MARKET TURNS RANGEBOUND; EUROPEAN MKT ADVANCE

The key domestic indices traded in narrow range with minor losses in the afternoon trade. The Nifty traded below the 24,550 mark after hitting the day�s high of 24,595.20 in mid-morning trade. Realty, oil & gas and IT shares declined while auto, healthcare and metal shares advanced.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 135.34 points or 0.17% to 80,469.31. The Nifty 50 index shed 11.15 points or 0.05% to 24,519.75.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.33% and the S&P BSE Small-Cap index rose 0.84%.

The market breadth was positive. On the BSE, 2,242 shares rose and 1,703 shares fell. A total of 155 shares were unchanged.

Gainers & Losers:

NTPC (up 2.84%), Bharat Petroleum Corporation (up 2.27%), Mahindra & Mahindra (up 2.21%), Ultratech Cement (up 1.87%) and Dr Reddy`s laboratories (up 1.75%) were major Nifty gainers.

Wipro (down 9.64%), Kotak Mahindra Bank (down 3.37%), Reliance Industries (down 3.36%), ITC (down 1.53%) and SBI Life Insurance Company (down 1.20%) were major Nifty losers.

Reliance Industries slipped 3.36% after the company�s consolidated net profit declined 4.04% to Rs 17,448 crore in Q1 FY25 as against Rs 18,182 crore posted in Q1 FY24. Gross revenue rose by 11.55% year on year (YoY) to Rs 257,823 crore in the quarter ended 30 June 2024

Stocks in Spotlight:

HDFC Bank advanced 1.22% after the private lender`s net profit increased 35.33% to Rs 16,174.75 crore on 44.77% jump in total income to Rs 83,701.25 crore in Q1 FY25 over Q1 FY24.

Yes Bank rallied 2.66% after its standalone net profit jumped 46.69% to Rs 502.43 crore on 17.59% rise in total income to Rs 8,918.14 crore in Q1 FY25 over Q1 FY24.

Indian Hotels Company (IHCL) jumped 7.84% after the company�s consolidated net profit rose 11.67% to Rs 248.39 crore on 5.72% increase in revenue from operations to Rs 1,550.23 crore in Q1 FY25 over Q1 FY24.

Oberoi Realty rallied 4.11% after the real estate developer�s consolidated net profit surged 81.73% to Rs 584.51 crore in Q1 FY25 as against Rs 321.64 crore posted in Q1 FY24. Revenue from operations climbed 54.42% to Rs 1405.16 crore in Q1 FY25 as compared to Rs 909.97 crore recorded in the corresponding quarter last year.

PVR Inox added 1.99%. The cinema chain operator�s consolidated net loss widened to Rs 179 crore in Q1 FY25 from a net loss of Rs 82 crore recorded in Q1 FY24. Revenue from operations declined 8.75% year on year (YoY) to Rs 1,190.7 crore in the quarter ended 30 June 2024.

Global Markets:

European stocks open higher while most Asian stocks traded lower on Monday following Joe Biden`s decision to withdraw from the US presidential race, which added fresh uncertainty to the situation. Despite China`s attempt to stimulate its struggling economy by reducing interest rates, traders seemed unaffected.

On Sunday, Biden endorsed Vice President Kamala Harris as his successor.

In the meantime, China implemented a reduction in benchmark lending rates during the monthly fixing on Monday. The one-year loan prime rate (LPR) was decreased by 10 basis points to 3.35% from 3.45%, while the five-year LPR was also lowered by the same margin to 3.85% from 3.95%.

US stocks experienced a decline on Friday due to a chaos caused by a global technical outage resulting from a software glitch, amplifying the existing market unease. The S&P 500 dropped 0.71%, closing at 5,505.00. Nasdaq Composite slid 0.81% to end at 17,726.94. The Dow Jones Industrial Average fell 377.49 points, or 0.93%, to 40,287.53.

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