Closing Bell: Sensex Tanks 739 Points, Nifty Below 24,540; JSW Steel Falls 5%

Sensex ended the day with the decline of 739 points to 80,604 and Nifty slipped 269 points to 24,530 on July 19, 2024. Nifty Bank fell 355 points to 52,265 and Nifty Midcap declined 1202 points to 55,908. Shares of JSW Steel fell nearly 5% in trade today. RVNL shares gained nearly 6% after it inked an MoU with M/s United Construction Limited, Israel. Shares of Tata Steel, JSW Steel, Tech Mahindra, and Tata Motors emerged as top losers today. Shares of Infosys Ltd hit fresh 52-week high to 1814.30 per share in afternoon trade.

Infosys, LTI Mindtree, TCS, Asian Paints and ITC were the top 5 gainers.

The budget will be the main focus for investors ahead, but the shares of Reliance Industries, Wipro, JSW Steel, BPCL, JSW Energy, Union Bank of India, ICICI Lombard General Insurance Company, Indian Hotels Company, Oberoi Realty, Patanjali Foods, Nippon Life India Asset Management, and One 97 Communications Paytm will also be closely watched because these companies will be releasing their Q1 results on Friday, July 19.

LIVE Feed

Jul 19, 2024, 3:20 pm IST

NSE, BSE Say Functioning Normal; Not Impacted By Microsoft Outage

Country's leading stock exchanges NSE and BSE on Friday said they are not impacted due to the global outage of Microsoft systems amid reports of disruptions in functioning of several airlines, banks, media outlets worldwide. Microsoft users globally, several in India, have reported massive outages in services, with outage tracking website Downdetector showing users flagging disruptions across various services. Meanwhile, the two leading Indian stock exchanges announced that they are not impacted due to Microsoft outage. "NSE (National Stock Exchange) and NCL (NSE Clearing Ltd) are working normal today," NSE's spokesperson said in a statement.

Jul 19, 2024, 2:50 pm IST

BHEL Declares Record Date For Final Dividend, Shares Fall 4%

Leading large cap public sector undertaking Bharat Heavy Electricals Ltd (BHEL) shares today declined over 4% to Rs 297.30 per share. BHEL shares slipped over 8% in last 1-week but gained 212% in last 1-year. Today, the PSU firm fixed August 9, 2024 as the record date for final dividend of Re 0.25 (i.e. 12.5%) for the year 2023-24. The PSU has a market capitalisation of Rs 1,03,521.74 crore. BHEL also informed today that its 60th Annual General Meeting (AGM) will be held on August 22, 2024.

Jul 19, 2024, 2:48 pm IST

DP Abhushan Q1 Results: Robust Growth In PAT

A company with 84 years of history in the jewellery industry, DP Abhushan Limited is renowned for its wide product portfolio, accountability, and unparalleled standards of purity and design. It recently released its financial results for the first quarter of FY25, which ended on June 30, 2024. According to the firm, Q1FY25's total revenue was Rs 505 Cr, up from Rs 471 Cr in Q1FY24, a 7% gain YoY. During Q1FY25, EBITDA was Rs 38 Cr, up from Rs 25 Cr in Q1FY24. a noteworthy 52% growth, while the EBITDA margin doubled to 8% from the previous quarter, Q4 FY24. According to the firm, its net profit jumped by 60% YoY to Rs 25 Cr in the quarter under review from Rs 16 Cr in the same quarter last year.

Jul 19, 2024, 2:27 pm IST

Indian Crypto Platform WazirX Security Breach Leads To 0 Mn Withdrawal

Indian cryptocurrency exchange WazirX experienced a significant security breach early Thursday during European trading hours. The breach resulted in the loss of over 0 million in user funds, prompting immediate withdrawals and raising concerns about the security of crypto assets on the platform. WazirX revealed that the breach targeted one of its multisig wallets, a type of cryptocurrency wallet that requires multiple private keys to authorize transactions. The exchange responded swiftly by pausing all INR and crypto withdrawals to prevent further losses. "We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates," WazirX stated in a post on X (formerly known as Twitter).

