On Friday, the benchmark indices touched record highs at 24,592.20 by Nifty and 80,893.51 by Sensex triggered outcomes of IT sectors Q1 results. Later, Nifty ended 195.65 pts or (0.80%) higher at 24,511.60 while Sensex added 649.79 pts or (0.81%) to close at 80,547.13. On the Nifty index, TCS, Wipro, HCL Tech, Infosys and Tech Mahindra were the top 5 gainers while the top losers were ASIANPAINT, DIVISLAB, MARUTI, TITAN and HINDALCO.
BSE Sensex witnessed sharp jump of 780 points to 80,677 and Nifty rose 232 points to 24,548 in afternoon trade on July 12, 2024 amid rally in the IT stocks as TCS surpassed revenue estimates for the June quarter. Nifty Bank rose 280 points to 52,550 and Nifty Midcap gained 37 points to 57,186 on Friday. Shares of Railtel Corporations gained over 16% today.
Shares of Garden Reach Shipbuilders and Engineers (GRSE) gained as it plans to enter into profit-sharing deals with startups it incubates at the stage of commercialisation during product development stage.
Major gainers on the Nifty included TCS, LTIMindtree, BPCL, Coal India, and ONGC. Conversely, the top losers were Maruti Suzuki, Power Grid Corp, Apollo Hospitals, HDFC Life, and Divis Labs.
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Jul 12, 2024, 3:13 pm IST
Silver likely to touch Rs 1,25,000 over the next few Months: Motilal Oswal
According to Motilal Oswal financial Services Quarterly report on Silver, With over 30% gains in recent months, likely to see some profit booking at certain intervals, however any major dips could be used as an buying opportunity. Important support is near Rs 86,000-86,500; while MOFSL revises targets higher from Rs 1,00,000 to Rs 1,25,000 on domestic front and on Comex, from a 12-15 month perspective. Buying on dips is recommended for Silver.
Jul 12, 2024, 2:50 pm IST
USD To INR Forecast
According to Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas USDINR CMP- 83.54 (spot) Indian Rupee gained by 0.05% today as domestic equities touched fresh all-time highs and a weak tone in the US Dollar. US Dollar declined as inflation cooled more than expected. US CPI rose 3% y-o-y in June 2024 versus forecast of 3.1%. Core CPI rose 3.3% y-o-y in June 2024 versus forecast of 3.4%. However, weekly unemployment claims fell to 222,000 vs 239,000 in the previous week.
“We expect Rupee to trade with a slight positive bias on weak US Dollar as cooling inflation raised expectations of a September rate cut by the Fed. Odds of a September rate cut rose to around 90% post inflation data. Positive tone in the domestic markets and fresh foreign inflows may also support the Rupee. However, surge in crude oil prices may cap sharp upside. Traders may take cues from India’s IIP and CPI data. USDINR spot price is expected to trade in a range of Rs 83.25 to Rs 83.80,” he commented.
Jul 12, 2024, 2:20 pm IST
CPI and inflation prediction by Saurav Ghosh, cofounder of Jiraaf
June 2024 CPI inflation is expected to climb slightly higher between 4.9% – 5.1% from May 2024 CPI of 4.75% primarily due to increase in food prices which constitutes 40% of the CPI. While RBI target for inflation is about 4% with expected marginal deviations of 2%, it is still not a significant increase that will impact the markets.
Jul 12, 2024, 1:50 pm IST
Rajasthan Govt Approves Land Allotment For Industrial Area In Bhilwara
The Rajasthan government has approved the allotment of land for setting up a new industrial area in Bhilwara district. According to an official statement, Chief Minister Bhajan Lal Sharma has approved a proposal to allot 99.72 hectare land to Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO) for setting up a new industrial area in Bhilwara. This land will be allotted under the Rajasthan Land Revenue (Industrial Area Allotment) Rules-1959. It is expected to accelerate industrial development in Bhilwara and create employment at the local level.
Jul 12, 2024, 1:26 pm IST
GRSE Plans Profit-Sharing Deals With Startups It Incubates
Warship-maker Garden Reach Shipbuilders and Engineers (GRSE) plans to enter into profit-sharing deals with startups it incubates at the stage of commercialisation during product development stage. The Kolkata-based public sector company, part of the Ministry of Defence, has allocated a dedicated fund from its research and development budget to foster startups focused on the shipbuilding sector.
"We have earmarked a sizable portion of our R&D budget for nurturing and supporting startups in developing products and services for captive use, which can later be commercialised," GRSE Chairman and Managing Director, Commodore P R Hari, Indian Navy (Retd), told PTI. Regarding the commercial relationship with startups, Hari explained that GRSE will engage in profit-sharing agreements with these early-stage companies once the final product is developed and shows potential for commercial success.
