After three days of fall, the Nifty recovered well and moved in positive territory throughout the day. The broader market excelled, rising more than 2%. All sectors ended in the green, with the leading gainers being oil and gas, pharmaceuticals, and metals.
At close, the Sensex was up 874 points or 1.1% at 79,468.01 and the Nifty was up 305 points or 1.27% at 24,297.5. The market sentiment navigated towards gainers as around 2,680 shares advanced, 716 shares declined, and 74 shares were unchanged.
| Top 5 Gainers in Today’s Trade: | Top 5 Losers in Today’s Trade: |
| Tejas Networks Ltd. (12.1%) | EIH Ltd. (16.85%) |
| HFCL Ltd. (11.5%) | Archean Chemical Industries Ltd (4.1%) |
| Jubilant Ingrevia Ltd. (10.7%) | Shree Cements Ltd. (3.8%) |
| Sterlite Technologies Ltd. (8.8%) | Gland Pharma Ltd. (3.8%) |
| Ramkrishna Forgings Ltd (8.2%) | Varroc Engineering Ltd. (3.4%) |
Earnings Call:
Quicktouch Technologies Limited (jumps 15.7%)
Net profit – 41.6% QoQ | 183.3% YoY
Revenue from operations – 22.6% QoQ | 265.8% YoY
Venky’s (India) Ltd (20% upper circuit)
Net profit – 124.5% QoQ | 287.6% YoY
Revenue from operations – (17.2%) QoQ | (9.8%) YoY
Lupin Ltd (jumps 6%)
Net profit – 78% QoQ | 119% YoY
Revenue from operations – 13% QoQ | 16% YoY
Cupid LTD (5% Upper Circuit)
Net profit – 65% QoQ | 284% YoY
Revenue from operations – 16% QoQ | 13% YoY
Orders & Acquisition:-
Welspun Corp Limited jumped 3% after its associate company, East Pipes Integrated Company for Industry (EPIC), signed a multi-contract with different EPC contractors for manufacturing, and supplying steel pipes, and coating worth ₹525 crore.
Suzlon Energy Ltd jumped 5% after the company announced the acquisition of a 76% stake in Renom Energy Services worth ₹660 crore in two or more tranches.
Servotech Power Systems Ltd locked a 10% upper circuit after the announcement of a ₹10.20 crore order for 1.2 MW of Solar Energy Storage and Grid-connected Systems from Uttar Pradesh’s Rural Development Department and UPNEDA.
FII Inflow in the Indian Market
Here are the top 3 sectors that made significant FPI inflows of ₹24,880 crore in July 2024
Indian stock markets experienced a significant Foreign Institutional Investor (FII) inflow, reaching $3.8 billion. Notably, FIIs showed particular interest by allocating ₹11,423 crore to the Information Technology sector, ₹7,310 crore to the Metals & Mining sector, and ₹6,148 crore to the Automobiles & Ancillaries sector.
Stock Recommendations:
Global brokerage, CLSA has initiated a ‘outperforming’ rating on Power Finance Corporation Ltd. with a target price of ₹620 per share, representing an upside potential of up to 27% from Wednesday’s close price of ₹488.80 apiece.
Bulk Deal:-
Akums Drugs and Pharmaceuticals jumped 3% after Smallcap World Fund Inc. bought 25,86,541 equity shares, representing a 1.64% stake in the company at an average price of ₹753.84 per share.
Tata Consumer Products jumped 2% after Kotak Mahindra Mutual Fund, via its Equity Arbitrage Fund, purchased 1,83,768 equity shares, representing 0.02% of the paid-up equity in the company, at an average price of ₹373.54 per share.
Zydus Wellness Ltd jumped 5% after Quant Mutual Fund bought a 1.68% stake in the company at an average price of ₹2,201.4 per share, while Threpsi Care LLP has sold a 2.67% stake in the company at the same average price.
Written by:- Abhishek Singh
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