Benchmark equity indices touched fresh record highs and settled in green for the third consecutive day on Tuesday following buying in FMCG and IT shares, FII inflows, and a rally in global markets.
The BSE Sensex gained 51.69 points or 0.06 percent to close at 80,716.55. The NSE Nifty rose 26.30 points or 0.11 percent at to settle at 24,613.00. Sector-wise it was a mixed bag with buying seen in reality, FMCG, and Auto.
"The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective. Globally, the dovish comment from the FED chief on inflation trajectory and a drop in US 10yr yield ahead of US retail sales data increased the likelihood of a rate cut in September," said Vinod Nair, Head of Research, Geojit Financial Services.
Advertisement
Here are the key stocks to watch on July 18:
Asian Paints: The company reported a 24.6 per cent decline in net profit to Rs 1,186.8 crore for the April-June quarter of FY25 compared to Rs 1,574.84 crore reported during the corresponding quarter of FY24. Its revenue from operations stood at Rs 8,969.73 crore, down 2.3 per cent compared to Rs 9,182.31 crore during the same period last year.
LTIMindtree: The IT services company reported a 1.5 per cent decrease in consolidated net profit at Rs 1,135 crore for the June quarter, as against Rs 1,152 in the year-ago period. Revenue from operations rose to Rs 9,142, up 5 per cent from Rs 8,702 crore in corresponding quarter of previous financial year.
Advertisement
IREDA: Indian Renewable Energy Development Agency has received approval for Rs 290 crore equity investment for up to 10 per cent in special purpose vehicles (SPVs) in association with state-run hydropower generating company SJVN Ltd. The SPVs are for setting up a 900 MW hydro-electric project in Nepal.
L&T Finance: The company reported a consolidated net profit of Rs 686 crore for the April-June quarter of FY25, up 29 per cent compared to Rs 531 crore in the same quarter a year ago. Net interest income (NII) rose 23 per cent to Rs 2,020 crore in the June quarter compared to Rs 1,644 crore in the year-ago period.
Glenmark Pharma: The pharmaceutical major has received final approval from the US Food & Drug Administration (USFDA) for Topiramate capsules. The approved drug is bioequivalent and therapeutically equivalent to Topamax capsules of Janssen Pharmaceuticals. It will be distributed in the US by Glenmark Therapeutics Inc., USA.
Just one email a week