Market Close Highlights: Sensex ends down 100pts, Nifty at 24,510; broader markets, auto, pharma, health gain

Sensex Today Live : Indian markets maintained a cautious mood today, ahead of the Budget 2024 presentation.

The benchmark indices Sensex and Nifty traded between a narrow range through the day, which was weighed down by news of incumbent US President Joe Biden withdrawing from the US presidential electiions.

Sensex, which had opened lower at 80,408.90, treaded water between a low of 80,100.65 and a high of 80,800.92. At close, the Sensex was at 80,502.08, down 102.57 point, or 0.13%.

Meanwhile, the 50 -stock Nifty 50, which also opened lower at 24,445.75, traded between a low of 24,362.30 and a high of 24,595.20, through the day. At close, the Nifty 50 was at 24,509.25, down 21.65 points or, 0.09%.

That apart, the BSE SmallCap index ended up 0.83%, while the BSE MidCap closed 1.27% higher.

Across sectors, the Auto sector emerged as the top gainer, followed by Metal, Pharma and Healthcare. In contrast, the FMCG, IT, Media, Realty and Oil & Gas indices were the top sectoral losers.

Among corporates, IDBI Bank reported a 40% YoY growth in its standalone net profit at ₹1,719 crore for the quarter ended June 2024, compared to the ₹1,224 crore in the corresponding quarter last year.

Separately, Solara Active Pharma reported a net loss of Rs13.5 crore, compared to a net loss of ₹19.5 crore in the year ago period. Its revenue from operations was up 3.3% YoY at ₹364 crore, compared to ₹352.3 crore in the year ago period.

Mahindra Logistics also reported a narrower consolidated net loss at ₹7.84 crore in Q1 FY25, compared to a net loss of ₹8.30 crore in the year ago period.

Sensex Today Live : The day of the annual budget is often hailed as the most significant event on India’s economic calendar. This is the day when the central government lays out its financial blueprint for the upcoming fiscal year, detailing its projected income and expenditure. However, when viewed in the broader context, the fiscal significance of this annual budget is somewhat constrained. This is primarily due to the limited amount of surplus funds available to the government.

To better understand this, consider the situation of a lower middle-class family. This family has two income earners and faces regular expenses, including the cost of educating their children and repaying a home loan. They would certainly appreciate additional comforts such as a scooter, a new refrigerator, or more clothing. They might even aspire to support the education of their domestic help’s two daughters. However, they often find themselves with little to no surplus funds. This scenario mirrors the financial constraints faced by the government when drafting its annual budget. (Read the full story here.)

Sensex Today Live : Indian benchmark indices were off the day’s high and were trading in the red on Monday, after opening lower.

At 3 pm, Sensex was down 119.52 points, or 0.15%, at 80,485.13 and Nifty was up 30.30 points, or 0.12%, at 24,500.60.

Sensex Today Live : Revenue from operations stood at ₹1,420.02 crore in the quarter, up from ₹1,293.22 in the year ago period

Losses before tax stood at ₹2.50 crore, compared to a profit of 0.57 crore in the year ago period, while losses after tax stood at ₹7.84 crore, compared to ₹8.30 crore in the year ago period

Sensex Today Live : Solara Active Pharma reported a net loss of Rs13.5 crore, compared to a net loss of ₹19.5 cr in the year ago period

Revenue from operations was up 3.3% YoY at ₹364 crore, compared to ₹352.3 crore in the year ago period

EBITDA for the quarter stood at ₹42.5 crore, compared to ₹19.3 crore in the year ago period

Sensex Today Live : IDBI Bank reported a 40% YoY growth in its standalone net profit at ₹1,719 crore, for the quarter ended June 2024, compared to the ₹1,224 crore in the corresponding quarter last year.

Sensex Today Live : Indian benchmark indices were off the day’s high and were trading in the red on Monday, after opening lower.

At 2 pm, Sensex was down 54.65 points, or 0.07%, at 80,550 and Nifty was up 7.20 points, or 0.03%, at 24,523.70.

Sensex Today Live : In the coming days, India’s Finance Minister, Nirmala Sitharaman, is set to make history by presenting her seventh budget in a row, a feat never before achieved in the country. This budget also marks the beginning of the third term of Prime Minister Narendra Modi’s administration.

