Market Highlights, July 18: IT stocks drive benchmarks to record; Sensex tops 81k, Nifty at 24,800

Stock Market Highlights, today, July 18, 2024: The Sensex index ended at 81,343, up 627 points, while Nifty ended at 24,801, up 188 points

3:48 PM

Tech View :: 'Nifty Bank may move towards 53,300 in short term'

The Bank Nifty formed a bullish engulfing pattern following a consolidation. Additionally, the index found support at the 21 EMA, and the RSI has entered a bullish crossover. The trend is likely to remain positive as long as the index stays above 52,000. On the higher end, it might move towards 53,000/53,300 in the short term.

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

3:47 PM

Tech View :: 'Trend to remain positive till Nifty stays above 24,500'

The index remained volatile during the session, engulfing yesterday's doji pattern. The trend and momentum remain positive, with the index staying above critical short-term moving averages and a positive crossover in the daily RSI. In the short term, the trend is likely to remain positive as long as the index stays above 24,500. On the higher end, the current trend might take the index towards 25,000 in the near term.

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

3:45 PM

Comment :: What all happened in the markets today?

The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country's leading IT firms in the June quarter, coupled with a weakening rupee. However, the broader market lagged the major indices due to high valuations and sectoral rotation, which is influenced by anticipated improvements in private consumption, particularly in rural areas.

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

 

 

3:43 PM

Broader markets :: Mid, SmallCap indices slide up to 1%

3:41 PM

Sectoral trends :: Most indices end in green; Metal, Media indices underperform

3:39 PM

Sensex Heatmap :: IT, Bajaj Finserv, HUL propel benchmarks to new highs

3:38 PM

Closing Bell :: Nifty holds 24,800 at close

3:36 PM

Closing Bell :: Sensex ends above 81,000 for the first time

3:27 PM

ALERT :: Power Mech Projects wins order worth Rs 209.50 crore

>> Order is for Operation and Maintenance of 3X91.5 MW CPP at Hindustan Zinc Limited, Chanderiya, Chittorgarh for a period of 4 years.

3:19 PM

Economists ask govt to bring FY25 fiscal deficit target down from 5.1%

The survey projected India's annual median GDP growth for FY25 at 7 per cent and indicated that the upcoming budget is expected to introduce comprehensive measures to boost employment and enhance workforce capabilities, such as the Employment-Linked Incentive Scheme and an urban version of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). READ MORE

3:04 PM

Mastek shares drop 4% after margins, profits slide in Q1FY25

The company reported a 2 per cent year on year (YoY) jump in its net profits at Rs 71.5 crore in Q1FY25 as against Rs 70 crore in the corresponding quarter last year. Sequentially, the profit was down by 24.3 per cent, the company said in a statement. READ MORE

2:55 PM

ALERT:: Bharat Forge Q1 net dips marginally; stock dips 2%

Bharat Forge today reported 5.5 per cent dip in Q1FY25 net profit to Rs 23.93 crore when compared with Rs 25.33 crore in Q1FY24. Total income declined 14.8 per cent YoY to Rs 384.36 crore from Rs 451.12 crore.

2:46 PM

ALERT:: Polycab India Q1 net dips marginally; stock trades flat

Polycab India Q1 consolidated net profit dipped 0.4 per cent to Rs 401.62 crore for the quarter ended June 2025 when compared with Rs 403.16 crore in the year ago quarter. Total income, however, rose 20.3 per cent YoY to Rs 4,756.44 crore from Rs 3,953.38 crore.

2:36 PM

Newgen Software stock price falls 7% on weak June quarter results

The fall in the stock price came after the company announced a weak set of June quarter of financial year 2025 (Q1FY25) results. READ MORE

2:26 PM

This Dolly Khanna-owned stock has dipped 24% in July thus far

With today’s decline, the stock price of specialty chemicals company has slipped 24 per cent from its record high of Rs 2,179 touched on June 28. Prior to that, in 71 days between March 14 and June 28, the market price of Tinna Rubber and Infrastructure had zoomed 276 per cent from Rs 580 on March 14. READ MORE

2:16 PM

Union Budget 2024 to signal next steps for IDBI Bank privatisation

IDBI Bank's market capitalisation is around Rs 95,000 crore. The government could secure close to Rs 29,000 crore for the sale of 30.5% of its 45.5% stake. READ MORE

2:09 PM

Infosys hits 52-week high ahead of Q1 results; check what street expects

Shares of Infosys, the second biggest domestic information technology (IT) company soared up to 1.90 per cent, hitting their 52-week high at Rs 1,758.60 per share on the BSE. READ MORE

1:58 PM

Comment on Budget Expectations: Market focussed on short-term capital gains tax

We believe that the upcoming budget will likely support the vision of "Viksit Bharat" by 2047, following a transformation similar to the one seen in the last decade. With the formation of the NDA 3.0 government, there are increasing expectations from the market for some allocation to address rural challenges and a potential cutback on capital expenditure.

