Equity benchmark indices touched new lifetime high levels before settling on a flat note due to profit-booking in select banking and telecom shares amid mixed global cues on Tuesday.
The BSE Sensex fell 34.74 points or 0.04 per cent to settle at 79,441.45 in a volatile trade. The NSE Nifty slipped by 18.10 points or 0.07 per cent to 24,123.85. Majority of the sectors including broader space ended in red.
“IT sector saw a buying for the second consecutive session ahead of Q1FY25 results and a positive handover from its global peers. Niche sectors like paper too witness a rally on the buzz surrounding price hikes. Strong GST collections in June, manufacturing PMI index bouncing back to 58.3 in June, and expectation of healthy Q1 earnings has a positive impact on the market. We expect this ongoing momentum to continue with Nifty consolidating at a higher zone. While the FED Chairman Powell's speech and the release of the meeting minutes will induce some volatility,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on July 3:
HDFC Bank: The private lender released its April-June quarter shareholding data on Tuesday showing that the ownership of foreign institutional investors (FIIs) has come down during the quarter. The FII ownership in HDFC bank as of June 2024 stands at 54.8 per cent, according to BSE data, below the 55 per cent mark. This indicates greater MSCI inflows.
Hindustan Zinc: The Vedanta Group company released its Q1 business update, reporting a mixed performance across various production metrices. It reported a mined metal production of 263 kilotonnes, marking a 2 per cent increase year-on-year but a 12 per cent decrease on a quarterly basis. Saleable metal production stood at 262 kilo tonnes, up 1 per cent YoY and a 4 per cent decline QoQ.
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Kotak Mahindra Bank: The private sector bank issued a clarification in response to a shaw-cause notice received from SEBI regarding allegations of short-selling Adani Enterprises’ stock prior to a report by Hindenburg Research. The notice also involves entities related to Hindenburg, Kingdon, and K India Opportunities Fund Ltd – Class F.
Avenue Supermarts: The company’s standalone revenue from operations for the April-June quarter of FY25 stood at Rs 13,711.87 crore, an 18.32 per cent increase from Rs 11,584.44 crore in the year-ago period. As of June 2024, the total number of stores stood at 371.
Rail Vikas Nigam: The state-owned company emerged as the lowest bidder for an order worth Rs 132.59 crore from the Central Railways. The company has been declared the lowest bidder for overhead equipment (OHE) modification work for upgrading the existing 1 x 25-kilovolt electric traction system to a 2 x 25-kilovolt AT feeding system in the Wardha-Ballarshah section of the Nagpur division of Central Railway to meet a loading target of 3,000 MT.
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