Stock Market Highlights, July 9: Sensex rises 391 pts, Nifty holds 24,400; Maruti leaps 6%, ITC 2%

Stock Market Highlights on July 09, 2024: The benchmarks Nifty, and Sensex indices hit record highs in intraday trade

3:54 PM

Tech View :: 'Positive trend in Nifty, Bank Nifty to continue in near-term'

Nifty50
On the daily charts, we can observe that the Nifty closed above 24,400 suggesting that there is likely to be more upside over the next few trading sessions. The next target of the upside is 24,610 which is the 161.82% fibonacci retracement level of the previous fall and also the daily upper Bollinger band.

 

Bank Nifty

Bank Nifty witnessed a consolidation. It is trading around the lower boundary (52,000) of the broad range 52,000 – 53,500 and hence likely that the Bank Nifty can witness positive momentum towards 53,000 from short term perspective. 

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

 

3:50 PM

Comment :: 'Equity flows continue to be strong, and sectoral themes seem to be seeing strong interest'

June was a watershed month for the MF (mutual fund) industry, with the AUM (Assets Under Management) number hitting Rs 60 trillion for the very first time, closing at Rs. 61.3 trillion.

We have added Rs 10 trillion in just six months. The addition in six months is equal to what we were as an industry ten years ago!

 

Equity flows continue to be strong, and sectoral themes seem to be seeing strong interest. Most categories in equity have been positive, including Value and Contra, which were tepid until now.

The Arbitrage category has softened in terms of flows in the last two months. Multi-asset funds saw strong inflows as investors sought to diversify risk.

 

Fixed income flows have been negative, except for money market and low-duration funds, which saw positive flows largely driven by higher yields and quarterly crossover investments.

Views by: Anand Vardarajan, Chief Business Officer, Tata Asset Management

 

 

3:47 PM

Equity MF inflows up 17% at record high of Rs 40,608 cr in June: Amfi

Equity mutual funds have seen net inflows aggregating to Rs 5.99 trillion from domestic investors since February 2021, well above net foreign inflows of Rs 33,361 crore over the same period. READ MORE

Image via Shutterstock

3:45 PM

Currency check :: Rupee ends 1 paise higher

3:42 PM

Broader markets :: Mid, SmallCap indices extend gains but underperform benchmarks

3:40 PM

Sectoral trends :: Auto index up 2%, Pharma, PSB, Realty over 1% each

3:38 PM

Sensex Heatmap :: Maruti Suzuki single-handedly drives gains on Sensex

3:37 PM

Closing Bell :: Nifty holds 24,400 at close

3:36 PM

Closing Bell :: Sensex soars 391 pts, ends near record high

3:27 PM

ITC stock extends rally into 5th day, hits 5-month high; up 7% in 1 week

ITC's cigarette business saw volume recovery in FY23 and FY24, with cigarette volume almost at par with its peak volumes in FY13. Stability in taxes and various government initiatives to curb illegal cigarettes have been supporting the legal cigarette market. Motilal Oswal Financial Services model a 6.5 per cent revenue CAGR, 3.5 per cent volume CAGR and 6.5 per cent earnings before interest tax (Ebit) growth during FY24-26 with steady macros and taxes. READ MORE

3:13 PM

ALERT:: Sensex hits new all-time high at 80,397, up over 400 pts

3:03 PM

ALERT:: Indix VIX rises over 5%; Up significantly for the second day

2:50 PM

RPP Infra Projects zooms 12% on bagging new orders worth Rs 310 cr

RPP Infra Projects shares zoomed 11.7 per cent at Rs 160.55 per share on the BSE in Tuesday’s intraday trade. The stock price soared after the company bagged new work orders worth Rs 310.93 crore. READ MORE

2:36 PM

Keystone Realtors surges 6% on steady pre-sales growth in Q1; details here

Shares of Keystone Realtors surged up to 5.9  per cent at Rs 710.10 per share on the BSE in Tuesday’s intraday trade. The stock price soared after the company on Tuesday released early estimates of its financial performance in April-June quarter of fiscal year 2023-24 (Q1FY24). READ MORE

2:21 PM

This smallcap defence electronics stocks has zoomed 111% from June low

Shares of Avantel hit a new high of Rs 223.80, up 9% in intra-day trade on Tuesday; the stock has surged 21% in past three trading days. READ MORE

2:09 PM

Capital gains tax on sale of shares: Calculation, treatment, budget expectation

Long term capital gains (LTCG) tax on the sale of these asset classes stocks, mutual funds, real estate etc. is levied when the holding period of the asset is over one year. READ MORE

