Equity Alert
Market sentiment remains positive, Nifty 50 to rise a tad more
This story was originally published at 16:07 IST on 7 July 2026
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Equity Alert: Market sentiment remains positive, Nifty 50 to rise a tad more
MUMBAI--1535 IST--The sentiment in the domestic equity market continues to be positive and analysts do not expect a sharp fall in indices in the coming sessions. Markets are likely to see a gradual rise across sessions this week. Foreign investors turning net buyers since last Friday has slightly improved the sentiment on equity market, alongside easing crude oil prices. Investor will now focus on June quarter earnings which will start from Thursday with Tata Consultancy Services the first company to announce it.
"With concerns around the US–Iran conflict and trade tariffs easing, market focus is shifting towards Q1FY27 earnings and the progress of the monsoon," Vinod Nair, head of research at Geojit Investments Ltd., said in a note. Meanwhile, improving foreign investment inflows and a stable rupee are expected to provide near-term support to overall market sentiment, he added.
On Tuesday, the Nifty 50 index ended at 24398.70 points, down 31.65 points or 0.1%. Technical analysts expect buying interest to continue at the lower levels and investors are likely to buy on each dip. In the near term, the index is expected to take support at 24000 points. The immediate support is 24200 points and slipping past this level would prompt selling. On other hand, the index is seen facing resistance at 24550 points, followed by 24600 points, according to technical analysts. The BSE Sensex fell over 100 points and settled at 78180.72 points.
Brokerages expect the performance of corporate companies to be impacted by higher input costs, especially leading to contraction in margins. Some sees acceleration in sales growth on the back of low base and West Asia-war led supply shortage. Many companies had taken price hikes to cover the input costs and volume growth has been decent, especially for automobile companies.
Nuvama Institutional Equities expects a 12% year-on-year revenue growth for Nifty 50 companies in Apr-Jun and sees profit rising 9%. Nuvama expects sectors such as cement, pharmaceutical, automobile, chemicals, electronic manufacturing, and fast moving consumer goods to report a muted growth in net profit, or a contraction. (Gopika Balasubramanium)
Equity Alert: Indices slip into red in final minutes of trade; Trent down 13%
MUMBAI--1541 IST--The benchmark indices fell in the final minutes of trade Tuesday and ended lower, snapping a four-session rise on the day of expiry of the weekly contracts of the Nifty 50. The indices had opened higher and sustained their rise until the afternoon, remaining quite stable. However, they turned volatile in the afternoon. Buying in information technology stocks was sustained throughout the day's session. Some financial services companies and automobile companies also rose.
The Nifty 50 settled at 24398.70 points Tuesday, down 31.65 points or 0.1% from Monday. The BSE Sensex fell over 100 points to settle at 78180.72 points, also down 0.1%. The 50-stock index retreated after coming close to 24550 points, the resistance level for the day, and briefly slipped into the red. It also fell as low as 24348.95 points during the day but found support at 24350 points and recovered. The broader market indices underperformed the benchmark peers and closed in the red.
IT stocks were in the spotlight during the session. The Nifty IT index ended 2.4% higher Tuesday. The index has fallen about 10% in the last two months. Large-cap stocks such as Infosys, Tech Mahindra, and HCL Technologies closed 2-3% higher. Analysts believe negative factors such as weak earnings for the June quarter and artificial intelligence-led revenue deflation are now priced in.
The Trent stock fell around 13% to a low of INR 2,920 and ended close to this level. The company's retail sales for Apr-Jun rose 19%, below the Street's expectation of 22-23%, ICICI Securities said. On the other hand, Titan Co. ended around 3% higher after a robust June quarter provisional update.
Info Edge (India) was the top gainer in the Nifty 200 index. The company's standalone billings rose around 15% on year. Meanwhile, Kalyan Jewellers closed around 7% lower. Before the market opened, the company had informed exchanges that its consolidated sales rose 38% on year. (Gopika Balasubramanium)
Equity Alert: Nifty 50 July ends at premium of 11.30 points to spot index
MUMBAI--1540 IST--The July futures contract of the Nifty 50 closed at a premium of 11.30 points to the spot index Tuesday. Open interest in the contract fell 1% to around 16.47 million, according to provisional data.
