The Nifty index opened negative and witnessed swings throughout the day. It dropped in the initial hour, recovered later, and again slip in the second half of the session. It formed a Bearish candle on daily frame and saw a tug of war between the bulls and bears.
Now it has to cross and hold above 24,200 zones for an up move towards 24,350 then 24,500 zones whereas supports are placed at 23,950 then 23800 zones.
India VIX was up by 2.67 per cent from 16.17 to 16.60 levels. Overall, higher volatility has been creating some swings in a broader trading range in the market.
The Bank Nifty Index opened on a flattish note but remained choppy in a wider range of 400 points for most part of the session. It formed a small Bodied candle on daily scale as momentum is missing on either sides.
Index has got stuck in wider range of 1,000 points from last four sessions and stock specific action is seen within the banking space. Now till it holds below 50,350 zones some weakness could be seen towards 49,750 then 49,500 levels while on the upside hurdle is seen at 50,500 then 50,750 zones.
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The Fin Nifty Index opened on a negative note and after a dip in the initial hour it witnessed some recovery rally, however, it did come off the highs in last hour to close on a flattish note. It formed a small bodied Bullish candle on the daily scale and is holding below its 50 DEMA from the last four trading session.
Now that it holds below 22,950 zones, some weakness could be seen towards 22,650 then 22,550 levels while on the upside hurdle is seen at 23,000 then 23,100 zones.
Nifty Future closed negative with losses of 1.01 per cent at 24,120 levels. Positive setup was seen in Alkem, Lupin, Trent, MFSL, Coromandel, ICICIGI, ICICI Pru, Ipca Labs, HDFC Life, Auropharma, HDFC AMC, Cipla, HDFC Bank, Zydus Life and Colpal while weakness in Nationalum, Shree Cement, Grasim, Ramco Cement, Voltas, Godrejprop, Infy, Berger Paint, Jindalstel, Bandhan Bank, Bajaj Finserv and PNB.
SAIL:
During Q1FY25, the Company’s EBITDA grew by more than 15 per cent YoY, indicating its steady core performance. However, revenue from operations was affected by a decline in Net Sales Realization (NSR) in the domestic steel market due to cheap imports. The profit for Q1FY25 was impacted by lower NSR and adjustments related to exceptional items.
Domestic steel consumption continues to grow steadily, driven by both traditional and emerging sectors. Additionally, ongoing Government investments in the infrastructure sector, as announced in the recent budget, are expected to bolster growth. With a positive outlook for the domestic steel sector, SAIL is focused on increasing its production volumes.
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Biocon:
Total Consolidated Revenue for Q1FY25 grew 30 per cent YoY to Rs 4,567 crore. Other Income includes proceeds of Rs 1,057 crore on account of the strategic collaboration between Biocon Biologics and Eris Lifesciences. EBITDA for the quarter stood at Rs 1,755 crore, representing an EBITDA margin of 38 per cent. Reported Net Profit for the quarter stood at Rs 660 crore.
Sobha:
Sobha had a strong quarterly performance ending 30th June 2024. The overall sales value for Q1FY25 increased by 24.6 per cent compared to Q4FY24. Gurgaon contributed 45.5 per cent to the total sales value with Rs 8.52 billion, marking its highest-ever quarterly sales value; followed by Bangalore, contributing 33.5 per cent to the total sales value in Q1FY25. Kerala saw a YoY growth of 5.8 per cent. Gift City achieved a milestone by recording its highest-ever quarterly sales value, growing by 81.2 per cent compared to Q1FY24.
LIC:
The Net Profit for the quarter ended 30th June 2024 was Rs 10,461 crore as compared to Rs 9,544 crore in Q1FY24 registering a growth of 9.61 per cent.
In terms of market share measured by First Year Premium Income (FYPI), LIC continues to be the market leader by market share in Indian life insurance business with overall market share of 64.02 per cent. For the quarter LIC had a market share of 39.27 per cent in Individual business and 76.59 per cent in the Group business.
A total of 35,65,519 policies were sold in the individual segment during the quarter as compared to 32,16,301 policies sold during Q1FY24 registering a growth of 10.86 per cent.
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IRCON:
On a consolidated basis, Revenue from Operations during the Q1FY25 stands at Rs 2,287 crore as against Rs 2,764 crore in Q1FY24. EBITDA increased to Rs 357 crore, an increase of 13.3 per cent, as compared to Rs 315 crore in Q1FY24 with margins at 15.0 per cent. The Net Profit increased by 19.6 per cent to Rs 224 crore in Q1FY25 as against Rs 187 crore in Q1FY24.
The total order book as on 30th June 2024 stands at Rs 26,034 crore. The break-up is as follows; Railways – Rs.20,420 crore, Highways – Rs. 5,531 crore, and Others – Rs. 83 crore.
ICICI PRU LIFE – TECHNICAL CALL OF THE DAY
ICICI PRU LIFE – TECHNICAL CALL OF THE DAY
ICICI PRU LIFE has retested breakout on daily chart and scaled higher. Insurance stocks are holding well in spite of market volatility which shows out performance. The ADX Indicator has turned up which suggests the up move has strength to support it.
BUY ICICI PRU LIFE CMP 738 SL 715 TGT 780
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