Indian equity benchmark indices bounced back on Wednesday following buying in capital goods, banking, and oil stocks amid fresh foreign fund inflows. Breaking its three-day losing streak, the BSE Sensex gained 351.49 points or 0.53 per cent to settle at 66,707.20. The NSE Nifty advanced 97.70 points or 0.50 per cent to end at 19,778.30.
"Optimism has inched back today after the last three trading days of consolidation ahead of the FOMC meeting. As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023. This is because inflation has rapidly come down and is forecast to settle down further," said Vinod Nair, Head of Research at Geojit Financial Services.
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"However, the interest rate is expected to stay high in the short-term since the rigidity of core inflation remains above the long-term average," he added.
Top Stocks To Watch On 27 July:
Mahindra & Mahindra
The company confirmed the acquisition of 3.53 per cent stake in Mumbai-based RBL Bank for Rs 417 crore. M&M is likely to consider further investment subject to pricing, regulatory approvals and required procedures. However, the total shareholding will not exceed 9.9 per cent.
Axis Bank
The private lender reported a 40.5 per cent year-on-year (YoY) surge in net profit at Rs 5,797 crore for the April-June quarter ended 30 June 2023. Net interest income (NII) increased 27.4 per cent year-on-year (YoY) to Rs 11,958 crore from Rs 9,384 crore in the same quarter of previous financial year.
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Reliance Industries
Jio Financial Services Limited (JFSL), the demerged entity of Reliance Industries, and BlackRock, the world’s largest asset manager, have partnered to set up an asset management company with a combined investment of $300 million. Jio BlackRock, the joint venture (JV), would deliver "tech-enabled access to affordable, innovative investment solutions for millions of investors in India," the companies said in a joint statement.
Tech Mahindra
Tech Mahindra reported a decline of 38 per cent in consolidated net profit at Rs 692.5 crore in its April-June quarter results for financial year 2023-24, compared to Rs 1,131 crore in the year-ago period. The IT major’s consolidated revenue from operations during the first quarter stood at Rs 13,159 crore, growth of 3.5 per cent as against Rs 12,707 crore in the year-ago period.
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