Indian benchmark indices hit all-time highs on Wednesday tracking positive cues. Sensex crossed the 67,000 mark, while Nifty ended near 19,850. The market gave up the record levels later in the day but traded marginally higher. Stocks rallied in most Asian markets tracking the US amid better-than-expected quarterly results.
Stock Market Update: Sensex, Nifty end at record high tracking global markets
Benchmark indices closed at record highs on Wednesday with Sensex scaling 67,000 and Nifty ending near 19,850 on positive cues. NTPC, Bajaj Finance, IndusInd Bank were the biggest gainers, while TCS, Maruti and HUL were the prominent laggards. Mid-cap and small-cap stocks ended higher with Polycab, SJVN and Patanjali leading the charts.
Stock Market Live: Back Infosys Q1 Result Preview: Expect softer revenue, margins
The Q1FY24 results of tech giant Infosys may reveal a somewhat sluggish performance, as they're expected to showcase moderate revenue growth and a potential drop in operating margins due to project discontinuations in the face of economic challenges in key markets, including the US and Europe.
In addition to the financial results, investor swill eye the management's perspective on FY24 forecasts. This includes views on discretionary expenditure, business deals, profit margins, and employee turnover.
Stock Market Live: Netweb Technologies IPO subscribed over 27 times on day 3
The public issue opened for subscription on Monday, July 17, and will end on Wednesday, July 19. Retail investors portion was subscribed 14.50 times, employee portion was subscribed 36.27 times, NIIs portion was subscribed 53.84 times, and QIBs portion was subscribed 30.10 times.
Stock Market Live: NTPC gains over 5%, SJVN over 6% after Goldman Sachs initiates coverage with ‘buy’ ratings
Stock Market Live: Govt may delay Hindustan Zinc share sale until a turnaround in the industry's fortunes: Report
Stock Market Live: IT index in the red dragged by TCS, Infosys, Coforge
Stock Market Live: Global crude oil prices remain steady amid demand worries and China's growth assurance
Global oil prices were little changed on Wednesday as markets attempted to balance concerns over US demand with China's commitment to support its economic growth. Brent futures remained unchanged at $79.63 per barrel, while U.S. West Texas Intermediate (WTI) crude marginally slipped by 10 cents to stand at $75.65 per barrel.
Stock Market Live: BSE Midcap outshines led by SJVN, Polycab, Patanjali
Stock Market Live: IRB InvIT board approves fundraise of up to ₹2,861.9 crore via rights issue
IRB INVIT FUND UNT
Stock Market Live: Govt to come up with fresh tender under PLI scheme for ACC battery storage manufacturing on 10 August
Stock Market Live: Tata Coffee Q1 net profit up 5.6% at ₹47.5 cr vs ₹45 crore, revenue up 5.8% at ₹700.7 crore; shares up 2%
Stock Market Live: ICICI Prudential Life stumbles amid Q1 woes; recovery in premium growth crucial
Shares of ICICI Prudential Life Insurance Company Ltd fell nearly 4% on Wednesday, spurred by its lackluster June quarter (Q1FY24) results. Annualized premium equivalent (APE), a crucial metric, fell 4% year-on-year (YoY) to ₹1,461 crore in Q1. There were other disappointments, too. (Read more)
ICICI PRUDENTIAL LIFE INSURANCE
Stock Market Live: Bank of Maharashtra Q1 profit up 95.2% at ₹882 crore vs ₹452 crore
Stock Market Live: Polycab shares ride high on robust Q1
Shares of Polycab India Ltd. have surged nearly 10% over two days, hitting a 52-week peak of ₹4,325.15 apiece. This uptick was sparked by the company’s stronger than anticipated June quarter (Q1FY24) earnings, primarily propelled by its wires and cables business, which constituted 89% of its Q1 sales mix. (Read more)
Stock Market Live: Sensex flat in mid-market after opening at record highs
Stock Market Live: L&T Technology Services recover to trade over a percent higher after the company reported its Q1 results
L&T TECHNOLOGY SERVICES
Stock Market Live: Tata Motors to set up new EV battery plant
Tata announced plans on Wednesday to build an electric vehicle battery plant in Britain. According to the company and the government, this critical development in domestic battery production will greatly aid in securing the industry's long-term future. Tata's investment in the factory will amount to £4 billion.
Stock Market Live: Asia markets mixed with growth concerns dragging on China's equities; Japan and Australia gain
Asian stock markets displayed a mixed picture on Wednesday, as growth concerns negatively impacted China's equities. However, robust U.S. corporate earnings and upbeat retail data drove shares up in Japan and Australia. A decline of 1.2% in the Hang Seng index pulled MSCI's broadest index of Asia-Pacific shares, excluding Japan, down by 0.6%.
