Daily Market Wrap-Up by Stock Whisperers: 01-AUGUST-2024

Market Wrap-Up Your daily dose of market insights and stock updates

Author

thestock whisperers
August 01, 2024

01-AUGUST-2024

Market Overview:

Summary of the Day's Market Performance

  • Nifty scaled the 25,000 mark for the first time but ended the day with minor gains, alongside Sensex.

  • Midcaps (-0.9%) and Smallcaps (-1%) underperformed.

US Fed Meet Highlights:

Key Takeaways from the FOMC Meeting

  • Interest Rates: Held steady at 5.25-5.50%, marking a 12-month streak at a 23-year high.

  • Inflation Outlook: Fed Chair Jerome Powell mentioned potential rate cuts in September if inflation nears the 2% target.

  • Balance Sheet Reduction: The Fed will continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities.

Sector Highlights:

Performance of Key Sectors

  • Top Gainer: Energy (+2%).

  • Minor Gains: FMCG (+0.2%).

  • Underperformers: Real Estate (-1.7%), PSU Banks (-1%).

Market Transactions:

• 📈FII Bought: 2,089.28 cr.

• 📉DII Sold: -337.03 cr.

Stock News:

Key Stock Movements and News

  • Top Nifty Gainers: Coal India, Power Grid Corp, Maruti Suzuki, Dr Reddy's Labs, ONGC.

  • Top Nifty Losers: M&M, Hero MotoCorp, Tata Steel, Tata Motors, SBI.

  • NMDC: July production down 11%, sales up 5%.

  • TVS Motor: July total sales at 3.54 lakh units.

  • Bharat Forge: Kalyani Strategic Systems was granted a defense license by DPIIT.

  • Zomato: Q1 net profit at Rs 253 crore vs. Rs 2 crore YoY.

  • Adani Enterprises: Q1 net profit at Rs 1,455 crore vs. Rs 674 crore YoY; board approves demerger of food FMCG business.

  • PNB: Hikes lending rate by 5 bps across tenors.

  • KRBL: Shares fell 8% as Q1 profit declined by 54%.

  • Indostar Capital Finance: Shares down 4% after Q1 profit dipped 65%.

  • Sonata Software: Shares down 7% after Q1 profit declines.

  • Adani Ports: Q1 net profit up 47% at Rs 3,113 crore vs. Rs 2,119 crore YoY.

  • KEC International: Likely frontrunner to acquire promoter stake in ITD Cementation.

  • Ashok Leyland: Total sales are down 8% at 13,928 units vs. 15,068 units YoY.

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

  • Zomato: Strong Q1 profit surge.

  • Adani Enterprises: Positive Q1 results and strategic demerger.

  • Bharat Forge: Expansion into the defense sector.

Conclusion:

"Markets showed resilience, with Nifty hitting a milestone despite a volatile day. The Fed's stance on rates and upcoming inflation data will likely influence market sentiment. Investors should stay informed and cautious, especially in sectors with significant regulatory developments."

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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