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Tanmay Tiwary specialises in covering equity markets, focusing primarily on sectors like automobile, FMCG, and new-age/internet companies. With almost five years of experience under his belt, Tiwary has previously worked with HT TechCircle (then NewsCorp TechCircle), CNBC TV, and Republic TV. He has also worked with Forbes and Sportskeeda. He holds post-graduate degrees from the University of Leicester and the Indian Institute of Journalism and News Media, Bengaluru.
Tanmay Tiwary specialises in covering equity markets, focusing primarily on sectors like automobile, FMCG, and new-age/internet companies. With almost five years of experience under his belt, Tiwary has previously worked with HT TechCircle (then NewsCorp TechCircle), CNBC TV, and Republic TV. He has also worked with Forbes and Sportskeeda. He holds post-graduate degrees from the University of Leicester and the Indian Institute of Journalism and News Media, Bengaluru.
The rally in IT stocks came on the heels of a major drop in US jobless claims, which fell to 233,000 for the week ending August 3-the largest decline in nearly a year.
The Bullet 350 model saw 14 per cent volume drop in Q1FY25, reflecting limited acceptance of the new model. Similarly, the Hunter 350, launched in FY23, saw an 8 per cent volume decline.
At 6:31 AM, GIFT Nifty futures surged 230 points, trading at 24,367, suggesting a strong start for Indian stocks.
The fall in the stock price came after the company's June quarter (Q1FY25) numbers missed the street estimates.
At 6:50 AM, GIFT Nifty futures were down 179 points, trading at 24,187.5, indicating a negative start for Indian stocks.
The retail chain operator faces several hurdles, including evolving customer preferences, disruptions in transport logistics, and intensifying competition, analysts at domestic brokerage Nuvama said.
As of 6:31 AM, GIFT Nifty futures were up 84 points, trading at 24,140.5, suggesting a positive start for the Indian bourses.
The Nifty50 surged 1.35 per cent, adding 327 points to hit an intraday high of 24,382.60, while the BSE Sensex gained 1,100 points, or 1.38 per cent, hitting an intraday peak of 79,852.08.
At 6:31 AM, GIFT Nifty futures were up 197 points, trading at 24,299.5, indicating a robust gap-up opening.
Other key Asian markets also suffered heavy losses, with South Korea's Kospi, Hong Kong's Hang Seng, and Australia's ASX 200 all plunging between 3 per cent and 11 per cent.
On the bourses, Infosys's stock witnessed a decline, falling 1.32% to an intraday low of Rs 1,828.10 per share on the NSE. In comparison, the Nifty IT index dropped 1.64% to a low of 40,038.25 levels.
The board of the company approved the demerger of the Tata Motors into two separate listed companies. The company revealed that the demerger will conclude in the next 12 to 15 months.
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.
Spillover of trading activity from these contracts into remaining products, analysts believe, can limit the impact to 20-25%
In the past week alone, Tata Motors' stock has climbed 18 per cent following an upgrade from brokerage firm Nomura, which set a 'Buy' rating and a target price of Rs 1,294 per share.
Most of the brokerages expect M&M's profit to fall up to 15 per cent in Q1FY25.
Maruti Suzuki Q1 2024 results: Investors will eye margin trajectory amid commodity pressures, elevated discounting.
A major driver behind this rally, analysts said, is DLF's strong June quarter performance.
Stock market highlights today, July 26: The Nifty50 also saw a robust gain of 455 points, hitting an record high of 24,861 intraday
The electric vehicle (EV) revenue accounted for 33% of total revenue. The company's order book expanded to Rs 23,300 crore in Q1FY25, from Rs 22,600 crore in Q4FY24.