BSE Sensex ended the day with the decline of 73 points to 80,429 and Nifty fell 30 points to 24,479 on July 23 as Finance Minister Nirmala Sitharaman hiked LTCG & STT on F&O trade. Nifty Bank fell 502 points to 51,778 and Nifty Midcap declined 339 points to 56,285 in trade on Tuesday. Jewellery stocks witnessed sharp rally in trade today after Sitharama while presenting her 7th consecutive union budget 2024 on Tuesday announced reduction in custom duty on gold and silver to 6%. Titan shares rallied nearly 7% in trade today.
Earlier, Indian stock market opened on a positive note as Finance Minister Nirmala Sitharaman reaches North Block to soon announce her 7th Budget for FY25, on July 23. Sensex touched an intraday high of 80,766.41, while Nifty 50 touched the day's high of 24,582.55.
Stocks like Ultratech Cement, M&M, L&T, NTPC, and SBI are top gainers. While HCL Tech, Power Grid, Tech Mahindra, TCS, and HDFC Bank are top laggards.
Capital goods and auto sectoral indices are top performers. BSE Auto and BSE Capital Goods Index surged by 360 points and 586 points respectively.
FM will present the first Budget of Modi 3.0. Apart from Budget, positive global cues is another key factor to boost upside on BSE and NSE.
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Jul 23, 2024, 3:57 pm IST
Budget Today: Vikram Chhabra, Senior Economist, 360 ONE Asset
The government has upheld the capital expenditure target of Rs 11.1 trillion set in the interim budget, ensuring the pace of investment is maintained and refrained from increasing welfare spending. The fiscal deficit target has been reduced to 4.9% of GDP from 5.1% in the interim budget, and the FM has committed to bringing the deficit down to 4.5% by FY26. The government's commitment to fiscal consolidation is commendable, especially when many developed market economies have opted for fiscal profligacy.
Jul 23, 2024, 2:48 pm IST
Centre Proposes Rs 26,000 Cr For Road Projects In Bihar
The Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar. In her Budget for 2024-25, Finance Minister Nirmala Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies. The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said. The Centre will also formulate plan 'Purvodaya' for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Sitharaman further said the government will support industrial corridor for development in the eastern region. The finance minister also said the government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount.
Jul 23, 2024, 2:46 pm IST
Budget 2024: Bhuvan Rustagi, Co-Founder and COO of Per Annum
"This is an optimistic development that will likely encourage involvement from angel investors in the startup ecosystem. It will provide more opportunities and motivation for these investors. It is not only helpful in funding startup businesses but also promotes an environment where entrepreneurs feel encouraged to start their ventures. Increased angel investor contribution can lead to a robust support network, offering financial assistance as well as valuable industry assets. This will create positive outcomes, leading to innovation, job creation, and overall economic growth by nurturing a vibrant and dynamic startup culture."
Jul 23, 2024, 2:45 pm IST
Budget 2024: Achala Jethmalani, Economist, RBL Bank
"From a macroeconomic standpoint, the increased revenue receipts led fiscal consolidation augments well for the economy at large. The social sector spending and the focus on extending loans under several schemes implies increased financial intermediation. The land related reforms proposed in the budget if gets implemented would help facilitating credit flow and other agricultural services to the end-user.
By imposing higher taxes on capital market related transactions could possibly act as a deterrent for short-term related activities and possibly lead to either consumption, or bring about a ‘nudge’ to move to traditional savings or shift to long term investment goals."
Jul 23, 2024, 2:22 pm IST
Stanley Lifestyle Limited releases Audited Cnsolidated Results To Investors
The Company was listed on 28th June 2024 with an IPO (QIB tranche subscribed by more than 215 times) comprised of a primary offering of Rs. 2,000 mn and a secondary offering of Rs. 3,370 mn. The date of the Board Meeting to approve the Q1 FY2025 unaudited financial results and a subsequent conference call with management will be announced in due course. Cash Flow from Operations before Working Capital changes of Rs. 893 mn. Debt of Rs. 271 mn and Cash of Rs. 526 mn and Net Cash of Rs. 255 mn (Pre IPO proceeds). Net Cash / EBITDA of 0.3x and Net Cash / Shareholder Equity of 0.1x. Return on Capital Employed of 10.3% and Return on Equity of 12.1%.
