BSE Sensex ended the day with the gain of 62 points to 80,049 and NSE Nifty rallied 15 points to settle at 24,302 on July 4, 2024. Nifty Bank zoomed 14 points to 53,103 and Nifty Midcap rose 325 points to 56,618. Mazagon Dock shares soared over 18% to Rs 5521.05 on July 4, 2024. When it comes to sectors, IT Software and Healthcare indices surged 1% each.
Cochin Shipyard shares too jumped over 4% on June 4. Shares of Inox Wind soared over 11% after it declared completion of infusion of ~ Rs 900 crores into the company by its promoter Inox Wind Energy Limited (IWEL).
Earlier, trends prevailing on GIFT Nifty indicated a positive beginning for the broader index in India with the surge of 76 points or 0.31%. Asian markets trade higher as Japan's Topix managed to surpass 1989 levels to touch record high. S&P 500 and Nasdaq ended at fresh records as investors seemed to shrug off weak economic data. The broad market index added 0.51%, ending at 5,537.02 while the Nasdaq Composite surged 0.88%, ending the session at 18,188.30, as Tesla and Nvidia soared.
Oil prices declined in early trade on Thursday after U.S. employment and business activity data appeared weaker than anticipated, in signs the economy may be cooling in the world's leading oil consuming country.
Brent crude futures fell 30 cents, or 0.34%, at $87.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures declined 32 cents, or 0.38%, to $83.56, with activity diluted as a result of the U.S. 4th July holiday.
Meanwhile, dollar was on the back foot on July 4 after U.S. economic data continued to indicate sluggish growth. But, it provided slight relief to the yen as it was pinned around a 38-year low that kept the market on alert for government involvement.
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Jul 04, 2024, 3:24 pm IST
Sri Lanka Strikes Private Debt Restructuring Deal With Bondholders
Sri Lanka has reached a debt restructuring deal with the international sovereign bondholders after protracted negotiations, state finance minister Shehan Semasingher said on Thursday, calling it a "crucial step" in the cash-strapped country's efforts to restore debt sustainability. In a statement, State Minister of Finance Semasinghe said that an agreement on restructuring terms was reached on Wednesday, completing Sri Lanka’s debt restructuring process. “ISBs (International Sovereign Bonds) account for USD 12.5 billion out of the total external debt of USD 37 billion. This agreement is a crucial step in our efforts to restore debt sustainability,” Semasinghe said.
He added that the agreement with private bondholders was subject to the approval by the official creditor committee of nations, including India.
Jul 04, 2024, 2:45 pm IST
Mazagon Dock Shares Jump 18% As Market Cap Tops Rs 1 Lakh Crore
The shares of Mazagon Dock Shipbuilders Ltd. surged as much as 9% to Rs 5,082 on Thursday, marking a significant milestone. With this recent leap, the stock has now achieved a market capitalisation exceeding Rs 1 lakh crore.
Mazagon Dock Shipbuilders, a state-run enterprise, has been on an extraordinary upward trajectory, with its shares more than doubling in 2024 alone, reflecting a 115% increase. Over the past 12 months, the stock has skyrocketed by over 280%. Impressively, the company's stock has doubled each year over the last three years, posting gains of 185% in 2022 and 187% in 2023.
Jul 04, 2024, 2:20 pm IST
Dev Information Technology Bags Rs 8 Cr Order Deal From CMO Office, Gujarat
Following the announcement of a significant order deal from the CMO Office in Gujarat, the shares of the small-cap IT firm Dev Information Technology Ltd (DEVIT) began higher on the BSE on Thursday at Rs 125.90 apiece.
The company said in a regulatory filing that it has secured orders cumulatively worth Rs 8 crore approximately. These work orders are towards providing SQL Server Enterprise & Windows Server for further enabling Gujarat Chief Minister Office's Dashboard Application and various other key software solution applications specific to quite a few other Departments of the Gujarat Government hosted in Gujarat State Data Centre.
Jul 04, 2024, 2:15 pm IST
Gold Price India, July 4: Sharp Rise In Gold Prices, 24K/100 Grams Up By Rs 7,100
Gold prices in India today sharp rally after remaining steady on July 3 after softer-than-expected U.S. economic data fuelled prospects that the Federal Reserve could slash interest rates as early as September. 22K gold prices today in India jumped by Rs 650 to Rs 67,000/10 grams and 100 grams of 22 carat yellow metal prices on July 4 zoomed by Rs 6500 to Rs 6,70,000. 24k gold prices today surged by Rs 710 to Rs 73,090/10 grams while 100 grams of 24 carat precious metal prices soared by Rs 7,100 to Rs 7,30,900.
