Stock Market Highlights, July 8: Indices end flat after listless day; PSBs fall, FMCGs buck trend

Stock Market Highlights on July 8: The broader indices, though, hit all-time highs in the intraday trade, ended with a negative bias as well

9:22 AM

Broader markets :: Mid, SmallCap indices hit record highs

9:20 AM

Sectoral trends :: Banks, financial service companies slip in trade

9:19 AM

Sensex Heatmap :: Titan, Pvt banks weigh on index

9:18 AM

Opening Bell :: Nifty slips below 24,300

9:17 AM

Opening Bell :: Sensex slips nearly 200 pts in early deals, trades volatile

9:10 AM

Pre-Open Session : Nifty holds 24,300

9:07 AM

Pre-Open Session :: Sensex eyes weak start

9:03 AM

Currency check :: Rupee opens at 83.44/$ vs Friday’s close of 83.49/$

8:55 AM

Rerating of paint stocks on still some time away, say analysts

Top Paint stocks to buy, paint stocks outlook: The performance of paint stocks has not been colourful at the bourses thus far in calendar year 2024 (CY24). ACE Equity data shows that Kansai Nerolac share price has tumbled 19.76 per cent year to date (YTD) in CY24, followed by Berger Paints share price (14.97 per cent), and Asian Paints share price (13.57 per cent).

By comparison, the Nifty50 has surged 11.92 per cent YTD, while the broader Nifty500 has soared 18.26 per cent. Read more

8:44 AM

Gold price slips Rs 10 to Rs 73,790, silver declines Rs 100 to Rs 94,700

The price of 24-carat gold slipped Rs 10 in early trade on Monday, July 8, with ten grams of the precious metal selling at Rs 73,790, according to the GoodReturns website.

The price of silver also declined by Rs 100, with one kilogram of the precious metal selling at Rs 94,700. The price of 22-carat gold also slipped Rs 10, with the yellow metal trading at Rs 67,640. Read more
 

8:30 AM

Low price-to-earnings stocks: The secret sauce in Nifty's earnings recipe

Given the strong market momentum, the benchmark National Stock Exchange Nifty has reached record highs more than a dozen times in the past month.

Even though the price-to-earnings (P/E) multiple of the 50-share blue-chip index, at 22 times its estimated earnings for 2024-25, is still considered ‘reasonable’ compared to historical levels, it makes more sense to analyse the valuations of individual companies, given the wide dispersion in P/E ratios. Read more

8:24 AM

Osho Krishan of Angel One recommends buying these two stocks todays

NSE Scrip – NIACL

 

View -   Bullish

 

Last Close – Rs 273.85

NIACL has seen a volume-backed breakout after the substantial consolidation seen in the last couple of trading months. The counter has gained strong traction in the last couple of trading sessions from the cluster of its major EMAs on the daily chart, construing a positive development. Read more

8:21 AM

Buy ideas for July 8: HDFC Life, Cipla, SJVN; check target prices here

HDFCLIFE:

HDFCLIFE recently gave a clean breakout on the weekly chart, signalling a potential bullish trend. Prior to this breakout, the stock had been consolidating for 2 weeks, precisely around the 200 Exponential Moving Average (EMA) on the weekly scale. This consolidation phase built a solid foundation for the subsequent breakout. Read more

8:14 AM

Downturn in sight for Nifty50, MidCap Select indices; here's how to trade

Nifty 50 Index Analysis:

When examining the Nifty 50 Index, currently trading in the overbought zone, technical indicators such as MACD, RSI, and Stochastic suggest it is challenging to recommend initiating fresh long positions at the current market price. The recent sharp rally has led to expectations of a pullback, indicating potential underperformance in the near term. Read more

8:12 AM

Stocks to watch on July 8: NLC India, IndusInd Bank, BoB, JM Fin, Marico

Induslnd Bank: Induslnd Bank's Q1FY25 estimates highlighted significant Y-o-Y growth. Net advances increased by 16 per cent Y-o-Y to Rs 3.48 trillion, while deposits grew by 15 per cent Y-o-Y to Rs 3.98 tillion. However, the CASA ratio dropped to 36.7 per cent Y-o-Y from 39.9 per cent Y-o-Y.

Bank of Baroda: Bank of Baroda's global business expanded by 8.52 per cent Y-o-Y to Rs 23.77 trillion in Q1, with global advances rising by 8.14 per cent Y-o-Y to Rs 10.72 trillion. Global deposits increased by 8.83 per cent Y-o-Y to Rs 13.06 trillion, while domestic deposits grew by 5.25 per cent Y-o-Y to Rs 11.05 trillion. Domestic advances also saw healthy growth of 8.51 per cent Y-o-Y, amounting to Rs 8.81 trillion. The bank’s board has also approved plans to raise additional capital up to Rs 7,500 crore via debt capital instruments. Additionally, the bank aims to raise up to Rs 10,000 crore through long-term bonds to finance infrastructure and affordable housing projects.
 

Bandhan Bank: Bandhan Bank's board has appointed Ratan Kumar Kesh as Interim MD & CEO, effective July 10, for a term of three months or until a new MD & CEO is appointed, whichever is earlier. Currently, Kesh serves as the Executive Director & Chief Operating Officer of the bank.
 

JM Financial:JM Financial's board has approved the acquisition of a 42.99 per cent stake in JM Financial Credit Solutions (JMFCSL) for Rs 1,282 crore. Additionally, JM Financial Credit Solutions will acquire a 71.79 per cent stake in JM Financial Asset Reconstruction Company (JMFARC) from JM Financial for Rs 856 crore. 

Infosys: Hemant Lamba has resigned from his position as Executive Vice President and Global Head – Strategic Sales at Infosys. Read more