Sensex Today Ends at Record High, Zooms 529 Points | Nifty Tops 19,700 | SBI Surges 3%, HDFC Bank 2%

Mon, 17 Jul Closing

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After opening the day on the positive note, Indian share markets continued the rally as session progressed and ended the day on firm footing.

Both the benchmark indices continued their trend of setting new records, despite weak global indicators linked to worries of an economic deceleration in significant economies, notably after China announced its second-quarter growth data.

At the closing bell, the BSE Sensex stood higher by 529 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 146 points (up 0.7%).

SBI, Wipro and Grasim were among the top gainers today.

ONGC, Tata Motors and JSW Steel on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,730, up by 111 points, at the time of writing.

The BSE MidCap index advanced 0.3% while the BSE SmallCap index ended higher by 0.9%.

Sectoral indices ended on a mixed note with stocks in the banking sector, energy sector and finance sector witnessing most of the buying.

While auto stocks and realty stocks witnessed selling.

Shares of MRF, Nestle hit their respective 52-week highs 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...

Asian stock markets ended on a mixed note. The Hang Seng ended 0.3% higher while the Nikkei ended flat. The Shanghai Composite slipped 0.1%.

US stock futures are trading on a negative note today with Dow Futures trading down by 85 points while Nasdaq futures are down 5 points.

The rupee is trading at 82.07 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 59,250 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.4% lower at Rs 75,686 per kg.

Speaking of stock markets, is the risk-reward of investing in Dixon Technologies still in favour of investors?

Is it possible to give a view on a stock without even looking at its fundamentals or the business model?

A lot of investors would consider this as ridiculous. Some may even call it blasphemy.

After all, one needs to have a thorough understanding of the business model and the financials before one can make a sound judgement on a stock.

However, Rahul Shah, co-head of research at Equitymaster has done this exercise for Dixon Technologies and he believes it is an effective way to approach stock analysis.

Check out in the below video the exact details of this approach.

HDFC Bank Q1 results

In news from the banking sector, HDFC Bank, on 17 July, reported a net profit of Rs 119.5 bn for the April-June quarter FY24, a jump from Rs 91.96 billion (bn) in the June 2023 quarter.

The country's largest private sector bank's net interest income (NII) grew by 21.1% to Rs 235.9 bn from Rs 194.8 bn for the June 2022 quarter. Core net interest margin was at 4.1% on total assets and 4.3% based on interest-earning assets.

The lender's gross non-performing assets (GNPA) ratio stood at 1.2%, improving from 1.3% in the corresponding period a year ago.

Similarly, its net NPA (NNPA) stood at 0.3% from 0.4% last year. The lender's net profit jumped from Rs 91.9 bn in the corresponding quarter last year to Rs 119.5 bn in Q1FY24.

On the deposit side, the total deposit of the bank stood at Rs 19.13 trillion (tn), jumping by 19.2% on a year-on-year basis.

Current account and savings account (CASA) grew by 10.7% where total current account deposits stood at Rs 2.52 tn and savings account deposits stood at Rs 5.6 tn. Whereas time deposits of the bank stood at Rs 11 tn, improving by 26.4%

Total advances of the bank grew by 15.8% on a year-on-year basis and stood at Rs 16.15 tn.

Domestic retail loans grew by 20%, commercial and rural banking loans grew by 29.1% and corporate and other wholesale loans grew by 11.2%.

Among the best bank stocks in India, if you had invested Rs 10,000 in HDFC bank's IPO in 1995, today, your investment would have grown to Rs 152 m. With this stellar return over the years, it is among India's favourite stocks.

Over the year, the shares of the company have gained 27.1%.

Shares of HDFC Bank have been on a tear recently, hitting a fresh 52-week high. To know why, check out why HDFC Bank's share price is rising.

Ashok Leyland Bags defence order

Moving on to news from the auto sector, Ashok Leyland, India's second-largest commercial vehicle maker, today bagged a significant order worth Rs 8 bn from the Indian armed forces. Ashok Leyland is the largest supplier of logistics vehicles to the Indian Army, the auto major mentioned in a release.

Among the many contracts awarded to Ashok Leyland, the contracts for making the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6) are notable because they are prominently featured in the initial positive indigenization list announced by the Government of India.

Ashok Leyland will deliver the GTV 6x6 and the FAT 4x4 vehicles to meet the requirements of the Indian Army over the next 12 months.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Why Dr Reddy's Laboratories shares are rising

Moving on to news from the pharma sector, shares of Dr Reddy's Laboratories rose around 2% after the company announced signing a pact for buying a 26% stake in special purpose vehicle O2 Renewable Energy IX Private.

The pharma major has entered into an agreement with TEQ Green Power XI Pvt Ltd and O2 Power SG Pte Ltd for buying a stake in the renewable energy firm. The company will have a 26% stake in the SPV, and the rest will be held by TEQ Green Power XI.

The investment is focused on securing the consumption and supply of renewable energy through solar and wind power plants through (Inter-State Transmission System) ISTS under the captive structure.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

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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