--Nifty 50 closed at 24398.70 points, down 31.65 points or 0.1% vs Monday
--Nifty 50 July closed at 24410 points, down 72.90 points or 0.3% vs Monday
Nifty 50 options, expiring Jul 14, with maximum change in open interest:
Call: 24500, Put: 24500
Nifty 50 options, expiring Jul 14, with maximum open interest:
Call: 24500, Put: 24500
(Eshitva Prakash)
Equity Alert: Indices in Europe mixed, tech stocks down amid AI-linked fears
MUMBAI--1435 IST--Stock markets in the UK, France, Germany, Switzerland, Spain, and Italy were mixed with some indices marginally up and some flat. France's headline index, CAC 40, was up nearly 1%, leading the rise in the region. Shares of luxury retail giants LVMH, Hermes International, Kering, and EssilorLuxottica were up 1-2%. On the flip side, shares of technology companies posted subdued moves amid concern about the sustainability of the rally in chip stocks. The pan-European STOXX Europe 600, meanwhile, was only slightly up.
The STOXX Europe 600 Technology index slumped almost 2% in early trade. Stocks of companies linked to semiconductor equipment manufacturing fell; ASML Holding, Infineon Technologies, Aixtron, and STMicroelectronics were down around 5% while BE Semiconductor Industries was down over 4%. Shares of European software companies such as Amadeus IT Group were up close to 2% and those of SAP were up 2.5%.
Among others, energy giant Shell was in focus after the company reported its busines update for the quarter ended June. The company now sees its integrated gas production during the quarter at 610,000-650,000 barrels of oil equivalent per day from 580,000-640,000 barrels of oil equivalent per day earlier. Shares of the company were up 3%.
Following were the levels of major European indices at 1434 IST:
| Index | Level | Change in % |
| FTSE 100 Index | 10702.97 | 0.48 |
| CAC 40 | 8525.10 | 0.53 |
| FTSE MIB INDEX | 53179.12 | 0.42 |
| DAX PERFORMANCE-INDEX | 25743.37 | (-)0.29 |
| SLI PR | 2311.00 | 0.41 |
(Ruchira Kagita)
Equity Alert: Indices volatile, Nifty 50 down ahead of weekly expiry
MUMBAI--1335 IST--After remaining largely stable and trading with gains, the Nifty 50 index turned volatile ahead of the expiry of weekly options contracts. Earlier in the day, the index had crossed 24500 points amid short covering by traders in options expiring Tuesday. The index started erasing its gains when it came close to 24550 points, which was the day's resistance level.
At 1332 IST, the Nifty 50 was at 24436.50 points, up 6.15 points. The index rose as much as 100 points intraday. The immediate support level for the index is 24350 points, according to analysts. The BSE Sensex was at 78311.74 points, up 26.67 points. Broader markets have been lower since the open, underperforming benchmark indices so far. Even then, mid-cap indices fared better than their small-cap peers.
Among sectoral indices, the Nifty IT continued to be in the top spot, up 2.5%. The Nifty Consumer Durables gained around 1%, as heavyweight Titan rose nearly 3%. All the other major sectoral indices were lower, as traders cut back their positions. Real estate and metal stocks, which had risen sharply Monday, fell during the session. The Nifty Realty was down 1.6%, with all the constituents barring Lodha Developers in the red. Brigade Enterprises, DLF, and Oberoi Realty were down 2-3%. (Gopika Balasubramanium)
Equity Alert: Most indices in Asia end lower, AI fears dampen sentiment
MUMBAI--1332 IST--Most stock indices in Asia ended lower Tuesday, with only benchmark equities in Singapore and Indonesia ending higher. Concerns related to sustainability of the artificial intelligence-driven rally likely dampened market sentiment. South Korea's headline index, KOSPI, was down almost 5%, leading losses in the region after index heavyweight Samsung Electronics Co. forecast its operating profit for the quarter ended June to rise 19-fold on year.
Samsung guided for its consolidated operating profit for the period from April through June to rise to around 89.4 trillion won (INR 5.59 trillion) from 4.68 trillion won in the year-ago period. The chipmaker projected its sales to go up to 170-172 trillion won.
"The stock had priced in a historic quarter for months, and once the numbers confirmed it was significant but not far beyond what the market had already expected, there wasn't much to reward anyone stepping in," CNBC quoted Zavier Wong, a market analyst at eToro, as saying. The preliminary earnings were only 6% ahead of estimates, Barron's reported an analyst at Deutsche Bank as saying. Shares of Samsung closed nearly 7% lower Tuesday.
Shares of SK Hynix also dropped 6% ahead of the company's listing of American depositary receipts later this week. The company seeks to raise about $28 billion through its listing in the US, as per several media reports. South Korea's broader market, KOSDAQ, also closed nearly 2% down.
