Benchmark equity indices settled at new-lifetime highs on Thursday and Nifty50 crossed the historic 25,000 level for the first time in a volatile session on Thursday following gains in banking and oil stocks as the US Federal Reserve hinted at a rate cut by September.
The BSE Sensex gained 126.21 points or 0.15 per cent to settle at a new lifetime high of 81,867.55. The NSE Nifty50 rose 59.75 points or 0.24 per cent to settle at an all-time closing high of 25,010.90.
“Markets hit record high with the benchmark Nifty closing above the 25000 mark, for the first time ever on the back of positive cues from the US Fed regarding increased likelihood of rate cut in September, and overall sustained domestic inflows in the markets. Investors need to be selective in their investment approach at such elevated levels, and should look at investing in quality names, in a staggered manner, with a long-term investment perspective,” said Aamar Deo Singh, Sr. Vice President of Research, Angel One Ltd.
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Here are the key stocks to watch on August 2:
ITC: The company reported a marginal decline in consolidated net profit to Rs 5,176.99 crore in the April-June quarter of FY25 as against Rs 5,189.61 crore in the year-ago period. Its revenue from operations increased 7.45 per cent to Rs 20,029.60 crore in June quarter compared to Rs 18,639.48 crore in the corresponding quarter of previous fiscal. FMCG – Others and Cigarettes delivered resilient performance amidst subdued demand conditions, the company said.
Adani Enterprises: The flagship company of Adani Group reported consolidated net profit of Rs 1,458 crore in April-June quarter, up 116 per cent from Rs 675 crore in the same period of previous fiscal. The company posted a 3.6 times growth in earnings before interest, taxes, depreciation and amortization (EBITDA) to Rs 1,642 crore on growth in solar manufacturing and wind turbine businesses. Total income rose 13 per cent to Rs 26,067 crore.
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Tata Motors: The auto major reported a 74 per cent growth in consolidated net profit to Rs 5,566 crore in the June quarter compared to Rs 3,203 crore in the year-ago quarter. Its total income increased to Rs 1,09,623 crore for the reported quarter against Rs 1,03,597 crore in the June quarter of the previous financial year, Tata Motors said in a regulatory filing.
Infosys: A day after it received Rs 32,403 crore GST demand, the IT major announced that Karnataka’s Goods and Services Tax Department has withdrawn the pre-show cause notice issued to the company. Infosys was asked to provide additional responses to the Directorate General of GST Intelligence’s central authority regarding the matter, though no further details were provided in its statement to the exchanges.
Dabur India: The FMCG major reported an 8.27 per cent rise in consolidated net profit to Rs 494.35 crore in the June 2024 quarter compared to Rs 456.61 crore in the corresponding quarter of previous fiscal. Consolidated revenue from operations stood at Rs 3,349.11 crore as against Rs 3,130.47 crore in the year-ago period. "Despite a challenging demand environment marked by high food inflation and unemployment rate, Dabur delivered a strong 8.3 per cent growth in operating profit, demonstrating the resilience of its business model," the company said.
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