On Wednesday, the Indian stock market ended on a red note as the Q1 earnings season started. Nifty dropped 108.75 points or (0.45%) to close at 24,324.45 while Sensex plunged 426.87 pts or (0.53%) to close at 79,924.77. ASIANPAINT, SBILIFE, DIVISLAB, BRITANNIA and GRASIM were the top 5 gainers whereas M&M, HINDALCO, TATASTEEL, TCS and HCLTECH were the top 5 losers in the Nifty 50 index.
Despite positive global cues, Indian indices opened flat on July 10. The Sensex dipped 110.81 points or 0.14% to 80,240.83, while the Nifty fell 20.40 points or 0.08% to 24,412.80. Market breadth was mixed, with 1,621 shares advancing, 731 shares declining, and 132 remaining unchanged.
Among the major gainers on the Nifty were Maruti Suzuki, Grasim Industries, Eicher Motors, Adani Ports, and ONGC. Conversely, M&M, SBI, Kotak Mahindra Bank, HDFC Bank, and IndusInd Bank were the top losers.
Broader market movements mirrored the benchmark indices, with specific sectors standing out. PSU banks rebounded after a phase of underperformance, while the Pharma sector resumed its upward trajectory from the previous week. However, the IT and Metals sectors experienced a lacklustre day, highlighting the mixed performance across different market segments.
A notable observation in Tuesday's trading was the tug-of-war between Reliance Industries and HDFC Bank within the Nifty index. Similarly, the Nifty Bank index faced a balancing act between HDFC Bank and ICICI Bank. On this occasion, ICICI Bank and SBI took the lead, pushing the index above the 52,500 mark, despite HDFC Bank's neutral stance.
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Jul 10, 2024, 3:25 pm IST
Gold Outlook By Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas
Yesterday, spot gold closed with a gain of around 0.20% at 63 as the Fed Chair Powell, in his testimony to the US Senate Banking Committee, offered largely a balanced view on the US economy and the Federal Reserve's monetary policy. In his testimony, the Fed Chairman said that the inflation trend is encouraging; however, the Fed will need more data to gain confidence in cutting rates. He cautioned that lowering interest rates too little or too late could put the economy and the labor market at risk as inflation is not the only risk the US economy faces now. The metal at 72 is up nearly 0.37% presently. Markets will focus mainly on the Fed Chair Powell's testimony to the House Financial Services today. On Thursday, the US CPI (June) will be released, which is crucial as traders look for possibility of rate cuts in September. The Czech Republic expanded its gold reserves by 1.80 tons in June,whereas National Bank of Poland and the RBI bought 4 and 9 tons respectively. Uzbekistan’s central bank also purchased gold. Buying the dips is preferred on possibility of the US CPI inflation continuing to trend lower. The yellow metal has a support at 42 /15. Resistance is at 00 /50.
Jul 10, 2024, 3:10 pm IST
Sector Update: Building Material | Q1FY25 Result Preview: Sector revival yet to take place
Deepak Agarwal of JM Financial Institutional Securities said, “In Q1FY25, We expect overall Building material sector to post lower revenue/earning growth of c.10%/8% mainly due to weak consumer sentiments and delay in project execution due to elections. In Tiles: We expect slowdown in exports due to non-availability of freight containers resulting Morbi putting some pressure in the domestic market and hence impacting the overall market share of branded players. In Woodpanel: We expect Plywood will post muted growth mainly due to soft demand; however the overall growth of the industry will be driven by MDF segment but at the cost of profitability. In Pipes: We expect companies with higher portfolio of Agri will grow higher in volumes but at the same time margins will be under pressure. In pipes overall industry will post better volume growth on the back being first beneficiary of real estate however margins will be capped due to increasing PVC prices.”
