Stock Market Live: Markets open higher! Nifty below 24,600, Sensex up 170 points; Nifty Midcap 100 jumps 230 points – Market News

“The global support for the market rally in India continues. It is important to understand that the US is leading this rally with 18.4% returns YTD in S&P 500 compared with 12.7% YTD returns in Nifty. The latest inflation data in the US indicates a rate cut by the Fed in September. This is likely to keep the US market buoyant with positive impact in India, too. However, valuations in India are moving to elevated levels. Investors have to be cautious about the excessive valuations in the momentum stocks which are moving to frothy levels,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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“IT results from TCS and HCL Tech indicate improving prospects which the market is discounting now. But the growth projections of IT companies remain low and, therefore, a sharp restart from the present levels is unlikely. Financials remain the fairly valued segment of the market. Decline in US 10-year bond yield is positive for FII inflows.”

On Wednesday, July 17, the stock markets will be closed in observance of Muharram. “Key catalysts for the day include the release of WPI inflation numbers and Federal Reserve Chair Jerome Powell’s speech on July 15. The FOMO rally remains strong, with India projected to become the world’s second-largest economy by 2031, the Dow Jones surpassing 40,000, and a 93% chance of a Fed rate cut in September. FIIs were net buyers of Rs. 3,844 crores last week,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Piramal Pharma has said that the USFDA conducted a Pre-Approval Inspection (PAI) of the company’s PPDS Ahmedabad facility from 10th July 2024 to 12th July 2024. The inspection was completed successfully with Zero Form-483 observations and No Action Indicated (NAI) designation.

Rail Vikas Nigam received a letter of acceptance (LoA) from Central Railway for overhead modification work up-gradation of the existing 1 x 25 kV electric traction system for a sum of Rs 132.59 crore.

“We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook. The good progress in the monsoon and expectations of an uptick in volumes aided FMCG stocks to outperform the main indices. In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched carefully by investors to get cues on market momentum,” said Vinod Nair, Head of Research at Geojit Financial Services.

Indian Renewable Energy Development Agency (IREDA) posted a net profit of Rs 383.69 crore in the Apr-Jun quarter of FY25, a 30% growth on year compared to Rs 294.58 crore during the same period last year. Also, the company’s asset quality has improved sequentially.

GMR Airports Infrastructure, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Indian Energy Exchange, India Cements, Indus Towers, Piramal Enterprises, and RBL Bank will remain in the F&O Ban on July 15.

Godrej Consumer Products introduced a new mosquito repellent in liquid vapourisers and agarbattis, using an indigenously developed and patented molecule Renofluthrin, on Friday. This is India’s first such molecule, the company said, which in the past would import its molecules for its household insecticides from countries such as Japan.

Foreign institutional investors (FII) bought shares net worth Rs 4,021.60 crore. However, domestic institutional investors (DII) sold shares net worth Rs 1,651.45 crore on July 15, 2024, according to the provisional data available on the NSE.

Avenue Supermarts, which owns and operates the retail chain D-Mart, on Saturday, reported its fiscal first quarter earnings with profit at Rs 773.82 crore, up 17.5 per cent in comparison to Rs 658.71 crore during the same period last year. It posted revenue from operations at Rs 14,069.14 crore, up 18.6 per cent as against Rs 11,865.44 crore recorded during the first quarter of FY24. The company’s EBITDA was up 18 per cent at Rs 1,221.3 crore as against Rs 1,035.3 crore on-year.

WTI crude prices were trading at $81.85 down by 0.40%, while Brent crude prices were trading at $84.70 up by 0.38%, on Monday morning.

HCLTech on Friday posted a near 2% sequential decline in its topline at Rs 28,057 crore in the April-June quarter on the back of weakness in the IT services & engineering and R&D services segments. However, the company’s consolidated net profit rose 7% quarter-on-quarter to Rs 4,257 crore, aided by an increase in other income and a small decline in expenditure.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.18% at 104.27 on Monday morning.

US markets on Friday closed higher on the back bets that the US Fed may cut interest rates by September 2024. During intraday, the S&P 500 and Dow Jones touched a fresh record high. The broader market index, the S&P 500, advanced 0.55% to close at 5,615.35. Similarly, the tech-heavy Nasdaq Composite rose 0.63% to settle at 18,398.45. While, the Dow Jones Industrial Average rose 0.62% to end at 40,000.90.