Barometers turn rangebound; European mkt opens higher

Posted by Admin July 11, 2024 Bussiness

Last Updated : Jul 11 2024 | 1:52 PM IST

The frontline indices traded in a narrow range with minor cuts in afternoon trade. The Nifty traded below the 24,300 level. Oil & gas, media and FMCG stocks were in demand while realty, healthcare and pharma shares declined. Trading could be volatile due to weekly F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 152.82 points or 0.19% to 79,771.95. The Nifty 50 index lost 34 points or 0.14% to 24,290.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index gained 0.53%.

The market breadth was positive. On the BSE, 2,186 shares rose and 1,655 shares fell. A total of 115shares were unchanged.

Gainers & Losers:

Coal India (up 2.82%), ONGC (up 2.67%), BPCL (up 2.11%), Tata Motors (up 1.74%) and ITC (up 1.25%) were major Nifty gainers.

Nestle India (down 1.56%), Bajaj Finance (down 1.55%), Sun Pharmaceuticals Industries(down 1.38%) ICICI Bank (down 1.29%), and NTPC (down 1.28%) were major Nifty losers

Stocks in Spotlight:

Tata Elxsi declined 1.61%. The companys revenue increased 2.3% YoY to Rs 926 crore in Q1 FY25. Net profit declined 6.5% to Rs 184 crore in Q1 FY24 from Rs 197 crore in Q1 FY224.

HPL Electric & Power zoomed 16.40% after the company announced that it has received work orders of Rs 2,100.71 crore from its regular leading customers.

GE Power India jumped 6.03% after the companys board approved to sell its hydro business undertaking to GE Power Electronics and its Gas business to GE Renewable Energy Technologies through slump sale basis.

Power Grid Corporation of India shed 0.56%. The company said that its board approved to borrow funds upto Rs 16,000 crore through various sources during the financial year 2025-2026.

IRB Infrastructure Developers rose 0.79%. The companys gross toll collection jumped 35% YoY to Rs 517 crore in June.

Global Markets:

European stocks advanced on Thursday, as global markets look ahead to the next U.S. inflation reading.

Asian stocks edged higher, fueled by tech gains and record highs in Japan, after chipmaker TSMC’s strong revenue boosted optimism for AI. TSMC’s record revenue in June, driven by surging AI demand, pushed its share price up nearly 2% in Taiwan.

The rally followed a surge on Wall Street overnight, where the S&P 500 and NASDAQ hit records on hopes of a soft economic landing and potential Fed rate cuts later this year. All eyes are now on upcoming consumer inflation data, which will heavily influence the Fed’s decision on interest rates.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Jul 11 2024 | 1:43 PM IST