Jul 19, 2024, 2:00 pm IST

Airlines Report Disruption In Operations Due To Microsoft Outage

Airport and airline operations faced significant disruptions on Friday due to Microsoft outage, with airlines issuing advisories to passengers. IndiGo, SpiceJet and Akasa saw disruptions in their online check-in and boarding processes across their networks, forcing them to switch to manual mode. "Our systems are currently impacted by a Microsoft outage, which is also affecting other companies. During this time booking, check-in, access to your boarding pass, and some flights may be impacted," IndiGo said in an update on X. "We are all hands-on decks and are working to restore stability and normalcy. Our digital team is also coordinating closely with Microsoft Azure to resolve these issues swiftly," it stated. Budget carrier Akasa said: "Due to infrastructure issues with our service provider, some of our online services, including booking, check-in and manage booking services will be temporarily unavailable.

Jul 19, 2024, 1:58 pm IST

Widespread Technology Outage Disrupts Flights, Banks, Media Outlets And Companies

A widespread Microsoft outage was disrupting flights, banks, media outlets and companies around the world on Friday. Escalating disruptions continued hours after the technology company said it was gradually fixing an issue affecting access to Microsoft 365 apps and services. The website DownDectector, which tracks user-reported internet outages, recorded growing outages in services at Visa, ADT security and Amazon, and airlines including American Airlines and Delta. News outlets in Australia reported that airlines, telecommunications providers and banks, and media broadcasters were disrupted as they lost access to computer systems. Some New Zealand banks said they were also offline. Microsoft 365 posted on X that the company was “working on rerouting the impacted traffic to alternate systems to alleviate impact in a more expedient fashion” and that they were “observing a positive trend in service availability.” The company did not respond to a request for comment.

Jul 19, 2024, 1:30 pm IST

Tanla Platforms Q1 Results: Net profit Jumps 4% to Rs 141 crore, Revenue Up 10%

Tanla Platforms Limited, India’s largest CPaaS provider, today announced its financial results for the first quarter of FY25. Revenue grew by 10.0% year-over-year to INR 1,002 crore. Gross profit jumped by 11.7% year-over-year to INR 269 crore. Gross margin stood at 26.9%. EBITDA rose by 3.5% year-over-year to INR 189 crore. EBITDA margin stood at 18.8%. Profit after tax grew by 4.3% year-over-year to INR 141 crore. Profit after tax margin stood at 14.1%. Earnings per share grew by 4.3% year-over-year to INR 10.50. Uday Reddy, Founder Chairman & CEO, said, “We are progressing well with our strategic shifts. Our ~3X growth over the year coupled with go-live of the MaaP platform showcases our leadership in OTT space. Our partnership with a global tech major on Wisely ATP to combat scams is a huge step to tackle this global menace. We are moving in the right direction to elevate our growth trajectory.”

Jul 19, 2024, 1:10 pm IST

Elecon Engineering Company Shares Trade Ex-Split, Shares Hit 52-Week High

Small cap company engaged in engineering sector, Elecon Engineering Company shares today hit both 52-week low and 52-week high as share traded ex-split. The stock price is nearly halved after shares traded ex-split in the ratio of 1:2. The company on July 4, 2024 fixed the record date for 1:2 stock split as July 19, 2024. Current market price of Elecon Engineering Company share on BSE is Rs 674.00 per share with gain of 5.23%. Elecon Engineering Company share price on July 4, 2024 was Rs 1343.85 per share, the day it fixed record date for split. Elecon Engineering shares offered attractive return of 43% year-to-date and zoomed 306% in last 2-years. The market capitalisation of Elecon Engineering stood at Rs 15,029.19 crore.

Jul 19, 2024, 12:45 pm IST

KPI Green Energy Gets New 100 Mw Hybrid Project

KPI Green Energy on Friday said it has secured an order for 100 MW hybrid energy project from Aether Industries. The projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order, the company said in an exchange filing. "We have received a new order for a 100 MW hybrid captive solar power project under the captive power producer segment of the company," it said. The company did not disclose any further details regarding the order. KPI Green Energy Ltd (formerly known as KPI Global Infrastructure Limited), is the renewable energy vertical of KP Group.