Jul 10, 2024, 2:39 pm IST
USD To INR Forecast By Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
USDINR CMP- 83.4875 (spot) Indian Rupee gained by 0.01% today on weak crude oil prices. However, weak domestic markets capped sharp upside. US Dollar gained as Fed Chair Jerome Powell offered no fresh cues on timing of rate cut. He said that the inflation trend is encouraging; however, the Fed will need more data to gain confidence in cutting rates. He cautioned that lowering interest rates too little or too late could put the economy and the labor market at risk as inflation is not the only risk the US economy faces now. We expect Rupee to trade with a slight negative bias on weakness in domestic market and positive tone in the Dollar. Investors may remain cautious ahead of Fed Chair, Jerome Powell’s testimony to the US Congress and inflation data tomorrow. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.
Jul 10, 2024, 2:03 pm IST
Sector Update: Asset Management | Strong equity gains to drive earnings into FY26
Raghvesh R of JM Financial Institutional Securities said, “As equity AUM has grown in last few quarters, AMCs have expectedly benefited multi-fold. In our coverage, NAM and HDFC AMC saw 68.4%/61.9% growth in their equity AUM while UTI AMC saw its equity AUM grow by a lower18.7%, when the industry grew 53.7%. Customers and the market have rewarded the top performers – with gains in inflows market share and strong price action, respectively. Meanwhile, opex growth has been contained, leading to a PAT growth of 83.4%/53.1%/36.4% for UTI AMC/NAM/HDFC AMC in FY24. Blended revenue yields (despite a steady decline inTotal Expense Ratios) continue to hold up well. Our rain-check suggests that while valuations are rich, price acton looks justified by earnings upgrades led by AUM growth (through inflows and appreciation). As we expect steady equity markets after a strong run-up, we look at growing SIP inflows for resilience in flows. Based on already accrued MTM gains and market share accretion in SIP inflows, we raise AUM estimates for HDFC AMC and NAM, and see the benefits of AUM growth outweigh the impact of telescopic pricing in topline. With stable costs (except a declared run-up in ESOP costs by NAM India), we upgrade FY26e earnings by 15.4%/12.2% for NAM/HDFC AMC. We believe valuations of 37x/31x are justified for 29%+ RoEs in FY24, and raise our Target Price to INR 4,555/800 for HDFC AMC/NAM. UTI AMC has trailed the industry in AUM growth, however, longer-term trends suggest that a deep franchise like UTI can regain market share in inflows once fund performance improves in 3 year-/5 year buckets. While costs have remained sticky, AUM growth should improve cost ratios by 5bps over FY24-FY26, generating value for shareholders. We retain our Target Price of INR 1,100 for UTI AMC and downgrade it to HOLD.”
Jul 10, 2024, 12:17 pm IST
SENSEX and NIFTY Updates
Stock Market Live Updates
Jul 10, 2024, 11:59 am IST
Top Gainers and Losers Today
Stock Market Live Updates
Jul 10, 2024, 11:57 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
A strong rally in the Auto counters helped the Index to end 9th July trade at another record level of 24,433. The Index has breached its previous high convincingly by forming a big green candle and opening the door for further rally towards the 24,520-24,600 zone while 24,340 will be considered strong immediate support. BankNifty oscillates in a well-maintained range of 52,260-52,720, a breakout on either side is a must (mostly on the higher side, considering the strong uptrend). The Auto segment ended its consolidation of over 2 weeks with a strong breakout indicating the resumption of its uptrend. Post the strong breakout, follow-up buying was witnessed in the FMCG segment which boosted our confidence to remain bullish on the sector (ITC is on the verge of a major breakout). Sugar counters regained their momentum and some of them have already given a strong breakout (Andhra Sugar and Dalmia Sugar) and some are at the cusp of a major breakout (Balrampur Chini and Renuka Sugar). By performing as per our expectations, we continue to remain positive in the Pharma space. An attempt at a bullish Flag and Pole formation breakout was observed in the PSU Banking sector, one should keep an eye on it.
