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The Indian rupee closed at 81.94 against the US dollar on Thursday, gaining 7 paise due to the weaker US currency in the overseas market following the US Fed raising interest rates. However, crude oil price increases and weak domestic markets prevented sharp gains. According to Anuj Choudhary

Gold advanced on Thursday, with spot gold prices in the Delhi markets trading at Rs 60,600/10 grams, up by Rs 250 per 10 grams, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Indian stock market Nifty fell by 118 points to close at 19,659.90, forming a lower top and bearish candle indicating further correction. The daily Bollinger bands also suggest a short-term consolidation. Support at 10-day EMA at 19,680 has been broken after sustaining for 21 days, showing weakness and a possible

On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 5.47 per cent of the gross advances by June 2023 from 8.13 per cent a year ago.

"Exports grew by 33 per cent and there was a strong off-take for steering and light metal casting products, the company said. Sales to domestic aftermarket customers dipped by 17 per cent, it said.

Revenue and earnings during the June quarter reflect the receipt of USD 2 million for disengagement of Birlasoft Solutions Inc and Invacare, the company declared.

Indian cloth manufacturer Arvind reported a 33% YoY decline in quarterly profit due to falling revenue from its key denim segment. Despite expenses reducing, its consolidated net profit for the quarter ended 30 June fell to INR 658.7m ($8.04m) from INR 984.2m in the same period last year.

Nine stocks crossed their 20-day Simple Moving Average (SMA) on July 26, 2023. Balkrishna Industries and Siemens stand out, along with other prominent companies like Torrent Power and Bajaj Electricals, showcasing positive market momentum and growth potential.

In the Sensex pack, M&M was the top laggard, falling over 6%, as the company disclosed plans to expand its footprint in the banking sector by picking a stake in private sector lender RBL Bank. Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, JSW Steel, Kotak Bank and ITC also ended in the red.

“The next couple of years should be better for pharma companies as the pricing outlook keeps on improving and the cost pressure is moderating as well for inputs like APIs, chemicals, etc. So, generic companies or those with a good specialty portfolio, should do well in the next few years.”