Stock Market Live: Sensex, Nifty Flat At Open As ICICI Bank Leads Gains But HDFC Bank Weighs

HDFC Bank Snaps Four-Session Rally Despite MSCI Weight Increase

The stock dragged the Nifty 50 index by 72 points at 9:36 a.m., when it was trading 27 points lower.

Sensex, Nifty Flat At Open As ICICI Bank Leads Gains But HDFC Bank Weighs: Opening Bell

Benchmark equity indices saw a muted opening after closing flat in the previous session as gains in the shares of offset some impact of losses in HDFC Bank, which fell over 2%.

At pre-open, the Nifty was flat at 24342.35 and the Sensex was at 79552.51, down 0.12% or 96.41 points.

"We believe the current intraday market structure is volatile, hence level based trading would be the ideal strategy for day traders," said Shrikant Chouhan, head of equity research at Kotak Securities.

"For the Bulls, 24500/80100 would be the immediate breakout zone," he said adding that above this, the market could rally towards 24700-24900/80600-81200. "On the other hand, a close below 24200/79200 the sentiment could change and the market can retest 24000-23800/78600-78000 levels," he said.

Shares of ICICI Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Tata Consultancy Services Ltd contributed the most to the gains.

While those of HDFC Bank Ltd., Tata Motors Ltd., Power Grid Corp. Ltd., Asian Paints Ltd., and Hindustan Unilever Ltd weighed.

Most sectoral indices were higher with Nifty Media gaining the most and Nifty Financial Services fell the most.

Sensex, Nifty Little Changed At Pre-Open

At pre-open, the Nifty was flat at 24342.35 and the Sensex was at 79552.51, down 0.12% or 96.41 points.

Motilal Oswal Initiates 'Buy' On Signature Global

• Price target of Rs 2,000, implying 38% upside

• Reported 63% CAGR in pre-sales over FY21-24

• Expect to clock pre-sales CAGR of 35% over FY24-27

• Strong around 30 million square feet project pipeline to be launched in next two years

• Expect cumulative operating cash flow of Rs 9,500 crore over FY25-27 leaves ample room for growth

• Believes valuations yet to capture future growth potential

Jefferies On ONGC

• Maintains 'buy', raises target to Rs 420 implying 26% upside

• Ministry of Petroleum and Natural Gas approves 20% premium price for domestic gas from new wells

• Premium pricing to apply to 14/21/28% of ONGC’s volumes in FY25/26/27

• New pricing increases FY26/27 EPS estimates by 2-3%

• Revises FY26/27 net profit estimates by 2%/4%

• Key upside trigger: Production ramp up from KG basin from Q3FY25, removal of upstream cess

L&T Tech Signs New Multi-Year Pact With Shell

• Shell signs new multi-year framework pact with company

• Company to provide design & procurement services for Shell’s global assets

Source: Exchange Filing

Yield On The 10-Year Bond Opens

• The yield on the 10-year bond opened flat at 6.87%.

• It closed at 6.88% on Monday.

Source: Bloomberg

Rupee Strengthens Against US Dollar

• Rupee strengthened by 2 paise to open at 83.95 against the US dollar.

• It closed at 83.97 on Monday.

Source: Bloomberg

Inox Wind Gets 51 MW Equipment Supply Order

Gets 51 MW equipment supply order from Everrenew for project in Tamil Nadu

Source: Exchange Filing

Citi On ONGC

• Maintains 'buy' at target of Rs 350, implying 2.6% upside

• Ministry of Petroleum and Natural Gas approves 20% premium price for domestic gas from new wells

• New gas pricing regime to apply to 10% of ONGC's current gas production

• New gas pricing regime to apply to 20-25% of production in 2-3 years

• ONGC's gas price realizations could rise from $6.5 to $7.5 per million metric British Thermal Unit

Veefin Solutions Acquires Nityo Tech

• Veefin Group acquires Nityo Tech to lead digital transformation in the BFSI sector

• Nityo Tech is the India arm of Nityo Singapore

Source: Exchange Filing

Delhi HC Declines To Admit Max Financial PIL

• Delhi HC declines to admit the PIL pertaining to allegations made on Axis Bank, group cos

