Benchmark equity indices settled marginally lower in a rangebound session on Thursday as investors booked profits in heavyweights ahead of the announcement of key financial results for the June quarter.
The NSE Nifty slipped 8.50 points or 0.03 per cent to settle at 24,315.95. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Consumer Durables, and FMCG
Benchmark equity indices settled marginally lower in a rangebound session on Thursday as investors booked profits in heavyweights ahead of the announcement of key financial results for the June quarter.
The BSE Sensex fell 27.43 points or 0.03 per cent to close at 79,897.34. The index surged 245.32 points to hit a high of 80,170.09 in early trade but later lost momentum due to selling in index heavyweights and touched day's low of 79,464.38.
The NSE Nifty slipped 8.50 points or 0.03 per cent to settle at 24,315.95. The broader index hovered between a high of 24,402.65 and a low of 24,193.75 in day trade. Broader market outperformed with Nifty Midcap 100 up 0.4 per cent and Nifty Smallcap 100 up 0.7 per cent. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Consumer Durables, and FMCG.
“Markets are trading sideways without any fresh triggers and inflation data due to release. However, sector and stock-specific actions continue as we enter into Q1 results season and ahead of the union budget. Markets tomorrow will react to US inflation data due to be released late today. IT sector will be in focus as TCS Q1 results came in line with expectations. While the commentaries will be keenly monitored. Overall strength is seen in the market as every dip is being bought, supported by strong domestic flows aided by FIIs buying in the last few days,” said Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on July 12:
TCS: The IT major reported net profit of Rs 12,040 crore, up 8.7 per cent YoY for the quarter that ended June 30, 2024. The company reported a 5.4 per cent increase in its revenue at Rs 62,613 crore for the reported quarter. EBIT margin narrows by 130 basis points from March to 24.7 per cent but higher than the estimate of 24.5 per cent.
Mahindra & Mahindra: The company reported total production of 69,045 units, up 8 per cent YoY and total sales increased 11 per cent YoY to 66,800 units. Its total exports grew 4 per cent YoY to 2,597 units for Q1FY25. The company reduced its stake in Switzerland’s Gamaya from 15.04 per cent to 4.33 per cent due to a shareholding reorganization.
Anand Rathi Wealth: The leading non-banking wealth solutions company posted a 37.9 per cent year-on-year (YoY) increase in net profit to Rs 72.2 crore for the April-June quarter of FY25, compared to Rs 53.1 crore in the year-ago period. The company’s revenue rose by 35.8 per cent, totaling 237.6 per cent, up from Rs 175 crore in the corresponding quarter of the previous year.
Adani Wilmar: The edible oil company announced its acquisition of a 67 per cent stake in Omkar Chemical Industries Private (OCIPL). OCIPL is a manufacturer of various chemicals and compounds, operates a plant in Panoli, Gujarat, with an annual capacity of around 20,000 million tones (MT) of surfactants.
RCF: The state-owned company announced that its board of directors has approved a Rs 514.6 crore contract with Topsoe for the revamp of its ammonia plant at RCF Thal. The contract includes the procurement of a basic engineering design package and the supply of proprietary equipment and catalysts to reduce specific energy consumption.