Market Commentary     23-Jul-24
Mid-Session
Benchmarks pare all gains; metal shares slide
The key equity indices reversed all gains and traded with minor cuts in morning trade. The Nifty traded below the 24,500 level. Metal shares declined after advancing in the past trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 152.43 points or 0.19% to 80,349.65. The Nifty 50 index rose 64 points or 0.26% to 24,445.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.39% and the S&P BSE Small-Cap index shed 0.03%.

The market breadth was negative. On the BSE, 1,610 shares rose and 1,904 shares fell. A total of 164 shares were unchanged.

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in the Lok Sabha today, 23 July 2024. This highly anticipated Union Budget 2024 will serve as a pivotal economic roadmap for the Modi 3.0 government, aiming to propel India towards becoming a developed nation, 'Viksit Bharat', by 2047. The pre-Budget Economic Survey, presented by Sitharaman in Lok Sabha on Monday, has outlined a conservative growth forecast of 6.5% to 7% for the current fiscal year.

Result today:

Bajaj Finance (down 0.80%) , DCM Shriram (up 0.14% ), Heritage Foods (down 0.29%), Hindustan Unilever (up 0.04%), ICICI Prudential Life Insurance Company (down 2.01%), ICRA (down 0.24%), Indoco Remedies (up 0.55%), ICICI Securities (up 0.96%), Kajaria Ceramics (down 0.57%), Mahindra and Mahindra Financial Services (up 0.15%), Schaffler India (up 1.33%), Sharda Cropchem (up 0.57%), SRF (up 0.30%), Steel Strips Wheels (down 1.45%), Thyrocare Technologies (up 2.16%), Torrent Pharmaceuticals (up 1.28%) and United Spirits (down 0.2.15%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index declined 1.08% to 9,255.25. The index added 1.02% in the past trading sessions.

Vedanta (down 4.32%), National Aluminium Company (down 3.23%), Hindustan Copper (down 2.87%), Steel Authority of India (down 1.56%), Welspun Corp (down 1.49%), Jindal Stainless (down 1.36%), Hindustan Zinc (down 1.34%), Jindal Steel & Power (down 1.27%), Hindalco Industries (down 1.18%) and Tata Steel (down 1.17%) declined.

On the other hand, Ratnamani Metals & Tubes (up 0.66%) ,Adani Enterprises (up 0.09%) edged higher.

Stocks in Spotlight:

GE Power India slipped 1.40%. The company said that it has received supply order from NTPC GE Power Services (NGSL), with a contract value of Rs 348 crore.

Greenlam Industries declined 2.24% after the company reported 40% fall in consolidated net profit to Rs 20 crore in Q1 FY25 from Rs 33 crore in Q1 FY24. Revenue jumped 17% YoY to Rs 605 crore in Q1 FY25.

Previous News
  GE Power India declare Quarterly Result
 ( Corporate News - 15-May-24   17:30 )
  GE Power India appoints company secretary and compliance officer
 ( Corporate News - 22-Oct-20   18:08 )
  GE Power India standalone net profit declines 76.94% in the June 2018 quarter
 ( Results - Announcements 02-Aug-18   15:12 )
  GE Power bags purchase orders from NTPC, MAHAGENCO
 ( Hot Pursuit - 29-Jun-24   16:05 )
  GE Power India wins order from Tata Power Company
 ( Corporate News - 26-Feb-24   09:45 )
  GE Power India secures order of Rs 13.75 cr from NTPC
 ( Corporate News - 06-Feb-25   09:09 )
  ICRA downgrades ratings of GE Power India; maintains 'negative' outlook
 ( Hot Pursuit - 23-Nov-23   16:21 )
  GE Power India reports standalone net loss of Rs 131.93 crore in the March 2023 quarter
 ( Results - Announcements 27-May-23   07:46 )
  GE Power India schedules board meeting
 ( Corporate News - 06-Nov-20   13:05 )
  GE Power India announces resignation of company secretary
 ( Corporate News - 03-Jul-20   17:43 )
  GE Power India reports standalone net profit of Rs 6.56 crore in the September 2017 quarter
 ( Results - Announcements 01-Nov-17   17:28 )
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  20-Jun-25   14:38
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  20-Jun-25   13:33
  Sensex rallies 633 pts; Nifty above 24,950 mark; VIX slumps 5.15%
  20-Jun-25   12:32
  Benchmarks trade with strong gains; PSU bank shares jump
  20-Jun-25   11:34
  Nifty climbs above 25,000 level; realty shares advance
  20-Jun-25   10:39
  Indices edge higher in early trade; breadth positive
  20-Jun-25   09:39
  Barometers trade with minor gains; metal shares lack lustre
  19-Jun-25   14:34
  Nifty slides below 24,800; European mrkt decline
  19-Jun-25   13:32
  Sensex slides 24 pts; broader market underperforms; media shares tumble
  19-Jun-25   12:33
  Nifty fails to hold 24,800 level; PSU Bank shares under pressure
  19-Jun-25   11:36
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