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HomeMarket AnalysisSensex gains 300 points, Stock Market News July 19th

Sensex gains 300 points, Stock Market News July 19th

Sensex gains, closed at 67100 level: While Nifty at 19,830 level

 Indian Market 

FII AND DII 

FII Purchased 2115.84 Cr
DII Sold  1317.56 Cr

 Indian Market News 

  1. Sensex rises 300 points, Nifty is about 19,830, while PSU Banks fare well.
  2. US retail sales don’t meet estimates, but underlying sales are good. 
  3. Bank results boost stocks, driving the Dow up for a seventh session in a row.
  4. GIFT Nifty: According to GIFT Nifty trends, the whole Indian index has started flat after losing 1.50 points. The price of the Nifty futures was about 19,802.
  5. Asian stock markets mainly rose, with Taiwan Weighted up 0.3 percent, Nikkei up 1%, Straits Times up 0.2 percent, and Hang Seng down 1%.
  6. IRB Infrastructure Trust authorizes a rights offering to raise up to Rs 2,861.9 billion
    In the first quarter,
  7. Adani Transmission received smart metering projects totaling Rs 3,700 crore.
  8. IndusInd Bank’s first quarter net profit increased by 33% year over year to Rs 2,124 billion.
  9. TV18 Broadcast’s first-quarter profit climbs 31.7% year on year to Rs 44.33 crore.
  10. HDFC Mutual Fund invests Rs 60.43 crore in Eris Lifesciences.
  11. According to CNBC-TV18, Tata Motors plans to develop an electric car battery manufacturing plant in the United Kingdom. 
  12. L&T Technology Services’ first-quarter earnings rose 13% year on year to Rs 311 crore.
  13. Vedanta gains from advances in chip manufacturing ambitions.
  14.  Societe Generale acquires 1.21% of Rama Steel Tubes.
  15. Amara Raja shares have recovered after major funders purchased a 7% stake.
  16. CIE Automotive India’s Q2 profit increased by 60% year on year to Rs 301.7 crore, while revenue increased by 5%. 
  17. Himadri Speciality Chemicals’ first-quarter earnings jumped 123% year on year to Rs 86.15 crore.
  18. DLF Home Developers awarded BL Kashyap an order for Rs 369 crore.
  19. According to CNBC-TV18, Tata Motors plans to develop an electric car battery manufacturing plant in the United Kingdom.
  20. Rekha Jhunjhunwala sells a 5.5% stake in Rallis India, and Tata Chemicals acquires a 4.99% stake.
  21. DLF Home Developers awarded BL Kashyap an order for Rs 369 crore.
  22.  

 Indian Market Today  

SENSEX 302.30  +0.45% 67,097.44
NIFTY50 83.90   +0.42% 19,833.15
BANK NIFTY 258.45 +0.57% 45,669.30

     INDIAN MARKET MOVERS 

NTPC                   5.20 2.78% Hindalco       -5.30 -1.19%
Bajaj Finance   164.70 2.22% TCS         -80.85 -1.57 %
IndusInd Bank               29.30 2.11% SBI        -36.95 -0.76% 
UltraTechCement          153.20 1.87% Hero Motocorp         -19.75 -0.63%
Bajaj Finserv            25.80 1.59% Maruti Suzuki         -58.10 -0.60%

MAJOR UPDATES

  • US retail sales disappoint; underlying sales robust
    In June, service station and building material sales fell, but consumers spent more elsewhere, presumably keeping the economy afloat in the second quarter.
    Retail sales rose 0.2% last month, the Commerce Department reported Tuesday. Sales rose 0.5% in May, up from 0.3%.
    Reuters economists predicted 0.5% retail sales growth. Retail sales are largely products and not inflation-adjusted.

Global Market Update

  • Gift Nifty

Wednesday’s 4.5-point GIFT Nifty increase suggests a flat start for the broader index. 19,808 futures.

  •  US market

    On Tuesday, strong bank results helped the Dow reach its longest string of daily rises in almost two years.

