The indexes, which hit their highest levels since April 29, were up over 8% so far this month on gains in auto, bank and metal stocks.
Investor sentiment also got a boost after data showing economic contraction in the U.S. economy for a second straight quarter raised hopes that the U.S. Federal Reserve may not opt for aggressive interest rate hikes.
“Every negative news on the economic front is actually being taken as good news by markets as they sense that weakness in economic activity will lead to constructive policies to support growth,” said Saurabh Jain, assistant vice-president, research, at SMC Global Securities.
“The absence of selling and some small buying from foreign institutional investors have also helped sentiment,” Jain said.
Foreign investors have sold a net $320.85 million worth of Indian equities so far this month, the smallest outflow since November 2021.
The Nifty metals index rose 3.3% on hopes of strong demand in top consumer China, while the auto index gained 1.3%, with TVS Motor Co up 6% after reporting a higher June-quarter profit.
SBI Life Insurance rose 9.1% and was the top gainer in the Nifty after reporting a higher quarterly profit.
Shares of industrial equipment maker GMM Pfaudler rose as much as 18% after reporting a 17-fold jump in quarterly profit.
The rupee strengthened to its highest in nearly three weeks against the dollar, that fell on easing concerns over aggressive interest rate hikes by the Fed.
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Earnings Impact: Sun Pharma spikes after Q1 results
- Drug maker Sun Pharma on Friday reported a 42.70 per cent year-on-year (YoY) rise in consolidated net profit to Rs 2,060.88 crore in the June quarter compared with Rs 1,444.17 crore in the same quarter last year. Analysts in an ET NOW poll had projected the profit figure at Rs 1,850 crore.
- Total revenue for the quarter grew 10.73 per cent YoY to Rs 10,761.76 crore compared with Rs 9,718.74 crore in the corresponding quarter last year. The revenue also beat the ET NOW poll projection of Rs 10,425 crore.
Q1 RESULTS: ASHOK LEYLAND
- PAT at Rs 68 cr vs loss of Rs 282 cr QoQ
- Revenue at Rs 7222 cr vs Rs 8744 cr QoQ
- Margin at 4.4% vs 8.8% QoQ
Future of fintechs is in lending-led players, not payments: Report
As against this sharp fall, funding to the sector jumped a whopping 157 per cent year-on-year growth to USD 8 billion in 2021. Most of the funding went to payments at USD 2.7 billion, closely followed by lending at USD 2.6 billion, global consultancy BCG said in the report on Thursday.
However, this is going to change as the lending segment is saddled with low margins as everyone tries to outbid each other for the market share volumes, the report said, adding that by 2025, the valuation of lending-led fintechs will jump nearly three times to 35 per cent from 13 per cent in 2021, while that of payments companies it will more than halve to 22 per cent from 50 per cent.
Q1 EARNINGS: STRIDES PHARMA
#EarningsWithETNOW | #StridesPharma Q1FY23 (Consolidated QoQ) – Loss of Rs 135.3 cr vs PAT of Rs 28.9 cr – U.S. r… https://t.co/tKcLNxGv5S
— ET NOW (@ETNOWlive) 1659080815000
Kalpataru Power Transmission Ltd (KPTL) on Friday said the company and its subsidiaries have bagged orders worth Rs 1,842 crore. The orders are for metro rail electrification, composite railway project, Buildings & Factories (B&F) projects and in transmission and distribution (T&D) business in India.
Price as on 29 Jul, 2022 01:17 PM, Click on company names for their live prices.
The overall trend is positive in Nifty as long as the support levels are held. We can utilise any dip as a buying opportunity for higher levels. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in HDFC ltd, Oberoi Realty, JK Paper and TechM.
– Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
TVS Motor zooms 10%, hits 52-week high on returning to black in Q1
Shares of TVS Motor zoomed over 10 per cent and scaled a fresh 52-week high in Friday’s trade after the company reported a strong performance in the June 2022 quarter. The company posted a consolidated net profit rose of Rs 305.37 crore as against a net loss of Rs 10.55 crore in the corresponding period last fiscal, said TVS Motors in a BSE filing. Total revenue from operations grew to Rs 7,315.70 crore for the quarter ended June 2022 as against Rs 4,689.34 crore in June 2021, up 56 per cent year-on-year (YoY). The company’s total expense rose to Rs 6,901.24 crore from Rs 4,659.12 crore in Q1 FY22.
Tata Steel extends gains after stock split, rises another 9%
Tata Steel extended its gains on Friday as it rallied another 9 per cent after the stock of the country’s largest steel producer turned ex-split on the bourses. Tata Steel had fixed July 29 as the record date to determine the eligibility of shareholders for the split of shares having a face value of Rs 10 each. However, the stock traded ex-split a day earlier, that is, Thursday, in the case of Tata Steel. On Friday, shares of Tata Steel rallied about 9 per cent to Rs 109.30 before trading at Rs 108.40 by 11.35 am. The scrip had settled at Rs 100.35 on Thursday. The scrip has gained 14 per cent in the last two sessions.
Glenmark Pharmaceuticals Ltd on Friday said its US arm has received final approval from the US health regulator for its generic Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate birth control capsules.
Price as on 29 Jul, 2022 12:11 PM, Click on company names for their live prices.
Market LIVE Updates: Best Nifty performers at this hour
SBI Life Insurance Company rallied nearly 10 per cent in trade on Friday, a day after it reported a 17.78 per cent year-on-year (YoY) rise in net profit at Rs 262.85 crore for the June quarter. The company had reported a net profit of Rs 223.16 crore in the corresponding quarter last year. The stock hit a fresh record high of Rs 1,304 on BSE.
