Indian equity benchmark indices started the new week with fresh highs after hitting new records in the last three weeks. The public and private banking sectors advanced in trade, whereas auto and real estate were under pressure.
During Monday’s trade, the Sensex jumped 0.90 per cent to touch a new high of 66,656.21 points, and the Nifty 50 surged 0.86 per cent to hit a record high of 19,731.85 points.
The BSE Sensex settled 529 points or 0.80 per cent at 66,589.93, while the NSE Nifty 50 was 147 points or 0.95 per cent higher at 19,7111.43.
"Despite the mixed performance observed in the Asian market due to China's underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result. Nifty50 Q1 consolidated PAT is projected to grow by more than 20% YoY, which can upgrade the full year earnings growth of FY24," said Vinod Nair, Head of Research at Geojit Financial Services.
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"Small caps outperformed as comparatively valuations are attractive trading below the long-term average compared to large and mid-caps," he added.
Top Stock To Watch On 18 July:
LTIMindtree
The IT services company reported a net profit of Rs 1,151 crore, a 4 per cent growth in the June quarter. The revenue from operations stood at Rs 8,702 crore, marking a 14 per cent growth. The company reported EBITDA (earnings before interest, tax, depreciation, and amortisation) of Rs 1,635 crore for the April-June quarter, showing a 9 per cent year-on-year growth.
Tata Elxsi
The Tata Group company recorded a net profit of Rs 188.9 crore, a 2.3 per cent year-on-year growth in the first quarter of fiscal 2024. It reported 17.1 per cent YoY growth in revenue at Rs 850.3 crore compared to Rs 725.9 crore last year. EBIT (earnings before interest and taxes) also increased by 4.1 per cent at Rs 230.1 crore compared to Rs 221.1 crore YoY.
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Infosys
The IT giant signed an agreement with a pre-existing client for providing artificial intelligence and automation-led development, modernisation, and maintenance services. The total consideration for the deal is $2 billion over the course of five years.
