The 30-share BSE Sensex gained 232.23 points or 0.35 per cent to settle at 65,953.48. The NSE Nifty advanced 80.30 points or 0.41 per cent to end at 19,597.30
Indian benchmark equity indices settled with gains on Monday, extending their previous session’s rally, amid buying in Mahindra & Mahindra, Infosys, Tata Consultancy Services and Reliance Industries despite a weak trend in global markets. However, unabated foreign fund outflows prevented markets from posting a sharp surge.
The 30-share BSE Sensex gained 232.23 points or 0.35 per cent to settle at 65,953.48. The NSE Nifty advanced 80.30 points or 0.41 per cent to end at 19,597.30.
“The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in the pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI's monetary policy,” said Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch On 8 August:
Godrej Consumer Products
The FMCG major on Monday reported a 7.6 per cent year-on-year (YoY) decline in net profit at Rs 318.8 crore for the first quarter of FY24. The total revenue in the June quarter stood at Rs 3,448.91 crore, 10.36 per cent up from Rs 3,124.97 crore in the year-ago period. The company’s board of directors has approved a capital expenditure of Rs 900 crore for setting up new manufacturing units in Tamil Nadu and Madhya Pradesh.
Tata Chemicals
Tata Chemicals reported a 11.8 per cent decline in net profit to Rs 523 crore in April-June quarter compared to Rs 593 crore in the same period of FY23. The revenue grew 5.6 per cent at Rs 4,218 crore in Q1FY24 against Rs 3,995 crore in Q1FY23. EBITDA jumped 2.8 per cent to Rs 1,043 crore in Q1FY24, compared to Rs 1,015 crore in the same period of FY23.
HDFC Bank
Following the HDFC-HDFC Bank marger, the investability weight of HDFC Bank in the FTSE Emerging all cap index grew to 1.52 per cent from 0.81 per cent. The index aggregator FTSE Russell said the weightage would instead be applied in three tranches by March 2024.