The NSE Nifty rallied 428.75 points or 1.76 per cent to settle at an all-time high of 24,834.85
Benchmark equity indices touched record highs, snapping the five-day losing streak on Friday following buying interest at lower levels and a rally in large-cap stocks like Infosys, Bharti Airtel and Reliance Industries. The BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72 after hitting the day’s high of 81,427.18. The NSE Nifty rallied 428.75 points or 1.76 per cent to settle at an all-time high of 24,834.85.
In the broader market, the BSE midcap index gained 2.12 per cent, and smallcap index jumped 1 per cent.
“The market has now recovered its losses from budget day, driven by positive US GDP data and expectations of improved global demand. Moving forward, the direction of the domestic market will likely be influenced by the progress of the earnings season. Additionally, global economic updates, including US Fed & BoE monetary policies, US employment data, and Eurozone GDP figures, are expected to impact market trends," said Vinod Nair, Head of Research at Geojit Financial Services.
FIIs are cautious due to current high valuations and muted expectations for Q1FY25 results. Meanwhile, DIIs continue to employ a "buy on dips" strategy, which contributed to market gains on the week's last trading day, particularly in the pharma, auto, metal, IT, and FMCG sectors.
Here are the key stocks to watch on July 29:
UltraTech Cement: The leading cement manufacturer will acquire an additional 32.72 per cent stake in India Cements Ltd (ICL) from the promoters of the company for Rs 3,954 crore. The board of directors on Sunday approved the proposal to acquire promoters' 32.72 per cent stake at Rs 390 per share, UltraTech said in a regulatory filing on Sunday. After the completion of the deal, UltraTech's stake in ICL will reach over 55 per cent.
ICICI Bank: The private sector lender reported a net profit of Rs 11,059.1 crore for the first quarter of financial year 2025, 14.6 per cent higher than Rs 9,648.2 crore in the year-ago quarter. The bank’s net interest income came in at Rs 19,552.9 crore, up 7.3 per cent compared to corresponding quarter of previous financial year. The gross non-performing asset (NPA) of the lender stood at 2.15 percent. The net NPA stood at 0.43 percent compared to 0.42 percent last year.
Punjab National Bank: The public sector bank reported a rise of 159 in standalone net profit to Rs 3,251.5 crore, compared to Rs 1,255.4 crore in the year-ago period. Its net interest income (NII) rose 10.2 per cent to Rs 10,476.2 crore in the April-June quarter of FY25, compared to Rs 9,504.3 crore in the year-ago period. On the asset quality front, the bank's gross NPA decreased by 275 basis points to 4.98 per cent as of June 2024, down from 7.73 per cent in June 2023. The net NPA improved by 138 basis points to 0.60 per cent from 1.98 per cent a year ago.
NTPC: The state-owned power transmission company reported a 12 per cent rise in consolidated net profit to Rs 5,506 crore from the June quarter, compared to Rs 4,907.13 crore in the year-ago period. Its total income increased to Rs 48,981 crore as against Rs 43,390.02 crore in the corresponding quarter of previous fiscal. The company’s consolidated power generation rose to 114 billion units (BUs) in June quarter of FY25 from 104 billion units in Q1 FY24.
Bharat Heavy Electricals Limited (BHEL): The company has received a contract from Damodar Valley Corporation (DVC) to set up the 2X800 MW Koderma phase-II thermal power station in Koderma district, Jharkhand. The total value of the order exceeds Rs 10,000 crore, excluding taxes and duties.