NIFTY Financial News

equity market is likely to open higher on Thursday following a positive trend in global peers as sentiment improved after slowing inflation in the US indicated that the Federal Reserve could soon end its monetary policy tightening. Trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading at 19,555.00 level as compared to Nifty’s previous close of 19,384.30.

Zensar Tech: Buy at ₹396.40, target ₹414, stop loss ₹390;2] Syngene International: Buy at ₹780, target ₹811, stop loss ₹768; and3] VRL Logistics: Buy at ₹736, target ₹764, stop loss ₹722. (Read More)Housing Development Finance Corp., India’s largest mortgage lender, took its last bow from the stock market on Wednesday with a record high volume of ₹11,567.44 crore and the highest-ever deliverable quantity of 33.8 million shares, indicating that investors and traders took delivery ahead of the record date on 13 July to be eligible for receiving the merged HDFC Bank shares.In addition to fresh buying, those holding derivatives positions on NSE would have also opted for delivery as all derivatives contracts remaining open by the end of trade on 12 July would result in compulsory delivery, given the attractive swap ratio, said analysts.

Day trading guide for today: Indian stock market snapped two days winning streak and ended lower on Wednesday session. 50-stock index Nifty lost 55 points and closed at 19,384 levels whereas 30-stock BSE Sensex went down 223 points and finished at 65,393 mark. Bank Nifty index corrected 105 points and closed at 44,639 levels.

IT stocks will be in focus as markets will react to TCS and HCL Tech earnings released late yesterday. Another IT major Wipro is slated to declare its results later in the day. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a muted startGIFT Nifty on the NSE IX traded 10.5 points, or 0.05 per cent, lower at 19,554.50, signaling that Dalal Street was headed for muted start on Thursday.

India’s consumer price index (CPI) inflation rose for the first time in five months to 4.81% in June 2023, which was higher than the street's expectations of 4.58%. The inflation came in at 4.81% versus 4.31% in May 2023 and 7.01% in June last year. Market will also take cues from the corporate earnings for the quarter ended June 2023 with IT major Wipro to announce its results later today.  Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 13th July Japan’s Nikkei 225 rose 0.36%, while the Topix gained marginally.

Buy or sell stocks for today: Indian stock market extended its sideways trend for yet another session on Wednesday. NSE Nifty snapped two days winning streak and ended 55 points lower at 19,384 levels. BSE Sensex shed 223 points and closed at 65,393 mark while Bank Nifty index lost 105 points and finished at 44,639 levels.

Nifty expiry: The NSE announced on Wednesday a revision in the day for the weekly expiry of futures & options contracts of indices. Effective the week starting on September 04, 2023, the Bank Nifty's weekly index options expiry day will change to Wednesday from Thursday at present. The first Wednesday weekly expiry will be on September 06, 2023.

₹2,533.9 crore via an offer-for-sale (OFS) on exchanges. The OFS is aimed to help Patanjali Foods adhere to the minimum public shareholding guidelines of Securities and Exchange Board of India (Sebi). An exchange filing says the OFS will involve the sale of 25.3 million shares at ₹1,000 apiece by Patanjali Ayurved.

₹1,242 crore. On the contrary, domestic institutional investors (DIIs) emerged as net buyers with an inflow of nearly ₹437 crore in Indian stocks. Sensex and Nifty 50 closed in red as traders were cautious over IT earnings and macroeconomic data.

Best-performing Flexi Cap Mutual Funds in 1 year (till July 11, 2023): Most of the Flexi-cap mutual funds schemes had a good run in one year. While a majority of these funds have given over 18% annualised returns under the direct plan in one year, the low-performing schemes have given 13% to 15% returns in 1 year. However, as many as 16 flexi cap schemes have been able to beat their respective benchmark indices in this duration, according to data on AMFI’s website at the time of writing.

