NIFTY50: 19,979 ▲ 146 (+0.7%)
SENSEX: 67,571 ▲ 474 (+0.7%)
Hello, friends !
Have you felt pain and delight on the same day? A man in New Delhi experienced this recently, when he lost his phone in a cab and then got it back after the driver brought it back to his hotel. Kudos to the driver for his honesty! The markets too witnessed ups and downs today, as they started on a weak note but bounced back to end on a high.
- Bull run continues, as NIFTY50 is inches away from the 20,000 mark
- In all, 38 of the NIFTY50 stocks closed in the green
- People's Bank of China kept its one-year loan prime rate unchanged at 3.55%
Among the NIFTY sectoral indices, Pharma (+1.4%) and FMCG (+1.3%) were the top gainers, while IT (-0.6%) was the top loser.
| Top gainers | Today's change |
| ITC | 491 ▲ 12 (+2.6%) |
| Kotak Bank | 1,956 ▲ 49 (+2.6%) |
| ICICI Bank | 994 ▲ 21 (+2.1%) |
| Top losers | Today's change |
| Infosys | 1,442 ▼ 32 (-2.1%) |
| UltraTech | 8,225 ▼ 104 (-1.2%) |
| Bajaj Finserv | 1,634 ▼ 10 (-0.6%) |
What’s trending
⭐ Jio Financial share price discovered
Jio Financial Services (JFSL) took the first step towards its listing on the exchange today. Its share price was discovered at ₹261.8 apiece, following the special pre-open session conducted on the NSE. Meanwhile, Reliance Industries share price settled at ₹2,580, but rallied up 1.6% after normal trading resumed from 10 AM. The listing date for JFSL shares will be announced soon.
⭐ ABB India slumps on declining orders
ABB India shares fell by 6.4% after the Swedish automation major's order inflows declined 2% to $8,667 million as compared to $8,807 million in the same quarter last year. This may affect the company’s upcoming results. However, the company's revenue did increase by 13% reaching $8,163 million.
⭐ Havells India’s strong Q1 results
Consumer electricals maker Havells India reported a consolidated net profit of ₹287 crore for Q1FY24, up 18% from ₹243 crore in the same quarter last year. The company also reported a 13.8% YoY rise in consolidated revenue from operations at ₹4,834 crore as compared to ₹4,244 crore in the year-ago period. Despite strong results, the company’s share price fell by 1.2% today.
⭐ CanFin Homes rises on strong Q1 results
CanFin Homes’ shares rose by 1.4% after the Canara Bank promoted housing loan provider reported a 13% year-on-year (YoY) jump in net profit at ₹183.5 crore for Q1FY24. Net interest income (NII), which is the difference between the interest income a lender earns from its lending activities and the interest it pays to depositors, rose by almost 14% at ₹285 crore as compared to ₹250 crore in the same quarter last year.
In Focus
Another day, another high
Domestic markets scaled to a new peak today, with the NIFTY50 index touching a new high of 19,991 intraday. With multiple forces at work, markets continue to touch new highs. What are the key factors supporting today’s market gain? Let’s find out.
Gains in US and European markets
Strong overnight gains in the US markets and positive moves in the European markets acted as one of the triggers for an up move in the Indian markets. Strong corporate earnings by US firms was a sentiment booster for the US markets.
Meanwhile, easing in the UK retail inflation, which dropped to a 15-month low at 7.9% in June 2023 supported the European markets. With a fall in the UK inflation, hopes of inflation coming down globally have increased. This added to the expectations that rate hikes by central banks in the developed countries are coming towards the end.
ADB retains India growth forecast
The Asian Development Bank (ADB) yesterday retained its FY24 India growth forecast at 6.4%, which was also a positive sign for the markets. In addition, sustained inflow of foreign funds, along with robust quarterly earnings by NIFTY50 stocks like HDFC Bank and IndusInd Bank continued to give a boost to domestic markets.
All these factors have powered the NIFTY50 to the brink of the 20,000 milestone. Now, the big question on everyone’s mind is: Will NIFTY50 cross the 20,000 mark tomorrow? Keep an eye on this space to find out!
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