Meanwhile, 18k gold prices today in India surged by Rs 530 to Rs 54,820/10 grams and 100 grams of 18 carat yellow metal prices today jumped by Rs 5300 to Rs 5,48,200.
Spot Gold, Spot Silver Prices Today: Spot gold rallied 0.3% at ,362.10 per ounce, as of 0200 GMT after touching a near two-week high in the previous session. US gold futures was little changed at ,369.80. Spot silver jumped 0.2% to .54 and platinum added 0.5% at ,002.28, according to Reuters.
According to Reuters, ““A softer-than-expected ISM services report was the gift that Fed doves have been waiting for ahead of a NFP. A move to ,400 is on the cards should NFP confirm the economic cracks we’re seeing elsewhere,” said Matt Simpson, senior analyst at City Index.
Jul 04, 2024, 1:58 pm IST
Alembic Pharma Receives US FDA Tentative Approval for Ivosidenib Tablets
Alembic Pharmaceuticals has secured tentative approval from the US Food & Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) concerning Ivosidenib Tablets, 250 mg. This approval signifies the therapeutic equivalence of Alembic's product to Tibsovo Tablets, 250 mg, marketed by Servier Pharmaceuticals LLC (Servier), the reference listed drug (RLD).
Jul 04, 2024, 1:50 pm IST
Brigade Enterprises Rises on Signing Residential Project Development Agreement
Shares of Bengaluru-based real estate developer Brigade Enterprises have surged following the signing of a Joint Development Agreement for a residential project spanning 8 acres. The project boasts a total development potential of approximately 1.2 million square feet, with an estimated gross development value of Rs 1,100 crore.
Jul 04, 2024, 1:30 pm IST
Bitcoin Dips Below ,000 Amid Market Concerns
Bitcoin has dipped below the ,000 mark, marking its third consecutive day of decline and testing levels last seen in February. This downward trend is fueled by investor concerns over President Biden's re-election bid and significant outflows in ETFs tracking cryptocurrencies. Additionally, the potential mass sale from the defunct crypto exchange Mt Gox is further weighing down prices.
Jul 04, 2024, 1:23 pm IST
NSE Introduces Groundbreaking Cap on SME Opening Prices: What You Need to Know
The National Stock Exchange (NSE) has introduced a new rule to limit the opening price for small and medium enterprises (SMEs) on their listing day. This measure aims to control excessive price volatility.
According to the NSE, the overall cap on the opening price for SME initial public offerings (IPOs) will be set at 90% above the issue price. This restriction is specifically targeted at the SME segment to ensure market stability.
Jul 04, 2024, 1:15 pm IST
Gold Prices In Chennai July 4: 22k/Gram Gold Prices Rises By Rs 65 To Rs 6760
Gold Prices in Chennai on July 4 turned dearer. 22k per 1 gram gold prices in Chennai surged By Rs 65 To Rs 6760 on Thursday
Jul 04, 2024, 1:10 pm IST
Gold Price India, July 4: 22K/Gram Gold Price Jumps By Rs 65 To 6700
Gold Price in India on July 4 jumped. 22K per 1 gram gold price rose By Rs 65 To 6700 on Thursday.
Jul 04, 2024, 1:08 pm IST
JP Morgan report on Zydus Life
Zydus Life's 1QFY25 results will be the best in its coverage.
Good performance expected from pharma sector.
There may be 10% growth in the income of pharma companies this time.
Whereas Zydus Life is expected to grow by 20%.
Estimate of 18% profit in the sector and 25% growth estimate in Zydus.
Estimated growth of 11% in domestic formulations,
Good growth forecast in consumer segment
Benefit from strong export sales.
Estimated growth of more than 23% in US revenues.
Estimate of improvement in gross and working margin.
Wockhardt shares continue their impressive streak, extending the uptrend for the 12th straight session on July 4. This sharp rally propelled the stock to a fresh 52-week high of Rs 995, marking nearly an 80% gain over the past month. Investor optimism is fueled by the company’s robust research and development capabilities as it approaches the launch of two blockbuster antibiotics, expected to significantly boost the drugmaker's earnings trajectory.
Jul 04, 2024, 12:15 pm IST
ITD Cementation Promoter Italian Thai Development Considers Stake Divestment
Italian Thai Development (ITD), the promoter shareholder of ITD Cementation, is exploring the possibility of divesting its stake in the company. The company disclosed this development in a stock exchange filing on July 3, noting that the process is still in the preliminary stages and no definitive decisions have been made yet. ITD Bangkok, the parent company, currently holds a 47% stake in ITD Cementation.
