The NSE Nifty50 rose 21.70 points or 0.1 per cent to close at 24,323.85. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Pharma, and PSU Bank
Benchmark equity indices rose for the fifth consecutive week to record the best streak of weekly gains in over six months. The indices erased losses in the last leg of trade on Friday, following gains in shares of Reliance Industries, State Bank of India, and Larsen & Toubro Ltd.
The BSE Sensex jumped 53.07 points or 0.1 per cent to settle at 79,996.60. The NSE Nifty50 rose 21.70 points or 0.1 per cent to close at 24,323.85. The broader market outperformed with Nifty Midcap 100 and Smallcap 100 up 0.8 per cent each. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Pharma, and PSU Bank.
“Defence sector saw a smart run-up after data released showed India registered 16.8 per cent YoY growth in FY24, the highest ever in production value. After a run-up of 7 per cent in the last month we expect the market to consolidate at a higher zone. In the coming week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will look out for inflation data that will be released by India, the US, and China,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Here are the key stocks to watch on July 8:
Titan Company: The company’s jewellery domestic operations grew by around 8 per cent, contributing to an overall growth of 9 per cent year-on-year. Higher gold prices, along with fewer wedding days had an impact on consumer demand with overall sentiments being relatively muted. Watches and wearables business grew 15 per cent YoY, while the EyeCare business witnessed 3 per cent YoY growth.
Adani Wilmar: The company witnessed a robust volume growth of 13 per cent, propelled by market-specific strategies aimed at gaining market share, particularly in under-indexed markets. Alternate channels recorded 19 per cent volume growth. Volume of branded exports increased 36 per cent YoY. Food and FMCG business volume grew 23 per cent from last year. Edible oil business saw volume growth of 13 per cent and value growth of 10 per cent year-on-year.
Bandhan Bank: The private sector lender has announced the appointment of Ratan Kumar Kesh as the interim Managing Director and Chief Executive Officer (MD & CEO), effective July 10, 2024. The decision comes after the retirement of Chandra Shekhar Ghosh, the current MD & CEO, whose tenure ends on July 9, 2024.
Tata Steel: The company’s India crude steel production saw a 5 per cent year-on-year jump at 5.25 million tonnes in the first quarter of this financial year. However, the production was lower sequentially due to planned maintenance shutdowns. Tata Steel’s Indian deliveries grew 3 per cent YoY to 4.93 million tonnes, which according to an exchange filing on Saturday is the best-ever first-quarter sales.
Indian Bank: The bank’s gross advances rose 12.7 per cent YoY to Rs 5.40 lakh crore in the April-June quarter of FY25. The bank’s total business grew 10.9 per cent YoY to Rs 12.21 lakh crore while the bank reported an advance of 9.5 per cent in total deposits at Rs 6.81 lakh crore.