NIFTY TRADES NEAR 25,150 MARK; EUROPEAN MKT OPENS HIGHER

The key equity indices traded with decent gains in afternoon trade. The Nifty traded near the 25,150 mark after hitting the day�s low of 25,017.50 in early trade. FMCG, financial services and IT shares advanced while metal, auto and pharma stocks declined. Trading could be volatile due to August F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex jumped 359.41 points or 0.42% to 82,140.19. The Nifty 50 index gained 97.85 points or 0.39% to 25,150.20.

The Nifty clocked an all-time high of 25,174.55 in afternoon trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.48% and the S&P BSE Small-Cap index declined 0.63%.

The market breadth was weak. On the BSE, 1,338 shares rose and 2,505 shares fell. A total of 126 shares were unchanged.

Gainers & Losers:

Bajaj Finance (up 3.10%), Bajaj Finserv (up 3%), Britannia Industries (up 2.11%), ITC (up 1.92%) and Apollo Hospitals Enterprise (up 1.82%) were major Nifty gainers.

Grasim Industries (down 1.68%), Mahindra and Mahindra (down 1.09%), Eicher Motors (down 0.93%), Dr Reddy`s Laboratories (down 0.82%) and Adani Enterprises (down 0.68%) were major Nifty losers.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.53%. The company informed that it has extended its partnership with Primark for the next five years to transform Primark�s technology operations to support the retailer�s ambitious plans for global growth.

One 97 Communication (Paytm) added 1.09% after the company said that it has received a nod from Finance Ministry for downstream investment into Paytm Payment Services. Paytm payment services will resubmit the payment aggregator license and will continue to provide online payment aggregation services to existing partners.

Sonata Software jumped 5.04% after the company announced that it has received a large multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.

Genus Power Infrastructure was hit an upper circuit of 5% after the company�s wholly owned subsidiary has received three orders worth Rs 4,469.04 crore for the appointment of advanced metering infrastructure services providers. The company�s total order book stood at Rs 32,500 crore.

Procter & Gamble Hygiene & Health Care slipped 2.77% after the company�s standalone net profit declined 46.4% to Rs 81.06 crore in the quarter ended 30 June 2024 as compared with Rs 151.24 crore posted in same quarter last year. Revenue increased 9.3% YoY to Rs 927.43 crore during the quarter.

KEC International soared 7.48% after the company has received new orders worth Rs 1,171 crore for its transmission and distribution business in UAE and Saudi Arabia.

National Aluminium Company (NALCO) slipped 1.78%. The company announced that a memorandum of understanding (MoU) was signed between its joint venture, Khanij Bidesh India (KABIL) and Oil India for collaboration in projects and exploration.

Biocon fell 0.95%. The biopharmaceutical company said that its subsidiary, Biocon Biologics has secured market entry for its proposed biosimilar, Bmab 1200, which is designed to compete with Stelara, in Europe, the UK, Canada, and Japan.

Global Markets:

European stocks advanced as investors looking forward to economic data from across the region and assessed Nvidia�s earnings.

Asian stocks traded lower on Thursday, mirroring the overnight slump in Nvidia. The AI darling`s tepid guidance on revenue and margins fueled concerns about the broader AI sector.

Investors are now keenly awaiting U.S. weekly jobless claims and inflation readings from Germany and Spain. These economic indicators will offer insights into the Federal Reserve`s potential rate-cut trajectory beyond September, given its emphasis on the labor market`s health.

U.S. stocks experienced a pullback on Wednesday. The Nasdaq Composite shed 1.12%, while the S&P 500 (-0.6%) and Dow Jones Industrial Average (-0.4%) saw more modest losses.

Nvidia`s shares plunged as much as 8.5% in after-hours trading following its earnings report. While the company delivered a profit beat and announced a $50 billion buyback, investors were disappointed by the weaker-than-expected outlook for the current quarter`s revenue and gross margin.

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