• Petition filed in HC alleges Axis Bank, group cos made undue profits by trading shares of co

• Delhi HC Court disposes plea noting that the matter is under the consideration of concerned regulators

Source: Exchange Filing

Reliance Infra Arm Incorporates New Subsidiary

Arm Reliance Energy incorporates new subsidiary Reliance Jai Properties

Source: Exchange Filing

Happiest Minds Q1 Earnings (Consolidated, QoQ)

• Revenue up 11.2% at Rs 464 crore vs Rs 417 crore

• EBIT down 8.1% at Rs 62.8 crore vs Rs 68.3 crore

• Margin at 13.5% vs 16.4%

• Net profit down 29.1% at Rs 51 crore vs Rs 71.9 crore

MSCI August Review

• 27 additions, six deletions from India in MSCI Global Small Cap Indexes for Emerging Markets.

• Bandhan Bank and Go Digit General Insurance among top additions.

• Dixon Technologies has been upgraded to Mid Cap

• Indian Renewable Energy Development Agency, Cochin Shipyard, Housing Urban Development Corp. removed.

• However, India's weight dips 20 basis points to 28.8%.

MSCI August Review: RVNL, Zydus Life, Vodafone Idea Among Seven Additions

Global Cues

• US Dollar Index at 103.17.

• US 10-year bond yield at 3.91%.

• Brent crude down 0.50% at $81.89 per barrel.

• Nymex crude down 0.54% at $79.63 per barrel.

• GIFT Nifty was up 32.5, or 0.13% at 24,337.50 as of 7:08 a.m.

• Bitcoin was up 1.45% at $59,709.58.

F&O Cues

• Nifty August futures up by 0.29% to 24,357 at a premium of 10 points.

• Nifty August futures open interest down by 0.04%.

• Nifty Bank August futures up by 0.29% to 50,721 at a premium of 143 points.

• Nifty Bank August futures open interest down by 3%.

• Nifty Options Aug. 14 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 23,500.

• Bank Nifty Options Aug. 14 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 49,000.

• Securities in ban period: Aditya Birla Capital, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Birlasoft, Granules India, Hindustan Copper, India Cements, IndiaMart Intermesh, LIC Housing Finance, Manappuram, Punjab National Bank, RBL Bank, Steel Authority of India Ltd., Sun TV Network.

Money Market Update

The Indian rupee closed at a record closing low against the US dollar on Monday.

The rupee closed flat at Rs 83.97 after opening little changed at Rs 83.95 against the US dollar, according to Bloomberg. It had closed at Rs 83.96 on Friday.

Power Grid Corporation Inks Transmission System Deal In Rajasthan

Trading Tweaks

• Price band change from 20% to 10%: Sakuma Exports,SMS Lifesciences India.

• Ex/record dividend: The Great Eastern Shipping Co., EIH Associated Hotels, Heritage Foods, Fine Organic Industries, Dhunseri Ventures, Bandhan Bank, S.J.S. Enterprises, Navneet Education, Lloyds Metals and Energy, IKIO Lighting.

• Ex/record bonus: EIH Associated Hotels.

• Ex/record rights: Orient Green Power.

• Ex/record buyback: Navneet Education.

• Ex/record AGM: RPSG Ventures, CESC, Heritage Foods, Fine Organics, Dhunseri Ventures, Bandhan Bank, Spencer Retail, S.J.S. Enterprises, Navneet Education, Lloyds Metals and Energy, IKIO Lighting.

• Moved in short-term framework: Garware Hi-Tech Films,Kfin Technologies,Sakuma Exports,Suzlon Energy.

• Moved out short-term framework: Kellton Tech Solutions.

Bulk Deals

• Saregama India: Hill Fort India Fund LP sold 20.38 lakh shares (1.05%) at Rs 480.1 apiece and Amansa Holdings Pvt. bought 15.15 lakh shares (0.78%) at Rs 480 apiece.

• DCW: Albula Investment Fund Ltd. bought 24.64 lakh shares (0.83%) at Rs 71.35 apiece and LTS Investment Fund sold 24.64 lakh shares (0.83%) at Rs 71.35 apiece.

