Share Market HIGHLIGHTS: Nifty reclaims 19,750, Sensex ends 351 pts higher; L&T gains 4%, ITC 2%; Bajaj Finance drops 2%, TechM 1%
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex on Wednesday (July 26) ended on a positive note. Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex on Wednesday (July 26) ended on a strong note with a sizeable rebound amid buying in FMGC and realty stocks. Nifty 50 settled at 19,778.3, up 97.7 points while Sensex ended at 66,707.2, up 351.49 points.
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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: NSESensex
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.
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
Share Market Today LIVE | RTX Corp, parent of Pratt & Whitney, tumbled 10% in overnight US trade; what investors in IndiGo shares need to know
Shares of InterGlobe Aviation, the operator of IndiGo Airlines, slips as much as 1.57 per cent to Rs 2,543 apiece on the BSE in the morning trade on Wednesday, after RTX Corp, in the overnight trade in the US market, tumbled 10 per cent after the company, in its concall, said it will remove 1,200 jet engines from service after discovering a manufacturing defect.
RTX Corporation is an American multinational aerospace and defence conglomerate headquartered in Arlington, Virginia, and is the parent company of Pratt & Whitney (the aircraft engine manufacturer). Read more
Share Market Today LIVE | Yatharth Hospital IPO subscribed over 25 times on Day 1 so far
The initial public offer (IPO) of Yatharth Hospital & Trauma Care, which operates and manages private hospitals in the National Capital Region (NCR), opens for subscription on Wednesday, July 26. Yatharth Hospital IPO will be open for subscription for three trading days, i.e., until July 28 from 10 am to 5 pm. The IPO comprises a fresh issue of equity shares aggregating up to Rs 490 crore and an offer for sale (OFS) of up to 65.51 lakh equity shares by the company's promoter group entities
Yatharth Hospital IPO subscription status
Yatharth Hospital's share sale receives bids for 43,29,450 shares against 1,65,17,823 shares on offer. The category for Qualified Institutional Buyers (QIBs) has not received any subscriptions yet. The non-institutional investors' part has got subscribed 0.24 times, while the quota for Retail Individual Investors (RIIs) has got subscribed 0.42 times. Overall, the public issue has been subscribed 26 times so far on Day 1 of the bidding process. Read more
Yatharth Hospital IPO review: Should you subscribe? Here's what Anil Singhvi recommends
Zee Business Managing Editor Anil Singhvi recommends applying for the IPO of Yatharth Hospital and Trauma Care Services for listing gains. Read more
Stocks To Buy | Divi's, TVS Motor, Tata Elxsi, Titan, Tata Consumer Products among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Vishvesh Chauhan, Ambareesh Baliga, Kunal Saraogi and Sumeet Bagadia share their top recommendations for the day in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as Divis Laboratories, TVS Motor, Tata Elxsi, Titan and Tata Consumer Products. Read more
Share Market Today LIVE | MRF hits all-time high
MRF shares gain by as much as Rs 737.7 or 0.7 per cent to clock an all-time of Rs 1,03,263.5 apiece.
Share Market Today LIVE | TVS Motor hits all-time high
TVS Motor shares gain by as much as Rs 16.9 or 1.2 per cent to clock an all-time of Rs 1,400.9 apiece on NSE.
Traders' Diary | Buy, sell or hold strategy on Bajaj Auto, Tata Motors, Gujarat Gas, SAIL, Dixon Tech, over a dozen other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Wednesday, July 26. Check out which stocks are on analysts Kushal Gupta and Ashish Chaturvedi's radar, and what they recommend in cash and derivative segments.
