Market Bizzz

Following the Tata Consultancy Services (TCS) earnings Thursday, several technology stocks surged to lifetime highs Friday, and were at the forefront of the stellar showing of the broader stock indices. TCS led the pack of five technology companies, including HCL Tech, that were the top five Nifty gainers.

Aveek Mitra of Aveksat Financial Advisory has been spreading bets defensively post-election, keeping minimal cash. Focusing on chemicals, IT, and pharma, he emphasizes risk management over returns. Highlighting investments in mid-smallcap, consolidation phases, and API, Mitra addresses rising investor expectations and remains adaptable, leveraging a client base built without promotion.

The Nikkei share average dropped 2% on Friday, influenced by a tech stock selloff mirroring Wall Street. Profit-taking before Japan’s long weekend due to currency intervention concerns. Tokyo Electron and Disco saw significant declines. Topix also down 0.93%. Market affected by bond yield decrease and SoftBank’s chipmaker acquisition.

TCS has started the first quarter earnings season with positive results, signaling an improved business environment. Today, HCL Tech, along with 13 other companies, will announce their earnings for the quarter ended June. Other notable companies reporting earnings include 5paisa Capital, Atharv Enterprises, Betala Global Securities, Gautam Gems, Golkonda Aluminum, Indo Cotspin, Infomedia Press, IREDA, and Oriental Hotels.

Ten stocks, including ABFRL, Balrampur Chini, Bandhan Bank, Chambal Fertilizers & Chemicals, GNFC, IEX, India Cements, Indus Towers, PEL, and RBL Bank, are under F&O ban. MWPLs above 95% trigger bans. S&P BSE Sensex at 79,897.34, Nifty at 24,315.95. Declines led by HDFC Bank, L&T, and Mahindra & Mahindra. OI decreased from previous session, disclaimer noted.

Sensex and Nifty saw significant declines. Stocks KIMS (+3%), Nykaa (+0.11%), M&M (-6.69%). Analyst Viral Chheda from SSJ Finance recommends: KIMS bullish, needs close above 2360; Nykaa in rally since April 2023, consolidating 120-200; M&M facing profit booking after uptrend since November 2021. Trading resumes today. Source: Economic Times.

Increasing the lot size for options trading would probably make sure that there will be people who will have to put a little more money to play in, slightly more capitalised. In an extreme leverage situation, people need capital to cover extreme events and that retail participants may not have, says Deepak Shenoy

Indian companies have raised a record $29.5 billion in the equity market through IPOs & FPOs in the first half of 2024, more than double the amount raised last year. Follow-on public offers accounted for 85% of the total proceeds. Analysts anticipate a potential record year for equity issuances.

“Ajay Vora says overall profit growth for FY25 is expected to come from banks and metals because last year a large part came from autos, but this time, auto as a sector or even IT as a sector is going to be pretty muted. But banks and metals will be contributing in a big way.”

Gold prices remain stable as investors await U.S. inflation data to assess Federal Reserve’s interest rate strategy. Fed Chair Powell indicates potential for looser monetary policy. Market attention shifts to upcoming CPI data. Global gold ETFs experience increased inflows.