Jul 23, 2024, 2:17 pm IST
Budget 2024: Gold Price In India Falls Further After Reduction In Custom Duty
Nirmala Sitharama while presenting her 7th consecutive union budget 2024 on Tuesday announced reduction in custom duty on gold and silver to 6%. The FM also announced exemption of custom duty for 25 critical minerals including lithium, copper, cobalt, etc. The move soon impacted gold prices India as gold prices slipped further in the country. 22k gold price India slipped by Rs 250 to Rs 67,450/10 grams and 100 grams of 22 carat yellow metal prices declined by Rs 2500 to Rs 6,74,500. 24k gold prices today slipped by Rs 270 to Rs 73,580/10 grams and 100 grams of 24 carat precious metal prices slipped by Rs 2700 to Rs 7,35,800.
Jul 23, 2024, 1:50 pm IST
Stanley Lifestyle Limited releases Audited Cnsolidated Results To Investors
The Company was listed on 28th June 2024 with an IPO (QIB tranche subscribed by more than 215 times) comprised of a primary offering of Rs. 2,000 mn and a secondary offering of Rs. 3,370 mn. The date of the Board Meeting to approve the Q1 FY2025 unaudited financial results and a subsequent conference call with management will be announced in due course. Cash Flow from Operations before Working Capital changes of Rs. 893 mn. Debt of Rs. 271 mn and Cash of Rs. 526 mn and Net Cash of Rs. 255 mn (Pre IPO proceeds). Net Cash / EBITDA of 0.3x and Net Cash / Shareholder Equity of 0.1x. Return on Capital Employed of 10.3% and Return on Equity of 12.1%.
Jul 23, 2024, 12:45 pm IST
Union Budget 2024, July 23 Live Updates
Top Gainers and Losers Today
Jul 23, 2024, 12:34 pm IST
Union Budget 2024, July 23 Live Updates
SENSEX Updates
Jul 23, 2024, 12:33 pm IST
Union Budget 2024, July 23 Live Updates
NIFTY Updates
Jul 23, 2024, 12:18 pm IST
Result Update: Route Mobile | Steady operating performance; revenue guidance conservative
Swapnil Potdukhe of JM Financial Institutional Securities said, “Route’s top line grew 8.5% QoQ (+14% YoY), a decent recovery after 2 consecutive quarters of muted trends on the back of VI deal ramp-up and stabilisation of ILD volume decline, albeit it was a slight 1.5% miss on JMFe. EBITDA margin too improved 40bps QoQ (flattish YoY) and was ahead of JMFe by c.50bps. Hence, EBITDA was marginally better than JMFe by 2.5%. PAT (ex-exceptional), however, was down c.4% QoQ (-11% YoY), below JMFe by c.13% due to FX losses (Naira devaluation) and higher-than-expected D&A and ETR. While Route’s India messaging volumes continued to grow at a healthy rate, industry headwinds in the form of curtailed spends by OTT’s and geopolitical issues in some countries continued to weigh on growth. These headwinds along with ramp-up delays in recently announced deals/Telesign synergies led to a conservative revenue growth guidance of 18-22% YoY for FY25. Our DCF-based Sep’25 TP is revised to INR 1,880 (target FY26/27 PER of ~22x/18x).”
Jul 23, 2024, 11:36 am IST
Top Gainers And Losers
Stock Market Live Updates
Jul 23, 2024, 11:25 am IST
Result Update: PVR INOX | Better Fridays ahead
Abhishek Kumar of JM Financial Institutional Securities said, “PVR Inox reported a soft quarter, as anticipated. General Elections and a Cricket-heavy season pushed out blockbuster movies to Q1-end. Absence of tent-pole content impacted admits (-10% YoY), Occupancy (-3 ppt) and ATP (-5%). Rise in Opex/Screen (+4% YoY) pulled down core margins further. That shouldn’t deter investors though. Kalki’s strong performance (GBOC: INR 10bn+ till date) suggests movie going remain solely content driven. A strong line-up of movies across languages means Q2/Q3 should be sequentially stronger. Notwithstanding a weak start, management believes FY25 admits could be similar to FY24’s, underscoring its confidence in content pipeline. Receding impact of Hollywood strike should help normalise release calendar next year, translating into a more consistent financial performance. That should help realise revenue synergies of the merger. Management’s calibrated approach on screen addition, gradual pivot to asset-light model and planned divestment of non-core properties (INR 3.5bn) should aid free cash flow. Sporadic instances of screen closures by single-screen theatres highlight the pressure on sub-scale players. PVR Inox’s scale and financial discipline could facilitate further consolidation in the space, driving market share gains, in our view. We remain constructive. Reiterate BUY with INR 2,040 TP.”