Shares of Balkrishna Industries(up 2.52 per cent), Ashok Leyland(up 2.04 per cent), TIINDIA(up 1.93 per cent), Eicher Motors(up 1.19 per cent) and Bosch(up 1.13 per cent) ended the day as top gainers in the pack. On the other hand, Tata Motors(down 1.12 per cent), Bajaj Auto(down 0.8 per cent), Hero MotoCorp(down 0.77 per cent), Maruti Suzuki(down 0.65 per cent) and TVS Motor Company(down 0.32 per cent) finished as the top losers of the day.

Under the prevailing caution ahead of key corporate earnings, the 30-share BSE benchmark Sensex declined 224 points or 0.34% to settle at 65,393. The NSE Nifty dropped 55 points or 0.28% to end at 19,384.

Shares of Brigade Enterprises(up 3.82 per cent), Macrotech Developers(up 3.25 per cent), Mahindra Lifespace Developers(up 0.84 per cent), Prestige Estates Projects(up 0.35 per cent) and Phoenix Mills(up 0.06 per cent) ended the day as top gainers in the pack. On the other hand, DLF(down 1.45 per cent), Oberoi Realty(down 0.71 per cent), SOBHA(down 0.6 per cent), Indiabulls Real Estate(down 0.24 per cent) and Godrej Properties(down 0.04 per cent) finished as the top losers of the day.

Nifty 50 settled at 19,384.30 lower by 55.10 points or 0.28%. Talking about the current market performance, Vinod Nair, Head of Research at Geojit Financial Services, said, "The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index." Further, Nair added, "An uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious.

Shares of Lupin(up 2.88 per cent), Biocon(up 1.95 per cent), Zydus Lifesciences(up 1.46 per cent), Glenmark Pharmaceuticals(up 0.9 per cent) and Sun Pharmaceutical Industries(up 0.61 per cent) ended the day as top gainers in the pack. On the other hand, Laurus(down 1.14 per cent), Gland Pharma(down 1.05 per cent), Torrent Pharmaceuticals(down 0.6 per cent), Cipla(down 0.54 per cent) and Abbott India(down 0.54 per cent) finished as the top losers of the day.

The NSE Nifty index ended the session 55.1 points down at 19384.3, while BSE Sensex fell 223.94 points to 65393.9. In the Nifty index, Oil And Natural Gas Corporation Ltd.(up 1.85 per cent), Eicher Motors Ltd.(up 1.19 per cent), JSW Steel Ltd.(up 1.04 per cent), Nestle India Ltd.(up 0.91 per cent) and Kotak Mahindra Bank Ltd.(up 0.62 per cent) stood among the top gainers.

On the BSE, Delta Corp(down 23.28 per cent), Nihar Info Glob(down 13.06 per cent), Shree Ganesh Reme(down 10.75 per cent), Anjani Finance(down 10.61 per cent) and Steel Strips(down 10.42 per cent) stood among the top losers in today's trade. In the Nifty pack, 18 stocks closed in the green, while 32 stocks ended in the red.

Tata Consultancy Services has announced an interim dividend of Rs 9 per equity share for the current fiscal year. «We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of Rs 9 per equity share of Rs 1 each of the company,» TCS said in a filing. The company has fixed July 20 as the record date for the same.

With large-cap funds giving lower returns than small-cap and mid-cap mutual funds, many investors want to know whether they should continue to have large-cap funds in their portfolios or not. In an online Q&A with FE Money recently, Chintan Haria, Head of Investment Strategy at ICICI Prudential AMC shared why investing in large-cap Nifty50-based funds makes sense. He also talked about why the Nifty50 index is considered the ideal way to have exposure to large-cap stocks. Edited excerpts:

Tata AIA Small Cap Discovery Fund: Tata AIA Life Insurance (Tata AIA) has launched its first dedicated Small-Cap fund, Tata AIA Small Cap Discovery Fund. In a statement, Tata AIA said the new fund will offer policyholders the opportunity to generate capital appreciation in the long-term by investing in small-cap market capitalisation stocks. 

Record inflows into smallcap funds in the past few months may create a problem of plenty for fund houses as deploying the amount in the right stocks at the right price is likely to become increasingly difficult.