NIFTY Financial News

Shares of Gland Pharma(up 4.61 per cent), Natco Pharma(up 2.96 per cent), Sanofi India(up 2.08 per cent), Dr Reddys Laboratories(up 0.39 per cent) and Sun Pharmaceutical Industries(up 0.1 per cent) ended the day as top gainers in the pack. On the other hand, Glenmark Pharmaceuticals(down 2.28 per cent), Zydus Lifesciences(down 1.91 per cent), Lupin(down 1.86 per cent), Divis Laboratories(down 1.54 per cent) and Abbott India(down 1.03 per cent) finished as the top losers of the day.

Jio Financial Services, the demerged entity of Reliance Industries (RIL), will be removed from the FTSE All-World index and other global indices with effect from August 22, global index aggregator FTSE Russell said in a release. Since Jio Financial Services (JFSL) did not commence trading after 20 business days, and no firm trading date has been announced by the conglomerate, the index aggregator decided to remove it from all indices. JFSL was included by the index aggregator in several indices on July 20, with a share issue of 6,765,591,509 and an investability weighting of 49.66%.

Benchmark NSE Nifty closed 99.75 points down at 19365.25 amid selling in frontline bluechip counters. However, stocks such as Godha Cabcon & Insul, Penta Gold, Oriana Power, Transindia Real Esta and Richa Info Systems L, touched their fresh 52-week lows.

BSE Sensex ended at 65,151.02 down 388.40 points or down 0.59 per cent while the Nifty also closed at 19,365.25 level, down 99.75 points or 0.51 per cent. Consumer stocks fell 0.89 per cent, led by a 2.05 per cent decrease in heavyweight ITC as analysts warned that the recent rise in its share prices may have limited rerating potential. IT fell 0.49 per cent on concerns about further monetary policy tightening in the US.

macroeconomic data, which showed that the economy is slowing faster than anticipated earlier, was another contributing reason weighing on the market sentiment. The 30-share BSE Sensex ended at 65,151.02 down 388.40 points or down 0.59% while the Nifty also closed at 19,365.25 level, down 99.75 points or 0.51%.

Aurobindo Pharma, IIFL Finance, JSW Energy, Godrej Properties, Tata Chemicals, among others were among the stocks that mutual fund houses bought and sold the most within the segment during the month of July. The Nifty Midcap 100 index rallied 5.5% in July, outperforming the benchmark Nifty that gained nearly 3% during the month.

Nifty EPS estimate by 2.5% to Rs 988 from an earlier estimate of Rs 964 due to notable earnings upgrades in Tata Motors, JSW Steel, Bharti Airtel, SBI,and Kotak Mahindra Bank. The brokerage now expects the Nifty EPS to grow 22%/16% YoY in FY24/ FY25. Stating corporate earnings for 1QFY24 came in strong and could underpin the underlying overall optimistic narrative of India, brokerage firm Motilal Oswal said, «After a solid 23% earnings CAGR over FY20-23, Nifty posted 32% earnings growth in 1QFY24, a beat vs our expectations of 25%.

Vedanta Ltd. fell 0.6 per cent to Rs 235.2 in Thursday's trade as of 01:34PM (IST) even as the benchmark Nifty ruled at 19344.9, down 120.1 points. The scrip had closed at Rs 236.6 in the previous session.

Tata Power Company Ltd. rose 0.79 per cent to Rs 233.05 in Thursday's trade. It hit an intraday high of Rs 235.9 and low of Rs 231.9, respectively, during the day.

Page Industries Ltd. slipped 0.24 per cent to Rs 41215.25 in Thursday's trade as of 12:59PM (IST). The stock hit a high price of Rs 41451.95 and low of Rs 40970.15 during the session.

ICICI Lombard General Insurance Company Ltd. slipped 0.77 per cent to Rs 1346.85 in Thursday's trade as of 01:04PM (IST). It hit a high of Rs 1359.0 and low of Rs 1343.35 during the session.

Best-performing Mid Cap Funds in 3 years (till August 2023): Direct plans of as many as 12 top-performing mid-cap mutual funds have given over 30% annualised returns in 3 years. However, only six of these 12 mid-cap schemes have outperformed their respective benchmark indices in this duration, data on the website of the Association of Mutual Funds in India (AMFI) shows.

