Daily Market Wrap-Up by Stock Whisperers: 26-JULY-2024

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

Author

thestock whisperers
July 26, 2024

26-JULY-2024

Stock market all-time highs

Market Overview:

Summary of the Day's Market Performance

  • Nifty (+1.8%) and Sensex (+1.6%) hit new all-time highs, closing higher for the 8th consecutive week.

  • Midcaps (+1.8%) and Smallcaps (+1%) also saw significant gains.

Sector Highlights:

Performance of Key Sectors

  • Top Performers: Metals (+3%), Auto (+2.4%), IT (+2.3%).

  • No Sectors Ended Lower: A day of gains across all sectors.

Market Transactions:

• 📈FII Bought: 2,546.38 cr.

• 📈DII Bought: 2,774.38 cr.

Stock News:

Key Stock Movements and News

  • Top Nifty Gainers: Shriram Finance, Divis Labs, Apollo Hospitals, Bharti Airtel, Cipla.

  • Top Nifty Losers: ONGC, Tata Consumer Products, Nestle India.

  • Gold Prices: Dropped by Rs 5,000/10gm post-Budget, benefitting retail investors.

  • Tata Power: Up +5% after UBS initiated coverage; brokerage sees a +15% upside.

  • Indus Towers: Gained +5% on news of a share buyback proposal.

  • Bajaj Finserv: Nomura maintains a 'buy' rating with a target of Rs 1,780.

  • Latent View: Q1 net profit up 18.2% at Rs 39 crore Vs Rs 33 crore, YoY.

  • Vedanta: Approved a second interim dividend of Rs 4 per equity share.

  • Paytm: Received government nod for investment in its payments arm.

  • Biocon: Plans to raise Rs 4,000 crore through QIP next month.

  • Amber Enterprises: Revenue rose to Rs 2,401 crore in Q1FY24 from Rs 1,701 crore in Q1FY23.

  • Standard Glass Lining Technology Limited: Filed DRHP for IPO.

  • Ola Electric: IPO anchor book likely on August 1; public issue may launch between August 2-6.

  • Esconet Technologies: Appointed Keshav Pareek as Chief Financial Officer.

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

  • Tata Power: Strong buy signal from UBS with a potential 15% upside.

  • Indus Towers: Upcoming share buyback proposal could drive further gains.

  • Biocon: Significant fundraising plans through QIP indicate strong growth prospects.

Conclusion:

Summary and Outlook

"In summary, Indian markets reached new heights today with broad-based gains across all sectors. Major indices closed higher for the eighth consecutive week, underscoring strong market sentiment. Investors should keep an eye on key stocks like Tata Power, Indus Towers, and Biocon for potential opportunities."

😊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 👇