Sensex snaps 3-day losing streak, ends 351 pts up; L&T, RIL, ITC shine

CLOSING BELL ON JULY 26, 2023: The NSE Nifty rallied 98 points to 19,778; IT and bank stocks gained ground, while M&M and Bajaj twins slipped on Wednesday.

4:06 PM

COMMENT :: What all happened in the markets today?

Optimism has inched back today after the last three trading days of consolidation ahead of the FOMC meeting. As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023. This is because inflation has rapidly come down and is forecast to settle down further. However, the interest rate is expected to stay high in the short-term since the rigidity of core inflation remains above the long-term average.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:56 PM

Tech View :: 'Technical indicators suggest consolidation in the near-term'

NIfty50
On the daily charts, we can observe that the Nifty managed to bounce from the Fibonacci support level (19,650) however, the upside got restricted by the hourly upper Bollinger band which was placed around 19,830. The daily and the hourly momentum setup is providing divergent signals which can lead to a consolidation in the short term. The daily Bollinger bands are also contracting which points towards a consolidation in the short term. In terms of levels, 19,615 – 19,560 shall act as a crucial support zone, and on the upside 19,830 – 19,850 shall act as an immediate hurdle zone.

 

Bank Nifty

Bank Nifty also witnessed a bounce from the cluster of 45,670 – 45,700 where support parameters in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average were placed. The fall as well as the rise on the hourly time frame are overlapping in nature which gives us a sense that the Bank Nifty is undergoing a corrective phase that is not over yet. Once this consolidation phase is over, we can expect the uptrend to resume and expect it to target levels of 46,500.

VIews by:  Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:50 PM

Comment :: 'Bounce back shows bulls not in mood to loosen their grip'

This bounce shows that bulls are not in mood to loosen their grip citing major support around 19,300-19,500 zone. However, any negative surprise from global front might result in extended consolidation. Meanwhile, traders maintain their focus on sectors showing higher relative strength and preplan their exits as well.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:49 PM

Currency check :: Rupee ends at 82/$ against Tuesday’s close of 81.87/$

3:48 PM

MARKET CHECK :: Top losers on the BSE today

3:47 PM

MARKET CHECK :: Top gainers on the BSE today

3:46 PM

Buzzing stock :: Piramal Enterprises zooms 8% on buyback plan

3:44 PM

Buzzing stock :: Can Fin Homes sinks over 9% on report of fraud at Ambala branch

3:43 PM

Buzzing stock :: ITC rebounds after two straight sessions of decline

3:42 PM

Buzzing stock :: RIL ends off highs; Reports say QIA is mulling stake buy in Reliance Retail

3:41 PM

Buzzing stock :: Tata Motors DVR zooms 12% on delisting plan

3:40 PM

Buzzing stock :: Bajaj Finance ends in red as provisions rise in Q1

>> Loan losses & provisions up 31.8% at Rs 995 cr vs Rs 755 cr (YoY)

3:39 PM

Buzzing stock :: L&T hits record high on Q1 show, buyback plan

3:37 PM

Broader markets gain but underperform benchmark indices

3:35 PM

Sectoral trends :: All but Nifty Auto index gain in trades

3:34 PM

Sensex Heatmap :: L&T, ITC, RIL help lift Sensex; Bajaj twins drag

3:33 PM

CLOSING BELL :: Nifty ends above 19,750

3:32 PM

CLOSING BELL :: Sensex snaps 3-day losing streak, gains 350 pts

3:26 PM

ALERT:: Cipla Q1 net surges 41%; stock gains 2%

Cipla Q1 net profit surged 41.3 per cent to Rs 998.07 crore in the quarter ended June 2023 as against Rs 706.14 crore in the corresponding quarter a year ago. Total income was up 18 per cent at Rs 6,465.18 crore from Rs 5,478.62 crore.

3:20 PM

ALERT:: Deepak Fertilisers Q1 net slips 7%; stock slumps 6%

Deepak Fertilisers & Petrochemicals Corporation reported a 6.8 per cent decline in net profit at Rs 93.93 crore in Q1FY24 as against Rs 100.73 crore in Q1FY23. Total income was marginally up at Rs 622.77 crore from Rs 621.69 crore.

3:10 PM

ALERT:: BPCL reports profit of Rs 10,551 cr in Q1; stock up 1%

BPCL posted a net profit of Rs 10,550.88 crore in Q10FY24. In the same period a year ago, the company had reported a net loss of Rs 6,263.05 crore. Total income, however, was down 7.3 per cent YoY at Rs 1,28,748.70 crore.

2:59 PM

ALERT:: Kajaria Ceramics Q1 net flat at Rs 93.66 cr; stock down 2%

Kajaria Ceramics Q1FY24 net profit was almost unmoved at Rs 93.66 crore when compared with Rs 93.35 crore in Q1FY23. Total income rose by 5.6 per cent YoY to Rs 978.34 163.75 crore.

 

2:49 PM

Suzlon Energy tumbles 10% in 2 days post Q1FY24 results

Shares of Suzlon Energy were locked in the 55 lower circuit band for a second straight day on Wednesday after the company's net profit for Q1FY24, including exceptional loss, tumbled to Rs 101 crroe. READ MORE

2:38 PM

ALERT:: Bajaj Finance Q1 net jumps over 25%; stock up 1%

Bajaj Finance today reported a 25.6 per cent growth in Q1 net profit at Rs 2,959.06 crore for the quarter ended June 2023 as against Rs 2,355.92 crore in the corresponding quarter a year ago. Total income was up 30.9 per cent YoY at Rs 10,664.10 crore.

2:27 PM

Education costs double in 6 years: Here's how you can invest for your child

Saving for children’s future is among the top aspirations for many Indians,  as per the annual BankBazaar Aspiration Index study but with while consumer price inflation has been around 6% over the last decade, inflation in education is seen to be around 11-12 per cent. This means that education costs could double every six to seven years. READ MORE

2:19 PM

ALERT:: Aether Industries Q1 net marginally down; stock slips 0.5%

Aether Industries Q1FY24 net profit was down 1.4 per cent at Rs 30.20 crore when compared with Rs 30.62 crore in Q1FY23. Total income declined 1.5 per cent YoY to Rs 163.75 crore.

2:08 PM

ALERT:: TeamLease Services Q1 up 18%; stock gains 2%

TeamLease Services Q1FY24 net profit rose 17.7 per cent to Rs 27.41 crore as against Rs 23.30 crore in Q1FY23. Total income was up 21 per cent YoY at Rs 1,971.99 crore.

1:57 PM

ALERT:: Rane (Madras) Q1 plunges 85%; stock sheds 4%

Rane (Madras) Q1FY24 net profit plunged 85.2 per cent to Rs 2.97 crore when compared with Rs 20.06 crore in Q1FY23. Total income, however, was up 6.2 per cent YoY at Rs 532.11 crore.

1:47 PM

ALERT:: Embassy Office Parks REIT Q1 net down 18%; stock marginally down

Embassy Office Parks REIT Q1 net declined 12.6 per cent to Rs 339.77 crore for the quarter ended June 2023 when compared with Rs 388.96 crore in quarter ended June 2022. Total income was down 4.7 per cent YoY at Rs 520.08 crore.

1:36 PM

Inflation bites off Jubilant Food's Q1 profit; analysts serve earnings cut

What's also worrying the Street is the likelihood of a dismal Q2FY24 performance, which they feel will be marred by soaring milk, cheese and vegetable prices, and an embargo on Ukraine's wheat exports. READ MORE