Stock Market Highlights, July 22: Sensex, Nifty end flat ahead of Budget; RIL, Wipro sink up to 9%

Stock Market Highlights on July 22: In the broader markets, the BSE MidCap, and SmallCap indices snapped their two-day losing run to settle 1.3 per cent and 0.85 per cent higher, respectively

3:43 PM

Comment :: 'Conservative FY25 growth forecast introduced volatility in markets'

The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25.

Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings.

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

 

3:41 PM

Currency check :: Rupee ends 1 paise lower vs US dollar

3:40 PM

Sensex Heatmap :: RIL, Kotak Bank, ITC settle as top laggards on July 22

3:40 PM

Broader markets :: MidCap index gains 1%, SmallCap 0.8%

3:38 PM

Closing Bell :: Nifty holds 24,500

3:36 PM

Closing Bell :: Sensex ends 100 pts lower ahead of Budget 2024

3:21 PM

Realty sales highest since 2013, 4 lakh homes sold in 8 cities: Eco Survey

 The momentum hasn't slowed down. The first quarter (Q1) of 2024 witnessed a phenomenal 41 per cent growth in sales compared to the same period last year, with a record 1.2 lakh units sold.  Since mid-2022, the number of new housing units launched has consistently crossed the one lakh mark each quarter.  READ MORE

3:10 PM

Economic survey 2024 flags concerns over rising retail participation in heated market

The benchmark indices Nifty and Sensex have surged over 12.5 per cent this calendar year, while the total number of demat accounts has risen to over 150 million. Further, as of FY24, the number of unique clients or PAN-registered accounts on the National Stock Exchange has grown to 92 million, up from 27 million in FY19. READ MORE

3:01 PM

ALERT :: Emkay Global sees risk of up to 10% correction in Sensex, Nifty

We see the risk of an imminent 5-10% correction in the headline indices, with bigger drawdowns in SMID stocks.

Nifty valuations are stretched at 21.4x 1YF PER, and a positive budget is now in the price.

There are no additional positive catalysts, as we expect a tepid 1QFY25 earnings season with rate cuts coming only at end-CY24.

2:48 PM

Axis Securities picks V-Mart as 'Stock Pick of the Week'; Check strategy

"It is believed that value players such as V-Mart and Relaxo should see earnings and profitability improve as rural areas and small towns recover. This recovery, coupled with market share gains from smaller and unorganised players, is expected to drive their performance," said the brokerage in its report. READ MORE

2:39 PM

Shakti Pumps stock locks in 5% upper circuit post robust Q1 earnings

Shares of Shakti Pumps were locked in a 5 per cent upper circuit at Rs 4,095.10 per share on the BSE in Monday’s intraday deals. This came after the company on Saturday announced its financial results for the first quarter of FY25. Shakti Pumps (India) reported a net profit of Rs. 92.66 crores for the quarter ended June 30, 2024, (Q1FY25) compared to Rs. 89.64 crores for the quarter ended March 31, 2024 (Q4FY24). In Q1FY24, the company had posted a net profit of Rs. 1 crore. READ MORE

2:37 PM

NFL, RCF, FACT: Shares of fertiliser firms rally up to 13% ahead of Budget

Shares of fertiliser companies were in demand a day ahead of the Union Budget on hopes of sops for the sector with the likes of National Fertilisers Limited (NFL) and Rashtriya Chemicals & Fertilizers (RCF) soaring up to 13 per cent in an otherwise range-bound market. READ MORE

2:36 PM

India's green H2 push facing demand and supply side constraints: Eco Survey

India’s ambitious green hydrogen production target remains subject to various demand and supply-side constraints, the Economic Survey 2023-24 released on Monday said. READ MORE

2:34 PM

CEA Nageswaran bats for re-orientation of farm policies despite subsidies

Chief Economic Advisor V Anantha Nageswaran has called for a pan-India dialogue on the agriculture sector, highlighting the need for policy re-orientation despite existing subsidies and support measures. READ MORE

2:31 PM

Private capex picked up in FY24, driving growth: Economic Survey FY24

Caapital expenditure by private companies picked up in FY24 compared to the year before, said the Economic Survey on Monday. It noted that gross fixed capital formation (GFCF) is an important driver of growth, as indicated by its rising share in nominal gross domestic product (GDP). READ MORE