 

The budget is expected to strike a balance between capital expenditure and addressing rural challenges. Moreover, a higher-than-expected RBI dividend has provided some flexibility to progress further with welfare schemes.

 

We anticipate that the government's priority will continue to be achieving and maintaining macro stability by following a path of fiscal consolidation while balancing growth and stability. We expect the fiscal deficit for FY25 to be kept below 5.1%, with a goal of reaching 4.5% by FY26.

 

Currently, the market is closely monitoring developments related to the capital gains tax. Any deviation from market expectations could lead to some short-term unfavourable reaction, although the likelihood of this happening seems low.

 

-  Naveen Kulkarni, Chief Investment Officer at Axis Securities

 

1:49 PM

MapmyIndia share's 11% fall today has links with Google Maps. Explained

MapmyIndia shares fall 11% today: According to reports, Google has announced its decision to slash the pricing of Google Maps Platform by as much as 70 per cent from August 1, 2024. READ MORE

1:37 PM

ALERT:: Nifty atop 24,700 for the first-time; rallies more than 100 pts

1:27 PM

EU Central Bank rates seen firmly on hold, but door to Sept cut still open

The ECB lowered rates from record highs last month in a move even some policymakers considered rushed and the bank is likely to be more cautious about a follow up step. READ MORE

1:18 PM

ALERT:: Sensex crosses 81,000-mark for the first time; rises over 350 pts

1:09 PM

This cement stock has almost doubled from June low; trades at new high

India Cements stock hit a new high of Rs 343.85, surging 6% in an otherwise volatile market. The stock has zoomed 50% since June 25. READ MORE

12:57 PM

BOB hikes FD rates, introduces Monsoon Dhamaka with up to 7.90% interest

The scheme is available in two tenor buckets: Interest rate of 7.25 per cent per annum for 399 days and 7.15 per cent p.a. for 333 days. The latest FD rates offered by Bank of Baroda opened on July 15 and are applicable on retail deposits below Rs 3 crore. READ MORE

12:46 PM

BASF India parent firm to sell flocculants biz to Solenis, stock down 3%

The decline in stock price occurred following the announcement that BASF SE, the parent company, would sell its flocculants business for mining applications to Solenis. READ MORE

12:33 PM

35 mainboard IPOs sizzle in H1'25, raising Rs 32,000 Cr with 61x demand

These companies were from diverse sectors like coworking space, furniture retailing and online ticket booking. Most IPOs witnessed strong retail buying, showing domestic investors remain bullish on India. READ MORE

Illustration: Binay Sinha

12:23 PM

Aditya Birla Money stock zooms 13%, hits 52-week post strong Q1 results

The shares of Aditya Birla Money surged up to 13.52 per cent, hitting their 52-week high at Rs 188.45 per share on the BSE in Thursday's early morning deals. This came after the Aditya Birla group company reported a stellar quarterly earnings for the April-June quarter of fiscal year 2024-25 (Q1FY25). READ MORE

12:10 PM

Top-performing Lombard Fund doubles down on India's junk credit bonds

Lombard Odier Investment Managers will expand exposure to Indian high-yield dollar credit in its $2 billion Asian bond strategy, after the sector helped the product become a top performer by beating 96 per cent of its peers this year. READ MORE

11:59 AM

MTNL stock soars 19% as govt deposits Rs 92 cr to pay bond interest dues

In the past four trading days, the stock has zoomed 50% on reports that the government was considering the option of handing over operations of telecom company to Bharat Sanchar Nigam Limited (BSNL). READ MORE

11:49 AM

ALERT :: Llyods Metals reports highest-ever quarterly iron ore production

>> Lloyds Metals and Energy has reported its highest-ever quarterly iron ore production, achieving 4 million tonnes, marking a 6% year-on-year (YoY) increase and a 162% quarter-on-quarter (QoQ) rise.

>> Additionally, the company's Direct Reduced Iron (DRI) production reached 76,000 tonnes, reflecting a 16% YoY growth. 

Full details here