Without a doubt, we anticipate a consistent direction in policy declarations, emphasizing economic expansion, societal advancement, and sustainability. These expectations align with the objectives outlined in the Viksit Bharat 2047 vision. Here are the key priority areas this budget should focus on. (Read the full story here.)

Sensex Today Live : BigBloc Construction today announced the outcome of its adjourned board meeting, where the company decided that it bonus equity shares to the ratio of 1:1, that is one bonus equity share of ₹2 each, for every one existing equity share of ₹2, held by the shareholders of the Company as on the record date.

The Board also recommended the Final Dividend at 20%, that is ₹0.40 per equity share.

Sensex Today Live : Indian benchmark indices were off the day’s high and were trading in the red on Monday, after opening lower.

At 1 pm, Sensex was down 121.82 points, or 0.15%, at 80,482.83 and Nifty was up 35.65 points, or 0.15%, at 24,495.25.

Sensex Today Live : Zydus Lifesciences today announced that the Mexican regulatory authority COFEPRIS (Federal Commission for the Protection Against Sanitary Risk), has granted marketing approval for BhavaTM, a Bevacizumab biosimilar.

The company said BhavaTM (Bevacizumab), will be marketed in different strengths of 100 mg/4 ml and 400 mg/16 ml and used in the treatment of metastatic Colorectal Cancer (mCRC), non-squamous non-small cell lung cancer, metastatic breast cancer, glioblastoma, advanced and/or metastatic renal cell carcinoma and ovarian cancer patients.

Sensex Today Live : The company reported a 67% increase in its consolidated net profit to ₹184.82 crore for the first quarter ended June 2024.

Sensex Today Live : The company posted over three-fold jump in net profit to ₹15.4 crore in the April-June quarter of 2024-25.

Sensex Today Live : Jubilant Pharmova announced that it has received a Voluntary Action Indicated from the US FDA for its radiopharmaceutical manufacturing facility in Monthreal, Canada.

The US FDA conducted an an audit in April 2024, after which it classified Jubilant Draximage Inc’s radiopharmaceutical manufacturing facility in Montreal, Canada, as Voluntary Action Indicated.

Sensex Today Live : Anant Raj today announced that its subsidiary Anant Raj Cloud has entered into a Memorandum of Understanding with Google LLC to collaborate on providing data center infrastructure, managed services, and cloud platforms to public and private enterprises.

They also plan to develop innovative technological solutions for potential customers, the company said.

Sensex Today Live : Indian benchmark indices off the day’s high and were trading on a muted note on Monday, after opening in the red.

At 12 pm, Sensex was down 23.66 points, or 0.03%, at 80,580.99 and Nifty was up 2.90 points, or 0.01%, at 24,533.80.

Sensex Today Live : Fineotex today announced that it has completed the fund raise of ₹342.55 crore through a preferential allotment of equity shares and convertible warrants in two phases.

Commenting on the fund raise, Sanjay Tibrewala, CFO and Executive Director of Fineotex Chemical, said: “This preferential allotment aligns with the initial tranche of our fund raised on May 22, 2024, amounting to INR 124.4 Crores. The cumulative funds raised from both tranches now total INR 342.6 Crores. As of today, Fineotex has received INR 192.6 Crores equity allotment and warrant subscriptions. The capital raised will be invested strategically to support both organic and inorganic growth opportunities, reinforcing our commitment to enhancing shareholder value and advancing operational excellence”

Sensex Today Live : Real estate developer TARC has appointed Abu Dhabi-headquartered Arabian Construction Company, as the principal contractor for its luxury residential developments, TARC Kailasa, located in Central West Delhi & its upcoming development TARC 63A located in Gurugram.

TARC has taken this initiative for a time bound and state of the art construction of its developments through Arabian Construction Company which is known to deliver archetypal skyscrapers across UAE & lndia including some of the region’s most iconic landmarks, the company said in an exchange filing.

TARC Kailasa is a 2.80 million square feet luxury residential development spread across five 4O-storey towers, while TARC 63A Gurugram is an upcoming project, estimated to have more than 1.80 million square feet of Iuxury residential development spread across five -45-storey towers, the company added.