Jul 23, 2024, 11:12 am IST
NIFTY and SENSEX Updates
Stock Market Live Updates
Jul 23, 2024, 11:01 am IST
Latest Fuel Prices In India Before Budget Announcement
As the countdown begins for the Union Budget announcement for FY25, let's have a look at the latest fuel prices. Experts are hoping that fuel prices to be brought under GST rates in Budget.
Jul 23, 2024, 10:50 am IST
Gold Price Falls In India For 5th Day: Check Latest Gold Prices.
Gold prices in India today declined yet again for 5th day in a row ahead of union budget 2024. Union Finance Minister Nirmala Sitharaman will present the Budget for the financial year 2024-25 in the Lok Sabha today. Meanwhile, US Dollar firmed as Investors are looking forward to more US economic data and key comments from Federal Reserve officials this week for more clarity on the exact timeline for interest rate cuts.22k gold prices today declined marginally by Rs 10 to settle at Rs 67,690/10 grams and 100 grams of 22 carat yellow metal prices today fell by Rs 100 to Rs 6,76,900. 24k gold prices today slipped by Rs 10 to Rs 73,840/10 grams and 100 grams of 24 carat precious metal prices today dived by Rs 100 to Rs 7,38,400.
Jul 23, 2024, 10:26 am IST
Result Update: Poonawalla Fincorp | Steady quarter; new leadership unveils broad strategic contours
Sameer Bhise of JM Financial Institutional Securities said, “Poonawalla Fincorp (PFL) reported a strong operational beat of +7.4% as PPoP grew +48% YoY, +6% QoQ to INR 4.3bn led by higher non-interest income (+28% QoQ) and improved cost to income of 36% (-34bps QoQ). NII growth was subdued at INR 5.8bn (+37% YoY, +2.4% QoQ) as NIMs (calc on AUM) declined -72bps QoQ to 8.9%. Credit costs stood higher at INR 445mn (68bps of AUM vs 41bps QoQ) which led to an in-line PAT of INR 2.9bn (+46% YoY,-12% QoQ). PFL continued its strong AUM growth (+52% YoY, +8% QoQ), led by personal and consumer loans (+52% YoY, +8% QoQ) while secured business also grew at a healthy pace (LAP – +60% YoY, +13% QoQ, pre-owned car – +33% YoY, 3.5% QoQ). Asset quality improved as GS3/NS3 declined to 0.67%/0.32% (-75bps/-49bps QoQ) respectively. PCR on stage-3 inched up to 52.4% (+302bps QoQ). PFL’s new MD&CEO highlighted broad strategic direction for the company with incremental investments going towards strengthening collection infrastructure, presence and credit and analytics. This is likely to entail higher opex in the near-term. Management has indicated launch of 4 new products, namely, consumer durables, shopkeeper loans, prime personal loans and used CVs and has ambitious plans to scale up AUM by 5-6x over the next 4-5 years (implying an 38% CAGR). PFL has also undergone a significant rejig in its senior leadership team (largely from HDFC Bank). As the change in business strategy plays out, we closely watch for execution and stabilization of emerging return profile for PFL. Another pertinent fact is that PFL has not seen any asset quality deterioration despite concerns on unsecured loans which should calm nerves around balance sheet risks. We build incremental opex of ~INR 2bn over FY25E/26E and expect growth to accelerate FY26 onwards. This results into revised RoA/RoE of 4.24%/4.3% for FY26 in our estimates. Our revised target price stands at INR 535. Maintain BUY. Inability to scale up newer products or significant slowdown in growth trajectory are key risks.”
Jul 23, 2024, 9:53 am IST
Derivative Market Outlook Today
Anand James, Chief Market Strategist, Geojit Financial Services: Nifty weekly contract has highest open interest at 25500 for Calls and 24000 for Puts while monthly contracts have highest open interest at 25500 for Calls and 24000 for Puts. Highest new OI addition was seen at 26550 for Calls and 22500 for Puts in weekly and at 26550 for Calls and 22500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 2.55%, increased future index shorts by 5.82% and in index options by 33.92% increase in Call longs, 4.98% increase in Call short, 32.20% increase in Put longs and 1.79% increase in Put shorts.
