Sensex gains 474 points, Stock Market News July 20th

Sensex gains, closed at 67570 level: While Nifty at 19980 level

 Indian Market 

FII AND DII 

 Indian Market News 

1.  Sensex up 474 points, Nifty above 19,970; midcaps and smallcaps disappoint
2. US markets rise, while Asian markets are mixed; GIFT The nifty flat
3. Stocks rise as results improve; Dow posts its eighth day of gains.
4. Oil prices begin lower due to currency strength and profit-taking.
5. The GIFT Nifty indicates a flat opening for India’s broader market.
6. ITC is the seventh Indian company to have a market capitalization of Rs 6 lakh crore.
7. On July 26, Shree Cements would contemplate raising up to Rs 1,000 crore.
8. CanFin Homes climbs after analysts praise its first-quarter results.
9. ABB India falls 8% after its parent company reports weak Q2 growth. 
10. L&T Finance Holdings’ Q1 profit increases 103% year on year to Rs 531 crore.
11. Finolex Industries’ Q1 profit rises 16.2% year on year to Rs 115.3 crore, but revenue dips 0.9%.
12. The BSE SME market cap has surpassed Rs 75,000 crore, with 445 companies listed on the platform.
13. Tata Communications’ first-quarter net profit declines 30% to Rs 382 crore.
14. Hindustan Unilever Q1 Outlook Volume growth is expected to increase net profit by 13.6%.
15. Megha Engineering has been awarded a contract by Olectra Greentech to build an EV manufacturing factory.
16. Infosys Q1 Preview: Net profit expected to rise 14% year on year; outlook and project pipeline in focus

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Inflation in the UK

  Official numbers released Wednesday revealed that inflation in the United Kingdom fell more than expected to a 15-month low, easing pressure on the Bank of England to hike interest rates considerably in the coming months.

  According to the Office for National Statistics, consumer price inflation declined to 7.9 percent in the year to June from 8.7 percent the previous month. Economists had predicted a more modest 8.2 percent drop.

  According to the Office for National Statistics, consumer price inflation declined to 7.9 percent in the year to June from 8.7 percent the previous month. Economists had predicted a more modest 8.2 percent drop.

Global Market Update

• Gift Nifty

With a gain of 2 points on Thursday, the GIFT Nifty indicates a flat start for the broader market. The futures were trading at 19,843.

•  US market

  The Dow Jones Industrial Average and the S&P 500 index both rose moderately on Wednesday, with the blue-chip Dow recording its eighth straight day of gains as investors assessed the latest round of company earnings, while a drop in Microsoft kept the Nasdaq near flat.

  The S&P 500 bank index gained 1.70 percent, extending its rally for the third straight session and the eighth time in the last nine.

  Goldman Sachs surged 0.97 percent despite posting a three-year low in profit, but CEO David Solomon was bullish about prospects of an investment banking rebound. This was echoed by other major institutions on Tuesday.

  The Dow Jones Industrial Average increased by 109.28 points, or 0.31 percent, to 35,061.21, the S&P 500 increased by 10.74 points, or 0.24 percent, to 4,565.72, and the Nasdaq Composite increased by 4.38 points, or 0.03 percent, to 14,358.02.

  The Dow has now gained eight consecutive sessions, its longest winning streak since September 2019.

   

• ASIA Markets

  On Thursday, Asia-Pacific markets slumped broadly ahead of a flood of economic data from the area.

  nvestors will be watching China’s one-year and five-year loan prime rates attentively to see if the country’s government would try to stimulate development by decreasing rates, just days after China’s second-quarter GDP fell short of expectations.

  Japan’s Nikkei 225 began 0.48 percent lower, while the Topix opened 0.22 percent lower, after the country reported an unexpected trade surplus of 43 billion yen ($308 million), its first in 23 months.

  The Kospi in South Korea sank 0.54 percent, while the Kosdaq plummeted 0.8 percent from its 16-month high.

•  Eu Markets 

On Wednesday, European stocks close higher after UK inflation came in lower than predicted.

The Stoxx 600 index in Europe rose 0.3 percent, with oil and gas equities rising 1.1 percent. The FTSE 100 rose 1.8 percent as the pound plummeted versus the US dollar and euro, while UK bond yields fell substantially.

STOCK IN NEWS

• Federal Bank: On July 19, the private sector lender launched its qualified institutional placement (QIP) offering. The QIP’s floor price has been established at Rs 132.59 per share.

• Dr Reddy’s Laboratories The US Food and Drug Administration (USFDA) completed a pre-approval inspection (PAI) and a routine GMP inspection at Dr Reddy’s Laboratories’ API production facility in Srikakulam, Andhra Pradesh. The inspection took place from July 10 to July 19. The inspection concluded with zero observations and a no action indicated (NAI) designation.

• Olectra Greentech: Megha Engineering & Infrastructures has been granted a contract by Olectra Greentech to build a greenfield electric vehicle manufacturing facility on 150 acres of land in Hyderabad. This is the ultimate holding company and an affiliate of Olectra greentech. The building of the greenfield EV manufacturing facility will be completed within 12 months of shareholder approval.

• Mastek: The digital engineering and cloud transformation partner has reached a definitive deal to acquire BizAnalytica, a leading provider of data cloud and modernisation solutions based in the United States. The strategic purchase will strengthen Mastek’s worldwide data cloud services and generative AI capabilities, as well as provide access to a skilled pool of data architects and scientists.

• Krsnaa Diagnostics: The National Health Mission of Rajasthan has revoked the letter of approval issued to Krsnaa Diagnostics for providing laboratory services under the NHM’s free diagnostics initiative on the HUB and SPOKE Model. According to the corporation, there are criteria for submitting additional performance security, and there are arguments over supplying this additional performance security owing to technicalities. The cancellation of the letter of acceptance has no effect on the company’s current business operations.

• Shree Cement: The Ministry of Corporate Affairs has issued a letter of inspection to the company. The inspection will be carried out in accordance with Section 206(5) of the Companies Act of 2013.

• Finolex Industries: The PVC pipes and fittings maker increased profit by 16.2 percent year on year to Rs 115.3 crore in the fiscal year ended June FY24, owing to strong operating performance. Revenue from operations declined 0.9 percent year on year to Rs 1,179.2 crore. On the operational front, EBITDA increased 21.1 percent year on year to Rs 152.5 crore, with a margin expansion of 230 basis points due to a substantial drop in input costs.

• Tata Communications: The digital ecosystem facilitator reported a 29.8 percent year-on-year drop in profit to Rs 381.7 crore for the fiscal quarter ended June FY24, owing to a weak operating margin, lower other income, and increased finance costs. For the quarter, revenue from operations climbed by 10.7 percent year on year to Rs 4,771.4 million. In terms of operations, EBITDA fell 4.9 percent year on year to Rs 1,024 crore, with a margin contraction of 350 basis points (bps) during the quarter.

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