Benchmark equity indices continued their losing streak for the fifth consecutive session on Thursday as investors offloaded metal, banking, and finance stocks amid a weak trend in global market. Foreign fund outflows after a hike in securities transaction tax (STT) and short-term capital gains (STCG) tax also impacted markets’ sentiment negatively.
After a sharp fall in intra-day trade, the BSE Sensex recovered some of the losses to settle 109.08 points or 0.14 per cent lower at 80,039. The NSE Nifty fell 7.40 points or 0.03 per cent to close at 24,406.1.
"The unique feature of the ongoing bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US. The buy on dips strategy which has played out well in this rally continues to hold good. However, the valuation discrepancy - largecaps fairly valued and mid and small caps highly valued - continues. Long-term investors should exploit this discrepancy by buying quality largecaps on declines. FPIs have again turned sellers and this might put further pressure on largecaps even though the FPI selling is being matched by DII buying,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Here are the key stocks to watch on July 23:
Tech Mahindra: The company reported a 28.8 per cent rise in net profit to Rs 851.5 crore compared to Rs 661 crore in the year-ago quarter. Revenue increased 1 per cent to Rs 13,005.5 crore, up from Rs 12,871.3 crore. EBIT surged 16.5 per cent to Rs 1,102.3 crore compared to Rs 946.4 crore. EBIT margins increased to 8.5 per cent from 7.4 per cent. Notably, there was no impairment of goodwill and non-current assets, compared to Rs 308.7 crore in the corresponding quarter.
Motilal Oswal Financial Services: The financial services company reported a 67.9 per cent YoY spike in net profit at Rs 883.6 crore for the April-June quarter of FY25. In the corresponding quarter, it posted a net profit of Rs 526.1 crore. Revenue from operations jumped 54 per cent to Rs 2,312.3 crore compared to Rs 1,501.5 crore in the year-ago period.
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JM Financial: Financial Services Group reported a 6.2 per cent year-on-year declinein net profit at Rs 60.4 crore for the June quarter compared to Rs 64.4 crore in the year-ago period. The company’s revenue fell 5.4 per cent to Rs 219 crore compared to Rs 231.6 crore in the corresponding period of previous fiscal.
Jupiter Wagons: The mobility solutions provider reported a 46 per cent YoY jump in net profit to Rs 91.9 crore for the April-June quarter, compared to Rs 62.9 crore in the year-ago period. The company’s revenue from operations surged 16.8 per cent to Rs 879.9 crore as against Rs 753.2 crore in the corresponding quarter of previous fiscal.
Indus Tower: The telecom infrastructure company announced that its board of directors will review a proposal for the buyback of fully paid-up equity shares during a scheduled meeting on July 30, 2024. This would be the company’s first share buyback since June 2016, when it operated under the name Bharti Infratel.
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