Stock Market highlights, July 31: Sensex adds 285 pts, Nifty settles at 24951; Midcap stocks shine

Stock Market highlights on July 31, 2024: The day belonged to the bulls as 21 out of 30 stocks on the BSE Sensex saw gains of up to 4 per cent

3:50 PM

Tech View :: 'Fresh bull rally to start above 25,000'

On the hourly chart, the index has given a consolidation breakout. The RSI is in a bullish crossover on both the hourly and daily timeframes. A fresh leg of bullishness starts above 25,000, while support is placed at 24,900. If the index falls below this level, it might correct down towards 24,750.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:44 PM

Currency Update :: Rupee ends flat

3:41 PM

Broader markets :: SmallCap index snaps winning run

3:40 PM

Sensex Heatmap :: Maruti Suzuki jumps 4% on Q1 beat

>> Net profit for the quarter increased by 47% year-on-year to Rs 3,650 crore

>> Revenue increased by 10% to Rs 35,531 crore

>> Ebitda rose 49.1% to Rs 4,448.3 crore, and Ebitda margin for expanded by nearly 350 basis points to 12.5% 

3:34 PM

Closing Bell :: Nifty ends above 24,950

3:33 PM

Closing Bell :: Sensex ends range-bound session near day's high

3:20 PM

Ambuja Cements' Q1 results: Profit at Rs 789.63 cr; revenue at Rs 8,311 cr

According to ACL, the financial results for the current quarter, preceding quarter and FY24, also include the financial results of Sanghi, which was acquired in August last year. It also has results of ACCPL (Asian Concretes and Cements Pvt Ltd) ), which was acquired by its subsidiary ACC. READ MORE

3:06 PM

HDFC Life, SBI Life stocks rally up to 3% on Gadkari's GST withdrawal plea

Shares of life insurance companies rallied in trade on Wednesday after Union Minister for Road Transport and Highways, Nitin Gadkari, requested Finance Minister Nirmala Sitharaman to remove the 18 per cent goods and services tax (GST) on life and medical insurance premiums. While analysts laud the proposal and see it as a sentimentally positive trigger for related stocks, they suggest investors wait for the Finance Ministry's move on it before taking any investment decision. READ MORE

 

3:02 PM

Pharma shares rally; Suven, Granules, Ajanta, Jubilant surge over 5%

Shares of pharmaceutical companies were in demand on Wednesday on the back of earnings growht; thus leading the BSE Healthcare index hitting to a new high of 40,583, up 1 per cent. Unichem Laboratories, Granules India, Ajanta Pharma, Jubilant Pharmova, Wockhardt, Gland Pharma and SMS Pharmaceuticals were up in the range of 5 per cent to 8 per cent. Lupin, Zydus Lifesciences, Glenmark Pharmaceuticals, Aurobindo Pharma, Torrent Pharmaceuticals and Sun Pharmaceutical Industries were up between 2 per cent and 3 per cent. READ MORE

2:41 PM

M&M share price up 2% after June quarter performance; topline jumps 11%

Automobile giant Mahindra and Mahindra (M&M) shares rose as much as 2 per cent to hit an intraday high of Rs 2,979.90 per share.  The uptick in the stock price came after the company posted a strong set of June quarter (Q1FY25) results. The company’s standalone revenue rose 11.2 per cent year-on-year (Y-o-Y) to Rs 27,132.8 crore in Q1FY25, as opposed to Rs 24,402.9 crore in Q1FY24. READ MORE

2:35 PM

Zee Entertainment stock jumps 6% on Q1 turnaround; posts Rs 118 cr profit

Shares of Zee Entertainment surged 5.8 per cent to a high of Rs 153.45 in intra-day deals on Wednesday after the media company reported a turnaround in the June quarter. At 14:15 PM, Zee Entertainment stock was trading 4.3 per cent higher at Rs 151.30. The counter saw trades of around 15 lakh shares as against the two-week average volume of around 13.39 lakh shares. In comparison, the S&P BSE Sensex was up 0.2 per cent or 184 points at 81,640. READ MORE

2:25 PM

Broader markets :: MidCap index leads the gain

1:50 PM

Titagarh Rail stock down 8% on weak operational performance in June quarter

Shares of Titagarh Rail Systems fell as much as 7.91 per cent to hit an intraday low of Rs 1,548.95 per share on Wednesday, July 31, 2024. The fall in the share price came after the company reported a weak set of numbers on the operations front. READ MORE

 

1:36 PM

KFintech stock up 23% in 6 days post Q1 results; Jefferies retains Buy call

Shares of KFin Technologies (KFintech) hit a new high of Rs 898.75, as they rallied 9 per cent on the BSE in Wednesday’s intra-day trade on the back of three-fold jump in trading volume. In the past six trading sessions, the stock has zoomed 23 per cent after the company reported a strong performance across segments led by new wins, revenue and profitability growth, and expansion in margins. READ MORE 

1:32 PM

ALERT :: Birlasoft falls 3% after June quarter results

1:22 PM

Zydus Life gains over 2% on securing nod from COFERRIS to market Mamitra

The drug will be marketed in different strengths of 150 mg and 440 mg and used in the treatment of patients with HER2 overexpressing metastatic breast cancer (MBC), HER2 overexpressing early breast cancer (EBC) and advanced gastric cancer, the company said.  READ MORE

1:11 PM

Sectoral trends :: Pharma, metal stocks lead

1:04 PM

BANKEX expiry Friday to boost BSE volumes: Hemang Jani of Finazenn explains

BSE share price today after Sebi F&O proposals:BSE share price advanced 8.1 per cent to Rs 2,607.7 per share on the National Stock Exchange (NSE) on Wednesday, July 31. The rally comes amid market regulator Securities and Exchange Board of India's (Sebi's) crackdown on derivatives trading. READ MORE 

 

12:53 PM

'Nifty's trading patterns indicate possible decline to 24,600'

- The Nifty index has encountered resistance at the 25,000 level for two consecutive days, with recent trading patterns indicating a possible decline to 24,600 or even 24,500. The significant open interest (OI) of around 76 lakh shares at the 25,000 call strike points to robust resistance. 