Jul 12, 2024, 1:12 pm IST
Gold Price Rises In India, July 12: 22K/100 Grams Gold Prices Jump By Rs 5000 In 2-Days
Gold prices in India continue to rally for second consecutive day on July 12, 2024 after cooler than expected US inflation data increased prospects that Federal Reserve may begin slashing interest rates in September. US gold prices remained steady on Friday but may witness 3rd consecutive weekly surge. 22k gold prices today jumped for second day by Rs 300 to settle at Rs 67,600/10 grams while 100 grams of 22 carat yellow metal prices today surged by Rs 3000 to Rs 6,76,000/10 grams on July 12, 2024. 24k gold prices today witnessed rally of Rs 330 to Rs 73,750/10 grams and 100 grams of 24 carat precious metal prices today rose by Rs 3,300 to Rs 7,37,500.
Jul 12, 2024, 12:56 pm IST
Jio Financial Gets RBI Nod To Become Core Investment Company From NBFC
Jio Financial Services has received the Reserve Bank of India's (RBI) approval to transition from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC). This milestone was announced by the company in an exchange filing on Thursday.
The transition of Jio Financial Services from an NBFC to a CIC marks a shift in its operational framework. This journey began in November of last year when Jio Financial Services, following its demerger from Reliance Industries' financial services division, submitted an application to the RBI. The approval process culminated this Thursday, marking a new chapter for the company.
TCS share price rallied more than 6% on July 12th, with market cap crossing Rs 15 lakh crore. This comes after the company posted an upbeat Q1 earnings. TCS witnessed single-to-double-digit growth almost in the majority of key verticals with Emerging Market adding robust growth led by India business. 8 analysts have recommended BUY on TCS share price with the highest target price set at Rs 4,800 which is set by Nuvama.
Jul 12, 2024, 12:25 pm IST
Sensex Today: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The market which has been moving in a narrow range this week might react favourably to positive global and domestic cues. The positive global cue is the decline in inflation in the US by 0.1% in June triggering hopes of a rate cut by the Fed in September for which the market indicates a 90% probability. The positive domestic cue is the better than expected numbers from TCS and positive management commentary which can lift most IT stocks.
Jul 12, 2024, 12:17 pm IST
Amazon Founder Jeff Bezos Offloads 2 Million Worth Of Shares In 2 Days
Jeff Bezos, the billionaire founder and Executive Chair of Amazon, has once again made headlines with a sale of the company's stock. According to recent filings with the Securities and Exchange Commission (SEC), Bezos sold over 2 million worth of Amazon shares over two consecutive days.
The transactions, executed under a prearranged trading plan, saw Bezos selling 19,96,015 Amazon shares on July 9 at an average price of 0.1198 per share. The following day, July 10, he sold an additional 2,66,396 shares at a weighted average price of 0.0069 per share. This trading plan, known as a Rule 10b5-1 trading plan, was adopted by Bezos on March 2, 2024, allowing insiders of publicly traded corporations to sell a predetermined number of shares at a predetermined time.
Jul 12, 2024, 12:07 pm IST
HCL Tech Shares Jump Ahead Of Q1
HCL Technologies, an IT giant backed by Shiv Nadar, will report its first quarterly results for the financial year 2024-25. Ahead of Q1, HCL Tech's share price traded on a bullish note. In the early trade, the stock rallied by at least 1.3% with an intraday high of Rs 1,532 apiece on BSE.
Jul 12, 2024, 11:55 am IST
PFC Stock Rises For 5th Consecutive Day
Shares of Power Finance Corporation (PFC) surged by over 1.5% on July 12, following the government’s appointment of Sandeep Kumar as the company's new Director (Finance). Prior to this role, Kumar served as the Executive Director (Finance) and held the position of Chief Financial Officer (CFO) since January 1, 2020, according to a statement by PFC.
Jul 12, 2024, 11:26 am IST
Market Outlook Today
A late recovery pushed the Index higher to end the session marginally lower at 24,316. Our view on the Index remains the same, i.e. as long as the Index holds a level of 24,200 uptrend will remain intact and on the higher side, 24,460 will be a critical hurdle. From the Energy sector, Gas stocks picked up their momentum (Petronet). Sugar stocks from the FMCG sector are gradually strengthening their uptrend (Balrampur Chini and Dalmia Sugar). The direction of the IT sector depends upon how the market participant decodes the Q1FY25 earnings of giant TCS. From the Media segment, we are bullish on SunTV. Considering a strong rally in the Pharma space, we can expect a round of profit booking in the short run but the overall uptrend will remain intact. PSE stocks regained their lost spot as many of them have given a strong breakout from different patterns and we have identified some of them namely Engineers India (Record Breakout), GMDC, MRPL, and SJVN (Symmetrical Triangle).