Jul 04, 2024, 12:10 pm IST
The Ascent Of Sensex In 2024
The Sensex, breaching the 80,000 mark for the first time on July 3, 2024, has experienced a remarkable rally over the past 18 years, hitting key milestones along the way. The index doubled from 10,000 to 20,000 points in 434 days by February 6, 2006, with a market cap of Rs 12.6 lakh crore. It took 1,822 days to reach 30,000 points by October 29, 2007, doubling its market cap to Rs 26.4 lakh crore. By March 4, 2015, the Sensex hit 40,000 points in 1,044 days, with a market cap of Rs 48 lakh crore. The index then climbed to 50,000 points on May 23, 2019, in 415 days, with a market cap of Rs 69 lakh crore, followed by a rapid ascent to 60,000 points on January 21, 2021, in just 166 days, reaching nearly Rs 100 lakh crore in market cap. The journey to 70,000 points took 548 days, with a low of 50,921 points in June 2022 before achieving the milestone on September 24, 2021. Finally, the fastest rally of 10,000 points took only 138 days, as the Sensex touched 80,000 points on December 11, 2023, with a market capitalization soaring to Rs 137 lakh crore.
Jul 04, 2024, 11:40 am IST
IDFC Recommends Dividend
IDFC board announces an interim dividend of Rs 1 per share.
Jul 04, 2024, 11:30 am IST
Mazagon Dock Shipbuilders' Market Cap Tops Rs 1 Lakh Crore
The shares of Mazagon Dock Shipbuilders surged as much as 6.3% to Rs 4,990 on Thursday, marking gains in seven of the last nine trading sessions. This latest rise has propelled the stock's market capitalisation past Rs 1 lakh crore.
In 2024 alone, the stock has more than doubled, with an impressive 115% increase. Over the past 12 months, the stock has surged over 280%. Remarkably, the stock has doubled each year for the last three years, with gains of 185% in 2022, 187% in 2023, and now continuing its upward trajectory in 2024.
Jul 04, 2024, 11:02 am IST
CDSL Share Price Rebound
Central Depository Services (CDSL) share price witnessed buying sentiment on July 4th after falling by nearly 3% on NSE yesterday. CDSL stock is in focus due to its double rewards update this week. CDSL has not only fixed record date for hefty dividend payout, but also announced bonus issue in the ratio of 1:1 for the first time ever.
Jul 04, 2024, 10:37 am IST
Sensex Impressive Rally
Sensex, which breached the 80,000 mark for the first time on July 3, 2024, has experienced an impressive rally over the past 18 years. The fastest 10,000-point rally took just 138 days, with the index touching 80,000 points on December 11, 2023, and the market capitalization rising to a record Rs 137 lakh crore.
Jul 04, 2024, 10:36 am IST
Midcap, Smallcaps Shine
Broader markets mirrored this robust performance, with midcap and smallcap indices rising by 0.35 and 0.61%, respectively. The midcap index even hit a new high of 15,932.60 in the morning session.
Jul 04, 2024, 10:34 am IST
Bank Nifty At New High
Bank Nifty soared to a fresh record high of 53,357.70, buoyed by strong performances from ICICI Bank, Kotak Mahindra, and Axis Bank.
Jul 04, 2024, 10:14 am IST
Oil Declines On Worries Of Weaker Demand Forecasts, Slowing US Economy
Oil prices fell in Asia on Thursday as investors exercised caution on expectations of reduced demand. Weaker-than-expected U.S. employment and business data indicated a potential cooling of the economy for the world's leading oil consumer. Brent crude futures fell 48 cents to .86 per barrel, a decline of 0.55%. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures slipped 51 cents to .36 per barrel, a 0.62% fall. Trading activity remained subdued due to the U.S. Independence Day holiday.
Nifty outlook: Yesterday’s upside paused just short of fully achieving our day’s objective of 24330, but bargain buying encouraged an uptrend to continue which should prompt a positive opening today. Favoured view however sees more signals that a vicious turn lower is approaching in a few days. For now, expect upside bias to persist aiming 24330-400 initially or seek extension to 24500, but visibility past the same is low. Downside markers are placed at 24240 and 24030. - Read moreYesterday’s upside paused just short of fully achieving our day’s objective of 24330, but bargain buying encouraged an uptrend to continue which should prompt a positive opening today. Favoured view however sees more signals that a vicious turn lower is approaching in a few days. For now, expect upside bias to persist aiming 24330-400 initially or seek extension to 24500, but visibility past the same is low. Downside markers are placed at 24240 and 24030.
