Stock Market Live: Gift Nifty indicates gap-down start; economic survey, Biden’s pullback in focus

Opening Bell: Indian benchmark indices retreated at open on Monday, with BSE Sensex slipping 463 points at 80,141 points, while the Nifty50 index fell by 147 odd points or 0.6 per cent to 24,383

BSE, NSE, Indian share market, Stock market

(Photo: Bloomberg)

Opening Bell: Indian benchmark indices retreated at open on Monday, with BSE Sensex slipping 463 points at 80,141 points, while the Nifty50 index fell by 147 odd points or 0.6 per cent to 24,383.

On BSE Sensex Kotak led the losses, followed by Reliance Industries, JSW Steel, HCL Tech, IndusInd Bank, Bajaj Finance, Asian Paints, ICICI Bank and Tech Mahindra while Nestle India, Infosys, HUL, ITC, and TCS were among top gainers.

In line with the benchmarks, the broader markets also showed weakness, with the MidCap index dropping by 0.77 per cent and the SmallCap index declining by 1.34 per cent.

On NSE, Wipro was the top loser, slipping as much as 7 per cent, followed by Kotak Bank, Reliance Industries, Eicher Motors and L&T. On the other hand, Ultratech Cement, NTPC, BPCL and Infosys recorded gains.

Sectorally, Nifty Realty, Nifty Consumer Durables, and Nifty Private Bank traded losses whereas Nifty PSU Bank and Nifty Pharma led gains.

Moreover, Monday will also witness the Union government presenting the Economic Survey for 2023-24, ahead of the Budget. Finance Minister Nirmala Sitharaman will table the document in both Lok Sabha at 1 PM and Rajya Sabha at 2 PM, followed by a press conference at 2:30 PM.

Further, markets today are also assessing the US President Joe Biden withdrawing from the presidential race, and endorsing Vice President Kamala Harris as the Democratic nominee.

9:34 AM

Anant Raj surges over 6% as arm signs agreement with Google

>> Anant Raj said Anant Raj Cloud Pvt. Ltd, a wholly-owned subsidiary of the company, has entered into a Memorandum of Understanding with Google LLC for various services.

9:33 AM

RailTel Corp off lows, rises 2% on fixing ug 14 as record date for interim dividend

>> Railtel Corporation of India has fixed Wednesday, August 14, 2024, as the ‘Record Date’ for the purpose of determining the eligibility of shareholders entitled to receive the final dividend of Rs 1.85 per share for the FY24.

9:31 AM

Oberoi Realty rallies around 5% after Q1 net profit jumped 82% YoY

>> Real estate company, Oberoi Realty, last Saturday, reported an 82 per cent increase in its consolidated net profit to Rs 584.51 crore for the June quarter of the current financial year (FY25). Its total income also rose to Rs 1,441.95 crore in Q1FY25 as against Rs 933.56 crore in Q1FY24, according to a regulatory filing on Friday.

9:29 AM

YES Bank advances 3% on over 45% YoY rise in Q1 net

>> YES Bank’s net profit for Q1FY25 rose by 46.7 per cent to Rs 502 crore, owing to a robust increase in net interest income (NII), coupled with a fall in provisions. The private lender’s NII grew by 12.2 per cent Y-o-Y/4.2 per cent Q-o-Q to Rs 2,244 crore.

>> The bank’s net interest margin (NIM) slipped to 2.4 per cent from 2.5 per cent in Q1 of FY24. Sequentially, NIM was flat at 2.4 per cent in Q4 of FY24.

9:27 AM

HDFC Bank holds gains after in-line Q1 results

>> HDFC Bank has reported a 35 per cent Y-o-Y growth in net profit at Rs 16,175 crore for the June quarter, beating Bloomberg’s consensus net profit estimate of Rs 15,652 crore.

>> NII increased by 26.4 per cent Y-o-Y to Rs 29,837 crore in Q1FY25, while net interest margin improved to 3.47 per cent in Q1FY25, compared to 3.44 per cent in Q4FY24.

9:25 AM

Q1 result impact :: Wipro slides 7%

>> IT firm Wipro, last Friday, reported a Q1FY25 net profit of Rs 3,036.6 crore, up 5.2 per cent Y-o-Y/6.2 per cent Q-o-Q. It beat Bloomberg estimates of Rs 2,931 crore. India’s fourth largest IT services firm marginally upped its revenue guidance for the second quarter of FY25 from -1 per cent to +1 per cent