Stock Market LIVE updates: MidCaps shine in listless trade; Polycab, Yes Bank up 3%; Rail shares dip | News on Markets

– The Nifty index has encountered resistance at the 25,000 level for two consecutive days, with recent trading patterns indicating a possible decline to 24,600 or even 24,500. The significant open interest (OI) of around 76 lakh shares at the 25,000 call strike points to robust resistance. 

 

– In contrast, the 24,600 put strike has an OI of approximately 43 lakh shares, suggesting it may offer support.

 

– In parallel, the Bank Nifty has shown volatility, closing near 51,500 yesterday. For today’s monthly settlement, the Bank Nifty is likely to face resistance at higher levels, particularly at the 52,000 strike, which has considerable OI. On the downside, the 51,000 level is expected to act as support.

 

– Investors should be cautious and refrain from taking aggressive short positions unless there is a clear break in the upward trend.

 

Views By: Shrey Jain, founder and CEO, SAS Online

Fast moving consumer goods (FMCG) company ITC will announce its June quarter of financial year 2025 (Q1FY25) results on Thursday, August 1, 2024. On the bourses, ITC stock has rallied 14.1 per cent over the past month. The stock hit an all-time high of Rs 510.60 on July 24, 2024. This was the first instance of ITC stock crossing Rs 500-mark. READ MORE  

The changes in tax treatment for capital gainswere anticipated. Buyback and tax-free dividend had a gap and an equalisation was important. The volumes in F&O trading had gone up rapidly and, in a way, this increase in Securities Transaction Tax (STT) on futures and options (F&O) will help protect the interests of the retail investors and safeguard them from the risks arising out of uninformed trading in the market segment. This, alongside modifications in capital gains taxation, may impact investment behaviour in the short-run; but the markets are resilient, and this will be absorbed and balance will return.  READ INTERVIEW

>> Net profit at Rs 520 crore vs Rs 125 crore YoY

>> Revenue slips 21.1 per cent to Rs 739 crore vs Rs 936 crore YoY

>> Ebitda loss At Rs 125.7 crore vs Rs 149 crore YoY

Total income from operations grew 34.7 per cent to Rs 203.32 crore as against Rs 150.98 crore in Q1FY24. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 72 per cent Y-o-Y at Rs 25.29 crore; margin expanded 287bps to 12.44 per cent from 9.57 per cent in Q1FY24. READ MORE

>> Zydus Lifesciences Limited has said that Mexican regulatory authority COFEPRIS (Federal Commission for the Protection Against Sanitary Risk), has granted marketing approval for Mamitra, a Trastuzumab biosimilar.

>> The drug will be marketed in different strengths of 150 mg and 440 mg and used in the treatment of patients with HER2 overexpressing metastatic breast cancer (MBC), HER2 overexpressing early breast cancer (EBC) and advanced gastric cancer.

Meanwhile, on the bourses, Tata Motors shares price hit a new high of Rs 1,179.05 on Tuesday, July 30, 2024. The stock surged about 5 per cent intraday, continuing its upward trend from the past four days, buoyed by expectations of robust operational performance. READ MORE

“In our scenario analysis, gains from spillover of trading activity from discontinued products can offset EPS impact and in the event of moderate industry-wide impact of Securities and Exchange Board of India (Sebi) measures, can even drive earnings per share (EPS) upgrades,” Jefferies added. READ MORE

Shares of textbook publisher Chetana Education made a strong debut on the NSE SME on Wednesday. The company’s shares listed at Rs 98.90 on the exchange, compared to the IPO issue price of Rs 85, yielding a return of 16.35 per cent per share for investors. Ahead of the listing, the grey market premium (GMP) of Chetana Education’s IPO shares soared over 29 per cent, indicating  favourable listing gains for investors. READ MORE

The three-day subscription window for the Manglam Infra IPO closed on Friday, July 26, 2024. The basis of allotment for the Manglam Infra IPO took place on Monday, July 29, 2024. The public issue received massive participation from investors, getting booked a whopping 394.42 times by the last date of subscription. The NII category received the highest bid at 756.73 times, followed by retail at 371.72 times, while the QIB category got booked 163.04 times. READ MORE