In Japan, the benchmark Nikkei 225 index fell for the second session in a row, down over 2% Tuesday. Almost all major technology and semiconductor stocks in the country fell. Shares of major index constituents Advantest Corp. were 2.3% lower, those of Tokyo Electron almost 4%, Keyence Corp. over 3%, and Ajinomoto Co. over 4%. Kioxia Holdings Corp., which is involved in memory chip manufacturing, tanked over 11% while Murata Manufacturing Co. slumped more than 10%. The country's broader market index TOPIX also fell 1%.
The following are the levels of key indices in the region at 1331 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4792.2624 |
(-)1.03 |
|
Hang Seng Index |
23468.19 |
(-)0.63 |
|
KOSPI Index |
7656.31 |
(-)4.91 |
|
Nikkei 225 Day |
68256.96 |
(-)2.12 |
|
TOPIX FIRST SECTION |
4062.26 |
(-)0.97 |
|
FTSE Singapore Strait Times |
5303.46 |
0.83 |
|
S&P/ASX 200 Index |
8803.90 |
(-)0.31 |
(Ruchira Kagita)
Equity Alert: IT shrs up before Q1 earnings; analyst says negatives priced in
MUMBAI--1250 IST--Shares of information technology companies rose Tuesday and large-cap IT names led the gainers in the Nifty 50 index. Analysts attributed this to comfortable valuations after a record fall in these stocks over the last few months, the absence of new negative triggers, and hope of management commentary soothing artificial intelligence-related concerns. However, with June quarter earnings projected to be weak for IT companies, analysts continue to be cautious about betting on these stocks. At 1248 IST, shares of HCL Technologies, Infosys, Tata Consultancy Services, and Tech Mahindra traded 2–4% higher. Barring Wipro, all constituents of the Nifty IT index traded higher.
"All the negatives (on IT stocks) have already been factored in and as we head towards Q1 (June quarter) earnings, investors keenly await management commentary on disruption from artificial intelligence and the resulting margin pressure... some investors are hoping for a positive outlook," Sumit Pokharna, vice president - research at Kotak Securities, said. "We are still in a transition phase and several data points over AI impact on companies has not yet been covered," he said. While Pokharna sees the valuations of large-cap players such as Infosys as comfortable after a record decline, he does not see IT stocks bottoming out, particularly those in the midcap space, where he pointed out that valuations of companies continue to be far more expensive than even the global IT bellwether, Accenture. "Stock specific buying, rather than a wholesale purchase of IT names is more a better strategy," he said.
Similar to other commentators and analysts, Pokharna expects the first half of 2026–27 (Apr-Mar) to be weak for IT companies. "Historically, the first half of a financial year is generally better than the second-half for IT players, but this time will probably not be the same." Heavy competition in the IT space for contracts likely offset that small gains from rupee depreciation in the June quarter, he said. "We do not expect this year to be very healthy for IT companies," Pokharna said. Analysts expect a soft June quarter, which is a seasonally strong quarter with additional billing days, due to lower discretionary spending amid the war in West Asia, high competition from global capability centres, wage hikes, and AI-driven revenue deflation.
Over the last seven days, the Nifty IT index has risen over 6%. Persistent Systems, Mphasis, and LTM have risen 9–11% during the period. So far in 2026, the Nifty IT index has seen a record rout, falling over 26%, including the rise so far in July. (Eshitva Prakash)
Equity Alert: TARC hits over 2-mo high on strong Q1 presales, collections
MUMBAI--1248 IST--Shares of Delhi-based real estate company TARC surged over 14% to an over two-month high of INR 142.40 on the NSE after the company reported a robust growth in presales and collections for the June quarter. TARC's presales for the quarter rose three-times on year to INR 6.02 billion and collections were up 80% at INR 3.05 billion. The growth reflects the robust performance in the luxury residential portfolio, the company said.
The company continues to witness "tenacious" demand for its luxury developments, supported by diverse products, it said in a filing with bourses. Growth in collections was aided by solid customer conversions. TARC continues to advance on the design and planning of its upcoming luxury and ultra-luxury pipeline.
At 1239 IST, shares of the company had given up some of the earlier gains and traded 5% higher at INR 130.76. Nearly 31 million shares of the company changed hands on NSE so far in the day, up multifold from a mere 106,264 shares at the same time Monday. The stock has risen over 16% in the last three months but fallen nearly 27% in the last six months. It has fallen nearly 28% in the last 52 weeks. (Ashutosh Pati)
Equity Alert: Domestic indices slightly off highs, Trent down nearly 12%
MUMBAI--1235 IST--Sustained buying in information technology stocks and gains in index heavyweights HDFC Bank and ICICI Bank helped Nifty 50 to sustain its gains. However, the indices came slightly off highs and the 50-stock index has now slipped below 24500 points. Inflows from foreign investors improved sentiment in the market, analysts said, adding soft crude oil prices and rupee also offered support. Progress of monsoon continues to be the important factor to monitor.