The 17500 objective discussed yesterday, appears to be in quick progression. Bullish exhaustion may set in on the first test of 17245,but a trend reversal is unlikely as long as the 16800/750 region holds. That being the broad levels, opening burst is likely to have continuity as long as 17080-16960 region holds downsides.
– Anand James – Chief Market Strategist at Geojit Financial Services
IT, pharma and speciality chemicals stocks were among the counters Kacholia sold the most.
HUL, Nestle among top losers in the FMCG space
Price as on 29 Jul, 2022 11:02 AM, Click on company names for their live prices.
Market remains tricky; don’t buy at these highs: Ajay Srivastava
#MarketsWithETNOW | Stellar start to August series with #Nifty scaling 17,000. But Ajay Srivastava of Dimensions Co… https://t.co/3D7ie4pSaZ
— ET NOW (@ETNOWlive) 1659070814000
Granules India board to consider share buyback proposal on Aug 9
Price as on 29 Jul, 2022 10:38 AM, Click on company names for their live prices.
Sensex off day’s high
Benchmark 10-year bond yield at two-month low tracking U.S. peers
India’s benchmark 10-year bond yield dropped to its lowest in over two months on Friday, tracking the drop in their U.S. counterparts, and on expectations that the Reserve Bank of India (RBI) may not raise rates by 50 basis points next week. The 10-year bond yield was trading at 7.2775% by 0420 GMT, after falling to 7.2695%, its lowest since May 26. It ended at 7.3316% on Thursday.
Earnings Impact: SBI Life jumps 9%, emerges best Nifty performer as the company reported a 17.78 per cent year-on-year (YoY) rise in net profit at Rs 262.85 crore for the June quarter compared with Rs 223.16 crore in the corresponding quarter last year.
Price as on 29 Jul, 2022 10:10 AM, Click on company names for their live prices.
Westlife, Delta Corp best performers from the tourism & hospitality space
Price as on 29 Jul, 2022 10:01 AM, Click on company names for their live prices.
The Indian rupee strengthened to its highest in nearly three weeks on Friday, tracking broad losses in the dollar on easing concerns over the need for continued aggressive interest rate hikes by the U.S. Federal Reserve. The partially convertible rupee was trading at 79.40/41 to the dollar by 0345 GMT, from Thursday’s close of 79.7550. In early trade it rose to a high of 79.3925, its strongest since July 11.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
In India the big positive for the market is the FIIs reducing their selling substantially and even turning buyers for 8 days this month.
The expected outperformance of financials has played out well. Q1 results indicate improving prospects for this segment. The short covering bounce in IT may continue in the near-term.
If the ongoing market rally continues for some more time there is the danger of the market moving into overbought territory with the risk of vulnerability to correction.
Nifty reclaims 17,000, back above 200-DMA
OPENING BELL: Sensex rises 500 points, Nifty tops 17,100; SBI Life surges 7%, TVS Motor 6%
JMC secures new orders of Rs 631 crore
Price as on 29 Jul, 2022 08:41 AM, Click on company names for their live prices.
Asian shares rally as markets bet on more gradual rate hikes
Asian stocks took their cue on Friday from a late rally on Wall Street, as markets focused on a possible slowdown in the pace of rate hikes rather than a U.S. recession after data showed its economy shrinking for a second straight quarter.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 185.5 points, or 1.09 per cent, higher at 17,132.50, signaling that Dalal Street was headed for a positive start on Friday.
Quarterly earnings today
Housing Development Finance Corporation, Sun Pharmaceutical Industries, NTPC, Indian Oil Corporation, DLF, Cipla, Cholamandalam Investment, Torrent Pharma, Star Health, Piramal Enterprises and Ashok Leyland are among companies that will announce their quarterly earnings today.
Tech View: Nifty bulls are back, all eyes on 200-day SMA
Nifty50 on Thursday made an upside breakout, as the index closed above 16,900, breaching a slew of strong resistance hurdles. The index made a gap-up start and still ended up forming a strong bullish candle on the daily scale.
Oil prices rise on tight supply as attention turns to OPEC+ meeting
Oil prices gained about $1 in early trade on Friday, lifted by supply concerns and a weaker U.S. dollar as attention turns to what OPEC and allies including Russia agree at a meeting next week marking the end of their 2020 output reduction pact.
Tokyo stocks open higher
Tokyo stocks opened higher on Friday, extending rallies on Wall Street, after a contraction of the US economy sparked expectations of a slowdown in Federal Reserve rate hikes. The benchmark Nikkei 225 index was up 0.25 percent, or 68.16 points, at 27,883.64 in early trade, while the broader Topix index edged up 0.02 percent, or 0.36 points, to 1,949.21.
US stocks up for 2nd day; Amazon.com, Apple jump after hours
US stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.
Rupee rises 22 paise to close at 79.69 against US dollar
The rupee appreciated 22 paise to close at 79.69 against the US dollar on Thursday, as a rally in the domestic equities and less hawkish signals from the US Fed triggered risk-on sentiments in the markets.
Sensex, Nifty on Thursday
The 30-share pack Sensex jumped 1,041 points. Its broader peer, Nifty50, settled above the 16,900 mark. Today, 40 of the Nifty 50 stocks rose, while 10 settled with cuts.