Gift Nifty Trades Flat | Why Auto Stocks Are Rising | Polycab India Q1 Results | Top Buzzing Stocks Today

Wed, 19 Jul Pre-Open

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On Tuesday, Indian share markets pared some gains as the session progressed and ended marginally higher.

Benchmark indices settled off record highs as profit booking at higher levels capped the market rally.

At the closing bell on Tuesday, the BSE Sensex stood higher by 205 points (up 0.3%).

Meanwhile, the NSE Nifty closed up by 38 points (up 0.2%).

Infosys, Asian Paints and HCL Tech were among the top gainers.

Britannia, SBI, and Titan on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a negative note. The BSE Midcap index ended 0.2% lower while the BSE SmallCap fell by 0.5%.

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

While metal stocks and realty stocks witnessed selling.

Shares of Raymond and HDFC AMC hit their 52-week highs.

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...

The rupee was trading at 82.04 against the US$.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 59,337 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading flat at 19,805 levels.

Indian share markets are headed for a muted opening today following the trend on trend on Gift Nifty.

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.

Top Buzzing Stocks Today

Infosys will be among the top buzzing stocks today.

Yesterday, Infosys announced that it has entered in a major deal with an established client believed to be worth US$ 2 billion (bn) for more than five years.

The transaction will involve digital transformation and AI, automation-led development, modernisation, and maintenance services for the client.

Polycab India will also be in focus today.

Polycab India reported its Q1 results yesterday.

The firm reported a net profit of Rs 4 bn in the June 2023 quarter, against Rs 2.2 bn a year ago. Despite facing lower commodity prices, the company's revenue for the quarter surged by 42% YoY to Rs 38.9 bn, up from Rs 27.4 bn.

This remarkable increase was primarily driven by robust volume growth in the wires and cables business.

The company's EBITDA margin improved 2.8% YoY to 14.1%.

ICICI Prudential Life Insurance Q1 results

ICICI Prudential Life Insurance on Tuesday reported an 33% year-on-year (YoY) rise in its standalone net profit for the June 2023 quarter to Rs 2.1 bn. The company reported a profit of Rs 1.6 bn in the year-ago period.

For the said quarter, net premium income increased marginally YoY by 2% to Rs 70.2 bn. In the same quarter previous year, it was Rs 68.8 bn.

For the quarter ended June 30, the life Insurance company recorded a 15.8% increase in assets under management (AUM) to Rs 2,664.2 bn.

Total investment income for the company was Rs 163.3 bn, compared to a loss of Rs 85 bn year over year. Unit-linked investment income was Rs 141.6 bn, compared to a loss of Rs 98.9 bn year over year.

Why auto stocks are rising

The last one year's gains in many auto stocks have made investors significantly rich.

The Nifty Auto index has gained about 25% in the last one year with some of its components such as Tube Investments of India surging as much as 62%. Equity benchmark Nifty50 has gained 21% in the same period

Stocks like TVS Motor Company, Tata Motors, Bharat Forge, Mahindra and Mahindra, MRF, and Bajaj Auto have outperformed the benchmark Nifty in the last one year.

The auto index has strongly outperformed the benchmark index by rising 23% this year. The Nifty50 index is up about 9% in 2023 so far.

Experts attribute the rise in auto stocks to several factors, including the pent-up demand after the pandemic, economic recovery and the easing of chip shortage.

The shift towards alternative fuels, predominantly electric vehicles (EVs), continues to play a significant role in driving growth. Further, across-the-board rallies in auto stocks, ranging from two-wheelers to commercial vehicles, also provided a strong base.

Analysts believe RBI policy towards interest rates is going to be crucial, coupled with monsoon; they are going to play a crucial role in containing inflation, which has the potential to impact auto sales going forward.

Why Nazara Technologies and Delta Corp share prices are rising

Shares of Nazara Technologies, and Delta Corp edged higher in Tuesday's session following the news that the GST Council would be reviewing its decision to impose a 28% tax on online gaming.

Rajeev Chandrasekhar, a minister of state, said on Monday at an event that the ministry of electronics and IT, the nodal ministry in charge of overseeing online gaming, would ask the GST Council to rethink its decision to impose a 28% tax on the industry after the regulatory framework for online gaming rules develops.

On 11 July 2023, the GST Council announced that the government would levy a 28% goods and services tax on the revenue of gaming companies, horse racing, and casinos.

Online gaming stocks would again be in limelight ahead of GST Council plans to review its decision to impose a 28% tax on online gaming.

The uncertainty would continue on gaming companies, horse racing, and casinos businesses as the government may hold their decision to levy a 28% goods and services tax on the revenue.

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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