SGX Nifty Down 44 Points, Axis Bank Q1 Results, L&T Goes Asset-light, and Top Buzzing Stocks Today

Tue, 26 Jul Pre-Open

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On Monday, Indian share markets retreated from their longest winning streak since last October, ending on a weaker note.

Benchmark indices ended lower in the volatile session as bluechip companies reported their Q1 results over the weekend.

At the closing bell on Monday, the BSE Sensex stood lower by 306 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 88 points (down 0.5%).

Tata Steel, IndusInd Bank, and Asian Paints were among the top gainers.

M&M, Reliance Industries, and Maruti Suzuki, on the other hand, were among the top losers.

Reliance Industries share price fell after it reported lower than expected net profits in the June 2022 quarter.

The broader markets ended on a mixed note. The BSE MidCap index ended on a flat note while the BSE SmallCap index ended lower by 0.1%.

Sectoral indices ended on a mixed note today with stocks in the energy sector, auto sector, banking sector, and realty sector witnessing most of the selling.

On the other hand, stocks in the metal sector and utilities sector witnessed most of the buying.

At 8:00 AM today, the SGX Nifty was trading down by 44 points or 0.2% lower at 16,590 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Shares of ITC and Adani Enterprises hit their 52-week highs.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also, check out the 4 stocks with high level of insider buying.

Reliance Industries, HDFC Bank, and Tata Steel were amongst the most active shares on the BSE yesterday.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Restricting the fall in rupee, it was trading at 79.71 against the US$, at the time of Indian market closing hours yesterday.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 50,702 per 10 grams, at the time of Indian market closing hours yesterday.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.2% at Rs 55,047 per 1 kg, at the time of Indian market closing hours yesterday.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Speaking of stock markets, chartist Brijesh Bhatia does a complete market analysis and shares profitable ideas for today, in the video below.

Tune in to find out more:

Top Buzzing Stocks Today

Zomato share price will be among the top buzzing stocks today.

Zomato witnessed heavy sell-off pressure as one year's lock-in for nearly 78% paid up capital of the food chain platform ended yesterday.

Zomato shares crashed in early morning deals on Monday and went on to breach its lifetime low of Rs 50.1 apiece, later making another record low of Rs 47.5 within few minutes of stock market's opening bell today.

Note that Zomato share prices is falling after staging a strong debut on the bourses as the company struggles to post positive bottomline figures.

However, these mutual fund schemes have invested in beaten down stocks like Zomato and Paytm.

Axis Bank share price will also be in focus today.

Axis Bank reported a 91% YoY rise in net profit to Rs 41.3 bn for the quarter ended June 2022, compared to Rs 21.6 bn in year-ago period.

Net interest income, the difference between interest earned and interest expended, grew by 21% YoY to Rs 93.8 bn.

Core operating profit of the private lender grew 17% YoY and 5% QoQ.

The gross NPA ratio for the April-June quarter stood at 2.76% as compared with 2.82% in the March quarter.

To know more, check out Axis Bank's news and analysis.

Market participants will also track shares of Asian Paints, L&T, and Bajaj Auto as these companies are set to announce their Q1 results later today.

Tech Mahindra Q1 results

Tech Mahindra on Monday reported a 16.4% YoY drop in consolidated net profit at Rs 11.3 bn as compared with Rs 13.5 bn in the same quarter last year.

Revenue for the quarter came in at Rs 127.1 bn, up 24.6% YoY over Rs 101.9 bn in the corresponding quarter last year.

In constant currency terms, revenue growth stood at 3.5% QoQ.

Net new deal wins for the quarter stood at US$ 803 m, which was less than the March quarter's US$ 1,011 m and the year-ago quarter's US$ 815 m.

Attrition for the quarter on the last twelve-month basis fell to 22% from 24% in the March quarter.

Note that IT stocks have been falling in 2022. The IT index has corrected over 30% from its all-time high.

This begs the question - is it the time to buy the dip in IT stocks?

L&T goes asset-light

Larsen & Toubro is selling eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors.

As reported in The Economic Times, the deal was signed earlier this month at an enterprise valuation of Rs 70 bn.

The financial daily also reported that the company is awaiting regulatory approvals from the National Highways Authority of India and the market regulator.

The report added that the latest move is part of L&T's asset-light strategy of exiting several non-core assets.

In other news, the real estate development arm of L&T signed agreements to jointly develop projects worth Rs 80 bn in Mumbai as part of its expansion plan.

L&T Realty said this is a part of the company's larger plan to strengthen its footprint in major metros by adding around five million square feet per year over the next five years.

To know more, check out L&T's news and analysis.

Note that L&T is among the 5 Indian companies that are leading the green hydrogen revolution.

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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