NIFTY Financial News

TCS reporting its current fiscal's July-September quarter (Q2FY24) earnings, Indian corporates will start disclosing their September quarter scorecards from Wednesday, October 11. Experts are not expecting a firework this time. They believe the numbers will be mostly stable.

 The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment.However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said.

Chambal Fertilisers & Chemicals(up 4.14%), Khaitan Chemicals & Fertilizers(up 3.86%), Fertilizers & Chemicals Tranvancore(up 3.73%), G S F C(up 3.01%), Gujarat Narmada Valley Fertilizers (up 1.84%), Nagarjuna Fertilizers & Chem(up 1.75%), Mangalore Chemicals & Fertilizers(up 1.54%), Coromandel International(up 0.84%), Paradeep Phosphates(up 0.83%) and Madras Fertlizers(up 0.82%) stood among the top gainers. Rama Phosphates(down 0.93%) and Agro Phos(down 0.81%) were among the top losers of the day.

The BSE benchmark Sensex advanced 567 points or 0.87% to settle at 66,079. The broader NSE Nifty surged 177 points or 0.91% to end at 19,689. From the Sensex pack, Bharti Airtel, Kotak Bank, JSW Steel, and Tata Motors were the top gainers, rising 2-3%.

Prestige Estates Projects jumped nearly 19% intraday to hit a fresh 52-week high of Rs 796.40 on the NSE, in turn helping the Nifty Realty index scale its 15-year high level of 612.25. The price action was accompanied with strong volume as more than 69.32 lakh shares changed hands on the NSE around 12:50 pm, with the total traded value of the stock standing at Rs 520.11 crore. The gains were on the back of the real estate company registering the highest sales of Rs 11,007.3 crore in H1 FY24, up 69% year-on-year (YoY), while the quarterly sales jumped 102% YoY to Rs 7,092.6 crore during Q2FY24. The sales during this period is attributed to 6.84 mn square feet volume with an average realisation of Rs 10,369 per square feet, which rose 29% YoY for apartments/villas and average realisation of Rs 6,753 per square feet for plot, up 62% YoY. The group sold 3,659 units during Q2 FY24.

ICICI Prudential Life Insurance Company Ltd. slipped 0.95 per cent to Rs 538.6 in Tuesday's trade. It hit a high of Rs 548.45 and low of Rs 530.0 during the session.

Trent Ltd. slipped 1.05 per cent to Rs 2056.75 in Tuesday's trade as of 02:11PM (IST). The stock hit a high price of Rs 2087.95 and low of Rs 2050.5 during the session.

Also Read: Earnings preview: Indian IT firms to report soft numbers in Q2FY24; revenue, profit likely to be muted As far as TCS is concerned, the IT major is expected to deliver 0.5% revenue growth in constant currency terms and 0.3% USD growth, on a sequential basis. The brokerage expects TCS to report total revenue of ₹59,904.6 crore in Q2FY24 as compared to ₹59,381 crore in the June quarter. In USD terms, the company is likely to post revenue of $7,246 million as against $7,226 million, QoQ.

Sonam Udasi, Senior Fund Manager, Tata Mutual Fund believes large caps may offer better value in the near term. However, it is the potential rather than the size that determines the company’s relative attractiveness. In an interview with Mint, he says as India moves from a $2,300 per capita income economy towards $4,000 over the next five years, many new segments, and companies will mushroom and grow robustly.

MphasiS Ltd. gained 0.48 per cent to Rs 2485.4 in Tuesday's trade as of 01:35PM (IST). It hit a high of Rs 2490.0 and low of Rs 2450.05 during the session.

