Benchmark equity indices rebounded on Tuesday, hitting their new record close levels on the back of gains in auto and FMCG stocks and foreign fund inflows. The BSE Sensex climbed 391.26 points or 0.49 per cent to settle at a new closing high of 80,351.64. The NSE Nifty50 jumped 112.65 points or 0.46 per cent to 24,433.20 its record closing high. Most sectors ended in green with buying seen in Auto, Consumer Durables, Pharma, and PSU Bank.
“PSU Banks witnessed fresh buying after the 10-year bond yield fell to a 3-month low. After consolidating in the last few days, markets bounced back to make fresh high amid buying seen in index heavyweights. Markets on Wednesday would react to US Fed Chair Powell's speech. Overall we expect markets to trade with a positive bias and take cues from upcoming inflation data, Q1FY25 earnings, and budget. The Pharma sector is likely to remain in focus over the next few days on back comfortable valuation and expectation of healthy earning growth in Q1,” said Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on July 10:
Adani Power: The company’s subsidiary Mahan Energen Ltd has entered into a 20-year power purchase agreement for 500 MW with Reliance Industries Ltd. As part of the agreement, RIL has acquired a 26 per cent stake in a 600 MW unit within Mahan Energen’s thermal power plant. The particular unit, part of MEL’s total capacity of 2,800 MW, is designated as the captive unit under the terms of the agreement.
ONGC: The state-owned company said it will invest around Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants, and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. The company will invest Rs 97,000 crore in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant, and offshore wind project.
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RVNL: The state-owned company emerged as the lowest bidder for the project valued at Rs 202.87 crore from the South Eastern Railway. The project involves the design, supply, erection, testing, and commission of a 132 KV traction substation, sectioning posts, and sub-sectioning posts in a 2x25 KV system on the Kharagpur-Bhadrak section of the Kharagpur division.
Wipro: The IT major has resolved a lawsuit filed by Wipro Ltd against its former financial officer, Jatin Dalal. According to a US SEC filing dated July 2, 2024, Cognizant’s board of directors approved a payment of $505,087 to cover the settlement and legal fees related to the dispute.
Mankind Pharma: Capital Group affiliate Hema CIPEF plans to sell a 0.9 per cent stake in the drug firm through block deals, valued at Rs 762.6 crore, reported CNBC-TV18. The issue price is set at Rs 2,061 per share, reflecting a 2 per cent discount to the current market price (CMP).
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