Sensex Today Ends 102 Points Lower | Nity Below 24,550 | Wipro Sinks 9%, Tejas Networks 5%

Mon, 22 Jul Closing

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After opening the day lower, benchmark indices remained muted as session progressed on and ended the day lower.

Indian stock markets traded in a narrow range on Monday as investors chose to be fence-sitters ahead of the presentation of the Union Budget 2024 (FY25).

At the closing bell, the BSE Sensex stood lower by 102 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 22 points (up 0.1%).

NTPC, HDFC Bank and Grasim Industries among the top gainers today.

Wipro, ITC and Reliance Industries on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,521, down by 13 points, at the time of writing.

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

The BSE MidCap index ended 1.3% higher and BSE SmallCap index ended 0.8% higher.

Sectoral indices are trading mixed, with socks in power sector, capital goods sector and auto sector witnessing most buying. Meanwhile stocks in realty sector and banking sector witnessed selling pressure.

Shares of Colgate, Deepak Nitrite and Emami 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...

The rupee is trading at 83.7 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 72,962 per 10 grams.

Meanwhile, silver prices were trading 0.4% lower at Rs 89,253 per 1 kg.

Speaking of the stock market, there is set to be a wide demand supply gap in power availability over the next decade. So, most power producers are betting on an attractive increase in merchant power tariffs over next five years.

And therefore, there is an unwillingness to sign long term power purchase agreements (PPAs) at relatively lower prices.

So, what does it mean?

Tanushree Banerjee, Research Analyst in her latest video talks hidden opportunities for long term investors.

Tune into below video for more details.

Why Wipro Share Price Is Falling

In news from the IT sector, Wipro shares fell as much as 8% on 22 July 2024 after the company delivered a weak Q1 FY25 performance, with a 1% quarter-on-quarter (QoQ) decline in its consolidated revenue.

This is particularly concerning when compared to its competitors, TCS and Infosys, which reported 2-3% QoQ growth.

Wipro's Q1 FY25 revenue and guidance for Q2 FY25 fell below expectations.

The company's consolidated revenue declined by 1.1% on quarter to Rs 219.6 bn.

Bengaluru-based Wipro also revised its revenue guidance for the Q2 FY25, suggesting a potential sequential decline of 1% or a slight growth of up to 1% (in constant currency terms).

IDBI Bank Soars 3%. Here's Why

In news from the banking sector, shares of IDBI Bank surged 3% after the lender on July 22 reported a 40% rise in net profit during the first quarter of FY25.

The company posted a profit of Rs 17.2 bn, higher by 40.4% compared to Rs 12.2 bn reported in the same period of last financial year, according to an exchange filing issued on Monday. The net profit also surged 6% over the March quarter's reading at Rs 16.3 bn.

The lender's gross non-performing assets (GNPA) improved 1.1% YoY to 3.9%, while the net NPA stood at 0.2%, recording a drop of 0.2%.

The bank's provision coverage ratio was at 99.3%, while the CRAR came in at 22.4%.

Its CASA ratio was at 48.6% and the net interest margin (NIM) was at 4.2%.

IDBI Bank was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgling Indian industry.

It is a development finance institution and a subsidiary of Life Insurance Corporation (LIC).

Many national institutes find their roots in IDBI like SIDBI, India Exim Bank, the National Stock Exchange of India, and National Securities Depository (NSDL).

Why Shipping Stocks are Rising

Moving on to news from the shipping sector, shares of Garden Reach Shipbuilders & Engineers (GRSE) gained around 5% on 22 July after the company announced that has entered into two non-binding memorandum of understanding (MoUs), which are confidential.

The company has collaborated with Merlinhawk Aerospace and Kerala State Electronics Development Corporation (KELTRON).

The tie-up with Merlinhawk Aerospace is for collaboration towards the development of composite doors and hatches for use in Naval Ships, counter UAV solutions using EDFCS along with CRN 91, EOIRST for surveillance, composite masts for Indian Navy ships and hydrogen fuel cells based power generation for maritime applications.

The financial impact of the aforesaid MoUs has not yet been ascertained, GRSE mentioned.

GRSE was not the only shipping stock trading with gains today. Other stocks such as Mazagon Dock, Great Eastern Shipping Company, Cochin Shipyard, Shipping Corporation of India, Seamec, Shreyas Shipping and Logistics, and Garware Marine Industries were also trading with gains of up to 5% amid expectations of positive announcements for the sector in the upcoming Union Budget on 23 July.

If the government allocates funds to the sector, it could greatly enhance development by providing the shipping industry with much-needed access to financial resources like bank credit and foreign investment.

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

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