Sensex Today Trades Higher | Nifty Above 24,300 | L&T Foods Rallies 11%, Maruti Suzuki 4%

Tue, 9 Jul 10:30 am

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Asian markets traded higher on Tuesday following overnight gains on Wall Street.

Japan's Nikkei 225 gained 1%, while the Topix rose 0.27%. South Korea's Kospi added 0.3%

US stock market ended mostly higher on Monday, with the S&P 500 and Nasdaq notching record-high closes, ahead of the fresh inflation data and commentary by the Fed Chair Powell.

Here's a table showing how US stocks performed on Monday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	190.48	-1.48	-0.77%	191.68	189.32	-31.08	-0.08%
Apple	227.82	1.48	0.65%	227.85	223.25	47.57	0.23%
Meta	529.32	-10.59	-1.96%	542.81	526.65	-31.08	-0.08%
Tesla	252.94	1.42	0.56%	259.44	244.57	47.57	0.23%
Netflix	685.74	-4.91	-0.71%	688.86	681.49	-31.08	-0.08%
Amazon	199.29	-0.71	-0.36%	201.2	197.96	47.57	0.23%
Microsoft	466.24	-1.32	-0.28%	467.7	464.46	-31.08	-0.08%
Dow Jones	39344.79	-31.08	-0.08%	39654.96	39278.43	40077.4	32327.2
Nasdaq	20439.54	47.57	0.23%	20455.38	20363.37	20455.38	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 156 points higher and NSE Nifty is trading 42 points higher.

M&M, Titan and Maruti Suzuki among the top gainers today.

Tech Mahindra, BPCL and HUL the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive note. The BSE Midcap index is trading 0.4% higher and the BSE Smallcap index is trading 0.6% higher.

Barring media sector and telecom sector all other sectoral indices are trading on positive note today, with socks in auto sector, power sector and FMCG sector witnessing most buying.

The rupee is trading at Rs 83.51 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 72,343 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, Shipping is a significant in the current world as 80% of world trade by volume and 70% by value happens via ships.

So, if India is to be a key player in the global supply chain, it must become a hub of shipbuilding and repair as well.

Currently, the country accounts for about 20% of the market demand for commercial vessels worldwide.

Tanushree Banerjee, Research Analyst, in her latest video talks about that should one be wary of shipping stocks or should we expect multibbager gains?

Tune into below video for more details.

Godrej Consumer Reports Organic Volume Growth

FMCG major Godrej Consumer Products Ltd (GCPL) on Monday (8 July) said it reported a mixed performance across its global operations. Despite challenging operating conditions in India, the company's domestic business showed resilience, achieving high-single-digit organic volume growth and mid-single-digit value growth.

Demand for household insecticides was initially soft due to extreme heatwaves nationwide.

However, GCPL's Park Avenue and KamaSutra brands have performed well following portfolio simplification actions, aligning with the company's full-year growth ambitions.

The Indonesian business continued its strong performance, recording high-single-digit volume growth and double-digit constant currency sales growth. However, the significant depreciation of the Indonesian currency led to lower growth in rupee terms.

In the GAUM (Godrej Africa, USA, and Middle East) region, the organic business is expected to see a double-digit volume decline, primarily driven by a high base in Q1 FY24 due to the appointment of a National Distributor, which provided a one-time sell-in benefit.

Additionally, difficult pricing decisions in Nigeria and supply disruptions in South Africa caused by a shipping crisis further impacted performance.

The ongoing currency devaluation in Nigeria continued to affect rupee sales negatively.

Jupiter Wagons Opens QIP Today

Mobility solutions provider Jupiter Wagons Ltd on Monday (8 July) said its Fund Raising Committee has approved the launch of a qualified institutional placement (QIP), setting the floor price at Rs 689.5 per equity share.

The preliminary placement document was filed with both BSE Ltd and the National Stock Exchange of India Ltd on 8 July 2024. The decision was made during the committee's meeting held today, 8 July. Under SEBI regulations, Jupiter Wagons may offer a discount of up to 5% on the floor price for the issue.

Jupiter Wagons had reported a net profit of Rs 407.8 m in the January-March period of FY22-23, the company said in a statement. The company's total income during the quarter rose to Rs 11.2 bn from Rs 7.1 bn in the year-ago period.

Black Rock Buys Stake in Swan Energy

Shares of Swan Energy Ltd. will be in focus today after BlackRock, the world's largest asset manager, acquired a stake in the company on Monday via block deals through its funds.

As per the data available, the BlackRock Emerging Frontiers Master Fund Ltd. and BlackRock Global Funds India Fund acquired 0.78% and 0.58% stake in Swan Energy respectively.

While the BlackRock Emerging Frontiers Master Fund Ltd. bought 24.58 lakh shares of the company at an average price of Rs 668.3 per share, the BlackRock Global Funds India Fund acquired 18.2 lakh shares at the same price. The transaction value for both these funds came up to just over Rs 2.9 bn.

Another fund, the BlackRock Strategic Funds - BlackRock Asia Pacific Absolute Return Fund also acquired 2.78 lakh shares in a transaction valued at around Rs 190 m. BlackRock did not have any prior stake in Swan Energy as of the March 2024 quarter.

2I Capital PCC, Dovetail India Fund, EOS Multi-Strategy Fund, Epitome Trading and Investments and Paulomi Ketan Doshi were the selling shareholders in the block deal.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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