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| Indian stock market today |
The Indian stock market closed on a positive note today. Nifty and Sensex gained 32.10 and 51.81 points respectively whereas Bank Nifty share price jumps 282.30 points almost 1% up today.
The Indian stock market opened marginally lower in the morning today, as per the global market indication. In the morning the Asian Markets were trading negative, Sgx Nifty was down 29 points on the pre-opening session.
Top Nifty- gainers and losers of the day
At close, the Nifty Midcap 100 index gained 0.62% whereas Nifty small-cap 100 fell 0.05% almost flat. The top NIfty mid-cap gainers are Graphite, IDFC First and HEG, these stocks gained 8% to 9% today. In the Nifty small-cap 100 the top losers are Bajaj Electric, Cox & Kings and BSE Ltd all these stocks plunge 5% to 8% today.
The top gainers in Nifty50 stocks are Yes Bank, Bajaj Finserv., Bajaj Finance, Eicher Motor, and Hero Motocorp. The top Nifty 50 stocks in losing side are Vedanta, IOCL, RIL, Tech Mahindra and ONGC.
Today, Yes Bank share price gained more than 9% and Cox and Kings share price fell 5%. The movement in share price is because of the news of Yes Bank acquiring a 19% stake in Cox & Kings on the invocation of pledge.
On the Sectoral front, Auto and PSU Bank Index gained the most, 2% and 1% respectively. Except for Energy and IT, almost all the sectors managed to close in the green today.
Factors that influenced the Indian stock market today
Today the Indian stock market reacted to yesterday’s Weather department’s forecast on monsoon. On 25th July Indian Meteorological Department (IMD) officially announced that India is likely to get above-average rainfall in the next two weeks.
Today the Market has also reacted to the results announced yesterday in the aftermarket hours i.e Tata Motor and Bank of Baroda. Tata Motors Q1 result has disappointed the market. It has reported the double loss to Rs 3679.66 crore in the June end quarter against a loss of Rs 1862.57 crore last year. One should avoid Tata Motor as of now.
Another stock that reported its Q1 results yesterday was Bank of Baroda. The Public sector bank has reported a net profit Rs 710 crore post amalgamation against loss of Rs 49 crore in the same quarter last year.
The Bank of Baroda share price closed at Rs 112.55 per share on Friday, 3% up from the previous close. Though the asset quality slightly disappointed, but overall performance is a decent one. Due to the Bank of Baroda Q1 result, the PSU Banking index was trading positively in the morning.
Another PSU bank stock, PNB has announced its Q1 results today during the market. The Bank posted a net profit of Rs 1018.6 crore against loss of Rs940 crore in a year-ago period. There is a marginally increased in net NPA at 7.17% against 6.56%, while gross NPA at 16.49% against 15.50% QoQ.
Earlier in the morning, there was news that the PNB Bank got approval to raise a capital worth Rs 5000 crore. The positive news of both the banks BOB and PNB has given a boost of PSU banking space and the index closed more than 1% higher.
Today during the market a Nifty 50 stock Maruti Suzuki has announced its Q1 results. The company reported a 27.3% YoY drop in net profit at Rs 1435.50 crore for the June end quarter. The company posted a weak sales volume and higher depreciation expenses for the June quarter.
The other income increased to Rs 836.4 crore in Q1 against Rs271.8 crore in a year-ago period. Though there is a drop in net profit still meets the street estimate. The share price of Maruti Suzuki has almost gained 1% at the end of the day.
Q1 Result that will impact the Indian stock market on Monday
The Nifty 50 stock JSW Steel has posted its Q1 results after the market hours on Friday. The company reported a 56.55% YoY fall in consolidated profit at Rs 1028 crore for the quarter ended June. The company’s last year's profit for the same quarter was Rs 2366 crore.
The Consolidated total revenue of the company dipped to 3.45% YoY to Rs 19812 crore over Rs 20519 crore in the same period a year ago. The share price of JSW Steel closed at Rs 249.70, 0.42% up from the previous close.
In the heavyweight space, ICICI Bank will announce its Q1 results tomorrow, Saturday. The market will react to both the result on Monday.
Conclusions:
Indian stock market started on a positive note on the first day of the Aug series in the derivative segment. The market will react to the Q1 result of both JSW Steel and ICICI Bank on Monday. The detailed analysis of the Indian stock market and technical levels of Nifty and Bank Nifty share price will be available on Sunday i.e 28th July.
You may like to read our last weekly report Market Update: Nifty 50 and Bank Nifty Share 22nd-26th July
Also read, Budget 2019: Impact on Indian stock market
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Happy Investing!
Finogyan Team