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
- Buy Man Infra shares in the cash segment for a target price of Rs 123 with a stop loss at Rs 115
- Buy Tata Motors August futures for a target of Rs 664 with a stop loss at Rs 633
- Buy the Rs 4,850 call option of Bajaj Auto at Rs 160 for a target of Rs 260 with a stop loss at Rs 140
- Technical pick: Buy Gujarat Gas August futures for a target of Rs 480 with a stop loss at Rs 463. Read more
Share Market Today LIVE | TVS Motor, ONGC, MRF, other stocks hit 52-week highs
As many as 37 stocks in the BSE 500 basket — the broadest index on the bourse — reached the milestone.
Stock CMP 52 Weeks High Previous 52 Weeks High(Price/Date) All Time High(Price/Date) ALKEM 3,979.35 4,005.00 3,983.60 (25 Jul 2023) 4,067.70 (24 Sep 2021) ASTRAZEN 3,797.75 3,890.00 3,882.70 (25 Jul 2023) 4,970.00 (08 Sep 2020) AUROPHARMA 790.25 794.8 791.85 (24 Jul 2023) 1,650.00 (07 Jan 2000) BHARTIARTL 894.15 896.45 895.25 (12 Jul 2023) 1,149.00 (10 Oct 2007) COLPAL 1,886.45 1,906.50 1,901.00 (25 Jul 2023) 2,198.50 (15 Apr 2015) ERIS 758.8 769.85 767.00 (25 Jul 2023) 896.00 (14 Mar 2018) ESCORTS 2,408.60 2,421.10 2,395.65 (17 Jul 2023) 2,421.10 (26 Jul 2023) FIVESTAR 693.5 695.7 688.50 (06 Jul 2023) 695.70 (26 Jul 2023) FORTIS 335 343.95 341.50 (25 Jul 2023) 343.95 (26 Jul 2023) GAIL 116.65 117.5 116.95 (25 Jul 2023) 555.00 (01 Jan 2008) GRASIM 1,837.35 1,848.65 1,842.65 (25 Jul 2023) 5,348.50 (05 Aug 2016) HUDCO 63.9 65.59 65.40 (25 Jul 2023) 102.35 (14 Jul 2017) IIFL 579.25 595.75 580.00 (25 Jul 2023) 1,974.90 (01 Jan 2008) JINDALSTEL 655.75 668.1 667.70 (25 Jul 2023) 16,780.00 (04 Jan 2008) JSL 377.4 379.05 375.45 (25 Jul 2023) 569.85 (15 Jan 2004) JYOTHYLAB 306.35 312.15 290.70 (25 Jul 2023) 964.40 (02 Jan 2008) KEC 676.8 680 656.95 (25 Jul 2023) 922.00 (08 Nov 2007) KPIL 603.35 610.25 602.80 (25 Jul 2023) 2,119.95 (05 Apr 2006) LT 2,660.35 2,670.00 2,634.05 (24 Jul 2023) 4,670.00 (01 Nov 2007) MCX 1,680.05 1,720.05 1,697.00 (20 Dec 2022) 2,134.90 (14 Oct 2021) METROBRAND 1,097.80 1,109.00 1,096.75 (18 Jul 2023) 1,109.00 (26 Jul 2023) MINDACORP 311.5 316.55 316.50 (25 Jul 2023) 316.55 (26 Jul 2023) MRF 1,03,000.75 1,03,133.85 103,045.50 (24 Jul 2023) 103,133.85 (26 Jul 2023) NATCOPHARM 789.2 789.2 783.00 (25 Jul 2023) 2,709.00 (07 Apr 2015) NATIONALUM 95.01 96.35 94.95 (25 Jul 2023) 565.90 (29 May 2008) NTPC 200.95 201.85 201.35 (25 Jul 2023) 291.00 (15 Jan 2008) ONGC 172.95 174.45 173.40 (25 Jul 2023) 1,514.00 (10 May 2006) RITES 504.6 509.8 503.10 (25 Jul 2023) 509.80 (26 Jul 2023) SHYAMMETL 396.2 403 402.60 (25 Jul 2023) 461.15 (20 Jul 2021) TATACOFFEE 256.25 258.45 256.85 (21 Jun 2023) 1,675.00 (08 May 2013) TATACOMM 1,684.50 1,685.00 1,673.95 (14 Jun 2023) 3,250.00 (11 Feb 2000) TATACONSUM 877.9 883.85 877.00 (21 Jun 2023) 1,220.00 (29 Jun 2010) TATAMOTORS 646.75 665.3 642.50 (25 Jul 2023) 1,381.40 (06 Dec 2010) TATAMTRDVR 423.95 440 382.90 (25 Jul 2023) 940.25 (11 Nov 2010) TORNTPHARM 1,976.95 1,988.85 1,982.55 (21 Jul 2023) 3,304.45 (31 Dec 2021) TVSMOTOR 1,389.00 1,400.55 1,388.00 (25 Jul 2023) 1,400.55 (26 Jul 2023) ZYDUSLIFE 620.8 625.3 623.95 (25 Jul 2023) 2,159.80 (01 Oct 2015) Share Market Today LIVE | L&T, Tata Motors, other stocks hit 52-week highs
As many as 4 stocks in the S&P BSE Sensex basket reached the milestone.