1:57 PM

GM Breweries stock price zooms over 4% on strong June quarter results

At 1:15 PM, the shares were off highs and were trading 1.60 per cent higher at Rs 921.55. In comparison, BSE Sensex was trading near record levels, up 0.49 per cent at 80,355.87 levels. READ MORE

1:46 PM

Tea stocks rally up to 16% on rising price; Bombay Burmah hits new peak

According to a Reuters report, tea prices have been soaring and are expected to stay high as heatwaves and floods during the peak harvesting season slash output in key producing regions. READ MORE

1:34 PM

Yes Bank denies report on 51% stake sale, calls it 'factually incorrect'

Private lender Yes Bank on Tuesday refuted a news report that claimed the Reserve Bank of India (RBI) has approved for the sale of a 51 per cent stake in the bank. READ MORE

1:22 PM

Maruti Suzuki zooms 6%, sees sharpest intra-day gain in 2 yrs; details here

The UP govt move to waive registration fee on hybrid cars led to substantial decline in on-road price of strong hybrids in the state to the tune of around 10% and is expected to accerlerte sales. READ MORE

1:11 PM

ALERT:: Nifty hits fresh record high at 24,419.70

1:03 PM

Govt bond yields marginally lower; US Fed chief Powell's speech eyed

Powell's testimony before the Senate on Tuesday and the House on Wednesday could give investors more clues on the likely direction of rates. READ MORE

12:51 PM

HG Infra stock price up 7% on inking MoU with Ultra Vibrant Solar Energy

The uptick in the stock price came after the company announced that it has signed a Memorandum of Understanding (MoU) with Ultra Vibrant Solar Energy. READ MORE

12:39 PM

KEC, RBL Bank, Redington: 5 smallcap stocks with warning signs on charts

Among the key momentum oscillators - the MACD and Slow Stochastic are showing negative divergence on these smallcap stocks; hence caution is advised at these counters. READ MORE

12:33 PM

ALERT :: Sebi appointed panel likely recommends increasing lot size of derivative contracts

12:26 PM

TCS Q1 Preview: Margin pressure to weigh; may see 6-9% rise in profit

Tata Consultancy Services (TCS) is expected to register a single-digit growth in revenue and profit for the April-June quarter of fiscal year 2024-25 (Q1FY25), as compared to the same quarter in the year ago period due to a recovery in the flow business and willingness of clients to resume discretionary spending, however, wage hikes will negatively impact its margins, brokerages said. Read more

12:15 PM

Public sector banks on a roll: IOB, Central Bank zoom up to 9% on July 9

PSU bank stocks rising, Tuesday, July 9: Public sector bank (PSB) shares were among top gainers in the mid-cap space on Tuesday. The Nifty PSU Bank index gained 2 per cent to touch 7,388 level in the intraday trade on the National Stock Exchange (NSE).

With this, the Nifty PSU Bank index was trading as the top sectoral gainer on the NSE at 11:30 AM as against 0.28 per cent rise in the benchmark Nifty50 index. Read more

11:57 AM

RateGain signs multi-year contract with Malaysia Airlines; stock up 6%

RateGain Travel stock surges: Shares of RateGain Travel Technologies (RateGain) soared as much as 6.26 per cent to hit an intraday high of Rs 834 per share on Tuesday.

The upward movement in the stock came after RateGain announced that it has been selected for a multi-year partnership by Malaysia Airlines Berhad (Malaysia Airlines). Read more

11:37 AM

Pitti Engineering hits 52-week high on robust FY24 profits, up 55% YoY

Shares of Pitti Engineering surged up to 4.3 per cent, hitting its 52-week high at Rs 1,205.75 per share on the BSE in Tuesday’s intraday trade. The stock price soared after the company on Monday delivered its financial performance for fiscal year 2023-24 (FY24).

The company’s revenue from operations soared to Rs 120.1 crore in FY24, rising by 9 per cent from Rs 110 crore in FY23. The company’s profit after tax also surged by 55 per cent to Rs 9 crore during the fiscal under review from Rs 5.8 crore in the previous fiscal. Read more

11:23 AM

Budget 2024: 7 key demands listed by govt employees' union for Centre

Union Budget 2024: Ahead of the Union Budget 2024-2025, the Confederation of Central Govt Employees and Workers has sent a proposal to the Centre putting forth their seven key demands, including the restoration of the Old Pension Scheme (OPS).

In a letter sent to the Cabinet Secretary on July 6, the govt employees’ union demanded the constitution of the 8th Pay Commission, restoration of the OPS, release of the 18-month dearness allowance and relief which was frozen during the Covid-19 pandemic to employees and pensioners among other things. Read more