Sensex witnessed marginal surge of 41 points to 81,782 and Nifty zoomed by 32 points to 24,984 in late afternoon trade on August 1, 2024. Nifty Bank jumped 129 points to 51,682 and Nifty Midcap slipped 473 points to 58,517 on August 1. Meanwhile, Adani Energy Solutions shares gained 9.7% in trade today to 1230.00 per share. Power Grid and NTPC shares zoomed today between 3% to 2%.
Earlier, amidst varied global market signals, Indian indices kicked off August 1 on a positive note, with the Nifty 50 surging above the 25,000 mark for the first time ever.
At the opening bell, the Sensex gained 236.59 points, or 0.29%, reaching 81,977.93. Meanwhile, the Nifty climbed 85.80 points, or 0.34%, to stand at 25,037.00. The market breadth showed a favorable tilt with 1,844 shares advancing, 551 declining, and 134 remaining unchanged.
Key gainers on the Nifty included Maruti Suzuki, Hindalco, JSW Steel, Coal India, and ONGC. Conversely, Hero MotoCorp, UltraTech Cement, Infosys, Sun Pharma, and Asian Paints were among the notable decliners.
The US Federal Reserve's recent decision has injected a dose of optimism into the markets. The Fed kept interest rates unchanged, but Fed Chair Jerome Powell hinted at a potential rate cut in September, contingent on favorable economic data. Powell emphasized the progress made in reducing inflation towards the Fed's 2% target, reinforcing confidence without waiting for the exact target to be met before considering rate cuts.
July was a robust month for the Nifty, which advanced 3.9%, following a 6.6% gain in June. The index has shown remarkable resilience, gaining in all but two months (January and May) of 2024 so far. Historically, August has been favorable, delivering positive returns in three of the last four years, including a notable 8.7% gain in 2021. Last year, however, saw a 2.5% decline.
Thursday's trading session is packed with earnings announcements from major players including Coal India, Tata Steel, Bank of Baroda, and others. Notably, the Adani twins-Enterprises and Ports-are set to report their results, alongside Sun Pharma, ITC, Tata Motors, Dabur, and several more.
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Aug 01, 2024, 3:51 pm IST
Indian Market Maintains A Grip At 25,000 Pts In Nifty By Wednesday Closing
Indian Market tumbles back to previous day range, after posting a fresh all-time high range at 25,078 pts today. By the end of Wednesday’s session, Sensex recovered by the final trading hours to 81,867 and Nifty stable at 25,010 levels. Top gainers include Powergrid, Coal India and ONGC, rising 3.82%, 3.47% and 2.03% respectively. Likewise, top loser include Mahindra & Mahindra, Hero Moto and Tata Steel, which fell 2.78%, 2.07% and 1.37% respectively. In sectoral indices, Nifty Medai pulled down the market, falling 1.9% while Nifty Oil and Gas jumped 0.35% today.
Aug 01, 2024, 3:51 pm IST
Datamatics Q1FY25 Revenue At ₹ 394 crore; EBITDA At ₹ 51 crore
Datamatics Global Services Ltd. (DGSL), a global Digital Technologies, Operations, and Experiences company, announced its standalone and consolidated financial results for the first quarter ended June 30, 2024. Rahul Kanodia, Vice Chairman and CEO, said, "Datamatics' Q1 revenue increased by 0.7% YoY to ₹ 394 crore, with Dextara contributing 3.1% to this growth. Organic growth, however, declined by 2.4% primarily due to market slowdown in the US and Europe and stagnant business growth. In Q2FY25, we expect to grow our topline and improve EBIT margin by 150-200 bps."
Aug 01, 2024, 3:25 pm IST
Max Healthcare Enters A Leasing Agreement With Silicon Constructions
The board of directors of Max Healthcare approved unaudited standalone & consolidated financial results of the Company for quarter ended June 30, 2024 (“Financial Results”), based on the recommendation of Audit Committee. Financial Results together with limited review reports issued by Deloitte Haskins & Sells, chartered accountants, statutory auditors of the Company. The company is set to enter into Long-term Lease arrangement with Silicon Constructions Private Limited for setting up 250+ bedded hospital at Zirakpur, Punjab.
Aug 01, 2024, 2:00 pm IST
Hero FinCorp Files Papers To Raise Rs 3,668 Crore Via IPO
Hero FinCorp, the financial services division of two-wheeler manufacturer, Hero MotoCorp, has filed preliminary papers with capital markets regulator Sebi to raise Rs 3,668 crore through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Wednesday. Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd. Proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities, according to PTI.
Aug 01, 2024, 1:32 pm IST
Gold Prices In India: Gold Glitters As 24K/100 Grams Gold Price Soars By Rs 5.4K
Gold prices in India on Thursday zoomed as US Federal Reserve Chair Jerome Powell signaled enough hints that the rate cut cycle likely to begin as early as September. 22K gold price today in India surged by Rs 500 to Rs 64,500/10 grams and 100 grams of 22 carat yellow metal prices soared by Rs 5000 to Rs 6,45,000 on August 1, 2024. Meanwhile, 24k gold price today in India zoomed by Rs 540 to Rs 70,360/10 grams and 100 grams of 24 carat precious metal prices surged by Rs 5400 to Rs 7,03,600 on Thursday.
