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View on market: Volatility Prevails, Market is searching for better value
The Nikkei 225 was 20.51 points or 0.1% lower at 39,573.88, and the S&P ASX 200 was 16.30 points or 0.20% lower at 7,954.80.US stocks faced resistance in gaining momentum as traders sifted through a flood of corporate results to gauge the market’s ability to sustain this year’s historic rally. India’s benchmark stock indices extended losses for the third session Tuesday as shares of HDFC Bank Ltd. and Larsen & Toubro Ltd. dragged after India received its final budget for financial year 2025.Overseas investors turned net sellers of Indian equities on Tuesday after six days. Foreign portfolio investors offloaded stocks worth Rs 2,975.3 crore on the budget day, while domestic institutional investors stayed net buyers and mopped up equities worth Rs 1,418.8 crore.
Economic Calendar:
- USD: Crude oil inventory announcement on 24 July
- UDD : Initial jobless claim on 25 July
- IND: Fx reserves USD announcement on 26 July
IPO Watch:
Company | Open | Close | Price | View |
NA | ||||
Brokerage Radar:
Jefferies on Torrent Pharma
Buy, TP Rs 3540. 1Q rev in-line with est. while EBITDA/ PAT were +3%/+5% higher as strong India growth (+15% YoY) led to multiyear high gross margins Qtr. impacted by one offs in topline as well as expenses otherwise beat would have been even higher
Bernstein on Bajaj Finance
Market perform with target price of Rs 6,800.A massive credit cost increase presents a grim picture. A sequential rise in the non- interest income was the only saving grace.RoA could have fallen even lower and Roe moving closer to mid-teens.
Investec on Zensar Technologies
Maintains Buy; hikes target price to Rs 885 from Rs 710.Strong potential to significantly outperform on growth. Company hopes to close large deals across verticals. Believe even a single large deal is meaningful on its small revenue base. EBITDA% were impacted by one-offs leading to a 200bps miss on ests.
International Markets:
U.S & Europe:
Particulars | 23rd July | Chg. | Chg.(%) |
Nasdaq | 17997.35 | -10.22 | -0.06 |
Dow | 40358.09 | -57.35 | -0.14 |
FTSE | 8167.37 | -31.41 | -0.38 |
CAC | 7598.63 | -23.39 | -0.31 |
DAX | 18557.7 | 150.63 | 0.81 |
Dow Fut.* | 40552 | -63 | -0.16 |
*As per24th July.
Asian markets:
Particulars | 24th July | Chg. | Chg.(%) |
GIFT Nifty | 24401 | -62.10 | -0.25 |
Nikkei | 39508.84 | -85.55 | -0.22 |
Straits Times | 3459.45 | -1.71 | -0.03 |
Hang Seng | 17416.11 | -53.25 | -0.30 |
Shanghai | 2910.89 | -4.48 | -0.16 |
Stocks strong on Chart:
Index | F&O | Cash |
TATA CONSU | TORRENT PH | MAX HEALTH |
ITC | GODREJ CONS | KEC INT |
INFY | ESCORTS | DCX SYS |
SUN PHAR | IPCA | SOLAR IND |
LTT | TVS MOT | EXICOM |
UNITED SP | ORIENT CEM |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.73 | 0.07 |
Brent | 81.31 | 0.37 |
Gold | 68525 | 0.02 |
Silver | 84952 | 0.04 |
FIIs & DIIs:
Particulars | 23July | 22 July |
FIIs | -2975.31 | 3444.06 |
DIIs | 1418.82 | -1652.34 |
News Update:
Company
Spice Jet | The company will raise up to Rs 3,000 crore via rights issues at Rs 818 per share. |
Titagarh Rail Systems | The company begins the export of traction converters with the first shipment to Italy |
Infosys | The company has signed a contract with UVC Partners to co-create next-generation solutions using AI and deep technology |
SouthIndian Bank | The company is to consider fundraising on July 30. |
Bajel Projects | The company received an order worth Rs 568 crore from Powergrid Corp for a period of 23 months. |
Source: Moneycontrol, Bloomberg Quint, Investing
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