Market Highlights, July 12: Sensex up 622pts, ends atop 80,500; Nifty holds 24,500; IT stocks dazzle

Stock Market Highlights on Friday, July 12, 2024: TCS shares soared nearly 7 per cent today after it posted better-than-expected June quarter (Q1) results. Infosys, Tech M, and HCL Tech followed suit

4:06 PM

Tech View :: 'Nifty looking to breakout; next target 24,950'

A long bull candle was formed on the daily chart of Nifty50 with minor upper shadow. Technically, this pattern indicates an attempt of upside breakout of the hurdle around 24,400-24,450 levels.

Nifty seems to have completed one day dip recently and started to move up. Similar action was noticed on the daily chart on 24th June and the Nifty continued its upside momentum later.

 

The short term trend of Nifty remains positive. Having moved above the hurdle of 24,400 levels, there is a possibility of Nifty moving towards the next upside target of 24,950 levels in the near term. Immediate support is at 24,350.

Views by: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities 

3:58 PM

Tech View :: 'Sustained moves above 24,500 needed to reach 25,000 on Nifty'

The rotational buying across heavyweights is helping the Nifty index maintain its positive momentum, but sustained levels above 24,500 are needed to reach the new milestone of 25,000.

We recommend traders continue with a “buy on dips” approach, focusing on stock selection and trade management. Besides domestic factors, participants should closely monitor global indices, especially the US markets, for cues.

Views by: Ajit Mishra – SVP, Research, Religare Broking

3:57 PM

Comment :: 'Expect stock-specific moves to gain traction due to earnings season'

Multiple tailwinds led the market to come out of the range bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index. We expect stock-specific moves to gain traction due to the ongoing earnings season and upcoming budget; indeed, IT will be in the limelight due to the good start to the earnings and outlook

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

 

3:54 PM

Currency check :: Rupee gains 3 paise vs US dollar

3:51 PM

Prizor Viztech IPO :: SME issue subscribed nearly 9x so far on Day 1

3:49 PM

Sati Poly Plast :: SME IPO subscribed over 13x so far on Day 1

3:48 PM

Sahaj Solar IPO Day 2 :: SME issue subscribed over 75x

3:46 PM

Broader markets :: Mid, SmallCap indices see profit booking

3:44 PM

Sectoral trends :: IT index gains over 4% on revival hopes; Realty slips

3:42 PM

Sensex Heatmap :: IT stocks sizzle; TCS, Infy rally up to 6.6%

3:40 PM

Closing Bell :: Nifty ends above 24,500

3:39 PM

Closing Bell :: Sensex ends off record highs, still up 622 points

3:28 PM

HCL Tech Q1 Preview: Weak deals, client spending to dent profits by 5-7%

According to analysts, HCL Tech is likely to report a revenue increase of 6-7 per cent year-on-year (Y-o-Y) between Rs 27,900 crore to Rs 28,034 crore. However, sequentially revenues could dip by 1-2 per cent. The company registered revenues of Rs 26,296 crore in Q1FY24 and Rs 28,499 crore in the March quarter of FY24.  READ MORE

3:16 PM

Prakash Industries surges 8% on getting final nod for Bhaskarpara coal mine

The company further added that the supplies of coal from this mine shall provide stability to the company's integrated steel operations as well as result in significant cost reductions. 
 

Prakash Industries reported net sales of Rs 890.44 crore in January-March quarter of fiscal year 2023-24 (Q4FY24), marking a decrease of 11.88 per cent from Rs 1,010.54 crore in March 2023. READ MORE

3:05 PM

Oil India stock extends rally, up 17% in 2 days; market cap nears Rs 1 trn

In the past one month, the stock price of OIL has appreciated by 36 per cent, while, thus far in the calendar year 2024, the stock has zoomed 141 per cent. READ MORE

2:55 PM

Modi govt departs from privatisation plans, might overhaul state-run firms

India plans to overhaul more than 200 state-run firms to make them more profitable, signalling a departure from Prime Minister Narendra Modi's aggressive privatisation programme that has struggled to take off, government sources said. READ MORE

2:44 PM

Cyient to set-up subsidiary for semiconductor business; stock rallies 7%

The uptick in stock price came after the company announced the strategic expansion of its semiconductor business with the establishment of a fully owned subsidiary. READ MORE

2:35 PM

Indian banks eye record infra bond issue for second straight financial year

If successful, funds raised via these bonds in the first five months of the current fiscal year started in April will surpass the Rs 544 bn raised in FY 2023-24. READ MORE

2:23 PM

RailTel stock soars 18% on heavy volumes; up 331% in 1 year

In the past one month, the stock of telecom service provider for Indian Railways has rallied 47 per cent after winning multiple orders worth of Rs 161 crore. READ MORE

2:11 PM

India's car exports grow by 18.6% in Q1; domestic sales remain flat

The export of cars from India increased to 180,483 units in the first quarter of 2023-24, recording 18.6 per cent year-on-year (Y-o-Y) growth amid strong demand in key markets, according to data released by Society of Indian Automobile Manufacturers (SIAM) on Friday. READ MORE

1:59 PM

LT Foods share price rises over 4% after opening new facility in UK

Shares of FMCG firm LT Foods surged up to 4.54 per cent at Rs 293.15 per share on the BSE in Friday’s intraday trade. This came after LT Foods on Thursday announced the inauguration of a facility in the United Kingdom (UK).  READ MORE

1:45 PM

Zerodha confirms users may face connectivity issues with BSE F&O orders

Zerodha has reported that some of its users may be experiencing issues with their BSE Futures and Options (F&O) orders due to a connectivity problem. The glitch has resulted in orders appearing in the ‘Open Pending’ state, affecting users across multiple brokerage firms. READ MORE

1:34 PM

Allcargo Terminals shares surge 8% as freight volumes rise 20% YoY in June

This came after Allcargo Terminals reported that its container freight station (CFS) volumes for the month of June 2024 were recorded at 55.9 '000 TEUs, an increase of 20 per cent. READ MORE

1:23 PM

ALERT:: Tata Communications to consider NCDs issue; stock trades flat

Tata Communications board to consider a proposal to raise funds by way of issue of Non-convertible debentures on July 18.

1:11 PM

F&O Alert: M&M, Shriram Finance see short buildup; Manappuram, Sun Tv long

Shares of Mahindra & Mahindra and Shriram Finance face up to 15 per cent downside risk; whereas, Manappuram Finance and Sun Tv can potentially gain up to 13 per cent. READ MORE

1:01 PM

Brigade Enterprises stock gains 2% after unit launches residential tower

The uptick in share price came after the company announced that its arm has launched a new residential project, Cobalt. READ MORE

12:48 PM

Zee Entertainment gains 7% as board to consider fund raising on July 16

Zee Entertainment in focus: Shares of Zee Entertainment Enterprises (ZEEL) were up 7 per cent to Rs 157.20 per share, amid heavy volumes, on the National Stock Exchange (NSE) in Friday’s intra-day trade.  READ MORE

12:37 PM

Global check: Asian markets see sharp swings, up to 2% on either side

12:27 PM

Sensex up 996 pts, Nifty near 24,600 intraday: Why markets rose on Friday?

Indian equity benchmark indices, BSE Sensex, and NSE Nifty50, hit new record highs on Friday, July 12, 2024. This comes after the stock market indices rallied over 1 per cent in the intraday trade. READ MORE

12:18 PM

Puravankara Q1 update :: Achieves quarterly customer collections from real estate biz worth Rs 965 crore