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Sensex Closes Flat, Smallcap And Midcap Stocks Gain

5 July 2024
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New Delhi: Indian equity indices closed flat on Friday following a volatile session. At closing, Sensex was at 79,996, down 53 points and Nifty was up 21 points or 0.09 per cent, at 24,323. Buying is seen in midcap and smallcap stocks. The Nifty midcap 100 index was up 470 points or 0.83 per cent, at 57,089 and the Nifty smallcap 100 index was up 148 points or 0.79 per cent, at 18,941

HDFC Bank, the leading private lender was down by 4.58 per cent at closing, which primarily influenced the Nifty Bank adversely by 0.83 per cent at closing. In the Sensex, Reliance, SBI, NTPC, HUL, L&T, Nestle, Power Grid, ITC, JSW Steel, Wipro, Sun Pharma, Kotak Mahindra and Bajaj Finance were the gainers. HDFC Bank, Titan, Tata Steel, M&M, IndusInd Bank, and UltraTech Cement were the losers.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said that today the Asian stock markets reached new highs, buoyed by expectations of U.S. interest rate cuts in September.

“10-year US treasury yield fell as the US market awaits the jobs data that is due on Friday. Many investors are hoping that Friday’s jobs data will indicate that the labour market and economy are cooling, as this could support the case for Federal Reserve interest rate cuts,” he added.

Among the sectoral indices, PSU Bank, Pharma, FMCG, Metal, Energy, Infra, and PSE closed in the green, and Private Bank and Fin Services in the red.

Science & Environment

Top Stocks On D-Street: Inox Wind, Tata Motors And…

4 July 2024
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New Delhi: Indian equities reached record highs on Thursday boosted by buying in IT and Pharma stocks. The Nifty 50 Index rose by 0.06 per cent to close at 24,302.15 while the sensex increased by 0.08 per cent or 62.88 points to finish at 80,049.67. Meanwhile, the Bank Nifty which hit new highs during intra-day trading ended flat but with a slight positive bias at 53,103.7.

The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday’s gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its lowest point at 24,306.55. Sector-wise, there was a mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. The broader indices performed better than the benchmark, each gaining about half a percent,” said Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd. (Also Read: Budget 2024: Nirmala Sitharaman’s Budget May Bring Relief For India’s Senior Citizens)

He further added, “The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.” (Also Read: Finance Ministry Announces Interest Rates For GPF, Other Provident Funds For July-Sept 2024 Quarter)

In today’s trading session on Dalal Street several stocks drew significant attention. Inox Wind, Tata Motors, and Bajaj Finance were among the prominent names along with seven other notable stocks. According to Zeebiz, these are the stocks that stood out today:

– Tata Motors

Shares of Tata Motors rose by over 2 per cent, closing at Rs 999.05, following a more than 5 per cent year-on-year increase in Jaguar Land Rover (JLR) registrations in the UK for June.

– Wockhardt

The pharmaceutical company’s shares jumped by over 5 per cent, ending at Rs 933.9, as it prepares to launch two new antibiotics in India.

– Sun Pharma

Sun Pharma shares gained nearly 2 per cent, closing at Rs 1,560.55, after the EMA validated its marketing authorization application (MAA) for Nidlegy.

– Bajaj Finance

Bajaj Finance shares fell by nearly 2 per cent, finishing at Rs 7,108.6, as brokerages gave mixed outlooks on the stock following its Q1 business update.

– Inox Wind

Inox Wind shares surged by over 10 per cent, ending at Rs 157, after the company announced that its promoter entity, Inox Wind Energy, had infused Rs 900 crore.

– L&T Finance

L&T Finance shares saw a slight dip, closing at Rs 188.1, despite a 33 per cent year-on-year growth in retail disbursements for the June quarter.

– Mazagon Dock Shipbuilders

Shares of the PSU surged nearly 20 per cent, closing at Rs 5600.8. During today’s trading, the company’s market capitalization exceeded Rs 1 lakh crore.

Science & Environment

PSX surges to all-time high, crosses 69,000 points |…

8 April 2024
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KARACHI:

The Pakistan Stock Exchange (PSX) hit a new all-time high of 69,711 points on Monday, surging by 1.9% to continue its record-breaking spree on the second working day.

The market has maintained its momentum over economic optimism in the wake of Prime Minister Shehbaz Sharif’s maiden visit to Saudi Arabia and Finance Minister Muhammad Aurangzeb’s preparations to visit Washington next week to formally apply for a new IMF loan program.

The benchmark KSE 100-Index closed at 69,620 points, clipping the intra-day high gains to 1,203 points or 1.76% at the end of the session.

The market has gained 8.5% or 5,476 points since the February 8 elections and the subsequent formation of a coalition government in the Centre.

Investors have continued to buy mainly in the energy and banking sector in the hope that the issues of the energy crisis and the circular debt will be resolved. The surge in buying of banking stocks can be attributed to record-breaking earnings by banks.

While talking to The Express Tribune, Arif Habib Limited Head of Research Tahir Abbas said the market has maintained outstanding performance on expectations that the government of Prime Minister Shehbaz Sharif would sign new investment agreements worth billions of dollars with Saudi Crown Prince Muhammad bin Salman during the ongoing visit.

The new investment treaties may include Reko Diq and refinery projects in Pakistan, potentially boosting foreign investment to new levels in local projects after remaining sluggish for the past many years, anticipated Abbas.

Besides, Finance Minister Muhammad Aurangzeb is scheduled to formally approach the IMF to secure a new loan programme at the Fund’s annual meeting being held in Washington on April 14-15, 2024.

The optimism that the next loan package would ensure repaying maturing foreign debts on time and that the package would allow the nation to gradually ramp up economic activities spurred the investors to pour in new capital at PSX.

Abbas said despite the record-breaking spree in the benchmark KSE-100 Index in recent times, share prices are yet to reach their previous record-high levels, offering extended value buying to investors.

The expert anticipated the market would maintain an upward trend on optimism over the acquisition of the new IMF package and stocks still hovering below their historically high levels.

“We have estimated the PSX benchmark index reaching 81,000 points by the end of December 2024,” he said.

Science & Environment

Sensex, Nifty sink on US credit downgrade, weak China…

2 August 2023
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NEW DELHI: Both Indian indices, sensex and Nifty, fell sharply on Wednesday, tracking weak global sentiments.

The BSE benchmark sensex slipped nearly 900 points in indraday trade while Nifty fell nearly 270 points.
Fitch’s downgrade of US credit rating from AAA+ to AA+, weak economic data from eurozone and China were main reasons behind the sharp decline in India stock markets.

“There has clearly been some exhaustion in the market,” said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities, told Reuters. “At this level, the index has become a little top-heavy. Overall, the Nifty 50 will struggle as the risk-reward is favourable in only selective pockets.”
Nearly two weeks ago, Indian stock indices surged to new highs, with the benchmark sensex surpassing the 67,000-mark for the first time.
Several factors contributed to this bullish trend, including a consistent inflow of foreign portfolio funds (net buyers in Indian stock markets for five consecutive months), a positive economic outlook, strong global markets, and a relative moderation in inflation.
However, in recent sessions, both indices have experienced a gradual decline, partially due to investors engaging in profit booking. Analysts have flagged concerns over high stock valuations, which led to this steady decrease in stock prices.
(With inputs from agencies)

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Sensex Closes Flat, Smallcap And Midcap Stocks Gain

Top Stocks On D-Street: Inox Wind, Tata Motors And…

PSX surges to all-time high, crosses 69,000 points |…

Sensex, Nifty sink on US credit downgrade, weak China…