The headline equity indices ended with major losses on Friday, snapping a four-day gaining streak. The Nifty settled below the 24,550 mark after hitting the day's high of 24,854.80 in early trade. All the sectoral indices on NSE ended in red with metal, oil & gas and auto shares loosing the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was dropped 738.81 points or 0.91% to 80,604.65. The Nifty 50 index declined 269.95 points or 1.09% to 24,530.90.
The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slumped 2.31% and the S&P BSE Small-Cap index tumbled 2.22%.
Sellers outnumbered buyers. On the BSE, 906 shares rose and 3,014 shares fell. A total of 90 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.17% to 14.83.
IPO Update:
The initial public offer (IPO) of Sanstar received 12,71,49,450 bids for shares as against 3,75,90,000 shares on offer, according to stock exchange data at 15:45 IST on Friday (19 July 2024). The issue was subscribed 3.38 times.
The issue opened for bidding on Friday (19 July 2024) and it will close on Tuesday (23 July 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index slumped 3.95% to 9,256.30. The index fell 4.86% in three consecutive trading sessions.
Jindal Stainless (down 6.26%), NMDC (down 5.43%), Tata Steel (down 5.16%), JSW Steel (down 4.51%), Jindal Steel & Power (down 4.4%), Steel Authority of India (down 4.1%), Hindalco Industries (down 3.91%), Hindustan Copper (down 3.87%), National Aluminium Company (down 3.08%) and Welspun Corp (down 3%) dropped.
Stocks in Spotlight:
One 97 Communications advanced 2.35%. The company has reported a consolidated net loss of Rs 840.1 crore in Q1 FY25 as against a net loss of Rs 358.4 crore recorded in Q1 FY24. Revenue from operations for the period under review fell by 36% year-over-year (YoY) to Rs 1,502 crore.
Persistent Systems tumbled 6.50% after the IT company's consolidated net profit fell 2.82% to Rs 306.42 crore in Q1 FY25 as against with Rs 315.32 crore posted in Q4 FY24. Revenue from operations stood at Rs 2,737.17 crore in the first quarter of FY25, up 5.66% QoQ and 17.92% YoY.
L&T Technology Services (LTTS) rose 0.40%. The company's consolidated net profit fell 8.01% to Rs 313.6 crore in Q1 FY25 as compared with Rs 313.6 crore in Q4 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.
UltraTech Cement slipped 3.28%. The cement major's consolidated net profit rose marginally to Rs 1,696.59 crore in Q1 FY25 as against Rs 1,688.45 crore in Q1 FY24. Revenue from operations rose 1.87% year on year (YoY) to Rs 18,069.56 crore in the quarter ended 30 June 2024.
Jubilant Pharmova jumped 3.48% after the company's consolidated net profit stood at Rs 482.10 crore in Q1 FY25, steeply higher than Rs 6.40 crore in Q1 FY24.Total income increased by 9.41% to Rs 1,745.7 crore in Q1 FY25 as compared with Rs 1,595.5 crore posted in corresponding quarter last year.
Rallis India slipped 4.17% after the firm reported 23.81% decline in net profit to Rs 48 crore in Q1 FY25 as compared to Rs 63 crore in Q1 FY24. The revenue rose marginally on YoY basis to Rs 783 crore in the first quarter of FY25.
Shoppers Stop dropped 5.28% after the company reported standalone net loss of Rs 22.51 crore in Q1 FY25 as against net profit of Rs 14.94 crore recorded in Q1 FY24. However, revenue from operations grew by 5.31% year on year to Rs 1,033.70 crore in the quarter ended 30 June 2024.
South Indian Bank rallied 2.27% after the bank's standalone net profit increased 45.35% to Rs 294.13 crore in Q1 FY25 as against Rs 202.35 crore recorded in Q1 FY24. Total income jumped 14.65% year on year to Rs 2,736.13 crore during the quarter.
Global Markets:
European shares declined on Friday as investors digest European Central Bank (ECB) rate decision. The ECB announced on Thursday it would hold interest rates steady for now, after cutting them in June and expects headline inflation to remain above their target rate until next year.
Asian stocks declined on Friday, due to a combination of factors including political tensions (US-China trade war, US election), China's weak economic data, and a lack of clear plans from Chinese government to boost their economy.
U.S. stocks fell on Thursday, snapping a winning streak for the Dow after large technology companies continued to lose ground. This comes amid concerns about overvaluation after a strong 2024 driven by AI optimism. The VIX, a gauge of investor fear, jumped 10%, potentially reflecting anxieties surrounding the upcoming presidential election. The Dow Jones Industrial Average closed down 1.3%, ending its three-day record run. The broader S&P 500 and tech-heavy Nasdaq also saw losses.
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