Stock Market Live: Bikaji Foods International acquires 49% stake in Bhujialalji for ₹5.10 crore, share jumps 7%
Stock Market Live: Federal Bank board to consider fundraising via issue of preference shares to International Finance Corp on July 21
Stock Market Live: GAIL signs pact with LanzaTech to explore bio-recycling of carbon waste into fuels and chemicals
Stock Market Live: Shreyansh Shah, Research Analyst, Stoxbox, on IndusInd Bank
Private lender IndusInd Bank reported a good set of numbers in Q1FY24 with nominal improvement in NIMs and a decline in provisions due to improvement in the asset quality. This led to a double-digit profit growth on an annual basis, beating street expectations. The bank has begun executing its next 3-year plan (PC-6) starting Q1FY24 focused on growth, granularity and governance. This was clearly visible and reflected in this quarter’s profit. The asset quality metrics too improved this quarter with lower fresh slippages and provisions. We believe that the bank is poised to grow with its strategic plan and rich experience with a conservative approach to disbursements. The board is scheduled to meet on 20 July 2023 to discuss about capital raising which we feel is positive for business growth.
Stock Market Live: AccelerateBS India shares locked at 5% upper circuit post stellar debut
The stock listed at ₹109.50 per share, 21.67% higher than the issue price of ₹90 on the BSE SME exchange.
Stock Market Live: All sectoral indices in the green, barring auto;
Stock Market Live: Indusind Bank hits 52-week high, soars 2% as net profit rose 32.5% in Q1
Stock Market Live: Polycab India share price hits 52-week high, gains 4% on robust Q1 results
Stock Market Live: Nifty at all-time high, tops 19,800; Infy, Asian Paints top gainers
Stock Market Live: Sensex opens at record high; IndusInd bank, NTPC, Infosys, Tech Mahindra were the major gainers
Stock Market Live: Rupee opens 7 paise lower at 82.10 against the US dollar
Stock Market Live: Sensex flat to negative at pre-open; banks, IT shares in focus
Stock Market Live: Vaishali Parekh, Vice President — Research at Prabhudas Lilladher, recommends three stocks to buy today
Parekh has recommended three stocks to buy today — Hero MotoCorp, IRCON International and Torrent Power.
Fot intraday trading strategy she believes the upside near term target for Nifty is maintained at around 19,900 - 20,000 levels in the coming days with major support intact near 19,300 levels, as said earlier.
The support for the day, she said, for Nifty is seen at 19,600 - 19,550 levels while the resistance is seen at 19,900-19,950 levels.
For Bank Nifty, Parekh noted that the index continued with the strong move to touch the 45,900 zone but fizzled out to some extent to end near the 45,400 levels.
Share Market Live: ADB retains India's growth forecast at 6.4% for current fiscal
The Asian Development Bank on Wednesday maintained its economic growth forecast for India at 6.4% for the current fiscal year and 6.7% for the subsequent one. The ADB stated that robust domestic demand would persist in supporting the region's recovery.
As per the updated Asian Development Outlook by the ADB, inflation is projected to keep falling, nearing the levels before the pandemic as fuel and food prices decrease. It predicts a 3.6% inflation rate for developing Asian economies this year, and a further drop to 3.4% in 2024.
Share Market Live: Vedanta gets partners for display, chip fab projects
Vedanta Group has tied up with technology and equity partners for its semiconductor fab project and with Innolux for its display fab unit, Akarsh Hebbar, global managing director of Vedanta Semiconductors and Display.
Share Market Live: Stocks to Watch: IndusInd Bank, Adani Transmission, Vedanta, L&T Tech Services, ICICI Lombard
Besides the top ten companies to watch out today, L&T Finance Holdings, Bank of Maharashtra, Hatsun Agro Products, Finolex Industries, Can Fin Homes, Century Textiles and Industries, Alok Industries, Mastek, Tata Communications, Tata Coffee will be in focus as they report June quarter earnings on Wednesday.
Stock Market Live: Asian stocks positive tracking Wall Street on better-than-expected quarterly results
Asian equity markets witnessed an upward trend as stocks followed the rally from the US market, while the New Zealand dollar appreciated due to moderating inflation.
Markets in Japan, South Korea, and Australia saw a rise in stocks at the opening of the trading session. However, futures for Hong Kong stocks showed a downward trend, while those for the US remained largely stable.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!