Daily Market Wrap-Up by Stock Whisperers: 22-JULY-2024

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

Author

thestock whisperers
July 22, 2024

22-JULY-2024

The Union Budget will be announced tomorrow!

Market Overview:

Summary of the Day's Market Performance

  • Nifty and Sensex ended barely in the red, each down -0.1%.

  • Midcaps rose +1.3% and Smallcaps gained +1%.

"Nifty and Sensex ended barely in the red, down -0.1% each as investors await the Union Budget. Midcaps (+1.3%) and Smallcaps (+1%) knocked it out of the park."

Sector Highlights:

Performance of Key Sectors

  • Top Performers: Auto (+1.1%), Metals (+1%), Pharma (+1%).

  • Underperformers: Oil & Gas (-0.6%), Real Estate (-0.5%).

"It was a mixed-bag kinda day for sectors. Auto (+1.1%), Metals (+1%), and Pharma (+1%) saw the most buying. Oil & Gas (-0.6%) and Real Estate (-0.5%) witnessed profit booking."

Market Transactions:

• 📈FII Bought: 3,444.06 cr.

• 📉DII Sold: -1,652.34 cr.

Stock News:

Key Stock Movements and News

  • Biggest Nifty Losers: Wipro, Kotak Mahindra Bank, Reliance Industries, ITC, SBI Life Insurance.

  • Biggest Nifty Gainers: Grasim Industries, HDFC Bank, Dr. Reddy's Labs, Tata Consumer, Infosys.

  • Reliance Industries (RIL): Fell -3% after its oil business dragged down its Q1 earnings.

  • HDFC Bank: Up +2% after its okay-ish results.

  • Defense Stocks: HAL, Mazagon Dock, and Garden Reach Shipbuilders were up +4% to +5% a day before the Union Budget.

  • Jubilant Pharmova: Fell -4% after the USFDA red-flagged its Montreal facility.

  • Mahindra Logistics: Reported a 1Q net loss of Rs 9.32 crore.

  • Bharti Airtel: Nokia, completed a 5G NSA cloud RAN trial in India.

  • Foreign Institutional Investors (FII): Continued selling in the power sector; invested in capital goods, auto, IT, and healthcare stocks.

  • Indian Hotels: Shares jumped 7% post Q1 earnings.

  • UCO Bank: Q1 net profit at Rs 551 crore against Rs 223.5 crore YoY.

  • Veerhealth Care: Received a Rs 1.21 crore order from an existing client.

  • Route Mobile: Shares dipped 1.5% after Q1 profit declined.

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

Stocks Worth to Watch

🧐 Wait for Budget!

Conclusion:

Summary and Outlook

"In summary, the Indian markets ended slightly down as investors remain cautious ahead of the Union Budget. Midcaps and Smallcaps performed well, with strong buying in the Auto, Metals, and Pharma sectors. Key earnings reports and the Union Budget will be closely watched for future market direction."

😊Thank you for subscribing to our Market Wrap-Up. Stay tuned for tomorrow's update.

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

Follow us on Social Media 👇