At 1234 IST, the Nifty 50 was at 24495.60, up 38.10 points or 0.2%. The index has erased some of its gains made intraday but remained in the green. The index rose as high as 24530.90 points a while ago, close to its immediate resistance level of 24550 points. The index likely faced selling pressure at those levels and came off highs. Among Nifty 50 stocks, Trent fell around 12% and continued maintain its last spot among its peers. The stock has fallen to a low of INR 2,947.30.
The Nifty IT was at 28072 points, up 795.55 points or 2.9%. The negative factors such as weak earnings for June quarter, artificial intelligence-led revenue deflation, slowdown in global discretionary spending due to West Asia war, among others, have been factored in, analysts said. The index has risen 6% in seven days, after it fell overall 10% in last two months. The buying now is likely value led, analysts said. While valuations of large-cap IT majors such as Infosys, Tata Consultancy Services, Tech Mahindra are at comfortable levels, mid-cap names may be on the expensive side. (Gopika Balasubramanium)
Equity Alert: Kalyan Jewellers slumps 9?ter Apr-Jun business update
MUMBAI--1220 IST--Shares of Kalyan Jewellers fell nearly 9% to an intraday low of INR 348.35. The stock declined despite the Kerala-based jewellery maker reporting a 38% on-year rise in its revenue in its June quarter business update. Its international sales were up 35%.
India sales were driven by healthy same-store sales growth of 28%. The metric was strong across key markets around the country, Kalyan Jewellers said in a filing. The company's revenue from West Asia rose around 30% on year despite a decline in footfall in the region owing to the US-Iran war.
However, the global brokerage Citi is of the view that the growth in top line in the June quarter is strong, but relative outperformance narrows, NDTV Profit reported. At 1214 IST, shares of Kalyan Jewellers traded over 5% lower at INR 360.70. Nearly 18 million shares of the company changed hands on NSE, higher than over 1 million shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: RITES rises 9%; co gets $35 mln order to supply locomotives
MUMBAI--1210 IST--Shares of RITES rose over 9% to hit an intrday high of INR 236 per share. This comes after the company said it had received an order of $35 million, or around INR 3.33 billion, to supply and commission 4000-horsepower cape gauge diesel-electric locomotives from Volantis Asset Finance (Pty) in South Africa. The order is expected to be executed within 20 months, according to an exchange filing by RITES. Earlier this month, the company had bagged an order of INR 1.75 billion from Babasaheb Bhimrao Ambedkar University for project management services.
Of the four brokerage reports available on the company with Informist, three have a "buy" or equivalent recommendation on the stock, and one brokerage has a "hold" or equivalent recommendation.
At 1208 IST, shares of the company were at INR 230.80, up 6.8% on the National Stock Exchange. So far, around 34.84 million shares of the company have changed hands on the exchange. This is nearly 69 times the number of shares traded until the same time on Monday. (Shruti Nair)
Equity Alert: Motilal Oswal sees Eternal Q1 food delivery net order value up
MUMBAI--1150 IST--Eternal's food delivery business, Zomato, is expected to sustain its growth momentum in the June quarter, Motilal Oswal Financial Services said while adding that the segment's net order value is seen rising 20% on year. The company's quick commerce business Blinkit's net order value is estimated to increase about 84% on year even as the likelihood of the business facing an adverse impact due to competition remains high, the brokerage said. Motilal Oswal maintained its 'buy' call on the stock with a target price of INR 380.
The stock rose almost 3% to its highest level in three months of INR 291 on the NSE with trading volumes over 23 million, around three times higher from until the same time Monday.
Zomato's adjusted earnings before interest, taxes, depreciation, and amortisation margin as a percentage of net order value is seen at 6.1% in the quarter ended June and at 6.3% for 2026-27 (Apr-Mar). Concern surrounding competition from Rapido and Flipkart for Zomato are pre-mature, the brokerage believes. "Dislodging a duopoly with this level of network density, restaurant coverage, and logistics infrastructure takes more than capital," Motilal Oswal said. Higher frequency of orders and customer additions are driving volume growth for the company's food delivery business, the brokerage said.
Meanwhile, Blinkit's adjusted EBITDA margin as a share of net order value is pegged at 0.6% in the reporting quarter. Additionally, assortment expansion, geographic coverage, and demand densification are expected to be key growth levers for Blinkit going forward, Motilal Oswal said. Blinkit's pin-code coverage remains below 30% in markets excluding the eight biggest cities in the country, suggesting significant scope for expansion. The management at Eternal had guided the business' net order value to grow 60% at a compounded annual rate over the next few years, the brokerage noted, while adding that this outlook indicates strong demand within the business.