Block Deal

Shanti Educational Initiatives: Legends Global Opportunities (Singapore) Pte. bought 6.7 lakh shares (0.41%) at Rs 150.05 apiece and LGOF Global Opportunities Ltd. sold 6.7 lakh shares (0.41%) at Rs 150.05 apiece.

IPO offering

Saraswati Saree Depot: The public issue was subscribed 4.37 times on day one. The bids were led by qualified institutional investors (1.19 times), non-institutional investors (12.62 times), and retail investors (5.39 times).

Listing

• Brainbees Solutions Ltd.: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 465 apiece. The Rs 4,193.73-crore IPO was subscribed to 12.22 times on its third and final day. Bids were led by institutional investors (19.3 times), retail investors (2.31 times), non-institutional investors (4.68 times), and reserved for employees (6.57 times).

• Unicommerce eSolutions: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 108 apiece. The Rs 276.57-crore IPO was subscribed to 168.35 times on its third and final day. Bids were led by institutional investors (138.75 times), retail investors (130.99 times), and non-institutional investors (252.46 times).

NMDC Q1 Result: Profit Rises 19%, Beats Estimates

Stocks To Watch

• GR Infraprojects: The company received a letter of intent from REC Power Development for a transmission project in Karnataka.

• Marico: The company’s manufacturing operations in Bangladesh have resumed at normal scale.

• Crisil: The company’s unit will form a private entity to serve as an industry association for SEBI-registered ESG rating service providers.

• JSW Steel: The company isset to acquire up to 66.7% economic interest in M Resources NSW through the purchase of Class B shares. The acquisition will be made at a cost of $120 million, with an additional investment obligation of $50 million. M Resources NSW holds a 30% stake in the mine operator of coking coal mines located in New South Wales, Australia.

• Aditya Birla Sun Life: Parag Joglekar resigned as CFO effective Sept. 13.

• Power Grid Corp.: The company received a letter of intent for a 20 GW inter-state transmission line in Rajasthan.

• Kotak Mahindra Bank: The company’s units, Sonata Finance and BSS Microfinance, have approved the merger with each other.

• KPI Green Energy: The company opened its QIP and set the floor price at Rs 983 per share.

• Jindal Stainless: The company has been accredited by BrahMos Aerospace as a qualified vendor for steel sheets.

JSW Steel To Buy 66.67% Economic Interest In M Res NSW For $120 Million

Earnings In Focus

AllCargo Logistics, Anupam Rasayan India, Apollo Hospital Enterprise, Ashoka Buildcon, Astra Microwave Products, Dilip Buildcon, Eclerx Estates, Endurance Technologies, EPL, Fiem Industries, Gujarat Fluorochemical, GMR Airports Infrastructure, GNFC, Godrej Industries, HEG, Hero MotoCorp, Hindalco Industries, IPCA Laboratories, IRCTC, Isgec Heavy Engineering, Kama Holdings, Landmark Cars, Manappuram Finance, Marksans Pharma, Max Financial Services, Samvardhana Motherson International, MTAR Technologies, Muthoot Finance, Nazara Technologies, NBCC, NMDC Steel, FSN E-Commerce Ventures, Piramal Enterprises, Rainbow Children Medicare, Ratnamani Metals and Tubes, SJVN, TBO Tek, TCI Express, Techno Electric and Engineering, Texmaco Rail and Engineering, VST Tillers Tractors, and Yatharth Hospital and Trauma Care Services.

Earnings Post Market Hours

Vodafone Idea Q1 FY25 (Consolidated, QOQ)

• Revenue down 1% at Rs 10,508 crore versus Rs 10,607 crore (Bloomberg estimate: Rs 10,655 crore).

• Ebitda down 3% at Rs 4,205 crore versus Rs 4,335 crore (Bloomberg estimate: Rs 4,257 crore).

• Margin at 40% versus 40.9% (Bloomberg estimate: 40%).

• Net loss at Rs 6,432 crore versus loss of Rs 7,675 crore (Bloomberg estimate: net loss of Rs 7,639 crore).

