Gift Nifty Down 71 Points | Bajaj FinanceQ1 Results | Why ITC Share Price is Rising | Top Buzzing Stocks Today

Wed, 24 Jul Pre-Open

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Benchmark indices remained muted as session progressed on and ended the day lower.

On Tuesday, Indian shares experienced fluctuating movements, alternating between minor gains and losses, coinciding with the presentation of the union budget.

At the closing bell on Tuesday, the BSE Sensex stood lower by 73 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 30 points (up 0.1%).

NTPC, ITC and Titan were among the top gainers.

L&T, Hindalco and ONGC on the other hand, were among the top losers.

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 0.7% lower and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed, with socks in IT sector, and FMCG sector witnessing most buying. Meanwhile stocks in realty sector and finance sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 6% lower at Rs 68,820 at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the Gift Nifty was trading 71 points higher at 24,400 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

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Top buzzing stocks today

Hero MotoCorp share price will be in focus today.

Shares of Hero MotoCorp gained as much as 3% on Tuesday (July 23) after Finance Minister Nirmala Sitharaman announced the budgetary allocation of Rs 2.7 trillion (tn) for rural development including spending on rural infrastructure.

Dixon Technologies will also be a top buzzing stock.

shares of Dixon Technologies (India) Ltd. declined as much as 6% on Tuesday.

This was after Union Finance Minister Nirmala Sitharaman announced a reduction in customs duty on mobile phones, PCBA, and chargers, slashing the rate to 15%.

Bajaj Finance Q1 Results

India's Bajaj Finance reported a smaller-than-expected first-quarter profit on Tuesday, weighed by higher provisions for bad loans.

The company reported a consolidated net profit after tax of Rs 39.1 bn (US$ 467.5 million) for the quarter ended June 30, compared to analysts' estimates of Rs 40.3 bn.

The results include the businesses of the non-banking financial company's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.

Bajaj Finance's loan losses and provisions - the money set aside to cover potential defaults - grew nearly 70% to Rs 16.9 bn, well ahead of analysts' estimate of Rs 14.7 bn.

Exuberant lending in unsecured segments had led the Reserve Bank of India to mandate an increase in capital requirements for personal loans and credit cards in November.

Bajaj Finance previously said it has been grappling with elevated losses in the personal loans category, among its largest lending segments, especially among rural customers, leading to higher provisions.

Finance costs rose 38.5% to Rs 56.8 bn as Indian financial companies continue to grapple with higher borrowing expenses due to the RBI raising its key interest rate by 2.5% since May 2022.

Why ITC Share Price is Rising

Shares of cigarettes-to-hotels conglomerate, ITC Ltd soared over 4% and emerged as the second-biggest gainer on the Nifty 50 on 23 July. This comes as investors rejoiced in the absence of a hike in tobacco taxation in the Union Budget 2024.

While the move was aligned with market expectations, the fact that the government did not tinker with tobacco taxation still played well for the company as it generated a major chunk of its revenue from its cigarette business.

Along with that, the several measures announced by Finance Minister Nirmala Sitharaman to boost employment in the Union Budget 2024 also bode well for the company as it fueled hopes of a rise in demand for consumer staple products due to higher incomes.

On top of that, the Budget also focused heavily on spurring a revival in the rural economy through several measures announced to support the agricultural industry. This is likely to give the much-needed push to trigger a recovery in rural demand, which in turn works well for ITC as it has a major presence in the rural markets.

Meanwhile, aside from ITC, other consumption names like Tata Consumer Products, Hindustan Unilever and Dabur India were also up 3-4%.

Consequently, the Nifty FMCG index was also the top sectoral gainer, surging 2.5%.

Sugar Stocks Tumble. Here's Why

Sugar stocks fell after the Finance Minister failed to announce key measures for the sector.

The approval for using sugar syrup to produce ethanol, an upward revision of the MSP, and the lifting of the export curb were top of the industry's wishlist.

Shares of Avadh Sugar, Bajaj Hindusthan, EID Parry, KCP Sugar, Rajshree Sugars, Sakthi Sugars, Ugar Sugar Works, and Uttam Sugar fell 2-4% following the Budget announcement.

The sugar industry had also been advocating for higher procurement prices for ethanol, support for sugar cane harvesters, and a long-term policy for sugar import-export and ethanol production.

The government's initial MSP for sugar, set at Rs 29 per kg in 2018 and raised to Rs 31 per kg in 2019, is also overdue for another upward revision, Centrum Broking said in a recent research report.

Although current market prices are higher than the MSP (Rs 36 in Maharashtra and Rs 39 per kg in UP), raising the MSP would establish a baseline and boost investor confidence in the sector, the brokerage pointed out.

Elara Securities maintains a neutral view of the sugar sector in the short term due to the expected earnings strain in H1 FY25.

However, the firm retains a positive stance in the medium to long term, driven by the ongoing Ethanol Blending Program (EBP).

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

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