Further, Eternal's going-out business, District, presents "meaningful optionality", according to Motilal Oswal. The District segment could contribute around $125 million to the company's overall EBITDA by 2030, the broking firm said.
For the March quarter, Eternal had posted a consolidated net profit of INR 1.74 billion on revenues of INR 712.92 billion. At 1144 IST, shares of the company traded over 2% higher at INR 290.30. (Ruchira Kagita)
Equity Alert: Cochin Shipyard falls 4.6% as govt launches OFS
MUMBAI--1126 IST--Shares of Cochin Shipyard fell 4.6% to an intraday low of INR 1,437.5 apiece as the government launched an offer for sale for up to 5.04% equity in the company. Arunish Chawla, secretary of the Department of Investment and Public Asset Management, had Monday announced the offer for sale will open Tuesday for non-retail investors. Retail investors will be allowed to bid Wednesday.
The offer for sale includes a base issue of 2.52% and a green-shoe option of 2.52%, the secretary said in a post on social media platform X. The floor price for the offer for sale has been fixed at INR 1,400 per share, a discount of over 7% to the stock's closing price Monday, which ended at INR 1,506.4 on the National Stock Exchange.
The government held a 67.91% stake in Cochin Shipyard as of Monday. If the government exercises the green shoe option, its shareholding in the company will come down to 62.87?ter the offer for sale. Based on the floor price, the government will raise around INR 6.3 billion by selling a 2.52% stake in Cochin Shipyard.
At 1058 IST, shares of the company were at INR 1,450.2 apiece on the National Stock Exchange, down 3.7% from Monday. So far, over 2 million shares of the company have changed hands on the exchange. This is over five times the number of shares traded until the same time Monday. (Shruti Nair)
Equity Alert: Indices up; Nifty 50 crosses 24500 for first time since Apr
MUMBAI--1125 IST--The Nifty 50 crossed 24500 points for the first time since Apr. 22, hitting an over two-month high. Continued inflows to information technology stocks since open, prompted this movement. On a technical perspective, the index will now face resistance at 24550-24565 points. The index has been largely stable so far in the session ahead of expiry of weekly options contracts. Three Nifty 50 constituents hit record highs.
At 1130 IST, the Nifty 50 index rose by 88.20 points and was at 24518.55 points. The index hit an over two-month high of 24525.75 points. Options chain showed that traders covered short positions yet again, at in-the-money call contracts. Traders also went long on the put side, which indicates a bullish sentiment in the market.
Titan Co., Grasim Industries, and Apollo Hospitals Enterprise hit their respective record highs. While Titan traded almost 3% higher, the other two stocks were slightly lower. Information technology stocks maintained their top positions in the Nifty 50. Tech Mahindra was up 3.5%.
Meanwhile, traders sold shares of Kalyan Jewellers India and those were down nearly 7%. The stock hit almost a one-month low of INR 348.35. This was after the company informed exchanges that its consolidated revenue for the June quarter was up around 38% on year. Others such BSE, Multi Commodity Exchange of India and BSE also traded 4% lower each. Cochin Shipyard was down over 3% at INR 1,456. The government is to sell 5% stake in the company via offer for sale. The floor price of INR 1,400 a share is at a discount of over 7% to the stock's closing price Monday. (Gopika Balasubramanium)
Equity Alert: Info Edge up near 5-mo high; Q1 standalone billings up 14% YoY
MUMBAI--1100 IST--Shares of Info Edge (India) rose nearly 8% to a nearly five-month high of INR 1,106 after the company's standalone billings for the June quarter rose 14% on year. The volume of shares traded rose 15 times from those traded Monday. The company's standalone billings for the June quarter were at INR 7.37 billion, up from INR 6.44 billion in the year-ago quarter.
From the recruitment operations, the company's Apr-Jun billings were at INR 5.53 billion, higher than INR 4.70 billion posted a year ago. At 1112 IST, its shares were over 9% higher at INR 1,119.44 on the NSE. So far in the day, nearly 6 million shares of the company have changed hands on the exchange, nearly 15 times higher than the number of shares traded till the same time Monday.
Of the eight brokerage reports available with Informist on the company, six have a 'buy' recommendation on the stock with an average target price of INR 1,400. One has a 'sell' recommendation and the other has a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Titan hits all-time high post healthy Q1 business update
MUMBAI--1053 IST--Titan Co.'s shares rose nearly 4% to an all-time high of INR 4,655.90 after the company released its June quarter business update. The Tata Group company's consumer business revenue for the quarter rose 41% on year. The watchmaker's jewellery business in India reported revenue growth of 39% in Apr-Jun.