Stock CMP 52 Weeks High Previous 52 Weeks High(Price/Date) All Time High(Price/Date) BHARTIARTL 895.75 896.45 895.25 (12 Jul 2023) 1,149.00 (10 Oct 2007) LT 2,663.00 2,670.00 2,634.05 (24 Jul 2023) 4,670.00 (01 Nov 2007) NTPC 200.55 201.85 201.35 (25 Jul 2023) 291.00 (15 Jan 2008) TATAMOTORS 648 665.3 642.50 (25 Jul 2023) 1,381.40 (06 Dec 2010) Share Market Today LIVE | "India's GDP will rise," says Suman Bannerjee, CIO of Hedonova
Commenting on the IMF India’s GDF forecast, Suman Bannerjee, CIO of Hedonova, a US-based Hedge Fund said, "India's GDP will rise due to strong tech and service sector growth, increased foreign investment, favorable demographic dividends, governmental policy reforms facilitating business, and a predicted recovery in consumer spending post-Covid-19, contributing to a healthier overall economic outlook."
"The forecast of 6.1% is pessimistic, I expect it to be 6.3%. A weak rupee has fostered more exports which has reduced the current account deficit and increased remittance income from $55.6 billion to $62.3 billion. Oil prices have been lower due to purchases from Russia and Iran over Norway, USA and Saudi Arabia and overall lower oil prices have kept the balance of payment account in check." he added.
Currency Update | Rupee falls 7 paise to 81.95 against US dollar
The rupee depreciates 7 paise to 81.95 against the US dollar in early trade on Wednesday, tracking elevated level of the American currency against major rivals overseas as well as higher crude prices.
Share Market Today LIVE | SBI Life reports 45% rise in Q1 profit on higher premiums; should you buy, sell, or hold the stock?
SBI Life Insurance Company shares slips in the trade on Wednesday, a day after the life insurer released its financial results for the quarter ended June 2023 (Q1FY24) Promoted by the country's largest lender, SBI, SBI Life reported a 45 per cent increase in net profit at Rs 381 crore for the June quarter.
The stock trades at Rs 1,280.3 apiece, down by Rs 20.8 or 1.6 per cent on NSE in early morning deals. The stock opened at Rs 1,290 and slipped as much as nearly 2 per cent to touch the day's low of Rs 1,275.25 from the previous close of Rs 1,301.1 on NSE.
SBI Life share target price: Should you buy, sell, or hold?
- Morgan Stanley has maintained an overweight rating with a target price of Rs 1650.
- JP Morgan has maintained an overweight rating. The target price has been raised to Rs 1630 from Rs 1470, earlier.
- Jefferies has maintained a buy call with a revised target price of Rs 1,520. Read more
Share Market Today LIVE | Should you buy, sell or hold Tata Motors shares after Tata group auto major's Q1 results?