Jul 23, 2024, 9:53 am IST
USDINR Outlook Today
Anand James, Chief Market Strategist, Geojit Financial Services: INR: The rupee settled 4 paise higher at 83.66 against the US dollar on Monday, recovering from all-time low levels as crude oil prices and the US dollar retreated. While mixed domestic markets pressured the rupee, the decline in the US dollar and crude oil prices provided support. While USD:The U.S. dollar rose slightly on Monday, with the dollar index up 0.1% to 104.3, capturing some safe-haven flows. Investors digested President Joe Biden’s decision to end his re-election campaign, anticipating increased volatility in the currency market. Attention turned to upcoming monetary policy meetings at the Federal Reserve, expected to signal the timing of interest rate cuts, and the Bank of Japan, which may raise rates
Jul 23, 2024, 9:51 am IST
Nifty Top Gainers Ahead Of Budget
Nifty 50, the benchmark of NSE, traded higher ahead of Budget 2024 announcement on July 23. In the early trade, heavyweight stocks like Eicher Motors, Ultratech Cement, Larsen & Toubro, ITC, and Grasim contributed heavily, emerging as top gainers.
Jul 23, 2024, 9:30 am IST
Nifty Today
Nifty 50 opened at 24,568.90, and is trading between 24,582.55 to 24,528.25.
Jul 23, 2024, 9:30 am IST
Sensex Today
BSE Sensex opened at 80,724.30, and is currently in the range of 80,766.41 to 80,524.95.
Jul 23, 2024, 9:28 am IST
Market Opens With Gains On Budget Day; Nifty Above 24,550
On July 23, Indian stock indices kicked off the trading day on a positive note, buoyed by favorable global cues. The Nifty opened above the 24,550 mark, while the Sensex gained 193.35 points, or 0.24%, reaching 80,695.43. The Nifty also saw an uptick of 53.40 points, or 0.22%, standing at 24,562.70
Jul 23, 2024, 9:13 am IST
Indian Rupee Opens Mildly Higher
The Indian Rupee opened steady at 83.64 per US Dollar on Tuesday, compared to Monday's close of 83.66.
Jul 23, 2024, 9:00 am IST
Nifty Seen Between 24,130-24,000 Today
Anand James, Chief Market Strategist, Geojit Financial Services: The MACD histogram exhaustion and the potential formation of an Evening Star candlestick on the weekly timeframe suggest buildup of weakness. This technical setup could lead the index towards the 24,130 - 24,000 levels, which may initially serve as a base for reversal attempts. However, a breach below 24,000 could lead to further downside risks, with the next support zone lying between 23,055 - 23,000. On the Budget Day, heightened volatility is expected, with 24,620 - 24,370 marked as the critical intraday range.
Jul 23, 2024, 8:53 am IST
Corporate Earnings Today
Companies like Bajaj Finance, DCM Shriram, Hindustan Unilever, Heritage Foods, ICICI Prudential, ICICI Securities, ICRA, Indoco, M&M Financial Services, SRF, and United Spirits among others will announce their Q1 results for FY25. Accordingly, their stock prices will be in focus.
Jul 23, 2024, 8:22 am IST
Bank Nifty Technical View
Prabhudas Lilladher: BankNifty has gripped between the tight range of 51800 and 52800 zone for quite some time and a decisive breach on either side shall confirm the further directional move of the index. A decisive breach above 53300 zone shall confirm a breakout for further fresh upward move with initial target of 55100 level visible. The suport for the day is seen at 80000/24350 levels while the resistance would be seen at 81100/24700 levels. BankNifty would have the daily range of 51800-52800 levels.
Jul 23, 2024, 8:22 am IST
Nifty Technical Forecast
Prabhudas Lilladher: Nifty witnessed a volatile session before the much awaited budget announcement day which would be the deciding factor for further directional trend of the indices. The Nifty index would have the crucial suport of 24150 zone while on the upside, a decisive breach above 24800 levels would trigger for furhter fresh upward move in the coming days.
Jul 23, 2024, 7:52 am IST
Will Market Witness Record Rally Today?
Vinod Nair, Head of Research, Geojit Financial Services: The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25. Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings.
Jul 23, 2024, 7:50 am IST
Market Pre-Budget Day
The Sensex fell by 103 points to close at 80,525, while the Nifty 50 slipped 22 points to end at 24,509. These declines were influenced by mixed reactions to quarterly earnings reports and cautious sentiment ahead of the budget announcement. However, the midcap index stood out, gaining 716 points to close at 56,625, indicating robust investor interest in this segment.
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