Latest Stock Market News

This week, several prominent companies released their June quarter financial results. Firms like ITC, SBI, Adani Ports, Tata Motors, and M&M showcased their reports between July 29th and August 3rd. The updates offered a glimpse into their quarterly performance, engaging the attention of investors and stakeholders.

Amid a generally modest rise in the Sensex during the week ending July 26, five penny stocks saw significant gains. Comfort Intech and Khoobsurat, among others, surged over 10%. All identified stocks have market caps under Rs 1,000 crore and share prices below Rs 20.

Three mutual fund NFOs opened for subscription, featuring the SBI Innovative Opportunities Fund, Bajaj Finserv Large Cap Fund, and ICICI Prudential Nifty Metal ETF. The subscription windows are from late July to mid-August. Each scheme offers different investment categories with minimum investments ranging from Rs 500 to Rs 1,000, appealing to diverse investor profiles.

Gold outperformed Nifty so far in 2024, but post-budget changes in import duties affected its price. Despite geopolitical uncertainties and central bank buying, investors are advised to focus on equities with some gold for portfolio stability.

ICICI Bank reported a 14.6% increase in Q1 net profit, reaching Rs 11,059 crore, surpassing expectations. Net interest income rose, and treasury income surged. While gross NPA ratio improved, slippages increased marginally.

In the Union Budget 2024-25 presentation, Finance Minister Nirmala Sitharaman emphasized fiscal consolidation and strategic spending. The government allocated additional resources to reducing the fiscal deficit and boosting revenue spending. Stock recommendations include LIC Housing Finance and Dabur, expecting significant returns over the next year.

The stock market showed strong recovery last week, buoyed by positive US GDP data. This week, factors such as the US Fed meeting, Q1 earnings reports, FII flows, and global economic data could influence market trends. Analysts believe Nifty might hit the 25,000 mark for the first time.

“The first quarter of the fiscal was a challenging one for the company. The long drawn seven phase general elections, severe heat wave across the country and higher attrition in select geographies posed a challenge to the quality of the portfolio," managing director Shalabh Saxena said.