Jul 10, 2024, 11:56 am IST
Gold Price Updates
The Precious Metal Prices in India Remains same Today.
On Wednesday, the shares of Galaxy Surfactants were in focus after the Board fixed 26th July as the record date for the payment of final dividend for FY24.
Jul 10, 2024, 11:17 am IST
Bank Nifty Outlook By Axis Securities
Bank Nifty had seen a decrease in Open Interest of 7.35% with a decrease in price of 0.90% indicating Long Unwinding. Nifty had seen marginal decrease in Open Interest of 0.05% with an increase in price of 0.56% indicating Short Covering. Option data indicates a probable trading range of Bank Nifty for the day between 52,000 to 53,000 & that for Nifty current weekly expiry at 24,200 to 24,700.
Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 52,500 strike CALL Option and simultaneously selling one lot of 53,000 strike CALL Option.
Jul 10, 2024, 10:09 am IST
Emcure Pharma Makes Strong Debut
Emcure Pharmaceuticals, the Pune-based pharmaceutical firm, made a remarkable entry on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) today. The company's shares opened at Rs 1,325.05 per share, a 31.45% premium over the issue price of Rs 1,008.
Jul 10, 2024, 9:25 am IST
Market Opens Flat Amid Strong Global Cues
Despite positive global cues, Indian indices opened flat on July 10. The Sensex dipped 110.81 points or 0.14% to 80,240.83, while the Nifty fell 20.40 points or 0.08% to 24,412.80. Market breadth was mixed, with 1,621 shares advancing, 731 shares declining, and 132 remaining unchanged.
Jul 10, 2024, 9:11 am IST
Rupee Opens Slightly Lower
The Indian Rupee opened flat at 83.50 per US Dollar on Wednesday, maintaining its position from Tuesday's close of 83.49.
Jul 10, 2024, 8:52 am IST
Oil Prices Rebound As US Stockpiles Drop And Rate Cut Outlook Improves
Oil prices bounced back on Wednesday after three consecutive days of declines. The recovery was spurred by an industry report revealing a drop in US crude and fuel stockpiles last week, signaling steady demand. Additionally, the improved outlook for interest rate cuts boosted market sentiment. Brent futures climbed 21 cents to .87 a barrel, following a 1.3% drop in the previous session. US West Texas Intermediate (WTI) crude increased by 26 cents to .67 a barrel, after a 1.1% decline in the prior session.
Jul 10, 2024, 8:42 am IST
GIFT Nifty Signals Flat Opening For Indian Market
Trends on GIFT Nifty suggest a flat start for the broader Indian market, with a slight decline of 14 points or 0.06%. Nifty futures were trading around the 24,476 level.
Jul 10, 2024, 8:30 am IST
Asian Markets Rally With Hang Seng Up 1%
Asian markets saw gains on Wednesday, buoyed by overnight advances in Wall Street benchmarks. The rise followed dovish remarks from US Federal Reserve Chairman Jerome Powell, which spurred investor optimism. The Hang Seng index notably increased by 1%, leading the regional uptick.
Jul 10, 2024, 8:24 am IST
S&P 500 And Nasdaq Soar To Record Highs Boosted By Nvidia Gains
The S&P 500 and Nasdaq achieved record-high closes on Tuesday, driven by strong gains in Nvidia. This surge followed US Federal Reserve Chair Jerome Powell's comments to lawmakers, suggesting that continued positive economic data could pave the way for interest rate cuts.
Nvidia, a leading AI chipmaker, rose by 2.5%, counterbalancing declines seen in other chip stocks. Meanwhile, Microsoft fell by 1.4%, and Tesla added 3.7%, bringing its total gain for 2024 to 5%.
The S&P 500 increased by 0.07%, closing the session at 5,576.98 points. The Nasdaq climbed by 0.14%, ending at 18,429.29 points, whereas the Dow Jones Industrial Average slipped by 0.13%, finishing at 39,291.97 points.
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