In the week ended on Friday, 19 July 2024, the S&P BSE Sensex rose 85.31 points or 0.11% to settle at 80,604.65. The Nifty 50 index added 28.75 points or 0.12% to settle at 24,530.90. The BSE Mid-Cap index declined 2.63% to close at 46,260.03. The BSE Small-Cap index tumbled 2.69% to end at 52,559.61.

Weekly Index Movement:

The domestic equity indices ended with decent gains in Monday, the S&P BSE Sensex gained 145.52 points or 0.18% to 80,664.86. The Nifty 50 index added 84.55 points or 0.35% to 24,586.70. The 50-unit index hit a record high of Rs 24,635.05 today.

The domestic equity benchmarks ended slightly higher on Tuesday, the barometer index, the barometer index, the S&P BSE Sensex, rose 51.69 points or 0.06% to 80,716.55. The Nifty 50 index added 26.30 points or 0.11% to 24,613.00.

The stock exchanges remain closed on Wednesday, 17 July 2024, on account of Muharram.

The domestic equity barometers continued their winning streak, rising for the fourth consecutive day on Thursday, the S&P BSE Sensex surged 626.91 points or 0.78% to 81,343.46. The Nifty 50 index added 187.85 points or 0.76% to 24,800.85. Both the indices attained record closing levels.

The headline equity indices ended with major losses on Friday, snapping a four-day gaining streak, the barometer index, the S&P BSE Sensex, was dropped 738.81 points or 0.91% to 80,604.65. The Nifty 50 index declined 269.95 points or 1.09% to 24,530.90.

Economy:

India’s wholesale price index (WPI)-based inflation for the month of June accelerated to a 16-month high of 3.36% primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc. In May, WPI inflation was 2.61%. It was (-) 4.18% in June 2023.

The International Monetary Fund (IMF) upgraded India's economic outlook, raising its growth forecast for the 2024-25 financial year to 7%. This revision is driven by an anticipated improvement in private consumption, especially in rural areas.

The IMF maintained its projection of 6.5% growth for the following year (2025-26). This information comes from their latest World Economic Outlook report.

Stocks in Spotlight:

Infosys rallied 4.55%. The company raised its FY25 revenue guidance from previous quarter’s projection of 1% -3% to 3% - 4% in constant currency and while maintaining the operating margin guidance at 20%-22% for the same fiscal year.

The IT major’s consolidated net profit declined 20.08% to Rs 6,374 crore in Q1 FY25 as compared with Rs 7,975 crore in Q4 FY24. Revenue from operations increased 3.67% QoQ to Rs 39,315 crore in Q1 FY25.

HCL Technologies (HCL Tech) added 2.1%. The company reported 6.8% rise in consolidated net profit to Rs 4,257 crore in Q1 FY25 from Rs 3,986 crore in Q4 FY24. Revenue from operations declined 1.6% to Rs 28,057 crore in the first quarter of FY25 from Rs 28,499 crore recorded in the last quarter of FY24. The coampny declared dividend of Rs 12 per share.

Avenue Supermarts (DMart) rose 0.58%. The company reported a 17.46% increase in consolidated net profit to Rs 773.82 crore in Q1 FY25 as compared with Rs 658.75 crore in Q1 FY24. Revenue from operations increased 18.57% to Rs 14,069.14 crore in Q1 FY25 as compared to Rs 11,865.44 crore posted in Q1 FY24.

Ashok Leyland fell 0.16%. The company announced that it has bagged single largest fully built bus order from the Maharashtra State Road Transport Corporation (MSRTC) for 2,104 units of Viking passenger bus.

Bajaj Auto shed 0.83%. The auto major’s standalone net profit jumped 19.43% to Rs 1,988.34 crore on 15.69% rise in revenue from operations to Rs 11,928.02 crore in Q1 FY25 over Q1 FY24. The revenue growth underpinned by volume expansion across both domestic and exports business, and further bolstered by favourable mix to drive double digit revenue growth yet again.

Hindustan Unilever (HUL) rallied 3.84%. The company said that it has signed an agreement with A. O. Smith, a leading global water technology company, for the sale of its Indian water purification business, which was carried under the 'Pureit’ brand.

Dr. Reddy's Laboratories declined 1.19%. The company said that it has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company to commercialise Vonoprazan tablets in India.

Persistent Systems tumbled 4.8%. The IT company’s consolidated net profit fell 2.82% to Rs 306.42 crore in Q1 FY25 as against with Rs 315.32 crore posted in Q4 FY24. Revenue from operations stood at Rs 2,737.17 crore in the first quarter of FY25, up 5.66% QoQ and 17.92% YoY.

Indian Renewable Energy Development of India (IREDA) rallied 3.74%. The company reported a 30% increase in consolidated net profit to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

Ultratech Cement dropped 3.11%. The company’s consolidated net profit rose marginally to Rs 1,696.59 crore in Q1 FY25 as against Rs 1,688.45 crore in Q1 FY24. Revenue from operations rose 1.87% year on year (YoY) to Rs 18,069.56 crore in the quarter ended 30 June 2024.

Global Markets:

China's economic growth fell short of expectations in the second quarter, dampening sentiment. The country's GDP expanded by 4.7% year-on-year, slowing from the previous quarter's 5.3%

The European Central Bank left interest rates unchanged at 3.75% on Thursday. The ECB announced that it would hold interest rates steady for now, after cutting them in June and expects headline inflation to remain above their target rate until next year.