Sensex Today Live : Garden Reach Shipbuilders & Engineers today announced that it has entered into two confidential, non-binding MoUs, with Merlinhawk Aerospace and Kerala State Electronics Development Corporation.

The MoU with Merlinhawk involves collaboration towards development of composite doors and hatches for use in Naval Ships, Counter UAV Solution using EDFCS along with CRN 91, EOIRST for Surveillance, Composite Masts for Indian Navy Ships and Hydrogen fuel cells based power generation for maritime applications.

Meanwhile, the MoU with Kerala State Electronics Development Corporation involves establishing collaborative working arrangement towards development of core futuristic technologies in various fields to achieve self-reliance in certain areas of Under Water Surveillance.

The company added that the financial impact of the aforesaid MoUs has not been ascertained yet.

Sensex Today Live : Varun Beverages today announced that its wholly-owned subsidiary, Varun Beverages RDC SAS, has started commercial production of carbonated soft drinks and packaged drinking water at its production facility at Kinshasa, Democratic Republic of Congo.

Sensex Today Live : Indian benchmark indices had recovered from the lows they had opened at on Monday, and were trading in the green, ahead of the presentation of the Budget 2024 on Tuesday, 23 July.

At 11 am, Sensex was up 57.05 points, or 0.07%, at 80,661.70 and Nifty was up 22.45 points, or 0.09%, at 24,553.35.

Sensex Today Live : JSW Energy today announced that its subsidiary JSW Neo Energy has received two Letter of Award from Solar Energy Corporation of India (SECI) and Karnataka Renewable Energy Development.

The SECI order involves setting up 500 MW ISTS-connected solar power project along with 250 MW / 500 MWh of energy storage systems from Solar Energy Corporation of India. It also involves developing a 600 MW / 1,200 MWh energy storage systems.

That apart, the order from Karnataka Renewable Energy Development involves setting up a 300 MW solar power project at Pavagada Solar Park, Karnataka.

Sensex Today Live : The company’s Q1 consolidated profit rose by 10.2% YoY to ₹260.2 crore from ₹236 crore. Revenue increased by 5.7% to ₹1,550.2 crore from ₹1,466.4 crore.

Sensex Today Live : The Hang Seng in Hong Kong added 0.8% to 17,548.33 and the Shanghai Composite index dropped 0.7% to 2,961.41 after China’s central bank unexpectedly lowered its one-year benchmark loan prime rate, or LPR, which is the standard reference for most business loans, to 3.35% from 3.45%.

The People’s Bank of China cut the five-year loan prime rate, a benchmark for mortgages, to 3.85% from 3.95%, aiming to boost slowing growth and break out of a prolonged property slump.

This came after the government recently reported the economy expanded at a slower-than-forecast 4.7% annual pace in the second quarter.

Sensex Today Live : The company’s consolidated profit zoomed by 41% YoY to ₹332.3 crore from ₹235.7 crore. Revenue increased by 42.6% to ₹505 crore from ₹354.2 crore.

Sensex Today Live : The company’s consolidated profit surged by 81.7% YoY to ₹584.5 crore from ₹321.6 crore. Revenue jumped by 54.4% to ₹1,405.2 crore from ₹910 crore.

Sensex Today Live : The company’s Q1 profit grew by 21.1% YoY to ₹26.8 crore from ₹22.1 crore. Revenue increased by 11.9% to ₹165.4 crore from ₹147.8 crore.

Sensex Today Live : The company’s standalone profit increased by 14.8% YoY to ₹397.7 crore from ₹346.3 crore in the same quarter the previous year. Revenue rose by 28.7% to ₹926.8 crore from ₹720.3 crore.

Sensex Today Live : The bank’s Q1 standalone profit grew by 46.7% YoY to ₹502 crore in Q1FY25, from ₹343 crore in the same quarter the previous year. Net interest income increased by 12.2% to ₹2,244 crore from ₹2,000 crore. Gross NPA ratio remained flat at 1.7% (QoQ). Net NPA ratio dropped to 0.5% from 0.6% (QoQ).

Sensex Today Live : The company’s consolidated Q1FY25 profit jumped by 66.9% YoY to ₹184.8 crore, from ₹110.7 crore in the same quarter the previous year. Revenue rose by 1.6% to ₹2,807.6 crore from ₹2,762.6 crore.

