This came after the Aditya Birla group company reported a stellar quarterly earnings for the April-June quarter of fiscal year 2024-25 (Q1FY25). READ MORE

12:10 PM

Top-performing Lombard Fund doubles down on India's junk credit bonds

Lombard Odier Investment Managers will expand exposure to Indian high-yield dollar credit in its $2 billion Asian bond strategy, after the sector helped the product become a top performer by beating 96 per cent of its peers this year. READ MORE

11:59 AM

MTNL stock soars 19% as govt deposits Rs 92 cr to pay bond interest dues

In the past four trading days, the stock has zoomed 50% on reports that the government was considering the option of handing over operations of telecom company to Bharat Sanchar Nigam Limited (BSNL). READ MORE

11:49 AM

ALERT :: Llyods Metals reports highest-ever quarterly iron ore production

>> Lloyds Metals and Energy has reported its highest-ever quarterly iron ore production, achieving 4 million tonnes, marking a 6% year-on-year (YoY) increase and a 162% quarter-on-quarter (QoQ) rise.

>> Additionally, the company's Direct Reduced Iron (DRI) production reached 76,000 tonnes, reflecting a 16% YoY growth. 

Full details here