FIRST TRADE: Indices edge higher ahead of budget speech; HDFC Life, Eicher Motors, and Grasim up over 1%
Stock market today: Last seen, Sensex was up 229.89 points or 0.29 per cent at 80,731.97 and Nifty rose 66.85 points or 0.27 per cent at 24,576.1.
![FIRST TRADE: Indices edge higher ahead of budget speech; HDFC Life, Eicher Motors, and Grasim up over 1%](https://cdn.zeebiz.com/sites/default/files/2024/07/23/306196-it-stocks.jpg?im=FitAndFill=(1200,900))
Stock market today: Domestic benchmark indices Sensex and Nifty edged higher ahead of the Union Budget speech to be presented by Indian Finance Minister Nirmala Sitharaman at 11 am. Last seen, Sensex was up 229.89 points or 0.29 per cent at 80,731.97 and Nifty rose 66.85 points or 0.27 per cent at 24,576.1.
"A highlight of the Economic Survey, from the market perspective, is the data regarding corporate profitability which has quadrupled in three years from Rs 5.3 lakh crore in FY20 to Rs 20.6 lakh crore in FY24. For Nifty 500 companies, the corporate profit to GDP ratio has risen to a 15-year high of 4.8 per cent in FY24. The market, which in the long run is a slave of earnings, is discounting this sharp turnaround in earnings. Corporate profitability is likely to improve further in FY25. This can keep the market resilient despite elevated valuations," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Dr. V K Vijayakumar added the market participants will be closely watching for any tweaks in LTCGs tax. If there are no changes in LTCG tax that will be a big relief for the market and the market is likely to react positively to that. Stock-specific reactions will depend on the Budget proposals for specific sectors.
In the broader market, Nifty Midcap 100 and Smallcap 100 traded green. High-beta Nifty Bank was up 0.22 per cent at 52,395.5.
BUZZING STOCKS
Coforge shares were up over 2 per cent after the company reported in-line Q1 results.
Federal Bank shares were up over 3 per cent after it appointed KV Subramanian as MD and CEO.
Railtel shares were up over 2 per cent after the company received an order of Rs 187 crore from the Railway Ministry.
GE Power shares were up over 1 per cent after the company received a notice of awards from NTPC GE Power Services Private Limited.
Conversely, Jana Small Finance Bank shares were down nearly 4 per cent despite the company reporting good Q1 results.
Zensar Technologies shares were down over 3 per cent after the company reported mixed Q1 numbers.
Cyient DLM shares were down over 3 per cent after the company reported mixed Q1 numbers
KEC International shares were up over 3 per cent after the company received new orders worth Rs 1,100 crore.
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