Sensex Today | Key Takeaways from the Indian Stock Market: Sensex increased by 776 points to close at 76,836, and Nifty added 229 points and closed at 23,996. Nifty Bank surged by 394 points to close at 57,087, and Midcap jumped by 681 points and ended at 62,304. The advance-decline ratio
Sensex Today | Stock Market Update: The Indian equity markets opened on a bullish note for the new week as widespread buying helped the indices close above the psychologically important level of 24,000.
Sensex increased by 776 points to close at 76,836, whereas the Nifty was up by 229 points to reach 23,996. Nifty Bank was up by 394 points to 57,087 and the Midcap index was up by 681 points to 62,304. Breadth of the market
Amongst the top-performing shares were the financial stocks especially the non-banking financial companies (NBFCs), mirroring the movements in rupee and crude oil prices. Auto stocks saw some buying interest due to fall in crude by 10% from its price on Friday.
Decline in crude oil helped the crude-sensitive sectors perform well, as OMCs and airline stocks gained while upstream oil stocks remained weak.
Among the individual stock movers, KFin Technologies jumped more than 10% on its positive outlook for FY27. CONCOR rallied 7% after doubling its volume forecast for FY27.
IDFC Bank, AU Small Finance Bank, and Lodha advanced 5-6% following strong reaction from investors on their June quarter results.
IT stocks continued to rise from the previous day, with Oracle Financial Services Software (OFSS) gaining 4% and Coforge up 2% before its earnings.
On the negative side, Exide Industries and Nuvama Wealth Management saw losses since both the stocks are poised to leave the futures and options (F&O) segment from Wednesday.
The Bank of India became one of the biggest losers in the midcap segment with its in-line June quarter results.
Sensex Today | Live Stock Market Updates: Gurmeet Chadha favours SBI Funds, Eternal; recovery on cards for asset manager
Gurmeet Chadha of Complete Circle, who is the Managing Partner & CIO of the firm, said that he continues to be overweight on SBI Funds and Eternal but does not own SBI Cards.
Regarding SBI Funds, Chadha said that the listing of the IPO has been underperforming and that the June quarter would witness a softer performance because of the large dividend distribution, bonuses paid out in the last quarter and also because of volatile markets. But he believes that there will be a great rebound in the second half of the year considering its profitability in excess of ₹3,000 crores and potential mark-to-market gains if the equity markets bounce back.
In SBI Cards, Chadha feels that the current rally in the stock seems to be earnings-driven along with indications that problems with revolving credit and credit cost are starting to bottom out. He further stated that the stock does not form part of his portfolio.
However, in Eternal, he felt that the company still remains an outlier on execution. While talking about Eternal, he pointed to better net working capital days of 14 from 18, even as the company is scaling up its dark stores. On the revenue front, average order value came down to ₹506-508, but higher order frequency has helped the company improve economics per unit.
The increasing competition from Amazon Now is also putting pressure on Swiggy and Zepto, but as per general rule, it is the small players who lose out as the entry of any other player takes away their market share. According to Chadha, as investors can see the fall in Zepto’s grey market valuation, they are interested in seeing the cash flow situation getting better.
Sensex Today | Stock Market LIVE Updates: Indian currency makes strong gains and closes at 95.91 versus US dollar
Indian rupee appreciated significantly yesterday and closed at 95.91 against the US dollar, up from 96.56 against one dollar from last Friday’s close. Rupee gained 65 paise against the US dollar.
Sensex Today | Stock Market LIVE Updates: Week begins with markets in good shape; finance, auto and IT sectors top gains list
Equity benchmarks in India started off on a positive note this week, with general buying helping indices recover and the Nifty recapturing the 24,000 level.
The Sensex is up by 776 points to 76,836, and the Nifty is up by 229 points to 23,996. The Nifty Bank Index is up by 394 points to 57,087, and the Midcap index is up by 681 points to 62,304. Market breadth was strongly positive with an advance-decline ratio of 2:1.
Financial stocks, especially the NBFCs, were major gainers this week as their movement tracked that of the rupee and crude oil prices. Auto stocks saw buying action due to fall in crude prices by 10% from Friday’s levels.
The fall in crude oil proved favorable for the crude-sensitive sectors, where OMCs and airline stocks rose, whereas the upstream oil stocks declined.
In the stock front, KFin Technologies jumped by over 10% on its encouraging comment for FY27. Meanwhile, CONCOR was up 7% following the company’s announcement regarding doubling its volume forecast for FY27.
Stocks like IDFC Bank, AU Small Finance Bank, and Lodha Bank rose by 5-6% amid investors’ positive response towards the quarterly results for June 2023.
Information technology stocks continued Friday’s momentum, where OFSS rose by 4%, and Coforge rose by 2% pre-earnings.
However, on the negative side, Exide Industries and Nuvama Wealth Management underperformed as the stocks are about to be delisted from the futures and options (F&O) space starting from Wednesday.
Bank of India emerged as one of the biggest laggards in the midcap universe with an in-line June quarter showing.
CarTrade Tech continued its uptrend by gaining 12%, driven by an encouraging broker report.