    Morgan Stanley shares rose 6.45%, their greatest one-day percentage gain since Nov. 9, 2020, after beating estimates as wealth management revenue offset trading revenue.

    Bank of America (BAC.N) rose 4.42% after beating estimates in loan payments and investment banking and trading.

    After reporting quarterly earnings, Bank of New York Mellon (BK.N) and PNC Financial (PNC.N) also gained.

    The S&P 500 banking index (.SPXBK) closed 1.90% higher at 317.02, its highest closing level since March 8, when a mini-bank crisis caused a severe sell-off. KBW regional banking index (.KRX) rose 4.10% to 96.25, its best closing since March 21.

  • ASIA Markets

Wall Street’s better-than-expected results lifted Asia-Pacific markets Wednesday.

Earnings started well. 84% of S&P 500 businesses reported exceeding earnings projections, according to FactSet.

Japan’s Nikkei 225 rose 1% while Topix rose 0.94%. In July, the Reuters Tankan survey of large Japanese manufacturers showed a drop in business sentiment for the first time in six months.

After reaching its highest level in 15 months on Tuesday, South Korea’s Kospi rose slightly while the Kosdaq rose 0.31%.

  •  Eu Markets 

Investors concentrated on results and U.S. data on Tuesday, sending European stocks slightly higher.

Sectors rose 0.6% on the Stoxx 600 index. Chemical and retail sectors rose 1.3%, while telecom companies fell 0.9%.

STOCK IN NEWS

  • L&T Technology Services: The engineering services provider reported a 13 percent year-over-year increase in profit for the quarter ended in June FY24 at Rs 311 crore, and a 15 percent YoY increase in revenue from operations to Rs 2,301.4 crore, but sequential declines of 8.5 percent and 2.9 percent, respectively. The quarter’s revenue increased in dollars by 9.1% YoY to $280 million but decreased by 2.9 percent QoQ.

  • IndusInd Bank: The private sector lender’s standalone profit increased 32.5 percent year over year to Rs 2,123.6 crore for the quarter ended June FY24, despite a 20.7 percent YoY decline in provisions and contingencies to Rs 991.6 crore. For the quarter, net interest income increased by 18% YoY to Rs 4,867.1 crore, while the net interest margin increased to 4.29% from 4.21% in the prior quarter.

  • CIE Automotive India: Supported by greater other income and good operating income, the maker of automotive components reported a nearly 60% year-over-year increase in consolidated profit at Rs 301.7 crore for the quarter ended June 2023 (Q2CY23). Higher income from ceased businesses was also reflected in the profit. To Rs 2,320.3 crore, revenue for the quarter increased by 4.7 percent YoY.

  • Himadri Speciality Chemical: On account of lower input costs and other expenses, the specialty chemical company’s consolidated profit for the quarter ended in June FY24 increased by a staggering 123.2 percent year over year to Rs 86.15 crore. Compared to the same period last year, revenue fell by 9.1% to Rs 950.91 crore.

  • State Bank of India: The largest public sector lender in the nation, State Bank of India, has been given the go-ahead to establish a new trustee firm as a wholly owned subsidiary to oversee the Corporate Debt Market Development Fund. The investment manager and sponsor of the aforementioned fund is listed as SBI Funds Management.

  • Mazagon Dock Shipbuilders: Beginning on August 1, Sanjeev Singhal, who is now Director (Finance), will also serve as Chairman and MD of the shipbuilding firm for an extra period of six months.

  • BL Kashyap and Sons: The construction and civil engineering firm has landed a new contract worth Rs 369 crore. Together, these orders bring the company’s total order book to date to Rs 3,086 crore. Within 33 months, the abovementioned directive is anticipated to be carried out.

  • Avanti Feeds: The shrimp exporter Avanti Feeds has established a new company called Avanti Pet Care in Hyderabad, Telangana. Pet food and pet care products will be manufactured and sold by the new subsidiary.

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