Latest Stock Market News

A total of 1,930 shares changed hands on the counter till 10:10AM (IST)

ITC leads Sensex stocks on Budget days with nine positive returns (avg. 1.47%). IndusInd Bank follows at 80%. Worst ITC day was in 2020 due to excise duty hike. Analysts foresee no further hikes; Prabhudas Lilladher raised ITC weight citing stable taxes and business growth. Motilal Oswal projects cigarette volume and EBIT growth.

Budget has been crucial given the kind of spending that the Government of India is doing in certain sectors and it has a direct impact on the stock market, which discounts every single statement and is reflected in prices.

Indian market’s volatility expected on Budget 2024 day. Nifty future down 0.05% to 24,517; India VIX up 4.18% to 15.44. Max Call OI at 25,500, Put OI at 24,000. Range predicted 24,200-25,000. Nifty Bank positive at 52,280. Taparia advises 24,500 support for upward trends. Experts recommend SBI, Reliance, Dabur for F&O and cash market.

I think there is a role the industry can play and if there are tax reforms that can help that process, that would be welcome. And in terms of equity, we play a big role in terms of long-term wealth creation for investors and so any tax proposals that help that process will also be, to my mind, a welcome step for the industry.

Citi maintains buy on GAIL, raising target to Rs 250 (from Rs 230) on higher gas business valuation and 5% CAGR in volume FY24-27. Also, buy on Exide with TP up to Rs 630 (from Rs 560), expecting stronger demand and improved margins from better product mix.

Indian lenders such as HDFC Bank, Kotak Mahindra Bank, RBL Bank, and Union Bank of India are experiencing a decline in asset quality, with increases in fresh slippages and gross NPAs. Factors like a heatwave, elections, and seasonal issues are contributing to the challenges faced by these financial institutions.

NSDL data shows foreign investors placed ₹22,670 crore into 19 sectors from July 1-15. Capital goods (₹3,612 crore) led, followed by automobiles (₹2,993 crore). Renewed interest in IT (₹2,765 crore), metals & mining (₹1,969 crore), oil & gas (₹1,944 crore), and FMCG. Healthcare saw ₹2,378 crore inflows. FPIs sold shares worth ₹1,949 crore in construction, power, chemicals, utilities.

Wipro shares fell 9% due to poor Q1 results, predicted to underperform Infosys and Tata Consultancy Services. The Nifty IT Index declined 0.38%, with Tech Mahindra gaining 0.11%. Morgan Stanley and 5paisa foresee more weakness and long position unwinding. JM Financial advises caution amid weak fundamentals, with Mohit Jain highlighting poor guidance.