BENCHMARKS SNAP 3-DAY LOSING STREAK, NIFTY ENDS NEAR 24,300

Domestic shares roared back to life today, snapping a three-day losing streak. The Nifty50 closed near 24,300, with all sectors in the green. Oil & gas and metals led the charge. Global markets cheered the Bank of Japan`s pledge to maintain stable rates. Domestically, DIIs continue to support the market, offsetting FII selling.

The S&P BSE Sensex jumped 874.94 points or 1.11% to 79,468.01. The Nifty 50 index surged 304.95 points or 1.27% to 24,297.50. The 50-unit index slumped 4.07% in the past three sessions.

Adani Enterprises (up 3.59%), Infosys (up 2.36%) and HDFC Bank (up 1.49%) boosted the indices.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 2.63% and the S&P BSE Small-Cap index gained 2.39%.

The market breadth was strong. On the BSE, 2986 shares rose and 947 shares fell. A total of 98 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, dropped 13.72% to 16.17.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper jumped 1.62% to 6.983 as compared with previous close 6.985.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9725, compared with its close of 83.9200 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.08% to Rs 69,023.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.26% to 103.24.

The United States 10-year bond yield grew 1.12% to 3.932.

In the commodities market, Brent crude for October 2024 settlement gained 99 cents or 1.29% to $77.47 a barrel.

Global Markets:

The Dow Jones index futures were up 348 points, indicating a strong opening in the US stocks today.

European and Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week.

Japan`s markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won`t raise interest rates when financial markets are unstable.

Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday`s steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day`s losses.

The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.

Stocks in Spotlight:

Dr. Lal PathLabs rose 3.17% after the company�s consolidated net profit jumped 28.95% to Rs 107.8 crore in Q1 FY25 as compared with Rs 83.6 crore in Q1 FY24. Revenue from operations increased 11.26% YoY to Rs 601.9 crore during the quarter. The company�s board declared interim dividend of Rs 6 per share for FY25.

Tata Power Company declined 1.5% after the company�s consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.

Lupin rallied 4.69% after the company�s consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.

Gland Pharma slipped 4% after the company�s consolidated net profit declined 25.94% to Rs 143.76 crore in Q1 FY25 as compared with Rs 194.10 crore in Q1 FY24. Revenue from operations jumped 15.97% YoY to Rs 1,401.70 crore in Q1 FY25.

Bata India fell 3.61%. The company�s consolidated net profit surged 62.84% to Rs 174.06 crore in Q1 FY25 as against Rs 106.89 crore posted in Q1 FY24. However, revenue from operations declined 1.41% year on year (YoY) to Rs 944.63 crore in the quarter ended 30 June 2024.

Gulf Oil Lubricants India surged 6.17% after the company�s consolidated net profit jumped 28.89% to Rs 88.02 crore in Q1 FY25 as compared with Rs 68.29 crore posted in corresponding quarter last year. Revenue from operations increased 9.04% YoY to Rs 885.07 crore during the quarter.

PI Industries gained 3.82% after the pesticides maker registered 17.21% increase in consolidated net profit to Rs 448.8 crore on 8.3% rise in revenue to Rs 2,068.9 crore in Q1 FY25 as compared with Q1 FY24.

Pidilite Industries added 3.27% after the company�s consolidated net profit jumped 21% to Rs 571.27 crore during the quarter as compared with Rs 473.69 crore posted in corresponding quarter last year. Revenue from operations increased 3.67% YoY to Rs 3,395.35 crore during the quarter.

Cummins India jumped 6.17% after the company�s standalone net profit increased 33% to 419.8 crore on 4.02% rise in revenue from operations to Rs 2,262.03 crore in Q1 FY25 over Q1 FY24.

Alembic Pharmaceuticals advanced 2.74% after the company received final approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Acitretin Capsules.

IPO Update:

The initial public offer (IPO) of Brainbees Solutions received 1,47,37,568 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (06 August 2024). The issue was subscribed 30%.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 440 to Rs 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

Unicommerce eSolutions` IPO received 17,20,68,750 bids for shares as against 1,40,84,681 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (06 August 2024). The issue was subscribed 12.22 times.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

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