Campus Activewear Q1 FY25 (Consolidated, YoY)

• Revenue down 4.1% at Rs 339 crore versus Rs 354 crore.

• Ebitda down 21.9% at Rs 51.8 crore versus Rs 66.3 crore.

• Margin at 15.3% versus 18.7%.

• Net profit down 19.4% at Rs 25.4 crore versus Rs 31.5 crore.

Hindustan Copper Q1 Results (Consolidated, YoY)

• Revenue up 33.15% at Rs 494 crore versus Rs 371 crore.

• Ebitda up 103.22% at Rs 189 crore versus Rs 93 crore.

• Margin at 38.25% versus 25.06% up 1,319 bps.

• Net profit up 140.42% at Rs 113 crore versus Rs 47 crore.

RCF Q1 Results (Consolidated, YoY)

• Revenue up 8.7% at Rs 4,396 crore versus Rs 4,043 crore.

• Ebitda down 10.3% at Rs 116 crore versus Rs 129 crore.

• Margin at 2.6% versus 3.2%.

• Net profit down 84% at Rs 10.8 crore versus Rs 67.7 crore.

IRFC Q1 FY25 (YoY)

• Total income up 1.3% at Rs 6,766 crore versus Rs 6,676 crore.

• Net profit up 1.7% at Rs 1,577 crore versus Rs 1,551 crore.

Doms Industries Q1 FY25 (Consolidated, YoY)

• Revenue up 17.41% at Rs 445 crore versus Rs 379 crore (Bloomberg estimate: Rs 453 crore).

• Ebitda up 40.32% at Rs 87 crore versus Rs 62 crore (Bloomberg estimate: Rs 81 crore).

• Ebitda margin up 319 bps at 19.55% versus 16.35% (Bloomberg estimate: 17.8%).

• Net profit up 50% at Rs 54 crore versus Rs 36 crore (Bloomberg estimate: Rs 48 crore).

Dollar Industries Q1 Results (Consolidated, YoY)

• Revenue up 2% at Rs 334 crore versus Rs 328 crore (Bloomberg estimate: Rs 356 crore).

• Ebitda up 33% at Rs 36 crore versus Rs 27 crore (Bloomberg estimate: Rs 36 crore).

• Ebitda margin at 10.8% versus 8.2% (Bloomberg estimate: 10%).

• Net profit up 7% at Rs 16 crore versus Rs 15 crore (Bloomberg estimate: Rs 18 crore).

Ingersoll-Rand Q1 Results (YoY)

• Revenue up 4.3% at Rs 318 crore versus Rs 305 crore.

• Ebitda up 15.2% at Rs 82.7 crore versus Rs 71.8 crore.

• Margin at 26% versus 23.5%.

• Net profit up 14.8% at Rs 62 crore versus Rs 54 crore.

Senco Gold Q1 Results (Consolidated, YoY)

• Revenue up 7.6% at Rs 1,404 crore versus Rs 1,305 crore (Bloomberg estimate: Rs 1,492 crore).

• Ebitda up 60.3% at Rs 109 crore versus Rs 68 crore (Bloomberg estimate: Rs 81 crore).

• Margin at 7.8% versus 5.2% (Bloomberg estimate: 5.4%).

• Net profit up 82% at Rs 51 crore versus Rs 28 crore (Bloomberg estimate: Rs 32 crore).

AMI Organics Q1 FY25 (Consolidated, YoY)

• Revenue up 14.9% at Rs 177 crore versus Rs 154 crore (Bloomberg estimate: Rs 200 crore).

• Ebitda down 13.3% at Rs 29.5 crore versus Rs 34 crore (Bloomberg estimate: Rs 35 crore).

• Margin at 16.7% versus 22.1% (Bloomberg estimate: 17.4%).

• Net profit down 34% at Rs 14.7 crore versus Rs 22.2 crore (Bloomberg estimate: Rs 22 crore).

DCX Systems Q1 Results (Consolidated, YoY)

• Revenue down 19% at Rs 138 crore versus Rs 170 crore.

• Ebitda loss at Rs 5 crore versus Ebitda of Rs 8 crore.

• Net profit down 70% at Rs 3 crore versus Rs 10 crore.

