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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News July 24, 2023
Sensex Today Trades Lower | Kotak Mahindra Drops 3%, Reliance Industries 2% | Cipla & Tata Steel Top Losers Mon, 24 Jul 10:30 am
Asian share markets are trading mixed today as global markets prepared for a wave of central bank decisions, with investors weighing the resilience of the economy against the possibility of further rate hikes.
The Nikkei is trading 1.4% higher, and the Hang Seng index is trading 1.4% lower. While shanghai Index is trading marginally higher.
US stocks rose on Friday, with gains in healthcare offsetting a dip in some of Wall Street's most valuable companies.
The Dow Jones Industrial Average ended marginally higher, and the tech heavy Nasdaq Composite ended 0.2% higher.
Here's a table showing how US stocks performed on Friday last week:
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 120.31 | 0.78 | 0.65% | 121.3 | 119.07 | 129.55 | 83.45 |
| Apple | 191.94 | -1.19 | -0.62% | 194.97 | 191.23 | 198.23 | 124.17 |
| Meta | 294.26 | -8.26 | -2.73% | 305.46 | 291.2 | 318.68 | 88.09 |
| Tesla | 260.02 | -2.88 | -1.10% | 268 | 255.8 | 314.67 | 101.81 |
| Netflix | 427.5 | -9.92 | -2.27% | 438.24 | 423.19 | 485 | 211.64 |
| Amazon | 130 | 0.04 | 0.03% | 131.37 | 128.42 | 146.57 | 81.43 |
| Microsoft | 343.77 | -3.1 | -0.89% | 350.3 | 339.83 | 366.78 | 213.43 |
| Dow Jones | 35,227.70 | 2.5 | 0.01% | 35,340.66 | 35,186.05 | 35,372.77 | 28,660.94 |
| Nasdaq | 14,090.80 | 27.5 | 0.20% | 14,179.01 | 14,034.21 | 14,446.55 | 10,088.83 |
Back home, Indian share markets hits record high today.
At present, the BSE Sensex is trading lower by 23 points. Meanwhile, the NSE Nifty is trading down by 6 points.
M&M, L&T are among the top gainers today.
Cipla and Tata Steel on the other hand are among the top losers today.
Broader markets are trading on a positive note. The BSE Mid Cap index the BSE Small Cap index is trading 0.4% higher.
Sectoral indices are trading on a mixed note today with stocks in realty and auto sector witnessing most buying.
While the stocks in energy and metal are witnessing selling pressure.
Shares of L&T and ICICI Bank hit their 52-week high today.
The rupee is trading at Rs 81.9 against the US dollar.
In commodity markets, gold prices are trading higher by 0.2% at Rs 59,184 per 10 grams today.
Meanwhile, silver prices are trading 0.5% lower at Rs 74,631 per 1 kg.
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 markets, Aditya Vora, Research Anaylst at Equitymaster, talks about a little known smallcap company, which can be all or nothing stock.
Is it worth the gamble or a dud in the making?
Find out what's in store for this company available at distressed valuations in the below video...
ICICI Bank Q1 net profit zooms 40%
Private sector lender ICICI Bank on 22 July 2023, reported a net profit of Rs 96.5 billion (bn) for the first quarter of the current financial year, up 40% from the year-ago period.
The bank reported a net profit of Rs 69.1 bn in the corresponding quarter of the previous financial year.
Net interest income (NII) of the lender increased by 38% YoY to Rs 182.3 bn in the April-June FY24 quarter from Rs 132.1 bn in the corresponding quarter last year.
The net interest margin (NIM) of the bank was at 4.78% in the quarter compared to 4.01% in the same quarter last year.
The bank's asset quality improved as the gross non-performing assets (GNPAs) declined to 2.76% from 3.4% in the year-ago period. The net non-performing assets (NNPA) fell to 0.48% from 0.7% in the year-ago quarter.
Total period-end deposits increased by 18% YoY to Rs 12.38 trillion (tn) on 30 June 2023. Total term deposits increased by 26% YoY Rs 7.02 tn. The average current account and savings account (CASA) ratio was 42.6% in the April-June FY24 quarter.
To find out which bank has a better chance to expand its asset base?, check out ICICI Bank vs Axis Bank: Which Bank Stock is Better?
Yes Bank Q1 results
Yes Bank reported a smaller-than-expected increase in quarterly net profit on Saturday as it kept aside more money for bad loans, denting the impact of higher net interest income.
The private lender's standalone net profit rose 10.3% for the April-June quarter from the same period last year to Rs 3.4 bn (US$ 5.25 m).
Yes Bank's provisions and contingencies, net of recoveries made against loan accounts written off as bad, more than doubled to Rs 3.6 bn from Rs 1.8 bn a year earlier.
The gross non-performing asset (NPA) ratio decreased to 2% at the end of June from 2.2% at the end of March, while its net NPA ratio rose slightly to 1% from 0.8%.
Yes Bank's net interest income, the difference between the interest earned on loans and paid to depositors, rose 8.1% to around Rs 20 bn.
Yes bank, with certain red flags such as loan defaults, rating downgrades and many more stands among Multibaggers to Multibeggars: 4 Popular Stocks that Crashed Big Time.
In 2023 between 1 January 2023 and 21 March 2023, Yes Bank has fallen around 26%.
Lupin Gets USFDA Approval for HIV/Hep Drugs
Indian pharma major Lupin on Friday received tentative approval from the United States Food and Drug Administration (USFDA) under the US President's Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir Lamivudine and Tenofovir Alafenamide Tablets.
This product would be manufactured at Lupin's Nagpur facility in India.
Dolutegravir Lamivudine is a fixed-dose combination antiretroviral medication for the treatment of HIV/AIDS.
Whereas, Tenofovir alafenamide is a medication for the treatment of chronic hepatitis B virus in adults with compensated liver disease.
Tenofovir Alafenamide Tablets, 25 mg (RLD Vemlidy), had estimated annual sales of US$ 531 m in the US (IQVIA MAT December 2022).
The healthcare and pharma megatrend is unstoppable in India. Also, to know which are the best pharma and healthcare stocks in India right now, check out the best pharma companies in India.
And 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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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