Following a range-bound session, Indian equities ended the final trading day of July with modest gains, as strength in financial and auto stocks offset profit booking in information technology shares.
The Nifty 50 closed 0.20% higher at 24,336, while the Sensex advanced 0.21% to settle at 78,091. The broader markets also mirrored the positive trend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising more than 0.5% each, outperforming the benchmark indices.
Both benchmark indices have gained around 2% this month, as resilient June-quarter corporate earnings, central bank measures to support the rupee, and the return of foreign investor inflows after four months outweighed concerns over volatile crude oil prices, a key risk for India, a net importer of energy.
Among the sectoral indices, Nifty Auto and Nifty Oil & Gas emerged as the top performers, gaining 1.50% and 0.46%, respectively. On the other hand, Nifty Realty, Nifty Chemicals, and Nifty FMCG were the biggest laggards, declining by as much as 2%.
Despite escalating tensions in West Asia, crude oil prices edged lower after tanker traffic through the Strait of Hormuz reportedly picked up following a recent slowdown, allowing millions of barrels of crude to pass through the critical shipping route.
According to a CNBC report, Iran’s military said on Friday that it had launched attacks on strategic U.S. assets and military bases in Kuwait and Bahrain, following the latest wave of U.S. strikes against the Islamic Republic.
Geopolitical tensions in the region intensified after Iran launched a surprise attack on U.S. military installations across Gulf nations, raising concerns over the potential for a broader regional conflict.
Earnings cheer lifts Bajaj Finance, Hyundai, GAIL and others
Among the top gainers, Bajaj Finance, Hyundai Motor India, Balkrishna Industries, and Bajaj Finserv closed the session higher by 8.5%, 8%, 7.4%, and 6.2%, respectively, after their June-quarter earnings surpassed Street expectations.
GAIL (India) also witnessed strong buying interest following its June-quarter results, with the stock climbing 4.6% to ₹181 apiece.
Balkrishna Industries extended its winning streak for the third consecutive session, rising another 6.6% to ₹2,459 apiece. Concord Biotech also remained in demand for the third straight day, advancing 7% to ₹1,419 apiece.
After remaining under pressure for four consecutive sessions, Leela Palaces Hotels attracted fresh buying interest, rebounding 5.7% to ₹494 apiece. In the automobile pack, Ashok Leyland and Tata Motors also gained 5.2% and 5%, respectively.
Other notable gainers included Inox Wind, Ramkrishna Forgings, Schneider Electric, Aditya Infotech, Jio Financial Services, Mahindra & Mahindra, Siemens Energy India, Muthoot Finance, Sundaram Finance, Redington, Wockhardt, and Choice International, all of which advanced more than 3% during the session.
Aptus Value, Sapphire Foods lead post-earnings losers
Among the top losers, Aptus Value Housing Finance India declined 6% to ₹260 apiece after the company’s June-quarter earnings failed to impress investors. Sapphire Foods India also came under selling pressure, falling 5.5% to ₹184 apiece.
Sagility India witnessed profit booking after a strong recent run, with the stock slipping 5.6% to ₹43.40, snapping a four-session winning streak.
Acutaas Chemicals extended its losses after the June-quarter results, tumbling another 4% to ₹3,087 apiece, its lowest level in more than a month.
City Union Bank also remained under pressure for the third consecutive session, declining another 4% to ₹206 apiece, extending its post-earnings losses.
Other notable losers included Data Patterns, Paradeep Phosphates, Dixon Technologies, Mankind Pharma, Devyani International, Swiggy, Lodha Developers, Kalyan Jewellers, LIC Housing Finance, and PCBL Chemical, all of which fell more than 3% during the session.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
About The Author
