Stock Market Highlights, July 25: Nifty holds 24,400 amid F&O expiry; Axis Bank falls 5%, TaMo up 6%

Stock Market Highlights today, July 25: The BSE Sensex index ended at 80,040, down 109 points. The BSE Midcap, and SmallCap indices closed 0.2 per cent and 0.14 per cent lower, respectively

4:09 PM

Tech View :: 'Nifty's pullback rally may fizzle around 24500–24550'

Nifty 50

On the daily charts we can observe that after opening gap down it did not witness follow through selling pressure and staged a pullback. We believe that the Index is undergoing a counter trend pullback which can extend towards 24500 – 24550 which coincides with the 61.82 per cent Fibonacci retracement level of the fall. The daily momentum indicator has a negative crossover and thus this rally is likely to fizzle out. Ideally this rally should be sold into.

 

Bank Nifty

Bank Nifty has been leading this fall. Today it achieved our short-term target of 50600 and thereafter consolidated. Considering it has reached a crucial support the fall from hereon may be less intense and can witness a consolidation in the near term. In terms of levels, 50600 – 50400 is a crucial support zone while 51300 – 51600 is the immediate hurdle zone for the Bank Nifty.

 

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

4:04 PM

Broader View :: 'High valuations likely to prompt a shift towards large-cap stocks'

After a volatile session, the Indian market concluded on a flat note, influenced by lower-than-expected earnings growth from major banks. Global indices also reacted pessimistically due to the disappointing results from top US tech companies. However, the government's commitment to improving consumption and bridging the gap for energy transition in the budget buoyed sectoral sentiments. Despite ongoing enthusiasm from retail investors in the broader market, the current high valuations are likely to prompt a shift towards large-cap stocks.

 

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

 

4:00 PM

Currency Check :: Rupee ends 1 paise close to US dollar at 83.705

3:54 PM

Broader markets :: Bankex index falls over 1%

3:49 PM

Sectoral trends :: Indices end mixed; Auto & Pharma index shine, Bank drags

3:43 PM

Sensex Heatmap :: 17 of 30 index stocks end in red

3:41 PM

Closing Bell :: Nifty ends at 24,406

3:32 PM

Closing Bell :: Sensex falls 109 pts

3:30 PM

ALERT :: Hindustan Zinc slips amid report of stake sale by govt

>> A report, quoting DIPAM Secy, said the govt may sell 3-5% stake in HZL

3:27 PM

June quarter results :: Laurus Labs, Mahindra Holidays, PNB Housing in focus

Laurus Labs
>> PAT down 50% YoY to Rs 12.5 crore; Revenue up 1.1% to Rs 1,194.5 crore; Ebitda up 2.5% to Rs 171 crore

>> Laurus Labs shares up 0.25%

Mahindra Holidays

>> Net profit at Rs 5.9 crore vs Rs 0.2 crore YoY; Revenue up at Rs 653 crore vs Rs 614.3 crore YoY; Ebitda at Rs 105.5 crore vs Rs 83.9 crore YoY; Margin at 16.2% vs 13.6% YoY

>> Mahindra Holidays share price is up 1.4%

PNB Housing Finance 

>> Net profit up 25% at Rs 433 crore vs Rs 347.3 crore YoY; Revenue up 6.7% at Rs 1,823 cr vs Rs 1,708 cr YoY

>> PNB Housing share price is up 0.46%

3:13 PM

June quarter results :: Adani Green Energy posts net profit of Rs 629 crore vs Rs 320 crore YoY

3:02 PM

Canara Bank's Q1 net rises 10.5% to Rs 3,905 cr; NII expands 5.7%

While non-interest income rose by 10.38 per cent year-on-year to Rs 5,319 crore, sequentially it rose marginally from Rs 5,217 crore in Q4FY24. Fee-based income was up 16.75 per cent year-on-year to Rs 1,910 crore. Commissions and exchanges rose by 34.2 per cent year-on-year to Rs 353 crore. The recoveries from written-off accounts grew by 45.48 per cent year-on-year to Rs 1,158 crore. However, the treasury income fell by 6.16 per cent to Rs 503 crore. READ MORE

2:52 PM

Sanstar IPO GMP soars ahead of listing on NSE, BSE: What experts predict

The unlisted shares of Sanstar Ltd, a leading Indian manufacturer of maize-based specialty products, are commanding a strong premium ahead of their debut on the BSE and NSE. A high GMP indicates solid listing gains for investors. The scheduled listing date of Sanstar IPO shares is Friday, July 26, 2024. READ MORE

2:40 PM

Sona BLW share price rises 4% post Q1FY25 earnings; check details

Shares of Sona BLW Precision Forgings rose by 4.29 per cent at 716.60 per share on the BSE in Thursday’s intraday trade. This came after the Auto component maker on Wednesday reported a 26.7 per cent year-on-year increase in net profit to Rs 141.9 crore for the first quarter ending June 30, 2024. In the corresponding quarter of the previous fiscal year, the company had reported a net profit of Rs 112 crore. READ MORE