Derivative outlook: Nifty weekly contract has highest open interest at 25000 for Calls and 24000 for Puts while monthly contracts have highest open interest at 24000 for Calls and 24000 for Puts. Highest new OI addition was seen at 24300 for Calls and 24200 for Puts in weekly and at 24300 for Calls and 24200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.18%, decreased future index shorts by 4.57% and in index options by 12.68% decrease in Call longs, 5.54% decrease in Call short, 26.55% decrease in Put longs and 14.03% decrease in Put shorts.
Jul 04, 2024, 9:21 am IST
Sensex Today: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
In the near-term, the bullish undercurrent of the market has the potential to outweigh the high valuations. The rally is now being led by the private largecap banking stocks whose valuations are fair even after the recent run up. The big FII buying of Rs 5484 crores yesterday is largely due to the massive delivery based buying in banking stocks led by HDFC Bank. This delivery based buying may sustain for a few more days imparting resilience to the market. The FIIs with 3.78 lakh long contracts have taken a ‘u’ turn in their market approach from the big short contracts in early June. Decline in the US 10-year bond yield to 4.35 % and the dollar index declining to 105.29 are positives for fund inflows.
Market will start responding to the Q1 results which will start flowing in from next week. Financials are set to post good numbers. Credit growth of Bajaj Finance is excellent and this augurs well for the stock.
Jul 04, 2024, 9:19 am IST
Sensex Today: Aditya Gaggar, Director of Progressive Shares
Banking counters-led rally propelled the Index to end the session at a fresh high of 24,287. At record levels, Nifty50 has formed a Dragonfly DOJI candlestick pattern which indicates a probable pause in its uptrend. However, an early indication from GIFT Nifty suggests a strong start of the Indian equities. It will be a wait-and-watch condition as on the lower time-frame i.e. hourly chart, the Index is developing a probable negative divergence in RSI and a sustainable move below 24,200 will drag the Index towards 24,130.
Among the sectors, the PSU segment regained momentum (BHEL-Pennant and Pole Breakout, IREDA- Symmetrical Triangle Breakout, GPPL- Rounding Bottom Breakout, and HUDCO- Flag and Pole Breakout). From the FMCG segment, Tata Consumer looks strong as it has given a breakout from a Falling Wedge formation.
From the Oil and Gas space, Castrol Ltd has given a major breakout from a Rounding Bottom Formation but considering a strong upmove, buying on dips will be an ideal strategy. Some Metal counters are on the verge of giving a strong breakout while selective buying is likely to persist Pharma space. Once again Agro/Specialty counters have shown strong momentum and we believe it will continue further.
Jul 04, 2024, 9:15 am IST
Rupee vs Dollar
On Thursday, Rupee opened at 83.51 against the US Dollar on the back of weaker US Data.
Jul 04, 2024, 8:37 am IST
RailTel Corporation To Consider Dividend On July 8
Miniratna public sector undertaking RailTel Corporation of India Ltd will hold meeting of Board of Directors on July 8, 2024 to consider recommendation of final dividend, if any for the FY 2023-24. Current market price of RailTel Corporation share on BSE is Rs 480.90 per share. RailTel Corporation shares witnessed attractive rally of 271% in last 1-year and 36% year-to-date. The company has a market capitalisation of Rs 15,433.93 crore.
RailTel Corporation of India Ltd To Consider Dividend: As per the regulatory filing of RailTel Corporation issued as on July 3, 2024, “In terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 08th July, 2024, inter-alia to consider recommendation of Final Dividend, if any, for the Financial Year 2023-24.”
Jul 04, 2024, 8:36 am IST
ICICI Prudential Mutual Fund Buys 2.3% Stake In Yatharth Hospital
ICICI Prudential Mutual Fund has bought an additional 2.3% stake in Yatharth Hospital at an average price of Rs 405/ share. Meanwhile, Plutus Wealth Management LLP decided to exit the company by selling its whole 2.91% stake at an average price of Rs 405.07/share.
We expect this ongoing momentum to continue in the near term. Indian Equities today would react to the release of US Fed meeting minutes and US, Europe, and Asia -Service and Composite PMI data.
Jul 04, 2024, 8:26 am IST
Inox Wind Announces Completion of Infusion of Rs 900 Cr In Company
Inox Wind (IWL) declared completion of infusion of ~ Rs 900 crores into the company by its promoter Inox Wind Energy Limited (IWEL). It is worth mentioning that the funds were raised by IWEL on May 28, 2024, via sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors. The funds are expected to utilised by IWL to completely pare down its external term debt to achieve a net debt free status.
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