As per provisional closing data, the barometer index, the S&P BSE Sensex gained 351.49 points or 0.53% to 66,707.20. The Nifty 50 index added 97.70 points or 0.50% to 19,778.30.

In the broader market, the S&P BSE Mid-Cap index advanced 0.34% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was positive. On the BSE, 1,916 shares rose and 1,625 shares fell. A total of 156 shares were unchanged.

Economy:

The International Monetary Fund (IMF) has raised its GDP growth forecast for India for 2023-24 to 6.1% from 5.9% due to the blowout growth number for January-March. The upward revision made to India's growth forecast is in line with the IMF's new view on the global economy. The IMF has made no change to its forecast for next year and continues to see India's GDP growing by 6.3% in 2024-25, the multilateral agency said on July 25 in an update to its World Economic Outlook (WEO) report.

The International Monetary Fund raised its outlook for the world economy this year. Global gross domestic product will expand 3% in 2023, the IMF said in an update to its World Economic Outlook released Tuesday. While that's still a slowdown from 3.5% growth last year, it's faster than its 2.8% projection in April. The Washington-based fund left its global growth expectation for next year unchanged at 3%.

IPO Update:

The IPO of Yatharth Hospital and Trauma Care Services received bids for 1.31 crore shares as against 1.65 lakh shares on offer, according to stock exchange data at 15:24 IST on Wednesday (26 July 2023). The issue was subscribed 0.80 times.

The issue opened for bidding on Wednesday (26 July 2023) and it will close on Friday (28 July 2023). The price band of the IPO is fixed at Rs 285-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Stocks in Spotlight:

Bajaj Finance fell 1.58%. The non-banking financial company reported 32.38% jump in consolidated net profit to Rs 3,436.89 crore on a 34.62% increase in total income to Rs 12 500.54 crore in Q1 FY24 as compared with Q1 FY23. The company booked highest ever new loans of 9.94 million during Q1 FY24, which is higher by 34% as compared with 7.42 million in Q1 FY23.

Bharat Petroleum Corporation (BPCL) rose 0.40%. The state-owned oil marketing firm reported standalone net profit of Rs 10,550.88 crore in Q1 FY24 as against a net loss of Rs 6,263.05 crore posted in Q1 FY23. Net sales (excluding excise duty) declined 6.67% to Rs 1,12,978.23 crore in Q1 FY24 from Rs 1,21,046.9 crore recorded in the corresponding quarter previous year.

Larsen & Toubro (L&T) rallied 3.47% after the EPC major said that its board has approved a share buyback of upto Rs 10,000 crore at a price not exceeding Rs 3,000 per equity share through tender offer route. The company plans to buyback up to 3.33 crore equity shares, representing 2.4% of the fully paid up equity share capital of the company.

Further, the board of directors has also approved a special dividend of Rs 6 per equity share for the FY24. The record date for the same is fixed on Wednesday, 2 August 2023.The dividend will be paid on or before 14 August 2023.

Meanwhile, L&T's consolidated net profit climbed 46.47% to Rs 2,493 crore on 33.55% rise in revenue from operations to Rs 47,882.37 crore in Q1 FY24 over Q1 FY23.

SBI Life Insurance Company shed 0.46%. The life insurer has reported 45% jump in net profit to Rs 381.04 crore in Q1 FY24 from Rs 262.85 crore posted in Q1 FY23. Total income surged to Rs 27,904 crore in Q1 FY24 as compared with Rs 4,817.29 crore in Q1 FY23.

Tata Motors rose 0.01% after the auto major reported a consolidated net profit of Rs 3,202.80 crore in Q1 FY24 as against a net loss of Rs 5,006.60 crore recorded in Q1 FY23. Total revenue from operations jumped 42.12% YoY to Rs 1,02,236.08 crore in the quarter ended 30 June 2023.

Tata Motors - DVR surged 12.11% after Tata Motors has announced the cancellation of its Differential Voting Rights shares (DVRs). The decision is expected to streamline the company's capital structure and enhance its appeal to investors. Under the proposed scheme, DVR holders will receive seven ordinary shares for every 10 DVRs held. This represents a 34% discount to the Tata Motors ordinary shares.

Shree Cement gained 2.33%. The company's consolidated net profit surged 105% to Rs 572.3 crore in Q1 FY24 from Rs 279.50 crore in Q1 FY23. Net revenue from operations rose by 15% YoY to Rs 5,064.83 crore in the first quarter of FY24.

Can Fin Homes tumbled 9.36% after the company informed that its internal team has found that three of its Ambala branch employees have committed fraud over a period of time by transfer of funds to different personal bank accounts by misusing the cheque signing authority given to them for an estimated amount of Rs 38.53 crore. The fraud was detected on 24 July 2023.

Cyient fell 0.32%. The IT company's consolidated net profit rose 3% to Rs 168.10 crore while revenue decreased 3.71% to Rs 1,686.50 crore in Q1 FY24 over Q4 FY23. On year on year (YoY) basis, the company's consolidated net profit surged 44.8% while revenue from operations jumped 34.9% in Q1 FY24.

Punjab National Bank (PNB) rallied 4.05% after the bank's standalone net profit stood at Rs 1,255 crore in Q1 FY24, steeply higher from Rs 308.44 crore in Q1 FY23. Total income increased 34.21% year on year (YoY) to Rs 28,579.27 crore in the quarter ended 30 June 2023.

Global Markets:

Markets in Europe declined while Asian stocks ended mixed as investors brace for the U.S. Federal Reserve's rate decision on Wednesday.

On Wall Street, the three main indices closed higher on Tuesday, led by gains in shares of technology, materials and communication services companies.

Global central bank meetings are in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.

Powered by Capital Market - Live News