| 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. |