«The risk to reward is clearly in favour of going long on the Bank Nifty at current levels given the fact that some of the midcap ITs have already rallied and we are seeing the kind of sharp rally in the real estate already in trade today,» says Aditya Agarwala, Invest4edu. DIIs are sitting on elevated cash levels who knows but it was just a one-day scare. Such a tragic and unfortunate event and on such a large scale unfolding in Middle East and what do we get, barely 1.5-2% cut on the smallcap index. To be honest we did get a bit of geopolitical tension and markets tend to correct significantly on back of geopolitical tensions, but to be honest markets had started correcting and showing signs of weakness much before this news came out and many a times what happens is whenever you have an event it tends to form a bottom for the market and from there it usually tends to inch higher. So, I could feel that this was one of the cases where markets were waiting for some kind of a negative news and we got a negative news in trade yesterday wherein markets corrected a bit. What was interesting to notice is Nifty did not break the highs of the hammer candle that we had gotten last week which was very interesting.

Info Edge (India) Ltd. gained 0.06 per cent to Rs 4211.15 in Tuesday's trade as of 01:30PM (IST). The stock hit a high price of Rs 4244.45 and low of Rs 4194.05 during the session.

Voltas Ltd. traded 0.51 per cent up in Tuesday's trade at 12:49PM (IST). Around 3,968 shares changed hands on the counter.

Page Industries Ltd. traded 0.13 per cent down in Tuesday's trade at 12:59PM (IST). Around 108 shares changed hands on the counter.

Havells India Ltd. traded 1.01 per cent up in Tuesday's trade at 11:52AM (IST). Around 13,861 shares changed hands on the counter.

Sanjiv Bhasin, Director, IIFL Securities, says “pharma is a proxy to a weak rupee and a stronger dollar becomes a very good alibi. Thirdly, the business is doing extremely well. So, Aurobindo, Lupin and Sun Pharma on declines could be a very good basket. More than that, if you cannot choose the stocks, better do a SIP in the likes of SBI or a Nippon fund. They have very good pharma funds which have got a basket of stocks. So, an ETF over there would be a very good idea if you want exposure into pharma.” What is your view on the pharma space? The latest note by Macquarie seems to be really advocating largecaps like Sun Pharma, Dr Reddy's, etc. But given the kind of move that we have already seen, what is your outlook on pharma at the current juncture? Pharma has been a darling of the market in the last two months after most people had written it off post Covid. But the results and the under-ownership, particularly of stocks like Auro Pharma and Lupin, which are two stocks which we have accumulated – a disclosure. We think that the largecap pharma is a very comforting space given that IT still has some of the headwinds, pharma as a proxy to a weak rupee and a stronger dollar becomes a very good alibi. Thirdly, the business is doing extremely well. So, Aurobindo, Lupin and Sun Pharma on declines could be a very good basket.

Persistent Systems Ltd.(up 2.37 per cent), LTIMindtree Ltd.(up 1.58 per cent), Infosys Ltd.(up 1.36 per cent), Coforge Ltd.(up 1.25 per cent) and L&T Technology Services Ltd.(up 0.87 per cent) were among the top gainers. Tata Consultancy Services Ltd.(down 0.25 per cent) were the top losers on the index.

Sanofi India Ltd.(up 2.08 per cent), Granules India Ltd.(up 1.46 per cent), Gland Pharma Ltd.(up 1.39 per cent), Alkem Laboratories Ltd.(up 0.8 per cent) and Lupin Ltd.(up 0.7 per cent) were among the top gainers. Biocon Ltd.(down 1.42 per cent), Aurobindo Pharma Ltd.(down 1.17 per cent), Dr.

Indian Hotels Company Ltd. gained 0.48 per cent to Rs 417.15 in Tuesday's trade as of 11:06AM (IST). It hit a high of Rs 422.0 and low of Rs 416.8 during the session.

Federal Bank Ltd. traded 1.58 per cent up at Rs 147.15 on Tuesday at around 10:20AM (IST), while the benchmark BSE Sensex advanced 357.79 points to 65870.18. As many as 92,583 shares changed hands on the counter with a total value of Rs 1.36 crore.

Bharat Forge Ltd. gained 2.23 per cent to Rs 1106.7 in Tuesday's trade. It hit a high of Rs 1107.4 and low of Rs 1088.1 during the session.