Jul 19, 2024, 12:25 pm IST

Gold Prices Fall In India, July 19: 24K/100 Grams Gold Down By Rs 4,900, Silver Slips Too

Gold prices in India today witnessed decline for second day in a row as US gold prices too slipped on Friday. However, despite the decline today, yellow metal prices are on track for a fourth straight weekly gain amid prospects that Federal Reserve likely to slash US interest rates in September. Meanwhile, silver prices also recorded sharp fall today for second consecutive day as 1 kg silver prices slipped by Rs 1450. 22k gold prices today stood at Rs 68,150/ 10 grams after decline of Rs 450 and 100 grams of 22 carat yellow metal prices today fell by Rs 4500 to Rs 6,81,500. 24K gold prices today slipped by Rs 490 to Rs 74,350/10 grams and 100 grams of 24 carat precious metal prices today stood at Rs 7,43,500 after fall of Rs 4,900. 18k gold prices today in India dived by Rs 370 to Rs 55,760/10 grams and 100 grams of 18 carat yellow metal prices slipped by Rs 3700 to Rs 5,57,600 in the country on July 19.

Jul 19, 2024, 11:54 am IST

Zydus Receives Final Approval From USFDA For Its NDA Zituvimet XR

Zydus Lifesciences Limited has received final approval for its New Drug Application (NDA) from the United States Food and Drug Administration (USFDA) to market ZituvimetTM XR (sitagliptin and metformin hydrochloride) extended-release tablets. With this, Zydus has all three NDAs of Sitagliptin (base) and combination franchise approved through the 505(b)(2) route. The product will be manufactured at the group’s formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA (MAT May 2024), U.S. market for DPP-IV inhibitors and its combinations is US$ 9.5 bn.

Jul 19, 2024, 11:28 am IST

KPI Green Energy Ltd Receives New Order Hybrid Captive Solar Power Project Under CPP

KP Green Energy Limited has received a new commercial order from Aether Industries Limited for a 100 MW Hybrid Captive Solar Power Project under the Captive Power Producer (CPP). The projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order.

Jul 19, 2024, 10:48 am IST

KP Energy Commissions Its Wind Power Project At Devbhoomi, Dwarka

KP Energy has successfully commissioned further 23.1MW (Phase-X) ISTS connected Wind Power Project comprising 11 WTGs of 2.1MW each at Sidhpur site in Devbhoomi Dwarka. This Phase-X commissioning is a part of the 250.8MW ISTS connected Wind Power Project capacity awarded to Apraava Energy Private Limited by Solar Energy Corporation of India Limited (SECI) under Tranche-VIII bidding. KP Energy is developing the Project for Apraava Energy Private Limited as a Contractor under the Land and Balance of Plant Contract. With the present Phase-X commissioning, the net cumulative capacity commissioned at Sidhpur site stands at 245.7MW (i.e., 52.5MW + 29.4MW + 25.2MW + 21MW+ 10.5MW + 25.2MW + 29.4MW + 16.8MW + 12.6MW + 23.1MW) against the awarded capacity of 250.8MW.

Jul 19, 2024, 10:31 am IST

India Gold Prices Today Tumbles Again

Today India gold rate for 10 grams of 24-carat is Rs. 74,350/- and Rs. 68,150/- for 10 grams of 22-carat yellow metal. India gold prices today have fallen again by Rs. 490/- and Rs. 450/- per 10 grams for pure gold and standard gold respectively. Likewise, 18-carat yellow metal prices in India today have slipped by Rs. 370/- to reach Rs. 55,760/- per 10 grams. The MCX Gold Futures maturing in September today are trading at Rs. 73,560/-, falling 0.8% while the US Spot gold rates early Asian session are around $ 2,424/- per ounce, falling 0.84% since Thursday’s closing.

Jul 19, 2024, 9:49 am IST

Forex Market Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services

INR: The Indian rupee weakened to 83.650 against the dollar on Thursday, nearing its record low of 83.6650 from June 20. This decline was due to dollar outflows from corporates and oil price volatility, despite the dollar index falling to 103.83 from a four-month low of 103.6. USD: The U.S. Dollar Index rebounded 0.37% to 104.14 on Thursday after hitting a four-month low, driven by a weaker Euro postECB policy decision. The dollar gained 0.7% against the yen to 157.22, following a dip influenced by comments from presidential candidate Donald Trump.

Jul 19, 2024, 9:48 am IST

Derivative outlook today by Anand James, Chief Market Strategist, Geojit Financial Services

Nifty weekly contract has highest open interest at 25000 for Calls and 24800 for Puts while monthly contracts have highest open interest at 25500 for Calls and 24000 for Puts. Highest new OI addition was seen at 24850 for Calls and 24800 for Puts in weekly and at 25500 for Calls and 24800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 12.71%, increased future index shorts by 14.01% and in index options by 23.17% decrease in Call longs, 31.18% decrease in Call short, 21.10% decease in Put longs and 23.93% decrease in Put shorts.

