NIFTY Financial News

₹100,000 mark each trading day. Maintaining the tempo, the MRF stock hit a new 52-week high of ₹1,11,775.95 apiece on Friday as investors gave a thumbs up to the June quarter (Q1FY24) performance beat on key metrics. For example, revenue at ₹6,323.3 crore exceeded consensus estimates of ₹5,900 crore, likely aided by stable domestic demand and market share gains.

Tata Power Company Ltd. gained 0.62 per cent to Rs 236.75 in Friday's trade. It hit a high of Rs 237.35 and low of Rs 234.45 during the session.

Bharat Forge Ltd. traded 0.87 per cent higher in Friday's session at 12:58PM (IST).

ICICI Lombard General Insurance Company Ltd. gained 0.41 per cent to Rs 1352.3 in Friday's trade as of 12:38PM (IST). It hit a high of Rs 1381.95 and low of Rs 1346.2 during the session.

Siemens Ltd. slipped 0.19 per cent to Rs 3787.05 in Friday's trade. It hit a high of Rs 3827.55 and low of Rs 3773.25 during the session.

Voltas Ltd. gained 0.54 per cent to Rs 803.75 in Friday's trade as of 11:16AM (IST).

On the BSE, Shine Fashions(down 16.67 per cent), Shree Precoated(down 10.00 per cent), DCX Systems(down 9.05 per cent), Shyam Telecom(down 8.60 per cent) and Gautam Gems(down 8.17 per cent) were among the stocks that plunged over 5 per cent during the session. In the Nifty pack, 36 stocks traded in the green, while 14 stocks traded in the red.

The NSE Nifty index was trading 96.0 points up at 19477.65, while BSE Sensex was up 326.2 points at 65566.88 at the time of writing this report. In the Nifty index, Cipla Ltd.(up 4.28 per cent), Wipro Ltd.(up 2.00 per cent), LTIMindtree Ltd.(up 1.73 per cent), HCL Technologies Ltd.(up 1.67 per cent) and Tata Consultancy Services Ltd.(up 1.46 per cent) were among the top gainers.

mutual funds failed to beat their respective benchmarks in the last three years. The three-year performance is significant because ELSS funds come with a mandatory lock-in period of three years. Most investors take a call on whether to continue with their schemes based on their performance during the lock-in period. ELSSs or equity linked saving schemes help investors to save taxes under Section 80C of the Income Tax Act. Investors can save a maximum of Rs 1.5 lakh in a financial year by investing in these schemes. The category manages assets worth Rs 1.71 lakh crore. The category has lost some of its popularity after the government introduced the new income tax regime that doesn’t need mandatory investments like ELSS to save taxes. An ETMutualFunds study showed that around 57% ELSS funds failed to beat their respective benchmarks in the three-year horizon. We analyzed the performance of around 37 ELSS schemes that have completed three years in the market and found out that 21 schemes failed to beat their respective benchmarks. In other words, only 16 schemes could beat their benchmarks.

Trent Ltd. gained 0.76 per cent to Rs 1700.8 in Friday's trade as of 11:11AM (IST). It hit a high of Rs 1717.0 and low of Rs 1684.5 during the session.

The NSE Nifty index traded 68.2 points up at 19449.85, while BSE Sensex was up 206.67 points at 65447.35 as of 10:55AM(IST)on August 04. In the Nifty index, Cipla Ltd.(up 3.91 per cent), Wipro Ltd.(up 2.01 per cent), HCL Technologies Ltd.(up 1.67 per cent), LTIMindtree Ltd.(up 1.62 per cent) and Tech Mahindra Ltd.(up 1.61 per cent) were among the top gainers.

«It may not have been visible in the recent quarters because there is a lag impact between how raw material costs or input costs behave and what happens in terms of the P&L in the companies,» says Harsha Upadhyaya, Kotak AMC.You liked cement in the past and you have said, look, the cash flows in the cement sector are getting better. It is a sector where pricing power should improve, but the reverse is at play. Even though decent consolidation has happened after the Adani’s entry into ACC and Ambuja, I looked at the numbers from Dalmia, even for that matter UltraTech, they do not look impressive. Why is cement not coming back given the economy is growing, roads are getting built? See, clearly demand has continued to remain strong but we have not seen price growth as you rightly mentioned, but we should also look at how costs have moved down in this sector.

Cipla(up 3.98 per cent), Natco Pharma(up 1.95 per cent), Torrent Pharmaceuticals(up 1.71 per cent), Zydus Lifesciences(up 1.34 per cent) and Gland Pharma(up 0.83 per cent) were among the top gainers. Abbott India(down 2.35 per cent), Sun Pharmaceutical Industries(down 0.73 per cent), Lupin(down 0.48 per cent), Ipca Laboratories(down 0.46 per cent) and Glenmark Pharmaceuticals(down 0.21 per cent) were the top losers on the index.

Varun Beverages Ltd. traded 1.57 per cent up in Friday's trade at 10:51AM (IST). Around 24,897 shares changed hands on the counter.

The stock hit a high price of Rs 582.0 and low of Rs 571.75 during the session. The return on equity (ROE) for the stock stood at 8.09 per cent.

FPIs) bought Indian shares worth 466.18 billion rupees ($5.63 billion) on a net basis in July, data from the National Securities Depository Ltd (NSDL) showed on Friday. This is the highest monthly FPI inflows since August 2022. Sustained FPI inflows have powered the uptick in the blue-chip Nifty 50 and S&P BSE Sensex, driving the benchmarks to record highs.

rupee witnessed a range-bound trading against the US dollar in early trade on Friday, as the support from positive domestic equities was negated by firm crude oil prices. Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors. At the interbank foreign exchange, the rupee was trading in a narrow range.

Jyoti Structures(up 4.98%), Jaiprakash Power Ventures(up 4.76%), Suzlon Energy(up 4.46%), Inox Wind Energy(up 4.10%), Transformers and Rectifiers(India)(up 3.63%), Reliance Power(up 3.60%), Indo Tech Transformers(up 3.45%), RTNPOWER(up 3.06%), Orient Green Power Company(up 2.68%) and GE Power India Limited(up 2.38%) were among the top gainers. Indowind Energy(down 1.85%), KEC International(down 0.86%), Power Grid Corporation of India(down 0.66%), Torrent Power(down 0.47%), Kalpataru Projects International(down 0.37%), ADANIGREEN(down 0.24%), Hitachi Energy India(down 0.24%), Inox wind(down 0.23%), Karma Energy(down 0.22%) and NHPC(down 0.20%) were among the top losers.

Havells India Ltd. traded 1.09 per cent higher in Friday's session at 10:35AM (IST).

MphasiS Ltd. traded 1.25 per cent higher in Friday's session at 10:25AM (IST).

rupee hit the lowest in more than two months before closing at 82.72 against the dollar. “Rupee is likely to appreciate today as US dollar retreated from its 4 week high after fresh economic data from US showed that economy is feeling the heat of aggressive rate hike," ICICI Direct said.