Sensex Today Live : The company’s Q1 consolidated Q1FY25 profit plunged by 64.3% YoY to ₹867 crore from ₹2,428 crore. Revenue rose by 1.7% to ₹42,943 crore from ₹42,213 crore. EBITDA declined by 21.8% to ₹5,510 crore from ₹7,046 crore. Margin dipped by 390 bps to 12.8% from 16.7%.

Sensex Today Live : The bank’s Q1 standalone YoY profit surged by 81% to ₹6,249.8 crore from ₹3,452.3 crore. Revenue rose by 9.8% to ₹6,842.4 crore from ₹6,233.7 crore. Provisions jumped to ₹578.5 crore from ₹364.3 crore. Gross NPA ratio remained flat at 1.39% (QoQ). Net NPA ratio rose to 0.35% from 0.34% (QoQ).

Sensex Today Live : The company’s IT services revenue declined by 0.8% to ₹21,896.3 crore in Q1FY25 from ₹22,079.6 crore. IT services EBIT fell by 0.4% to ₹3,605.7 crore from ₹3,619.5 crore. Margin rose by 10 bps to 16.5% from 16.4%. Dollar revenue was down by 1.2% to USD 2,625.9 million from USD 2,657.4 million. The company expects revenue from IT services business to be in the range of $2,600-2,652 million in Q2 Vs Q1.

Sensex Today Live : The company’s Q1 consolidated profit was ₹17,448 crore, a decrease from ₹18,182 crore. Revenue grew by 11.5% to ₹2,57,823 crore from ₹2,31,132 crore. EBITDA rose by 2% to ₹42,748 crore from ₹41,906 crore. EBITDA margin was at 16.6%, down from 18.1%. Jio Platforms’ profit jumped by 11.7% to ₹5,698 crore from ₹5,101 crore. Jio Platforms’ revenue rose by 12.8% to ₹34,548 crore from ₹30,640 crore. Reliance Retail Ventures’ profit increased by 4.6% to ₹2,549 crore from ₹2,436 crore. Reliance Retail Ventures’ revenue climbed by 8.1% to ₹75,615 crore from ₹69,948 crore. Oil to chemicals revenue spiked by 18.1% to ₹1,57,133 crore from ₹133,031 crore. Oil & gas revenue surged by 33.4% to ₹6,179 crore from ₹4,632 crore.

Sensex Today Live : Indian benchmark indices were muted on Monday, ahead of the presentation of the Budget 2024 on Tuesday, 23 July. Other factors, like incumbent POTUS Joe Biden’s decision to pull back from the US Election 2024, were also likely to weigh on the market sentiment

At opening bell, Sensex was down 439.17 points, or 0.54%, at 80,165.48 and Nifty was down 133.60 points, or 0.54%, at 24,397.30.

Sensex Today Live : Indian benchmark indices were down at pre-open on Monday, ahead of the presentation of the Budget 2024 on Tuesday, 23 July. Other factors, like incumbent POTUS Joe Biden’s decision to pull back from the US Election 2024, also weighed on the market.

Sensex was down 197.35 points, or 0.24%, at 80,407.30 and Nifty was down 76.20 points, or 0.31%, at 24,454.70 during pre-open.

Sensex Today Live : “Going into the Budget the market will be trading cautiously. The pressure on the broader market is likely to continue since there is more scope for profit booking.

It is important to understand that the market expects a positive Budget which is growth oriented and fiscally prudent with income tax reliefs for the middle class. Also the market expects status quo on the Long Term Capital Gains taxation. If there is any disappointment in these areas the market can react negatively. On the other hand, if the Budget delivers on expectations, aggressive retail buying can lift the market to new highs.

President Biden opting out of the presidential race is unlikely to influence the market now. Market will wait for clarity to emerge on Trump’s winning chances.”

–Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

Sensex Today Live : Indian markets in the week starting July 22 are likly to remain jittery for the first few days as investors digest a raft of news reports, from incumbent US President Joe Biden pulling back from the nomination of the Democratic party in the US, which clears the way for current US Vice President Kamala Harris to pitch for her nomination on the Democratic party ticket for the US Presidential election.

The emerging election landscape in the US is likely to have an impact on markets around the world, including India.