Jul 19, 2024, 9:48 am IST

Nifty Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services

Thanks to the period of consolidation that has preceded most large jumps, like that of yesterday, the Nifty has found a way to find more legs to the uptrend, and smooth over the bearish signals. This sets up for an extended upside target of 24895-927, with downside marker placed at 24670.

Jul 19, 2024, 9:43 am IST

Rupee vs Dollar

The rupee closed at 83.65 against the US dollar on Thursday, and it opened at 83.63 against the dollar on Friday.

Jul 19, 2024, 9:41 am IST

Nifty, Sensex Opening Level

Due to weak global signals brought on by poor trading in Asian markets, the Indian benchmark indices started at a record high level on Friday.

Jul 19, 2024, 9:33 am IST

Result Update: Just Dial | Robust margin doubles EBITDA; cash distribution on the cards

Swapnil Potdukhe of JM Financial Institutional Securities said, “Just Dial’s EBITDA grew ~120% YoY (+14% QoQ) to INR 806mn, ahead of JMFe by c.4%, led by robust margin expansion of 13.9ppts YoY (+260bps QoQ). This was the 9th consecutive quarter of sequential margin improvement, an overall expansion of 32.5ppts since 4QFY22. Revenue was broadly in-line JMFe despite net paid campaign additions of 7.9k QoQ being a tad lower than our estimate of 9k. While collections growth was muted at 5.4% YoY, the management attributed it to general elections in April-May and indicated a sharp recovery in trends in June. We conservatively build revenue growth of 13.5% over the medium term vs. the management target of above mid-teens. We reiterate that EBITDA growth in FY25 could be very robust at c.60% YoY, as full impact of the recent margin expansion is yet to come in the base. Plans to distribute full year profits/cash generated to shareholders could drive significant value unlocking as yield on payouts could be >6% at CMP (basis FY25 estimates). Valuations too are very compelling at 12x/8x FY26/27 ex-cash EPS. We maintain BUY.”

Jul 19, 2024, 9:09 am IST

Market Outlook Today By Aditya Gaggar, Director of Progressive Shares

IT counters-led rally propelled the Index to end the session at another record level of 24,801. By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of bulls. The psychological level of 25,000 will be considered an immediate hurdle while 24,500 will serve as strong support on the lower side. The same candlestick pattern was also observed in BankNifty but needs to overcome its strong hurdle of 52,800 while the lower side is protected at 52,200. For the past couple of days/weeks, we have been recommending FMCG and IT (LTIM and TCS- Rounding Bottom Breakout) counters, and the Index rally was mainly driven by them only which boosted our confidence to remain bullish on both sectors with a buy-on-dips approach for fresh entry (if already invested then hold). Some NBFC stocks have given a strong breakout namely Bajaj Finserv (Inverted Head & Shoulder Breakout), Chola Finance (Flag and Pole Breakout), and Shriram Finance (On the verge of Cup and Handle Breakout).

Jul 19, 2024, 9:03 am IST

Axis Securities' Q1FY25 Result Update – LTIMINDTREE Ltd

In Q1FY25, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 9,143 Cr, down 2.8% QoQ (2.5% QoQ in CC terms). This was above our expectations. The company’s operating profit stood at Rs 1,371 Cr, reporting robust growth of 4.8% on a QoQ basis. This was largely on account of better recovery in demand and strong volume growth. Its net profit for Q1FY25 stood at Rs 1,135 Cr, up 3.1% on a QoQ basis. From a long-term perspective, we believe LTIMindtree is well-placed to deliver and encourage growth, given its multiple long-term contracts with the world’s leading brands. Richer revenue visibility gives us confidence in its business growth moving forward. However, rising concerns over the prospects of large economies along with prevailing supply-side constraints pose uncertainties over the company’s short-term growth rates. We recommend a HOLD rating on the stock as the company has a strong deal pipeline. We, however, upgrade our PE multiple as automation spend has shown some recovery. We assign a 28x P/E multiple to its FY26E earnings of Rs 207/share to arrive at a TP of Rs 5,895/share, implying an upside of 6% from the CMP.