On the other hand, 18k gold prices today in India rose by Rs 410 to Rs 52,780/10 grams and 100 grams of 18 carat gold price in the country rallied by Rs 4,100 to Rs 5,27,800.
Spot Gold, Spot Silver Prices Today: In the global commodity market, spot gold remained unchanged at ,448.38 per ounce, as of 0217 GMT, after touching its highest level since July 18 earlier in the session. Prices were just about shy of the record high of 83.60 scaled on July 17. U.S. gold futures firmed 0.8% to ,492.50. Spot silver fell 0.3% to .94 per ounce, platinum lost 0.3% to 3.65 and palladium was flat at 5.16, according to Reuters.
Aug 01, 2024, 12:47 pm IST
Adani Energy Solutions Shares Jump Over 9%
Adani Energy Solutions shares rose over 9% on Thursday a day after billionaire Gautam Adani-led group's power transmission unit said it has raised USD 1 billion through a share sale. This was the first public equity raised by the conglomerate since a damning Hindenburg report. The scrip of the company rallied 8.34% to trade at Rs 1,232.95 apiece on the National Stock Exchange (NSE). On the BSE, it zoomed 7.92 per cent to trade at Rs 1,227.75 per piece. In late morning trade, the shares of Adani Energy Solutions hit an intra-day high of Rs 1,236.70 and 1,236 apiece on the BSE and the NSE. The 30-share BSE Sensex rose 88.64 points or 0.11 per cent to trade at 81,829.98, while NSE Nifty went up 53.90 points to trade at 25,005.05. In the intra-day session, the BSE benchmark jumped 388.15 points, or 0.47 per cent, to hit an all-time high of 82,129.49 in early trade while the broader NSE Nifty scaled the record 25,000 level for the first time, rising to 127.15 points, to 25,078.30.
Aug 01, 2024, 12:29 pm IST
SoftBank-Backed SaaS Platform Unicommerce Sets IPO Price Band At Rs 102-108 A Share
SoftBank-backed SaaS platform Unicommerce eSolutions Ltd on Thursday announced a price band of Rs 102 to Rs 108 crore a share for its Rs 276-crore Initial Public Offering (IPO). The company's maiden public issue will open for subscription on August 6 and conclude on August 8 and the bidding for the anchor portion will open for a day on August 5, the company announced.
The issue is entirely an Offer for Sale (OFS) aggregating up to 2.56 crore equity shares valued at Rs 276.6 crore, at the upper end of the price band, by the selling shareholders. Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders. Under the OFS, SB Investment Holdings (UK) Ltd, an affiliate of Japan's SoftBank, will offload 1.61 crore shares, and promoter AceVector Limited (formerly known as Snapdeal Limited) will sell up to 94.38 lakh shares.
Aug 01, 2024, 12:27 pm IST
Govt Slashes Tax On Crude Petroleum To Rs 4,600/MT From Today
The central government has announced a reduction in the windfall tax on domestically produced crude oil. According to a government notification on Wednesday, July 31, the windfall tax has been cut by 34.2%, bringing it down to Rs 4,600 per tonne from the previous rate of Rs 7,000 per tonne. This decision is expected to have a positive impact on the profitability of domestic oil producers.
The windfall tax on crude oil had previously seen an increase. On July 15, the government raised the tax by 16.66%, from Rs 6,000 per tonne to Rs 7,000 per tonne, in response to fluctuating global oil prices and refining margins. The latest reduction marks a policy shift, likely influenced by changes in the global oil market dynamics and the need to support the domestic crude oil sector.
Aug 01, 2024, 11:28 am IST
Hero FinCorp proposes to raise ₹3,668 crore via IPO
Hero FinCorp, the financial services business of Hero MotoCorp, has filed preliminary documents with SEBI to raise ₹3,668 crore via an initial public offering (IPO).
Aug 01, 2024, 11:08 am IST
Amara Raja Energy & Mobility and Ather Energy are going to sign a strategic agreement
Through their future Gigafactory in Divitipally, Telangana, Amara Raja and Ather will work together to develop and supply NMC (Nickel Manganese Cobalt), LFP (Lithium Iron Phosphate), Lithium-Ion (Li-ion), and other complex chemical cells that are manufactured locally.
Aug 01, 2024, 10:38 am IST
The rupee opened flat at 83.68 against the US dollar in early trade.
The rupee maintained in a tight range on Wednesday, closing 1 paisa higher at 83.72 (provisional) versus the US dollar. Indian rupees and US dollars. In early trading on Thursday, the rupee was unchanged at 83.68 against the US dollar.