Tata Motors on Wednesday are up 3 per cent to trade at 657.35 on NSE, a day after the Tata group auto major reported a better-than-expected set of financial results for the April-June period.
Tata Motors Q1 results
After market hours on Wednesday, Tata Motors reported a consolidated net profit of Rs 3,202.8 crore for the quarter ended June 2023, as against a consolidated net loss of Rs 5,006.6 crore for the corresponding period a year ago.
Tata Motors share price target: What brokerages say
CLSA maintained a 'buy' rating on Tata Motors after the earnings announcement and raised its target price for the Tata group stock by Rs 90 to Rs 780 apiece, implying an upside to the tune of 22 per cent from the current market price. Read more
Share Market Today LIVE | L&T posts better-than-expected Q1 results, announces dividend, buyback; what should investors do?
Larsen & Toubro (L&T) shares are in demand on Wednesday, a day after the construction major reported a strong set of quarterly numbers, declared a special dividend of Rs 6 apiece and announced a buyback worth up to Rs 10,000 crore.
L&T Q1 results: A summary
After market hours on Tuesday, Larsen & Toubro reported a 46.5 per cent year-on-year jump in consolidated net profit to Rs 2,493 crore for the quarter ended June 30, 2023.
L&T share price target: Should you buy, sell or hold?
Share Market Today LIVE | Nifty crosses 19,700, Sensex rises over 150 pts
Nifty 50
Nifty crosses 19,700 in opening deals.
Source: NSESensex
Sensex rises 188 points to trade at 66,544 in opening deals.
Source: BSE
Anil Singhvi Market Strategy | Important levels to track in Nifty, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 19,600-19,650 levels and a strong buy zone at 19,500-19,565 levels on Wednesday, July 26. For the Nifty Bank, he expects support at 45,500-45,625 levels and a strong buy zone at 45,300-45,450 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Dividend stocks: Cummins, Goodyear, among 10 shares to trade ex-date today
A total of 10 stocks will trade ex-dividend on Wednesday, July 26, according to the NSE website. The list includes Goodyear India, Steelcast, Orient Electric, Cummins India, and other stocks.
Associated Alcohols & Breweries dividend
Associated Alcohols & Breweries has announced a dividend of Re 1 per equity share with a face value of Rs 10.
Cummins India dividend
Cummins India has announced a dividend of Rs 13 per equity share with a face value of Rs 2.
Goodyear India dividend
Goodyear India has announced a dividend of Rs 26.5 per equity share with a face value of Rs 10.
Steelcast dividend
Steelcast has announced a dividend of Rs 2.7 per equity share with a face value of Rs 5. Read more
Image source: Freepik/ Representational image Stocks To Watch | Tata Motors, Tech Mahindra, Axis Bank, Dr Reddy's, L&T, Cyient
Here's a list of stocks that may trade actively in Wednesday's session:
Tata Motors
Tata Motors beat Zee Business Research estimates as it reported a consolidated net profit of Rs 3,202.8 crore for the quarter ended June 2023 in its first quarter. The company's revenue also soared to Rs 1,01,528.5 crore for the three-month period, as against Rs 71,227.8 crore for the corresponding period last year, according to a regulatory filing.
Axis Bank
The lender is set to announce its first-quarter results on Wednesday. On the eve of the results, Zee Biz Research estimated Axis Bank to report a standalone net profit of Rs 5,840 crore for the April-June quarter, which is an increase of 41.6 per cent compared to the corresponding period last year. The analysts predict that the company's net interest income can grow by 27.9 per cent to Rs 12,000 crore YoY.
Dr Reddy's Lab
Dr Reddy's Laboratories, India's third-largest drug maker by market capitalisation, is set to announce its results for the April-June period on Wednesday, July 26. As per Zee Business Research, it is estimated to report a consolidated net profit of Rs 1,036 crore for the first quarter. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 30 points or 0.15 per cent at 19,722 at the last count ahead of the opening bell on Dalal Street.
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