Jul 19, 2024, 8:33 am IST

Axis Securities’ Options Result Edge Strategy On Infosys; STRATEGY – BULL CALL SPREAD, View: Moderately Bullish

Infosys closed positively with a gain of around 10.2% for the June expiration cycle with a rollover of 87% v/s a 3-month average of 94%, indicating that short positions have been unwound. For the current expiration cycle, the stock is up 9.7% while witnessing an increase in open interest to the tune of 10.5%, indicating that long positions have been created. The 3-month average IV (ATM implied volatility) of Infosys has hovered in the 15 to 33 range in the last 12 months, while the more recent range – spanning three months – has been 21 to 30. The difference between the 3-month IV and HV is currently at 5.8% which is at the 86th percentile of the 12-month range. Also, in the upcoming week – week 30 of the calendar year – Infosys has gone up 90% of the time with an average return of 1.7%, based on decade-long data. The best return was 4.3% (2014), while the worst return was a 1.6% drop (2015).

Jul 19, 2024, 8:11 am IST

Bajaj Auto Q1 Result Update - LKP Securities

Bajaj’s EBITDA margin at 20.2% was in-line with street estimates. 120bps yoy improvement was driven by favorable mix, cost reduction efforts and PLI incentive (~50bps benefit). Domestic 2W demand is being led by premium segment (125cc+). And, overall 2W industry is expected to grow by 6-8%. Recently launched CNG-bike - Freedom125, is being received well and the company indicated of gradual ramp-up in volumes. Near-term focus for Triumph is on brand building and expanding dealer network. Outlook for domestic 3W volume remains healthy led by rising EV penetration. Share of EVs is gradually expanding (14% of domestic revenue now) led by portfolio expansion, ramp-up of production and distribution network for both E2Ws and E3Ws. While domestic demand remains healthy, exports sales are witnessing gradual recovery. Margins in the medium-term are likely to draw support from a) favorable mix and b) higher operating leverage. Backed by successful track record of product intervention by Bajaj in the last few years, we remain positive on the stock. We estimate revenue / EPS CAGR of 20% / 24% over FY24-26E. Maintain BUY with TP of INR 10,703 (26x PE). Any hurdles for a good growth in exports remains key to our argument.

Jul 19, 2024, 7:52 am IST

Bank Nifty formed a bullish candle with a large body with smaller wick

Om Mehra, Technical Analyst, SAMCO Securities said, “Although it remained range-bound for the last nine sessions, it is now inching higher, as indicated by the MACD indicator. Bank Nifty formed a bullish candle with a large body with smaller wick. It remains above the 10-day and 20-day EMAs, with immediate support at 52,200. A break above 52,800 could lead to new highs in the coming sessions.”

Jul 19, 2024, 7:52 am IST

Nifty formed a bullish engulfing candle

Om Mehra, Technical Analyst, SAMCO Securities said, “On the daily timeframe, Nifty formed a bullish engulfing candle. Nifty rebounded near the 24,500 level, where the 9-day EMA acts as strong support. The index continues to inch higher, forming higher highs and higher lows, indicating a sustained bullish trend. Currently, a trend-following strategy would be suitable with any minor pullback of a buying opportunity.”

Jul 19, 2024, 7:50 am IST

Bank Nifty Outlook Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities

Bank Nifty took Intraday support twice around the 52,200 levels and rose sharply throughout the day and closed 224 points higher at 52,621. Strong put writing was observed at the 52,500 Strike which acted as a strong resistance level earlier for the Index. Bank Nifty has been moving in the 52,200-52,800 range since last four trading sessions. The call writers (Bears) have significant positions built up at the 53,000 Strike and the option activity at this strike will provide cues about Bank Nifty’s upcoming direction.

Jul 19, 2024, 7:50 am IST

Nifty Outlook Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities

Nifty hit a new all-time high of 24,838 on 18th July. Strong put writing was observed at the 24,700 & 24,800 Strikes in Nifty, which led the sharp up move in the Intra-day Thursday. Call writers (Bears) exiting from the 24,500 Strike aided the Intraday rally. The Index has given a strong closing on the daily chart after enduring two sideways trading sessions. The maximum call open interest is at the 25,000 Strike and the option activity at this strike will provide cues about Nifty’s future direction.