Market news wrap: Indices closing flat to UltraTech stock rising 2% – Top 5 news of the day

Market activity was buzzing on Monday, July 29, with several stocks moving due to the impact of quarterly earnings season. UltraTech, which moved towards acquiring the majority stake in India Cements, climbed by 2%.

Indian bourses commenced the week at yet another record high, with NIFTY50 almost nearing the significant milestone of 25,000 mark led by banking stocks. However, volatility took center stage in the second half of the trading session, causing the frontline indices to erase most of its gains and oscillate between positive and negative territories before settling on a flat to positive note. The NIFTY50 index closed with a marginal gain of 1.25 points at 24,836.10 level, while the SENSEX added 23.13 points, or 0.03% to end 81,355.85 level. Read more

Shares of UltraTech Cement touched an intraday high of ₹11,940 apiece on the NSE, up around 2%, after the company's board gave nod to acquire nearly 33% more stake in India Cements. On the completion of the said deal, UltraTech Cement’s total stake in the Chennai-headquartered company will rise to 55.49%. Read more

State-owned defence manufacturer Bharat Electronics Ltd (BEL) logged a standalone net profit of ₹776 crore in the first quarter of fiscal year 2024-25 (Q1FY25). The net profit reported by the company is 46.1% higher as compared to ₹531 crore in the year-ago period. Read more

Shares of Bandhan Bank jumped as much as 9.97% to ₹211.70 apiece on the NSE on Monday, July 29, after the lender last week reported an improvement in its asset quality in the June 2024 quarter. Read more

After nosediving last week, gold price seems poised for recovery in the global market, with the rates inching close to $2,400 level. Spot gold was trading at $2,395 an ounce at around 0500 hours GMT, up 0.36% as against the last closing price. Read more