Share Market HIGHLIGHTS: Nifty reclaims 19,750, Sensex ends 351 pts higher; L&T gains 4%, ITC 2%; Bajaj Finance drops 2%, TechM 1%

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Share Market HIGHLIGHTS | Nifty reclaims 19,750, Sensex ends 351 pts higher

Nifty 50

Nifty settles at 19,778.3, up 0.5 per cent on Wednesday.

Source: NSE

Sensex

Sensex ends 351 points higher at 66,707.2 on Wednesday.

Source: BSE

Share Market HIGHLIGHTS | L&T, Cipla, ITC rise most in 50-scrip blue-chip basket

L&T, Cipla, ITC and Britannia are among the top gainers in the Nifty basket, trading with gains of around 4-2 per cent. On the other hand, Bajaj Finance, Bajaj Finserv, M&M and Apollo Hospitals are among the top losers, down nearly 2-1 per cent.

Source: NSE

IOCL Q1 Preview | Oil PSU's profit expected to rise 6% to Rs 10,673 crore 

Zee Business Research estimates that Indian Oil Corporation Limited (IOCL) is likely to report a profit after tax of Rs 10,673 crore as the state-run oil company announces its first-quarter results on July 28 (Friday). IOCL's PAT in Q1 FY24 will be 6 per cent more than the Rs 10058.70 crore it filed in the previous quarter. Analysts estimate the company's revenue for the quarter under review will slip 3.1 per cent, from Rs 202,994.1 crore in Q4 FY23 to Rs 196,741 crore in the current quarter. Read more

BPCL Q1 Results | Firm reports net profit of Rs 10,550.88 crore, beats estimates 

Bharat Petroleum Corporation Limited (BPCL) reports a net profit of Rs 10,550.88 crore on a standalone basis for the quarter ended June 30, 2023 (Q1FY24). In the corresponding quarter of the previous fiscal, the firm had reported a loss of Rs 6,263.05 crore in the year-ago period. The profit figure beat analysts' estimates as Zee Business Research had pegged the company's profit at Rs 8,110 crore. Read more 

Tech Mahindra Q1 result preview | PAT likely to decline 1.6%; revenue to slip 2% 

Tech Mahindra is slated to post its June quarter numbers (Q1FY24) on Wednesday, July 26. 

How is Tech Mahindra expected to perform in the first quarter?

Zee Business Research expects the company to post marginally weak results for the June quarter because of weakness in the Communication Media and Entertainment (CME) vertical, which is attributed to Comviva seasonality and overall weakness in CME. Read more

Share Market Tips LIVE | Buy Route Mobile, Panama Petro shares, says Vikas Sethi 

Vikas Sethi of Sethi Finmart recommends buying Route Mobile shares for a target of Rs 1,600 with a stop loss at Rs 1,495. Besides, he recommends buying Panama Petro shares for a target of Rs 320 with a stop loss at Rs 295.

PNB Q1 results | Net profit at Rs 1,260 crore, in line with analysts' estimates

State-run Punjab National Bank (PNB) reports a standalone net profit of Rs 1,260 crore for the April-June period, in line with analysts' estimates.  The lender's net interest income (NII) — or the difference between interest earned and interest paid — comes in at Rs 9,504 crore for the first quarter of the current financial year, as against Rs 7,543 crore for the corresponding period a year ago, according to a regulatory filing. Read more 

Dixon Technologies Q1 Results | Net profit rises 48% to Rs 67.19 crore

Dixon Technologies (India) reports a 47.89 per cent rise in consolidated net profit to Rs 67.19 crore for the June quarter. The company had posted a net profit of Rs 45.43 crore for the April-June period a year ago, the electronic manufacturing services firm said in a BSE filing. Read more

Dr Reddy's Labs Q1 results preview | Net profit likely at Rs 1,036 crore, margin may improve by 800 bps

Dr Reddy's Laboratories (DRL) — India's third largest drug maker by market capitalisation (mcap) — is scheduled to report its financial results for the April-June period on Wednesday, July 26. Analysts expect the pharmaceutical major to stage a strong quarterly performance driven by growing demand and improving margin. 

According to Zee Business research, Dr Reddy's Labs is estimated to report a consolidated net profit of Rs 1,036 crore for the quarter ended June 2023. The analysts estimate the company's revenue to increase 22.9 per cent on a year-on-year basis to Rs 6,432 crore for the first quarter of the current financial year. Read more

In June, Fed decided unanimously to leave key US interest rate unchanged after 10 back-to-back hikes 

The Federal Open Market Committee (FOMC) decided unanimously to keep the Fed funds rate — or the benchmark US interest rate at which the Fed lends money to commercial banks — unchanged at 5-5.25 per cent at the end of its scheduled review last month, a first pause in 15 months of back-to-back increases totaling 500 basis points.

The US central bank’s decision on the key interest rate was in line with the expectations of the markets as well as economists. Fed Chair Jerome Powell made it clear that the decision made in the meeting was only about the current review, hinting at more of hikes in the key rate should the need arise. 

Read more on the June FOMC review

India Rice Export Ban | Non-basmati white rice shortages hit stores across US

After scanning the aisles at the local Patel Brothers, Apna Bazaar, Lotte Plaza and other South Asian grocery stores across the US for Sona Massori, a staple rice relished by her mother in-law and son, Aruna was relieved not to have returned home empty-handed but with a bag of rice.

“I visited almost 10 plus stores. I started looking for a bag of Sona Massori at 9 am and it wasn't until 4 pm that I could finally lay my hands on a bag of rice at triple its usual price,” Aruna told news agency ANI.

Some like Aruna across the US managed to bring home rice bags while several others reported purchase restrictions and price gouging after top exporter, India, banned a large chunk of shipments, adding to stresses on global food markets that have already been roiled by bad weather and the worsening Russia-Ukraine conflict. Read more on India's ban on rice exports

All eyes on Fed rate decision later in the day

The Federal Reserve is widely expected to raise interest rates by a quarter of a percentage point on Wednesday. If that happens, it will be the 11th hike in the US benchmark interest rate in 12 back-to-back scheduled reviews.

Analysts also believe such a hike will possibly be the last one in the current cycle of monetary policy tightening in a bid to tame red-hot inflation.

An increase, anticipated by investors with nearly a 100 per cent probability, would raise the benchmark overnight interest rate to the 5.25-5.50 per cent range, roughly the highest level since the approach to the 2007-2009 financial crisis and recession, according to news agency Reuters. 

Nifty LIVE | RIL, L&T, ITC, Infosys, Bharti Airtel top index movers; M&M, Titan, ICICI Bank biggest drags

Here's a look at the heatmap in the 50-scrip basket (by weight): 

Image: Niftyindices.com

Nifty Today LIVE | RIL, L&T, ITC among top movers

RIL, L&T, ITC, Infy and Bharti Airtel are the top movers in the Nifty baskets at this hour. On the contrary, HDFC Bank, M&M, ICICI Bank, Titan and Cipla are among the top drags.

Here's a look at the heatmap in the 50-scrip universe by weight:

Source: NSE