Benchmark indices NSE Nifty 50 and BSE Sensex were trading in the red zone on Thursday. The NSE Nifty 50 plunged 104.95 points or 0.54% to 19,360.05 and BSE Sensex tanked 357.58 points or 0.55% to 65,181.84. In sectoral indices, Bank Nifty plunged 0.23%, Nifty Auto fell 0.40%, Nifty IT tumbled 0.39%, Nifty FMCG tanked 0.62%, Nifty Financial Services fell 0.23%, Nifty Media tumbled 0.62%, while Nifty PSU Bank gained 0.52%. HDFC Bank, Cochin Shipyard, ICICI Bank, Adani Enterprises, Reliance Industries, State Bank of India and Adani Ports & Special Economic Zone were among the most active stocks on the NSE.

Investment in the Bandhan Nifty IT Index Fund can be made through licensed mutual fund distributors and online platforms, as well as, directly on https://www.bandhanmutual.com. Highlighting why investors should consider investing in the Bandhan Nifty IT Index Fund, Vishal Kapoor, CEO, Bandhan AMC said, “The Indian IT sector is at the forefront of global innovation, establishing itself as a technology powerhouse and a leading player in the global IT landscape.

₹988 on the back of robust Q1 results by corporates that could support overall bullish economic outlook for India. “We raise our FY24E Nifty EPS by 2.5% to ₹988 (earlier: ₹964) due to notable earnings upgrades in Tata Motors, JSW Steel, Bharti Airtel, SBI, and Kotak Mahindra Bank. We now expect the Nifty EPS to grow ~22% and 16% YoY in FY24 and FY25," Motilal Oswal said in a report.

Quant Small Cap Fund increased investors wealth by around 2.58 times in five years, and offered 39.91% XIRR. Nippon India Small Cap Fund, the largest scheme in the small cap category based on AUM, increased investors' wealth by 2.22 times. In simple words, if someone started an SIP of Rs 1,000 on August 10, 2018 in Nippon India Small Cap Fund, the investment would have increased by around 2.22 times to Rs 1.33 lakh. Quant Mid Cap Fund offered a XIRR of 29.42% and increased investors’ wealth by 2.03 times. The scheme is benchmarked against Nifty Midcap 150- TRI. The benchmark offered 25.19% during the same time period.Quant Tax Plan gave a XIRR of around 29.06% on investment made through SIP in five-years. An SIP of Rs 1,000 made on August 10, 2018 would have now become Rs 1.20 lakh now. The scheme is benchmarked against Nifty 500 -TRI. The benchmark gave around 17.77% in five-years.

Domestic benchmark index NSE Nifty fell 90.9 points to 19374.1, while the BSE Sensex traded 297.95 points down at 65241.47. On the other hand, BF Utilities, Chaman Lal Setia, Megasoft, D P Wires and Ksolves India stocks hit their fresh 52-week highs today.

Benchmark NSE Nifty index fell 62.8 points to 19402.2 amid selling in frontline bluechip stocks. However, stocks such as Penta Gold, Oriana Power, Transindia Real Esta, Redtape L and Richa Info Systems L, touched their fresh 52-week low.

Indian Railway Finance Corporation (IRFC) fell nearly 6% on the NSE in Thursday's trade after reports that the government was considering selling its stake in the company. The news triggered a strong selling action in the stock, with over 5.65 crore shares changing hands on the NSE around 10:15 am. The multibagger stock which has given more than 130% returns over a 12-month period has significantly outperformed the Nifty which has yielded just over 8% returns during this time.

Sona BLW Precision Forgings(up 1.62 per cent), Ashok Leyland(up 0.66 per cent), Bosch(up 0.41 per cent), TIINDIA(up 0.35 per cent) and Maruti Suzuki(up 0.24 per cent) were among the top gainers. Samvardhana Motherson International(down 0.88 per cent), Eicher Motors(down 0.77 per cent), TVS Motor Company(down 0.68 per cent), Balkrishna Industries(down 0.39 per cent) and Hero MotoCorp(down 0.2 per cent) were the top losers on the index.

Avenue Supermarts Ltd. gained 0.24 per cent to Rs 3508.0 in Thursday's trade as of 10:45AM (IST).