 

- In contrast, the 24,600 put strike has an OI of approximately 43 lakh shares, suggesting it may offer support.

 

- In parallel, the Bank Nifty has shown volatility, closing near 51,500 yesterday. For today's monthly settlement, the Bank Nifty is likely to face resistance at higher levels, particularly at the 52,000 strike, which has considerable OI. On the downside, the 51,000 level is expected to act as support.

 

- Investors should be cautious and refrain from taking aggressive short positions unless there is a clear break in the upward trend.

 

Views By: Shrey Jain, founder and CEO, SAS Online

12:43 PM

July auto sales preview: Analysts see 2W sales picking up; check top bets

July auto sales preview: Analysts remain optimistic about India's auto sector and expect double-digit growth in two-wheeler (2W) wholesale volumes in July 2024. This growth is likely to be supported by good retail sales, inventory build-up, and a favourable base, with strong growth from Honda and Bajaj Auto. Market experts bet big on Hero MotoCorp, Mahindra & Mahindra, Bajaj Auto, Tata Motors, Ashok Leyland, and Sona BLW Precision among the auto sector. READ MORE

 

12:28 PM

ITC Q1 Preview: Weakness in agri, paperboard sectors may dent Ebitda margin

Fast moving consumer goods (FMCG) company ITC will announce its June quarter of financial year 2025 (Q1FY25) results on Thursday, August 1, 2024. On the bourses, ITC stock has rallied 14.1 per cent over the past month. The stock hit an all-time high of Rs 510.60 on July 24, 2024. This was the first instance of ITC stock crossing Rs 500-mark. READ MORE  

12:10 PM

Capital gains tax changes may impact investment behaviour: Rashesh Shah

The changes in tax treatment for capital gainswere anticipated. Buyback and tax-free dividend had a gap and an equalisation was important. The volumes in F&O trading had gone up rapidly and, in a way, this increase in Securities Transaction Tax (STT) on futures and options (F&O) will help protect the interests of the retail investors and safeguard them from the risks arising out of uninformed trading in the market segment. This, alongside modifications in capital gains taxation, may impact investment behaviour in the short-run; but the markets are resilient, and this will be absorbed and balance will return.  READ INTERVIEW

12:01 PM

June quarter results :: On track to achieve Bookings target of Rs 27,000 crore in FY25, says Godrej Prop MD

>> Net profit at Rs 520 crore vs Rs 125 crore YoY

>> Revenue slips 21.1 per cent to Rs 739 crore vs Rs 936 crore YoY

>> Ebitda loss At Rs 125.7 crore vs Rs 149 crore YoY

11:46 AM

Q1 preview: What to expect from Bank of Baroda results on July 31? Details

Nomura

Weighed by a mere 3 per cent Y-o-Y rise in net interest income (NII), Nomura expects Q1FY25 net profit to rise 8 per cent to Rs 4,390 crore. On a sequential basis, NII may fall 4 per cent, while profit may slump 10 per cent. READ MORE

11:34 AM

This Tata Motors-promoted stock zoomed 20% today on strong Q1 results

Total income from operations grew 34.7 per cent to Rs 203.32 crore as against Rs 150.98 crore in Q1FY24. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 72 per cent Y-o-Y at Rs 25.29 crore; margin expanded 287bps to 12.44 per cent from 9.57 per cent in Q1FY24. READ MORE

11:24 AM

ALERT :: Zydus Life receives approval from COFEPRIS of Mexico to market Mamitra

>> Zydus Lifesciences Limited has said that Mexican regulatory authority COFEPRIS (Federal Commission for the Protection Against Sanitary Risk), has granted marketing approval for Mamitra, a Trastuzumab biosimilar.

>> The drug will be marketed in different strengths of 150 mg and 440 mg and used in the treatment of patients with HER2 overexpressing metastatic breast cancer (MBC), HER2 overexpressing early breast cancer (EBC) and advanced gastric cancer.

11:10 AM

Tata Motors Q1 Preview: JLR, Indian CV sales may fuel revenue growth

Meanwhile, on the bourses, Tata Motors shares price hit a new high of Rs 1,179.05 on Tuesday, July 30, 2024. The stock surged about 5 per cent intraday, continuing its upward trend from the past four days, buoyed by expectations of robust operational performance. READ MORE

10:56 AM

How will Sebi's proposed F&O rules affect BSE, NSE, Zerodha, Angel One?

“In our scenario analysis, gains from spillover of trading activity from discontinued products can offset EPS impact and in the event of moderate industry-wide impact of Securities and Exchange Board of India (Sebi) measures, can even drive earnings per share (EPS) upgrades,” Jefferies added. READ MORE

10:43 AM

IPO listing today: Chetana Education shares list at 16% premium on NSE SME

Shares of textbook publisher Chetana Education made a strong debut on the NSE SME on Wednesday. The company's shares listed at Rs 98.90 on the exchange, compared to the IPO issue price of Rs 85, yielding a return of 16.35 per cent per share for investors. Ahead of the listing, the grey market premium (GMP) of Chetana Education's IPO shares soared over 29 per cent, indicating  favourable listing gains for investors. READ MORE

10:33 AM

ALERT :: Godrej Properties acquires ~46-acre land parcel in Indore

>> The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of ~1.16 million square feet.