2:25 PM

Dr Reddy's Labs Q1 Preview: Market share loss in products to drag profits

Indian drugmaker, Dr Reddy’s Laboratories is all set to deliver its financial performance for the first quarter of financial year 2024-25 (Q1FY25) on Saturday, July 27, 2024. READ MORE

2:10 PM

Budget 2024-25 throws STCG googly at sovereign wealth, pension funds

The Union Budget has sprung a surprise for sovereign wealth funds (SWF) and pension funds (PFs). The two classes of investors were exempted from long-term capital gains (LTCG) on specified debt investments. READ MORE

2:03 PM

CBDT issues FAQs on new capital gains tax regime: All you should know

The Union Budget 2024 has introduced significant modifications to the taxation of capital gains in India. The primary objectives of these changes are to simplify the tax regime and enhance tax compliance. For investors looking for more clarity on how the new capital gains tax proposals work, Central Board of Direct Taxes (CBDT) has issued a list of FAQs. READ MORE

1:53 PM

Infy, TCS: Should you book profit in IT stocks amid global tech sell-off?

The technology-benchmark index - NASDAQ tumbled 3.6 per cent in the US dragged by earnings disappointment by Tesla and Google. Last week, too, the tech-laced index witness fell sharply owing to a sell-off in chip-makers following Donald Trump's adverse comments on Taiwan. READ MORE

1:38 PM

This smallcap stock has rallied 39% in 4 days; zoomed 113% from June low

Shares of Protean eGov Technologies hit a new high of Rs 1,984.70, as they rallied 12 per cent on the BSE in Thursday’s intra-day trade, extending its past three days rally, amid volumes in an otherwise weak market. In comparison, the BSE Sensex was down 0.18 per cent at 80,002 at 12:49 PM. READ MORE

1:20 PM

JK Paper stock tanks 13% on weak June quarter show; profit plunges 55%

Shares of JK Paper plunged as much as 13.11 per cent to hit an intraday low of Rs 489.95 per share. The fall came on the back of weak results in the June quarter of financial year 2025 (Q1FY25). READ MORE

1:16 PM

Foreigners sell nearly $1 billion in equities in two days since Budget

Foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. READ MORE

1:02 PM

ICICI Bank Q1FY25 preview: Profit may rise 10-12% YoY; NIM, provisions eyed

ICICI Bank may see a net profit growth on 10-12 per cent year-on-year (Y-o-Y) in the April-June quarter (Q1) of the current financial year (FY25), according to analysts. This, they said, would imply a growth of up to 1.6 per cent quarter-on-quarter (Q-o-Q) to Rs 10,875.7 crore. ICICI Bank is scheduled to report its Q1FY25 results on Saturday, July 27, 2024. READ MORE

12:45 PM

L&T stock strategy: Valuations may aid rally, analysts eye order execution

L&T’s Q1FY25 performance was 3 per cent ahead of Motilal Oswal’s estimates on both revenue and PAT. The brokerage said the company’s core engineering and construction (E&C) revenue growth was largely driven by sharp improvement in overseas revenue, while domestic revenue was flat Y-o-Y due to elections, labour shortage and heat waves. READ MORE

12:35 PM

HG Infra stock gains 5% on emerging lowest bidder for project of Rs 763 cr

In an exchange filing, the company said, “We are pleased to inform you that HG Infra Engineering Limited (the Company or HG Infra) has been declared as L-1 bidder by the Ministry of Road Transport and Highways (MORTH) for a project.” READ MORE

12:27 PM

Is the tide turning for media stocks? Dish TV, PVR Inox can rally up to 26%

Crisil Ratings, in a media release today, said print media companies could see revenue growth of 8- 9 per cent in FY25 on the back of buoyant growth in advertising revenue, driven by strong localised demand from key advertising sectors, together with a loyal subscriber base. READ MORE

12:15 PM

Stock market Update :: Markets off lows; Nifty nears 24,350

12:06 PM

ALERT :: Sukhjit Starch to consider stock split on August 7

11:53 AM

Mid-Day Market Comment :: 'Adopt cautious approach, wait for clearer market signals'

As of today’s monthly expiry, the Nifty is trading below its monthly Volume Weighted Average Price (VWAP) levels of 24,400, indicating a negative bias.

We expect the Nifty to potentially test support levels around 24,300 to 24,150.

Meanwhile, the Bank Nifty has continued to underperform compared to the Nifty, primarily due to selling pressure in the private banking sector.

>> It would be wise to adopt a cautious approach and wait for clearer market signals before making any trading decisions.

Views by: hrey Jain Founder and CEO SAS Online

11:45 AM

ALERT :: GE Steam Power International B.V. has decided to end its plan to exit from GE Power India

Check details here

11:32 AM

IDBI Bank share crosses Rs 100-mark after a gap of 10 years; Check details

In the past two months, the stock of IDBI Bank has zoomed 21 per cent. It is trading at its highest level since July 7, 2014. The stock of IDBI Bank had hit a record high of Rs 202.25 on November 11, 2010. However, the market capitalisation of IDBI Bank hit a record high of Rs 1.12 trillion today. READ MORE