That apart, closer home, with the markets awaiting the presentation of Budget 2024 by Finance Minister Nirmala Sitharaman on Tuesday, 23 July, punters in the market will be looking for bargains and discounts and the opportunity presented by the impact of volatility that so many factors will have on the markets for the next few days.

Meanwhile, the Gift Nifty index was trading at 24,416, compared to the Nifty 50 close of 24,530 in Friday’s trading session, indicating a muted start to Monday’s trading session, amid expectations of heightened volatility.

Asian shares slid anew on Monday, getting little lift from a surprise rate cut by China’s central bank, while Wall Street futures firmed in the wake of President Joe Biden’s decision to bow out of the election race.

The People’s Bank of China cut short-term rates by 10 basis points, which pulled down long-term borrowing costs and bond yields. The move follows Beijing’s release of a policy document on Sunday outlining its ambitions for the economy.

Investors seemed underwhelmed with the move, in part as it only emphasized how weak the economy was, and Chinese blue chips slipped 0.8%.

“Basically all the fundamental factors point to the fact that China needs a lower rate environment, especially the real rate is really high…in this kind of disinflationary environment,” said Gary Ng, Asia-Pacific senior economist at Natixis in Hong Kong.

“I think the general trend is that it’s pretty much in line with the fact that the economy is not that great, and it seems that there’s a bit of urgency from the authorities to stimulate it now.”

MSCI’s broadest index of Asia-Pacific shares outside Japan lost another 1.0%, having shed 3% last week.

Japan’s Nikkei dropped 1.1% and South Korea’s benchmark index fell 1.5%. Taiwan was having another tough session with a loss of 2.4%.

Investors seemed much better prepared for news President Biden would drop out of the election race and endorse Vice President Kamala Harris for the Democratic ticket.

Online betting site PredictIT showed pricing for a victory by Donald Trump had fallen 4 cents to 60 cents, while Harris climbed 12 cents to 39 cents. California governor Gavin Newsom, another possible Democratic challenger, trailed at 4 cents.

Markets took the news in their stride, with S&P 500 stock futures nudging up 0.1%, while Nasdaq futures added 0.2%. Futures for 10-year Treasuries rose 2 ticks, while 10-year bond yields dipped 1 basis point to 4.23%.

EUROSTOXX 50 futures and FTSE futures both edged up 0.2%.

“As Trump’s polling results have lifted, markets have favoured positions that anticipate more trade barriers and possibly higher inflation,” ANZ analysts said.

“Some polls have Harris performing better than Biden against Trump, and the Democrats will be hoping the next polls feature a Harris-driven bump.”

EYE ON EARNINGS

A packed week of corporate earnings will see Tesla and Google-parent Alphabet kick off the season for the “Magnificent Seven” megacap group of stocks.

Others reporting include General Electric, General Motors, Ford and Lockheed Martin.

The tech sector is projected to increase year-over-year earnings by 17%, while profit for the communication services sector is seen rising about 22%.

Such gains would outpace the 11% estimated rise for the S&P 500 overall, according to LSEG IBES.

A busy week for economic news will culminate with the Federal Reserve’s favoured inflation measure out on Friday. The core personal consumption expenditures index is seen rising 0.1% in June, pulling the annual pace down a tick to 2.5%.

Markets are wagering heavily that a benign outcome will firm the case for a September rate cut, which futures are pricing as a 97% chance.

Also due are figures for advance gross domestic product that are forecast to show growth picking up to an annualised 1.9% in the second quarter, from 1.4% in the first.

The closely watched Atlanta Fed GDPNow indicator points to growth of 2.7%, suggesting some risk to the upside.

The Bank of Canada meets on Wednesday and is considered almost certain to cut its rates by a quarter point to 4.5%.

In currency markets, the dollar gave back just a little of last week’s safe haven gains as the euro edged up 0.1% to $1.0890. The dollar was flat on the Japanese yen at 157.51.

In commodity markets, gold held at $2,407 an ounce and not far from last week’s record high of $2,483.60.

Oil prices inched higher, with scant sign of progress on a ceasefire deal in Gaza as Israeli forces battled Palestinian fighters in the southern city of Rafah on Sunday.

Brent gained 22 cents to $82.85 a barrel, while U.S. crude rose 36 cents to $80.49 per barrel.