Orchid Pharma Q1 Results (Consolidated, YoY)

• Revenue up 33% at Rs 244 crore versus Rs 183 crore (Bloomberg estimate: Rs 226 crore).

• Ebitda up 35% at Rs 31 crore versus Rs 23 crore (Bloomberg estimate: Rs 32 crore).

• Ebitda margin at 12.7% versus 12.6% (Bloomberg estimate: 14.1%).

• Net profit at Rs 29 crore versus Rs 9 crore (Bloomberg estimate: Rs 31 crore).

Hudco Q1 (Standalone YoY)

• Total income up 19% at Rs 2,188 crore versus Rs 1,843 crore.

• Net profit up 25% at Rs 558 crore versus Rs 446 crore (Bloomberg estimate: Rs 556 crore).

Olectra Greentech Q1 FY25 (Consolidated, YoY)

• Revenue up 45% at Rs 313 crore versus Rs 216 crore.

• Ebitda up 2% at Rs 43 crore versus Rs 42 crore.

• Ebitda margin at 13.7% versus 19.4%.

• Net profit up 33% at Rs 24 crore versus Rs 18 crore.

NRB Bearings Q1 FY25 (Consolidated, YoY)

• Revenue up 6% at Rs 289 crore versus Rs 272 crore.

• Ebitda down 7% at Rs 42 crore versus Rs 45 crore.

• Ebitda margin at 14.5% versus 16.5%.

• Net profit up 37% at Rs 26 crore versus Rs 19 crore.

MM Forgings Q1 FY25 (Consolidated, YoY)

• Revenue up 3.2% at Rs 382 crore versus Rs 370 crore.

• Ebitda up 11.7% at Rs 73.1 crore versus Rs 65.4 crore.

• Margin at 19.1% versus 17.7%.

• Net profit up 3.8% at Rs 30.1 crore versus Rs 29 crore.

NMDC Q1 FY25 (Consolidated, YoY)

• Revenue up 0.35% at Rs 5,414 crore versus Rs 5,395 crore (Bloomberg estimate: Rs 5,520 crore).

• Ebitda up 17.41% at Rs 2,340 crore versus Rs 1,993 crore (Bloomberg estimate: Rs 2,093 crore).

• Ebitda margin up 627 bps at 43.22% versus 36.94% (Bloomberg estimate: 37.9%).

• Net profit up 19.3% at Rs 1,971 crore versus Rs 1,652 crore (Bloomberg estimate: Rs 1,726 crore).

Vodafone Idea Q1 Results: Loss Lower Than Estimated

GIFT Nifty Trades Above 24,300

Indices in Asia-Pacific region rose in early trade tracking Japan's benchmarks' gains on weaker yen, while investors await for US CPI data, due late Wednesday.

The Nikkei 225 was 782.56 points, or 2.23% higher at 35,807.56, and the S&P ASX 200 was up 2.90 points, or 0.04% at 7,816.60 as of 06:27 a.m.

The S&P 500 ended flat, while Nasdaq Composite rose 0.21%. The Dow Jones Industrial Average ended 0.36% lower.

The October contract of brent crude was trading on Intercontinental Exchange 0.62% lower at $81.79 per barrel as of 06:29 a.m.

The spot Gold was trading 0.04% lower at $2,471.79 as of 06:30 a.m.

The GIFT Nifty was trading 26.50 points, or 0.11% higher at 24,370.00 as of 06:31 a.m.

The Indian benchmark indices erased some loss to end Monday on a muted note as Infosys Ltd. and HDFC Bank Ltd. led the gains. The NSE Nifty 50 ended 20.50 points, or 0.08% lower at 24,347, while the S&P BSE Sensex closed down 56.99 points or 0.07% at 79,648.92.

Overseas investors turned net sellers on Monday. Foreign Portfolio Investors offloaded equities worth Rs 4,680.5 crore, while domestic investors remained net buyers for the seventh consecutive session and mopped up equities worth Rs 4,477.7 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed at a record low of 83.97 against the US dollar.

Nifty, Sensex End Flat As RIL, NTPC, SBI Weigh: Market Wrap. Read more on Markets by NDTV Profit.