.png)
The headline equity indices attained fresh record high levels in early trade. The Nifty traded above the 19,750 mark. Bank, private bank and financial services stocks were in demand while media, IT and metal shares corrected.
The barometer index, the S&P BSE Sensex, was up 257.51 points or 0.39% to 66,847.44. The Nifty 50 index rose 60.70 points or 0.31% to 19,772.15.
The Nifty and the Sensex hit all-time highs in early trade at 19,811.25 and 66,985.50, respectively.
In the broader market, the S&P BSE Mid-Cap index added 0.04% while the S&P BSE Small-Cap index gained 0.16%.
The market breadth was strong. On the BSE, 1,718 shares rose and 1,008 shares fell. A total of 99 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 73.00 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 64.34 crore in the Indian equity market on 17 July, provisional data showed.
Stocks in Spotlight:
Infosys rose 1.19% 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 3.27%. 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.
Tata Elxsi declined 2.11%. The company reported net profit of Rs 188.85 crore in Q1 FY24 as against Rs 184.72 crore in Q1 FY23. Total income from operations rose to Rs 872.48 crore during the quarter from Rs 736.20 crore posted in Q1 FY23.
Sheela Foam jumped 7.40 % after the company announced two simultaneous deals, with controlling stake in Kurlon Enterprises Limited (KEL) and a stake in Furlenco furniture. Sheela Foam is acquiring 94.66% shareholding in KEL at an equity valuation of Rs. 2150 crores (cost of acquiring 94.66% around Rs. 2035 crore). Sheela Foam is also investing in 35% shareholding in HOK-Furlenco for an equity valuation of Rs. 857.14 crs (cost of investing in 35% stake is Rs. 300 crore).
Numbers to Watch:
The yield on India's 10-year benchmark federal paper shed 0.11% to 7.066 from its previous close of 7.074.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0175, compared with its close of 82.0325 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement added 0.22% to Rs 59,264.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.76.
The United States 10-year bond yield added 0.05% to 3.799.
In the commodities market, Brent crude for September 2023 settlement gained 28 cents or 0.36% to $78.78 a barrel.
Global Markets:
Asian stocks declined on Tuesday as investors digest minutes from the Reserve Bank of Australia's July policy meeting.
US stocks ended higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.
No comments:
Post a Comment