Domestic equity barometers ended a volatile session with decent gains on Tuesday, rising for the fourth trading session. The Nifty closed near the 19,750 mark after hitting the day's low of 19,690.20 in early afternoon trade. IT, oil & gas and private bank stocks advanced while media. PSU bank and realty shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 205.21 points or 0.31% to 66,795.14. The Nifty 50 index rose 37.80 points or 0.19% to 19,749.25. In four consecutive sessions, the Sensex climbed 2.14% while the Nifty advanced 1.88%.

The Nifty and the Sensex hit all-time highs in mid-morning trade at 19,819.45 and 67,007.02, respectively.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.18% while the S&P BSE Small-Cap index declined 0.47%.

The market breadth was negative. On the BSE, 1,413 shares rose and 2,012 shares fell. A total of 123 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.49% to 11.71.

Economy:

India's real GDP needs to grow at the rate of 7.6% annually over the next 25 years to become a developed economy, RBI bulletin for July stated.

Finance Minister Nirmala Sitharaman underlined the need for embracing innovative strategies to attract private investment, bridge financing gaps and foster sustainable development of infrastructure in cities.

Provisional payroll data of Employees' State Insurance Corporation (ESIC) reveals that 20.23 lakh new employees have been added in the month of May, 2023.

IPO Update:

The IPO of Netweb Technologies India received bids for 7.11 crore shares as against 88.58 lakh shares on offer, according to stock exchange data at 15:36 IST on Tuesday (18 July 2023). The issue was subscribed 8.03 times.

The issue opened for bidding on Monday (17 July 2023) and it will close on Wednesday (19 July 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index rose 1.06% to 31,371.15, extending gains for the fourth day in a row. The index soared 7.74% in four trading sessions.

Infosys (up 3.7%), HCL Technologies (up 1.17%), Persistent Systems (up 0.59%), Wipro (up 0.46%), Tech Mahindra (up 0.4%), Tata Consultancy Services (up 0.32%), Coforge (up 0.16%), Mphasis (up 0.04%) advanced.

On the other hand, LTIMindtree (down 2.53%), L&T Technology Services (down 0.79%), edged lower.

Infosys rallied 3.7% after the IT major announced that it has entered into framework agreement with one of its existing strategic clients to provide AI and automation led development, modernization and maintenance services. The total client target spend over 5 years is estimated at $2 billion.

LTIMindtree slipped 2.53%. The IT firm recorded 3.4% increase in consolidated net profit to Rs 1,152.3 crore in Q1 FY24 as against Rs 1,114.1 crore in Q4 FY23. Revenue from operations rose marginally to Rs 8,702.1 crore during the quarter from Rs 8,691 crore posted in Q4 FY23.

Stocks in Spotlight:

Tata Elxsi fell 2.27%. The company reported 2.2% rise in net profit to Rs 188.85 crore on a 17.1% increase in net sales to Rs 850.27 crore in Q1 FY24 as compared with Q1 FY23.

Sheela Foam advanced 4.54% after the company announced two simultaneous deals, with controlling stake in Kurlon Enterprises (KEL) and a stake in Furlenco furniture. Sheela Foam is acquiring 94.66% shareholding in KEL at an equity valuation of Rs 2,150 crore (cost of acquiring 94.66% around Rs. 2,035 crore). Sheela Foam is also investing in 35% shareholding in HOK-Furlenco for an equity valuation of Rs 857.14 crore (cost of investing in 35% stake is Rs 300 crore).

Polycab India jumped 6.03% after the company's consolidated net profit jumped 81.69% to Rs 399.27 crore on 42.13% increase in revenue from operations to Rs 3,889.38 crore in Q1 FY24 over Q1 FY23.

IDFC shed 0.71%. The board of IDFC has approved the reappointment of Mahendra N Shah as the managing director of the company with effect from 1 October 2023 till 30 September 2024. The board has also approved the appointment of Bipin Gemani as the whole time director and chief financial officer of the company with effect from 17 July 2023 till 30 September 2024.

Amara Raja Batteries tumbled 6.32%. Foreign investor Clarios ARBL Holding LP is reportedly likely to exit the automotive battery manufacturer selling its entire 14% stake via stake sale in a block deal today, 18 July 2023. The floor price has been set at Rs 651 per share, as per reports.

Datamatics Global Services surged 11.25% after the company dismissed market rumors surrounding the termination or cancellation of a significant partnership in the US.

The company has clarified that these rumors are unfounded and lack any basis, being mere speculations. Furthermore, Datamatics Global Services assured that it has complied with all necessary disclosure requirements. The company affirmed that it has not withheld any material information or announcement that could impact the price or volume behavior of its stock.

Ganesh Housing Corporation jumped 15.39%. The company reported a consolidated net profit of Rs 161.34 crore in Q1 FY24, steeply higher than Rs 13.11 crore posted in Q1 FY23. Revenue from operations surged to Rs 270.45 crore in the quarter ended 30 June 2023 as against Rs 42.52 crore reported in Q1 FY23.

Global Markets:

Markets Europe advanced while most of the Asian stocks declined on Tuesday with investors looking forward to more corporate earnings while worries over the Chinese economic recovery continue to linger.

With little in the way of economic data due in Europe Tuesday, worries over the health of the Chinese economy, the world's second-largest, in the wake of its disappointing growth data have continued, especially given European consumer, technology, industrial and materials sectors all have significant exposure to China.

US stocks ended higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.

Powered by Capital Market - Live News