NIFTY50: 19,517 ▲ 135 (+0.7%)
SENSEX: 65,721 ▲ 480 (+0.7%)
Namaste, friends!
India’s moonshot is on track. Chandrayaan-3 set a new milestone today. The spacecraft entered the moon’s orbit and has already covered two-thirds of the distance to the moon. Meanwhile, closer home, the markets also moved upwards and ended in the green. More on that later.
- Benchmark indices snapped their three-day losing run, and the Nifty closed above 19,500 level
- In all, 30 of the NIFTY50 stocks closed in the green
- Eurozone retail sales declined by 0.3% in June from a rise of 0.6% in May 2023
Among the NIFTY sectoral indices, IT (+1.5%) and Pharma (+0.9%) were the top gainers, while PSU Bank (-0.7%) and Auto (-0.3%) were the top losers.
| Top gainers | Today's change |
| Cipla | 1,206 ▲ 41 (+3.5%) |
| IndusInd Bank | 1,405 ▲ 41 (+3.0%) |
| Tech Mahindra | 1,173 ▲ 30 (+2.6%) |
| Top losers | Today's change |
| SBIN | 573 ▼ 17 (-2.9%) |
| Bajaj Auto | 4,704 ▼ 122 (-2.5%) |
| BPCL | 360 ▼ 7.5 (-2.0%) |
What’s trending
⭐ New-age tech firms gain traction
Shares of new-age tech firms saw strong investor traction today. Zomato shares jumped more than 10% after the company reported its first ever net profit of ₹2 crore for the June quarter. Its revenue from operations stood at ₹2,416 crore, up 71% YoY. Paytm shares gained over 3.5% after the company shared a robust business update for July 2023. Its loan-distribution business disbursed loans worth ₹5,194 crore, while average monthly transacting users grew by 19% YoY to 9.3 crore. Other new-age tech companies, including PB Fintech and FSN E-Commerce Ventures (Nykaa) also gained 7.4% and 2.2% respectively.
⭐ SBI posts robust Q1 results
The PSU lender reported a 178% YoY rise in net profit to ₹16,884 crore for June quarter on the back of higher interest income and lower provisions. Meanwhile, its net Interest Income (NII) was up by 24% YoY to ₹38,905 crore, while gross advances rose 13% YoY to ₹33 lakh crore. Despite impressive Q1 numbers, shares of SBI declined 2.9%.
⭐M&M reports strong Q1 results
Mahindra and Mahindra (M&M) reported a 98% YoY rise in standalone net profit for Q1FY24 at ₹2,774 crore. Its revenue from operations increased by 23% to ₹24,368 crore. Revenue in the year-ago period was ₹19,813 crore. The automaker attributed the strong performance to its product mix and upbeat growth in the SUV segment. However, the company’s shares were down by 0.3% today.
⭐ Crude oil edges higher
International crude oil prices rose nearly 1% intraday, with Brent crude trading close to $85 per barrel. Oil prices are on track to close higher for the sixth consecutive week as Saudi Arabia extended a voluntary oil production cut of one million barrels per day (bpd) till the end of September.
In Focus
PVR-INOX is on a blockbuster ride
In the June quarter, PVR-INOX reported impressive earnings. The multiplex operator’s revenue rose more than 32% to ₹1,324 crore on the back of higher box office collections of major international releases. Meanwhile, recent Hollywood releases were well received by moviegoers. Will Hollywood releases boost the company’s revenue in the upcoming quarter as well? Let’s dig in.
Recent Hollywood releases, including Mission Impossible 7, Barbie and Oppenheimer, saw a strong response in the domestic markets. These movies saw incredible bookings, with Oppenheimer receiving advance bookings of over two lakh tickets across cinema chains operated by PVR-INOX. Domestic box office collections of Oppenheimer and Mission Impossible 7 have already crossed ₹100 crore, while that of Barbie is near ₹40 crore.
These higher box office collections could help multiplex-chain operator post decent numbers in the September quarter as PVR-INOX operates 361 cinemas with 1,707 screens across 114 cities with market share of nearly 40%.
Moreover, several Hindi movies are lined-up for release in coming weeks, including Gadar 2, DreamGirl 2, Jawaan, which could help bring back Hindi cinema lovers back to theatres.
All in all, the September quarter looks like an action-packed one for PVR-INOX and moviegoers. But the million-dollar question is this: Will these new releases help PVR-INOX post a profit especially after it reported a net loss of ₹44 crore in the first quarter?
Powerful buying made simple!
Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.
Benefits of MTF:
🔹 Get 2X leverage on equity delivery orders
🔹 Borrow up to ₹25,00,000 at a time
🔹 Hold stocks bought via MTF for up to 365 days.
Download the Upstox App Today