NIFTY Financial News

Mirae Asset Mutual Fund has launched Mirae Asset Multicap Fund, an open-ended equity scheme that will invest across large cap, mid cap and small cap stocks. The benchmark for the fund will be the NIFTY 500 Multicap 50:25:25 TRI. The scheme will be managed by — Ankit Jain. The New Fund Offer — is open for subscription and it will close on August 11.

LTIMindtree Ltd. fell 1.03 per cent to Rs 4815.0 in Friday's trade as of 12:48PM (IST) even as the benchmark Nifty ruled at 19588.0, down 71.9 points. The scrip had closed at Rs 4864.8 in the previous session.

DLF Ltd. traded 0.27 per cent up at Rs 511.5 on Friday at around 12:58PM (IST), while the benchmark BSE Sensex declined 296.55 points to 65970.27. As many as 85,096 shares changed hands on the counter with a total value of Rs 433.0 crore.

Nifty ruled at 19592.4, down 67.5 points. The scrip had closed at Rs 619.9 in the previous session. The stock quoted a 52-week low of Rs 557.15 and a high of Rs 775.0.

Ola Electric's Founder and CEO, Bhavish Aggarwal, revealed this in a tweet. Ola opened the booking window for its most affordable scooter, the S1 Air, one day in advance on July 27. The scooter is available at an introductory price of Rs 1,09,999 for the Ola community and reservers who book the S1 Air before July 28.

Godrej Consumer Products Ltd. gained 0.51 per cent to Rs 1035.2 in Friday's trade as of 11:31AM (IST).

We take a look at what analysts are saying on the stocks of the Nifty financial service index.This becomes important because in the first six months of this year whenever markets have faced pressure, it is the financial services and banks stocks which have helped it move upward. The kind of pressure Infy is bringing, these stocks would again become an important balancing factor.

Ipca Laboratories(up 2.69 per cent), Gland Pharma(up 1.75 per cent), Dr Reddys Laboratories(up 1.62 per cent), Sanofi India(up 1.11 per cent) and Pfizer(up 1.1 per cent) were among the top gainers. Glenmark Pharmaceuticals(down 3.09 per cent), Laurus(down 2.62 per cent), Zydus Lifesciences(down 1.17 per cent), Cipla(down 1.06 per cent) and Alkem Laboratories(down 0.72 per cent) were the top losers on the index.

Havells India Ltd. traded 0.54 per cent up in Friday's trade at 11:21AM (IST). Around 8,562 shares changed hands on the counter.

Mahindra & Mahindra(up 1.36 per cent), Eicher Motors(up 0.57 per cent), Bharat Forge(up 0.4 per cent) and Bajaj Auto(up 0.2 per cent) were among the top gainers. Samvardhana Motherson International(down 2.79 per cent), Sona BLW Precision Forgings(down 2.46 per cent), Tata Motors(down 1.13 per cent), Maruti Suzuki(down 0.63 per cent) and Balkrishna Industries(down 0.58 per cent) were the top losers on the index.

Federal Bank(up 1.61 per cent), IDFCBANK(up 0.91 per cent), Kotak Mahindra Bank(up 0.46 per cent), Bandhan Bank(up 0.46 per cent) and State Bank of India(up 0.28 per cent) were among the top gainers. HDFC Bank(down 1.04 per cent), ICICI Bank(down 1.01 per cent), Axis Bank(down 0.66 per cent), Punjab National Bank(down 0.48 per cent) and IndusInd Bank(down 0.12 per cent) were the top losers on the index.

DCM Shriram Industries(up 2.54%), Vishwaraj Sugar Industries(up 0.62%), Mawana Sugars(up 0.58%) and AVADHSUGAR(up 0.32%) were among the top gainers. Sakthi Sugars(down 1.56%), Triveni Engineering & Industries(down 1.19%), Dalmia Bharat Sugar & Industries(down 1.18%), Shree Renuka Sugars(down 1.08%), Balrampur Chini Mills(down 0.90%), Dwarikesh Sugar Industries(down 0.86%), Uttam Sugar Mills(down 0.85%), MAGADHSUGAR(down 0.82%), BAJAJHIND(down 0.82%) and Dhampur Sugar Mills(down 0.79%) were among the top losers.

European Central Bank (ECB) raised interest rates by 25 basis points to 3.75%, its highest level since 2001. While in the US, data showed the world’s largest economy grew faster than expected in the April-June quarter this year, with the gross domestic product (GDP) growth at 2.4%, above the 1.8% forecast by economists polled by Reuters. “Rupee is expected to depreciate today amid strong rebound in dollar.

The markets chose to consolidate and stay within the defined range. The NIFTY50 ended the day on a negative note.

US Federal Reserve, Indian equity indices opened lower on Friday, dragged by banking and financial stocks. The BSE Sensex was trading 211 points or 0.32% lower at 66,055. Nifty50 was trading at 19,619, down 41 points or 0.21% at around 9.24 am.

“We foresee NIFTY EPS to post Growth of 16%/13% in FY24/25. We maintained our Dec '23 Nifty target at 20,200 by valuing it at 20x on Dec '24 earnings,” says Neeraj Chadawar, Head — Quantitative Equity Research, Axis Securities. In an interview with ETMarkets, Chadawar said: “In the bull case, we value NIFTY at 22x, translating into a Dec '23 target of 22,200. Our bull case assumption is based on the overall reduction in volatility and the success of a soft landing in the US market” Edited excerpts: We have seen a dream run on D-St with Sensex hitting 67000 and Nifty50 heading towards the 20,000 mark. Is this too good to be true and we are running ahead of fundamentals? The Indian market performance has shown resilience in the last couple of months.

«So it is just a matter of time that we hit 20000 no question about it. Lenders and banks let the market up in the July series and now we will see the FMCG companies and all other companies like the pharma companies should boost their results,» says Aditya Shah, Founder, Hercules Advisors.Though US markets are still waiting to hit that all-time high levels be it the Dow or the NASDAQ Index but for the Indian benchmark indices July series has been a fantastic one. Fourth straight month that we are seeing the benchmark indices clocking gains as well as record high levels but we are still waiting that 20000 mark, so going ahead in the August series do you expect that to hit as well as, as per you what could give Nifty that boost to reach and touch that mark?As we speak, I think that the Nifty will hit 20000 that is in August or September mostly.

equity market is expected to open on a cautious note on Friday following weak global cues. Gift Nifty was trading at 19,790 level as compared to Nifty’s previous close of 19,659.90. The domestic equity benchmark indices ended over half a percent lower on Thursday, the last day of the Nifty's July series futures and options (F&O) contracts.

Day trading guide for today: Following mixed cues from global market, Indian stock market ended lower on Thursday. Nifty went down 118 points and closed at 19,659 levels, Bank Nifty index corrected 440 points and finished at 45,679 mark whereas BSE Sensex lost 440 points and closed at 66,266 levels.

₹3,979.44 crore in the purchase of shares on Thursday, while domestic institutional investors DIIs bought shares for a net total of ₹2,528.15 crore.Ajit Mishra, SVP of Technical Research at Religare Broking said."We are in a consolidation phase so it is normal to see volatile swings. The key is to manage risk until the trend resumes.

Buy or sell stocks for today: On the last trade session of July Series Future & Option (F&O) contract, key benchmark indices of the Indian stock market ended in red territory. NSE Nifty ended 118 points lower at 19,659 levels whereas BSE Sensex shed 440 points and closed at 66,266 mark. Bank Nifty index went down 383 points and finished at 45,679 levels.