"Titan registered yet another quarter of healthy performance with strong jewellery performance driven by double-digit buyer growth better than higher single digit growth in Q4FY26 (March quarter)," ICICI Securities said in a note. The brokerage said Titan's overall consolidated India business growth of 39% is better than its earlier expectations of the mid-twenties. However, ICICI Securities expects the earnings before interest, tax, depreciation, and amortisation margins to be lower on year due to higher gold prices and mix.
At 1049 IST, shares of Titan Co. traded nearly 3% higher at INR 4,607.50. Nearly 2 million shares of the company changed hands on NSE, which is higher than over 119,000 shares traded till the same time Monday. (Adhithya Aji)
Equity Alert: Trent falls 11%; co's June quarter revenue growth misses view
MUMBAI--1033 IST--Shares of Trent fell 11.3% to an intraday low of INR 2,963 Tuesday. This comes after the company released its business update for the June quarter post-market hours Monday. The Tata Group-owned retail company's sales for the quarter rose 19% on year to INR 56.66 billion. The figure was seen between INR 58 billion-INR 58.60 billion, according to estimates from three brokerages. The top line growth was largely similar to the around 20% growth reported the previous quarter and the year-ago quarter. The company added one Westside store and 19 Zudio stores during the quarter. As of Tuesday, Trent had 1,312 stores, including 301 Westside stores, 982 Zudio stores, and 29 stores across other lifestyle concepts.
Brokerage Motilal Oswal expects a correction in the stock after the retailer missed its revenue growth estimate of 22% for the quarter ended June. The stock rallied 23% in June and 50% since March on expectations of higher revenue. A sustained improvement in the urban consumption environment is needed for the revenue to surpass the estimate, NDTV Profit reported, citing global brokerage Bernstein. The brokerage expects the stock to fall.
At 1028 IST, shares of the company were trading at INR 2,970.10, down 11.2% on the National Stock Exchange. Over 4.4 million shares of the company had changed hands on the exchange. This is more than 23 times the number of shares traded until the same time on Monday. The stock was the worst-hit constituent across Nifty 50, Nifty 200, and Nifty 500 indices. (Shruti Nair)
Equity Alert: Indices remain higher, takes slow start to Tue; IT cos gain
MUMBAI--1031 IST--Benchmark equity indices rose a tad further on Tuesday, taking a slower start to the day, with information technology companies seeing most buying interest. The Nifty 50 index hovered around 24490 points after breaching the 24500 mark. The index is expected to face immediate resistance at 24550 points. Investors continued reacting to the June quarter business updates from various companies.
At 1031 IST, the Nifty 50 was at 24488.70 points, up 58.35 points or 0.2%. So far, the index has risen 75 points. Analysts had said there would not be broad-based buying within the index, which would keep the index in a range. They also expect stock-specific movement to prevail in the near term.
Among Nifty 50 stocks, Infosys gained 3.6% to take the spot of top gainer, overtaking Titan Co. Tata Consultancy Services and Tech Mahindra were up 2.6?ch. Among the stocks that declined, Trent remained the worst-hit, falling a shade above 11% against 9?rlier. Adani Enterprises and Coal India were down 1-2%.
Among others, Info Edge (India) was up around 6?ter its billings standalone operations rose around 15% for the June quarter. The company earned INR 7.4 billion as revenue. RITES Ltd. maintained its top spot in the Nifty 500 index, gaining 8%. The rise in its shares comes after the company got a $35 mln order to supply and commission locomotives to a South African company. (Gopika Balasubramanium)
Equity Alert: Jubilant FoodWorks up 4% on Q1 update; consol sales up 14% YoY
MUMBAI--1014 IST--Shares of Jubilant Foodworks rose almost 4% to their highest level in a month of INR 455.20 on the NSE after the company shared its business update for the June quarter. Over 4.5 million shares of the company changed hands on the bourse intraday, much higher than nearly 208,000 till the same time Monday. Its Domino's India business recorded a like-for-like growth of 2.5% in the quarter, the company said.
Jubilant FoodWorks' standalone revenue from operations for Apr-Jun grew over 9% on year to INR 18.5 billion while its consolidated revenue for the June quarter grew 14% on year to INR 25.7 billion. Sequentially, the company's consolidated sales increased almost 3% on year from close to INR 25 billion.
