Daily Market Wrap-Up by Stock Whisperers: 29-JULY-2024

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

Author

thestock whisperers
July 29, 2024

29-JULY-2024

Nifty missed the 25,000 mark

Market Overview:

Summary of the Day's Market Performance

  • Nifty and Sensex collapsed in the second half to end barely unchanged. Nifty missed the 25,000 mark by just 0.25 points!

  • Midcaps (+1%) and Smallcaps (+1%) popped off with significant gains.

Sector Highlights:

Performance of Key Sectors

  • Top Performers: PSU Banks (+2.3%), Real Estate (+1.4%), Oil & Gas (+1%).

  • Underperformers: IT (-0.4%), FMCG (-0.3%).

Market Transactions:

• 📉FII Sold: -2,474.54 cr.

• 📈DII Bought: 5,665.54 cr.

Stock News:

Key Stock Movements and News

  • Top Nifty Gainers: Divis Labs, L&T, BPCL, Bajaj Finserv, SBI.

  • Top Nifty Losers: Titan Company, Bharti Airtel, Hero MotoCorp, Tech Mahindra, Tata Consumer Products.

  • Wonderla Holidays: Q1 net profit down 25% at Rs 63.2 crore vs. Rs 84.5 crore YoY.

  • ICICI Bank: JPMorgan maintains 'outperform' call; target raised to Rs 1,375.

  • CSB Bank: Q1 net profit at Rs 113 crore, down 14% YoY.

  • Cyient DLM: Signs production contract for Dreamliner battery diode module with Boeing.

  • Bharat Electronics: Q1 net profit up 49% YoY at Rs 791 crore.

  • Indraprastha Gas: Jefferies keeps hold rating; target at Rs 485.

  • Adani Total Gas: Q1 net profit up 14.4% YoY at Rs 171.8 crore.

  • Jubilant Pharmova: Receives I-T department notice for Rs 38 crore tax demand.

  • Manappuram Finance: Intimation from its subsidiary of potential fraud.

  • Godawari Power: Receives Chhattisgarh Environment Conservation Board permission.

  • Hindustan Zinc: Receives I-T order for Rs 1,884.3 crore.

  • Monarch Networth Capital: Announces Rs 300 crore fundraise.

  • Tata Chemicals: Shares gain 2% on fall in soda ash prices.

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

  • Bharat Electronics: Impressive Q1 performance with a 49% YoY profit increase.

  • Adani Total Gas: Consistent growth with a 14.4% YoY profit rise.

  • ICICI Bank: Strong buy signal from JPMorgan with a raised target.

Conclusion:

Summary and Outlook

"In summary, despite the volatile market conditions, key sectors like PSU Banks, Real Estate, and Oil & Gas showed resilience with notable gains. Investors should keep an eye on strong performers like Bharat Electronics, Adani Total Gas, and ICICI Bank for potential opportunities."

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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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