2:29 PM

AI may slowdown growth of India's services export: Economic Survey

The Economic Survey cautioned about the advent of artificial intelligence (AI) and its impact on India’s services export growth. The survey stated that AI could slow down India’s services export growth, reducing it by 0.3-0.4 percentage points a year over the next decade. READ MORE

2:26 PM

Banking's dominance in credit diminishing in country: Economic Survey FY24

Banking’s dominance in credit is diminishing and the role of capital markets is increasing in the country, said the Economic Survey for FY24 on Monday. READ MORE

2:24 PM

Indian Hotels stock soars 8% on heavy volumes on healthy growth outlook

Shares of Indian Hotels Company (IHCL) rallied 8 per cent to Rs 625.30 on the BSE in Monday’s intra-day trade on the back of heavy volumes in an otherwise subdued market owing to healthy growth outlook. The stock of Tata Group company had hit a record high of Rs 663.40 on June 26. READ MORE

2:23 PM

Indian economy expected to grow 6.5-7% in 2024-25: Economic Survey

India's gross domestic product (GDP) is expected to grow at 6.5-7 per cent in FY25, according to the Economic Survey released on Monday. The survey noted that "market expectations are on the higher side." READ MORE

 

2:19 PM

Short-term inflation outlook benign, normal monsoon expected: Eco Survey

The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday. READ MORE

 

2:04 PM

Pre-budget Eco Survey highlights urgent need for agricultural reforms

The pre-budget Economic Survey on Monday underscored the pressing need for comprehensive reforms in India's agricultural sector, citing structural issues that could impede the country's overall economic growth trajectory. READ MORE

 

1:49 PM

Real estate sales highest since 2013, over 4 lakh homes sold in 8 cities

India's household sector serves as a primary source of financial resources through savings, contributing a substantial 70% to the total gross domestic savings.  The growth in housing sales in cities has been particularly impressive, indicating that urban households are diversifying the deployment of their savings. READ MORE

1:34 PM

Economic Survey: Need to identify regulatory gaps in fintech sector

There is a continuous need to identify regulatory gaps or overlaps in the fintech sector and to benchmark regulations against global best practices, the Economic Survey 2024 pointed out. READ MORE

 

1:29 PM

Telecom tariffs likely to see more hikes in long road to Rs 300 Arpu

On Friday, as Reliance Industries announced its financial results for the June quarter, its telecom business stood out for its double-digit growth both in revenue and net profit, beating the Street forecast. Reliance Jio also emerged as the biggest telecom data company. READ MORE

1:25 PM

Gravita India shares climb up to 10% after strong growth in June quarter

Shares of Gravita India soared up to 10.18 per cent, at Rs 1,467.15 per share on the BSE in Monday’s intraday deals. READ MORE

1:21 PM

Zydus Lifesciences gets Mexican authority nod for cancer remedy biosimilar

Zydus Lifesciences Ltd on Monday said it has received marketing approval from the Mexican regulatory authority for its biosimilar product -- Bhava, used in the treatment of certain types of cancers. READ MORE

1:13 PM

Overconfidence leading to speculative market activity a concern: Eco Survey

Possibility of overconfidence leading to speculation for higher returns from the stock market is a matter of concern, the Economic Survey 2024 said. While the outlook for India’s financial sector appears bright, the Economic Survey 2024 tabled in Parliament on July 22 said, some areas will require focused attention going forward. READ MORE

1:12 PM

Zydus Wellness stock jumps 5%; hits 2-year high on hopes of demand recovery

Shares of Zydus Wellness hit an over two-year high of Rs 2,287, surging 5 per cent on the BSE in Monday’s intra-day trade in an otherwise subdued market on hopes of demand recovery. The stock of packaged foods company was trading at its highest level since October 2021. It had hit a record high of Rs 2,472.85 on September 21, 2021. In comparison, the BSE Sensex was down 0.05 per cent at 80,562 at 12:11 PM. READ MORE

1:01 PM

Economic Survey: Significant rise in retail investors in stock market calls for careful consideration

1:00 PM

Economic Survey: India can ill-afford economy’s over financialisation at its current development stage