Daily Market Wrap-Up by Stock Whisperers: [19-JULY-2024] – Key Highlights and Stock Insights

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

Author

thestock whisperers
July 19, 2024

19-JULY-2024

Market Overview:

Summary of the Day's Market Performance

  • Sensex closed down 755.48 points or 0.93% at 80,587.98.

  • Nifty ended down 275.20 points or 1.11% at 24,525.60.

  • Market breadth was negative with 756 shares advancing, 2618 shares declining, and 74 shares unchanged.

"Profit booking seeped across the market ahead of the Union Budget 2024, to be tabled on July 23. Caution ahead of the event also triggered a bout of strong profit booking, pulling all major indices down in the red. The Sensex closed down by 755.48 points (0.93%) at 80,587.98, and the Nifty lost 275.20 points (1.11%) to end at 24,525.60."

Sector Highlights:

Performance of Key Sectors

  • All sectors witnessed selling and ended with losses.

"All sectors witnessed significant selling pressure ahead of the Union Budget 2024, leading to widespread losses across the board."

Market Transactions:

• 📈FII Bought: 1,506.12 cr.

• 📉DII Sold: -461.56 cr.

Stock News:

Key Stock Movements and News

  • Top Gainers: Infosys (+1.78%), ITC (+0.62%), Asian Paints (+0.60%), Britannia (+0.06%).

  • Top Losers: Tata Steel (-4.97%), JSW Steel (-4.68%), BPCL (-3.98%), Hindalco (-3.91%), ONGC (-3.44%).

  • BPCL: Q1 net profit fell 29% to Rs 3,015 crore.

  • UltraTech Cement: Reported weak Q1 FY25 results, with consolidated net profit flattish on-year at Rs 1,695 crore, missing estimates.

  • Blue Dart: Net profit declined 13% in June quarter.

  • Wipro: Q1 net profit dropped to ₹2,374.6 crore; stock closed 2.83% lower at ₹557.

  • Defence Stocks: HAL, BEL, and others slumped on profit booking ahead of Budget 2024.

  • RVNL: Signed an MoU with United Construction.

  • Vodafone Idea: To allot 41.52 crore shares to Nokia Solutions and Networks India and Ericsson India.

  • Shoppers Stop: Shares down 5% on posting losses in Q1.

  • Nazara Technologies: Acquired a stake in Paper Boat Apps.

  • Paytm: Q1 results Net loss widens to Rs 839 crore; revenue falls 36%

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

Stocks Worth to Watch

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Conclusion:

Summary and Outlook

"In summary, the Indian markets witnessed a strong bout of profit booking ahead of the Union Budget 2024, leading to widespread losses across major indices and sectors. Investors remain cautious, and upcoming budget announcements will be closely watched for future market direction."

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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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