The company continued its store expansion. It added 76 new stores during the quarter to take its total store count to 3,712. Domino's India store count stood at 2,513, with 58 gross additions. At 1013 IST, shares of the company were trading 3% higher at INR 451.50. (Ruchira Kagita)
Equity Alert: Indices open higher; Trent plunges 10%, Titan tops Nifty 50
MUMBAI--0930 IST--Benchmark equity indices opened higher on Tuesday bucking trend in other Asian markets. Shares of information technology and state-owned banks saw buying interest, followed by healthcare stocks. Investors reacted to business updates from various companies, with Trent seeing the sharpest reaction, falling 10%.
At 0930 IST, the Nifty 50 was at 24453.90 points, up 23.55 points or 0.1%. The index is expected to take support at 24300 points during the day and face resistance at 24600 points, according to technical analysts. The BSE Sensex was at 78356.66 points, up 71.59 points or 0.1%.
Information technology stocks Infosys, HCL Technologies, and Tech Mahindra saw 1-2% gains. Elsewhere in Asia, there has been huge sell-off in chipmakers and semiconductor companies post Samsung Electronics Co.'s earnings.
Among stocks, Trent fell as much as 10.2?ter the company's provisional numbers came below expectations. The stock fell to a low of INR 3,002.10. Its retail sales for Apr-Jun rose 19%. This was below Street's expectations of 22-23%. On other hand, Titan Co. was up over 2% and was the top gainer of the Nifty 50 index. It's domestic sales grew 37% on year in Apr-Jun as against exectations of growth of mid-twenties.
Meanwhile, Jubilant Foodworks rose around 3% in early trade and was the top gainer in the Nifty 200. Its consolidated revenue grew 14% on year for June quarter. RITES Ltd. was up over 7%, followed by Cemindia Projects which was up around 5%. Both the stocks were top gainers in the Nifty 500 index. (Gopika Balasubramanium)
Equity Alert: Brokerages bullish on Titan on co's strong business updates
MUMBAI--0900 IST--Brokerages remain bullish on Titan Co., after the company updated its June quarter business details on Monday. The company posted a 41% on-year growth in its consumer business revenue during the June quarter, and its jewellery business in India recorded a revenue growth of 39% on year in Apr-Jun. Brokerage Nomura Financial Advisory expects a faster growth for the company than the industry and sees a structural improvement in its revenue per store per squre feet.
"We expect Titan to continue to grow faster than the industry and gain share to c.10% by FY28F (2027–28(Apr-Mar) from unorganized players (60% of the industry) as it deepens its store reach in Tier 2/3/4 towns and as consumers shift to organized players seeking correct carat-age, better designs, and experience," according to the brokerage's research report on Titan.
Nomura maintained its 'buy' recommendation on the stock with a target price of INR 5,000. It projected an earnings-per-share estimate at a compound annual growth rate of 21% over FY26 and FY29.
Global brokerage Bernstein expects jewellery margins of the company to remain stable and sees the double-digit buyer growth as a very encouraging sign, NDTV Profit posted on its X account, citing the brokerage. Macquarie said the company's sales growth across jewellery and watches surprises positively.
Titan's domestic watches business revenue grew 23% on year during the quarter. The analog watches led overall growth for the division in high twenties, driven by continuous premiumisation trends. The smart watches business declined in low teens. "Pickup in buyer growth in the jewellery segment paints a constructive outlook for future quarters," NDTV Profit posted on its X account, quoting Macquarie. Morgan Stanley expects value positioning and improving outlook on conumer demand to aid the company's growth recovery.
For the March quarter, Titan reported a 78% on-year growth in its revenue from operations to over INR 239 billion and its net profit rose over 29% on year to over INR 11 billion. Monday, shares of the company ended 0.5% higher at INR 4,484.40 on the NSE. (Arundathi A R)
Equity Alert: Trent in focus post Q1 business update; sales up 19% YoY
MUMBAI--0849 IST--Shares of Zudio operator Trent are set to be in focus Tuesday after the retail company released its June quarter business update. The Tata Group company's revenue for the quarter rose 19% on year to INR 56.66 billion. The top line growth was largely similar to around 20% growth reported a year ago and a quarter ago.
The company added one Westside store and 19 Zudio stores during the quarter. As of Tuesday, Trent had 1,312 stores, including 301 Westside stores, 982 Zudio stores, and 29 stores across other lifestyle concepts.
Trent missed the Apr-Jun revenue estimates, but new normal sales growth is closer to 20%, global brokerage Bernstein said. In order for the revenue to surpass the estimate, a sustained improvement in the urban consumption environment is required, NDTV Profit reported, citing the brokerage. Unified Payments Interface data analysis for April and May also indicates soft value growth for the fashion segment, according to Bernstein. The brokerage expects the stock to fall.