Jul 12, 2024, 10:29 am IST
Jio Financial Services Gets RBI Approval For Core Investment Company Status
Jio Financial Services has obtained approval from the Reserve Bank of India to transition from a non-banking financial company to a core investment company.
Jul 12, 2024, 10:22 am IST
Zee Entertainment To Consider Fundraising On July 16
The board of directors of Zee Entertainment Enterprises is set to convene on Tuesday, July 16, 2024, to discuss and potentially approve a fundraising initiative. The plan involves issuing various financial instruments, with specific terms and conditions to be determined, pending necessary regulatory and statutory approvals.
Jul 12, 2024, 10:07 am IST
TCS Shares Surge Over 2.5% Following Strong Q1 Results
Tata Consultancy Services (TCS) shares are trading 2.7% higher at ₹4,030 each after the company reported impressive Q1 results. TCS posted a revenue and margin beat for the June quarter and noted that nearly all verticals have returned to sequential growth. Management reiterated that FY2025 is expected to outperform FY2024.
Following the strong performance, most analysts covering TCS have upgraded the stock or raised their price targets for India's largest IT services company.
Jul 12, 2024, 9:58 am IST
Sahaj Solar IPO Sees 38 Times Subscription On Day 1
Renewable energy solutions provider Sahaj Solar's initial public offering (IPO) saw overwhelming demand, with subscriptions reaching 37.60 times on the first day of bidding on July 11. Investors bid for 7.88 crore equity shares against an offer size of 20.96 lakh shares.
Sahaj Solar aims to raise Rs 52.56 crore through the IPO, which consists solely of a fresh issue of 29.2 lakh equity shares, priced between Rs 171 and Rs 180 per share.
Retail investors led the charge, subscribing 65 times their allotted quota. Qualified institutional buyers followed, subscribing 49.8 times their reserved portion. Non-institutional investors also showed strong interest, with their portion subscribed 39.22 times. Employees bid for 10,400 equity shares against a reservation of 24,000 shares.
Jul 12, 2024, 9:48 am IST
Boeing Warns Of Additional Delays For 737 Max Deliveries
Boeing has informed some 737 Max customers that aircraft scheduled for delivery in 2025 and 2026 may face further delays of three to six months, according to a report by Bloomberg News on Thursday. The information, sourced from individuals familiar with the matter, highlights ongoing challenges for the planemaker.
Boeing did not immediately respond to Reuters' request for comment. Last month, Reuters reported that Boeing told its suppliers about a three-month delay in achieving a key production milestone for the 737 jet family. This slowdown in jet production is due to increased scrutiny from regulators, airlines, and lawmakers.
In May, Boeing announced that deliveries would not increase in the second quarter as initially expected.
Jul 12, 2024, 9:22 am IST
Market Opens With Minor Gains Amid Weak Global Cues; Nifty Holds 24,350
Despite weak global cues, Indian indices opened higher on July 12. The Sensex increased by 150.74 points, or 0.19%, to 80,048.08, while the Nifty rose by 70.70 points, or 0.29%, to 24,386.70. Approximately 1,850 shares advanced, 593 shares declined, and 100 shares remained unchanged.
Jul 12, 2024, 8:54 am IST
Oil Prices Climb On Easing US Inflation, Robust Summer Demand
Oil prices rose in early Asian trading on Friday, driven by strong summer demand and easing inflationary pressures in the United States, the world's largest oil market. Brent crude futures increased by 37 cents, or 0.4%, to .77 a barrel, while US West Texas Intermediate crude futures rose by 50 cents, or 0.6%, to .12 a barrel.
Both contracts had gained in the previous two sessions. However, Brent futures were set to decline by about 1% week-over-week after four consecutive weeks of gains, while WTI futures remained virtually unchanged on a weekly basis.
Jul 12, 2024, 8:43 am IST
GIFT Nifty Signals Positive Opening For Indian Market
Trends on GIFT Nifty suggest a positive start for the broader Indian index, with a gain of 53.5 points or 0.22%. Nifty futures were trading around the 24,459.50 level.
Jul 12, 2024, 8:42 am IST
Asian Markets Dip As Nikkei & Taiwan Fall 2% On US Inflation Data
Asian markets traded mostly lower in early Friday trading, with the Nikkei and Taiwan indices each down 2%. This decline followed US inflation readings for June, which were the lowest in about three years, increasing expectations that the Federal Reserve may lower interest rates.
Jul 12, 2024, 8:34 am IST
Nasdaq Slumps As Investors Shift Focus From Big Tech
The Nasdaq closed significantly lower on Thursday, driven by losses in major tech stocks such as Nvidia, Apple, and Tesla. This decline came as investors rotated their investments into smaller companies following softer-than-expected inflation data, which boosted expectations that the Federal Reserve might cut interest rates in September.
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