Aug 01, 2024, 10:01 am IST
Bank of Baroda Shares Dip Despite 9.5% Q1 Profit Increase
Bank of Baroda reported a 9.5% increase in standalone net profit, reaching Rs 4,458 crore for the quarter ending June 30, 2024, up from Rs 4,070 crore a year earlier. However, on July 31, the bank's shares closed 0.7% lower at Rs 254.50 on the BSE. Additionally, the bank's net profit saw a 9% decline compared to the previous quarter.
Aug 01, 2024, 10:01 am IST
Tata Steel Shares Rise After Q1 Earnings Report
Tata Steel Ltd saw a notable increase in shares following a strong Q1 earnings report. The company announced a 51% rise in consolidated net profit to Rs 960 crore for the quarter ending June 30, 2024, up from Rs 634 crore in the same period last year. Despite this profit surge, revenue from operations fell by 8% to Rs 54,771 crore compared to Rs 59,490 crore in Q1FY24 and was also lower than the Rs 58,687 crore reported in the previous quarter. The company's consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) reached Rs 6,822 crore, an 11.4% annual increase and higher than the Rs 6,631 crore recorded in Q4 FY24.
Aug 01, 2024, 10:00 am IST
Infosys Shares Drop Following GST Evasion Notice
Infosys, India's second-largest IT firm, is facing a notice from the Directorate General of GST Intelligence (DGGI) for an alleged tax evasion exceeding Rs 32,000 crore, according to a document reviewed by Moneycontrol.
Aug 01, 2024, 9:47 am IST
July Auto Sales: Escorts Kubota and Bajaj Auto Report Strong Sales
In July, Escorts Kubota saw a 3.6% increase in total sales, reaching 5,769 units compared to 5,570 units last year. Meanwhile, Bajaj Auto reported a significant 11% rise in total sales, hitting 3.54 lakh units versus 3.20 lakh units year-over-year. The company's two-wheeler segment also saw a notable 11% growth, with sales climbing to 2.97 lakh units from 2.68 lakh units in the same period.
Aug 01, 2024, 9:27 am IST
Market At Record High
Amidst varied global market signals, Indian indices kicked off August 1 on a positive note, with the Nifty 50 surging above the 25,000 mark for the first time ever.
At the opening bell, the Sensex gained 236.59 points, or 0.29%, reaching 81,977.93. Meanwhile, the Nifty climbed 85.80 points, or 0.34%, to stand at 25,037.00. The market breadth showed a favorable tilt with 1,844 shares advancing, 551 declining, and 134 remaining unchanged.
Aug 01, 2024, 8:53 am IST
Oil Prices Rise Amid Middle East Conflict Fears
Oil prices climbed in early Asian trading on Thursday, continuing the strong gains from the previous session. The increase followed the killing of a Hamas leader in Iran, which heightened concerns about a broader Middle East conflict, coupled with signs of strong oil demand in the US Global benchmark Brent crude futures rose by 67 cents, or 0.8%, to .51 per barrel, while US West Texas Intermediate crude futures increased by 69 cents, or 0.9%, to .60 per barrel. Both benchmarks had surged about 4% in the prior session.
Aug 01, 2024, 8:53 am IST
Asian Markets Mixed: Nikkei Drops 3%, Kospi Gains
On Thursday, Asian markets showed mixed performance. Despite a significant revival in global tech stocks driven by Meta and Nvidia, the Nikkei fell by 3% while the Kospi saw gains. The potential for imminent policy easing in the U.S. also boosted global bonds and commodities.
Aug 01, 2024, 8:53 am IST
GIFT Nifty Signals a Positive Opening
Trends on GIFT Nifty suggest a positive start for the broader Indian market, with an anticipated gain of 44.5 points or 0.18%. Nifty futures are trading around the 25,092 level.
Aug 01, 2024, 8:53 am IST
Chip Rally and Fed Rate Signals Boost S&P 500 and Nasdaq
On Wednesday, the S&P 500 and Nasdaq achieved their largest daily percentage gains since February 22, driven by a surge in chip stocks and the Federal Reserve's decision to maintain U.S. interest rates. The Fed kept its benchmark overnight rate in the 5.25%-5.50% range but hinted at potential easing in September if inflation decreases, just seven weeks before the U.S. elections in November. This announcement led to a 9.8 basis point drop in the benchmark U.S. 10-year note yield, bringing it to 4.043%. The Dow Jones Industrial Average rose 0.24% to 40,842.79, the S&P 500 climbed 1.58% to 5,522.30, and the Nasdaq Composite advanced 2.64% to 17,599.40. Additionally, July U.S. private payrolls data showed a smaller-than-expected increase, suggesting a reduction in labor market tightness. For the month, the S&P 500 increased by 1.1%, the Dow by 4.4%, while the Nasdaq saw a slight decline of 0.8%.
Aug 01, 2024, 8:52 am IST
US Fed Maintains Interest Rates Steady; September Rate Cut Possible
The US Federal Reserve has decided to keep interest rates unchanged, with indications that a rate cut could be considered in September. The Fed's confidence is bolstered by Q2 inflation readings and an improving balance in the labor market. However, the potential rate cut in September is contingent on inflation aligning with the Fed's estimates.
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