On Monday, shares of Trent closed marginally higher at INR 3,343.80. (Adhithya Aji)
Equity Alert: Asian markets lower; Kospi falls even as Samsung profit jumps
MUMBAI--0739 IST--Asian markets opened lower Tuesday with South Korea's Kospi leading the decline across the region. The Kospi fell sharply despite Samsung reporting a 19-fold jump in its net profit for the second quarter. Trading was halted for five minutes after the Kospi fell 5%.
Japan's Nikkei fell 0.8% due to losses in technology shares. FTSE Singapore Strait Times was up marginally. Hong Kong Hang Seng futures were at 23,571, up from the index's previous close of 23,616.32. Australia's S&P/ASX 200 Index was marginally higher.
The yen continued to trade near its 40-year low, and fears that the Japanese central bank would intervene kept markets on tenterhooks.
The following are the levels of key indices in the region at 0739 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4825.54 | (-)0.34 |
|
Hang Seng Index |
23715.14 | 0.42 |
| KOSPI Index | 7764.77 | (-)3.56 |
|
Nikkei 225 Day |
69186.4 | (-)0.79 |
|
TOPIX FIRST SECTION |
4098.39 | (-)0.09 |
|
FTSE Singapore Strait Times |
5300.3 | 0.77 |
|
S&P/ASX 200 Index |
8837.5 | 0.07 |
(Deesha Jadhav)
Equity Alert: Domestic indices seen tad higher at open; Titan Co in focus
MUMBAI--0810 IST--Indian equity indices are expected to open slightly higher on Tuesday amid mixed global cues and a lack of domestic triggers. Analysts do not expect traders to place large bets ahead of the June-quarter earnings season beginning Thursday. However, sectoral rotation of capital would continue in the coming days, they said. While some technical analysts expect traders to book profits, given the overbought conditions, others expect traders to stay put. Even then, the index is expected to remain within a broad range.
Gift Nifty indicates another round of gap-up opening for the domestic indices, Vipin Kumaar, assistant vice president – Globe Capital Market, said. The Nifty 50 is seen moving gradually towards 24500-24600 points. A close above 24600 points holds the key to a sustainable rise in the index, he added. "Hence, we reiterate our buy-on-dips trading approach as long as the index remains above the 24,250 spot level on a closing basis," he said.
At 0730 IST, the July contract of GIFT Nifty was at 24563, down 25 points or 0.1% from its previous close. On Monday, the benchmark Nifty 50 index closed higher by 159.50 points or 0.7% at 24430.35.
Shares of Titan Co. will be in focus after the company announced provisional numbers for the June quarter. The company recorded a 41% on-year growth in its consumer business revenue during the quarter. The fashion accessories company's jewellery business in India also recorded 39% on year revenue growth in Apr-Jun.
There is some improvement in the outlook for the Indian market on the back of inflows from foreign investors. FPIs turned net buyers in the last two sessions and have net bought Indian stocks worth around INR 16 billion since Friday. While this cannot indicate that foreign investors have turned bullish on India, it can be seen as an improvement. Domestic investors net bought shares worth INR 37.91 billion on Monday. (Gopika Balasubramanium)
Equity Alert: US indices end higher as technology cos rise
MUMBAI--0709 IST--US stocks closed higher Monday as investors returned to chip and artificial intelligence stocks after the Independence Day holiday Friday. The Dow Jones Industrial Average ended 155.84 points higher and hit an intraday record during the session.
Technology stocks rose. Western Digital gained 7% while Oracle and Teradyne gained 2.5% and 2.8% respectively. Broadcom rose almost 4?ter it agreed to extend a deal with Apple to develop and supply a range of custom chips through 2031.
"Expectations are really high, and so I don't know if you're going to see as much upside in the second half (of the financial year) in these (technology) stocks as we did in the first half," said Anthony Saglimbene, Ameriprise Financial's chief market strategist, according to a CNBC report. "As long as they confirm that fundamentals are strong, then I think they could probably melt a little bit higher."
Microsoft fell almost 1?ter it announced it would cut 2.1% of its workforce. The S&P 500 was nearly 1% higher and the NASDAQ Composite gained more than 1%. Dell Technologies gained more than 4?ter US President Donald Trump promoted the company's computers from the White House after he rang the opening bell.
The Dow Jones Industrial Average futures were marginally up while S&P 500 futures traded flat.
Following were the closing levels of major US indices Monday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
53055.91 | 0.29 |
|
NASDAQ Composite |
26121.16 | 1.12 |
|
S&P 500 |
7537.43 | 0.72 |
(Deesha Jadhav)
US$1 = INR 94.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
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