Benchmark equity indices touched intra-day record high levels before ending the session on a flat note on Monday due to profit-booking in FMCG and IT stocks by cautious investors ahead of the key US Fed interest rate decision later this week.
The BSE Sensex settled higher by 23.12 points or 0.03 per cent at 81,355.84, its all time closing high. The NSE Nifty closed marginally up 1.25 points or 0.01 per cent at an all-time closing high of 24,836.10. The broader market outperformed and gained 1 per cent. The majority of the sectors ended in green with buying seen in PSU Banks, Realty, and Oil & Gas.
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“Banking sector was in momentum as ICICI Bank, Punjab National Bank, and Bandhan Bank reported better-than-expected Q1FY25 numbers. Nifty was just a kiss away from the 25,000 mark. Once the index crosses the psychological level, we believe sentiments will get a further boost. This week market will focus on the Central Bank’s policy meeting globally as the US Federal Reserve, BOE, and BOJ will announce their decision. Thus, interest-sensitive sectors including banking will remain in focus. Overall, we expect the market to continue its gradual uptick, however, volatility cannot be ruled out ahead of key events,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on July 30:
Hindustan Petroleum Corporation: The state-owned company reported a 90 per cent decline in consolidated net profit due to decline in refinery margins and a fuel price reduction slashed marketing margins. It reported net profit of Rs 633.94 crore in April-June quarter of FY25 compared to Rs 6,765.50 crore in the year-ago period.
Colgate-Palmolive: The FMCG major reported a 33 per cent jump in net profit to Rs 363.98 crore for the June 2024 quarter, compared to Rs 273.68 crore on the back of demand pickup and good performance of products. Sales increased 13 per cent to Rs 1,485.76 crore during the reported quarter as against Rs 1,314.73 crore in the corresponding period a year ago. Total income, which includes other income also, was at Rs 1,520.11 crore, up 13.55 per cent year-on-year.
Tata Steel: The company has acquired over 557 crore equity shares in its Singapore-based unit for $875 million. In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.
ACC: The company reported a profit after tax (PAT) of Rs 361 crore, down 22.5 per cent from Rs 466 crore reported in the year-ago period. Its revenue from operations also declined to Rs 5,154.89 crore in the June quarter compared to Rs 5,201.11 crore in the year-ago period.
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Arvind Ltd: The leading textile manufacturer reported a 37.25 per cent decline in consolidated net profit at Rs 43.73 crore for the June quarter compared to Rs 69.70 crore in the year-ago period, on account of workers' strike and general elections. Its revenue from operations declined 1.22 per cent at Rs 1,830.60 crore as against Rs 1,853.27 crore year-ago quarter, Arvind Ltd said in a regulatory filing.
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