Sensex Today Ends 350 Points Higher | BEML & Hindustan Copper Rally 10% | NTPC, ONGC Top Gainers

Mon, 31 Jul Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended the higher.

Benchmark indices  gained on Monday following all-round buying and an upbeat global mood. Meanwhile, the continued outperformance of the broader indices also helped the market breadth to end strongly.

At the closing bell, the BSE Sensex stood higher by 367 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 107 points (up 0.6%).

NTPC and ONGC were among the top gainers today.

Apollo Hospital and Britannia on the other hand, were among the top losers today.

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

The Gift Nifty was trading at 19,846, down by 56 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.9% higher while the BSE SmallCap rose by 1.3%.

Sectoral indices ended the day on a mixed note with stocks in the metal sector and power sector witnessing buying.

Meanwhile, stocks in the FMCG sector and healthcare sector witness selling pressure.

Shares of Abbott India and MRF hit their 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...

Asian stock markets ended on a positive note. The Nikkei ended higher by 1.3%, while the Hang Seng ended up by 0.8%. The Shanghai Composite ended higher by 0.5%.

The rupee is trading at 82.24 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 59,680 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading marginally lower at Rs 73,982 per kg.

Speaking of stock markets, Rahul Shah co-head of research at Equitymaster, talks about a simple rule to navigate this all-time high market.

The index has already gone up 16% from its March lows and there is nothing on the horizon for the time being that can stop the rally in its tracks.

This presents the classic dilemma for the average investor. Should we take advantage of this rally and exit a few stocks, or should he keep riding the bull to new highs?

Tune in to the below video to know how to navigate.

Bharti Airtel's loan prepayment

In news from the telecom sector, telecom major Airtel has prepaid Rs 80.2 bn to the Department of Telecommunications (DoT) as part of its deferred liabilities for the spectrum acquired in the 2015 auction.

The Sunil Mittal-led telecom company informed that the said instalments were paid with an interest of 10%, leveraging a much lower cost of financing available to it.

The company said it continues to focus on financial flexibility via its capital structure, including optimising the cost of financing and capitalising on all opportunities for significant interest savings, like the latest prepayment.

The country's second-largest telecom provider rolled out 5G services in India in October 2022.

The telecommunications sector in India has undergone significant changes in recent years, with the introduction of new technologies, 5G, and the entry of new players.

For more, check out Equitymaster's stock screener for screening India's top telecom stocks.

UPL Q1 net profit drops 81%

Moving on to news from the speciality chemical sector, agrochemicals major UPL disappointed Dalal Street investors with its June quarter figures, as the company on Monday reported a steeper-than-expected drop in earnings.

Its consolidated net profit nosedived 81% year-on-year (YoY) to Rs 1.7 bn.

Consolidated revenue from operations plunged more than 17% YoY to Rs 89.6 bn and was also below the estimated Rs 104.3 bn.

Further, UPL has significantly slashed its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

The operating profit is expected to grow by 3-7%, against 8-12% projected earlier.

In the June quarter, operating profit, calculated as earnings before interest, taxes, depreciation and amortisation (EBITDA), declined 32% YoY to Rs 15.9 bn. The EBITDA margin shrunk 3.9% on-year to 17.8%.

The global agrochemical industry has been going through a challenging phase over the last two quarters, as distributors prioritised destocking and focused on tactical purchases amid high channel inventories.

The company anticipates demand to remain subdued in the current quarter as well, but is hopeful of the performance being sequentially better.

Presently, UPL shares are trading at a value just 1% away from its 52-week low of Rs 624, reflecting a decline of over 12% over the past year.

Buying the dip is a great way to get stocks on sale. UPL is among the 5 Fundamentally Strong Stocks Trading Near 52-Week Lows.

Navin Fluorine Q1 net profit declines 17%

Moving on, chemicals manufacturer Navin Fluorine International posted a net profit of Rs 615m for the April-June period, down 17.3% from Rs 740 m recorded last fiscal.

Revenue for the company, however, recorded a 23.5% YoY rise to Rs 4.9 bn from Rs 3.9 bn.

The company also struggled with high-cost inventory destocking and subdued export demand, which dragged its bottom line as well as its operational performance.

The company's operating profit margin also contracted to 23% from 24.9% seen in the same quarter last fiscal. A steep rise in finance costs, which jumped to Rs 194 m in April-June from Rs 3 m in the base quarter, also weighed on the chemical maker's operational performance.

EBITDA (Earnings before interest, taxes, depreciation, and amortisation) for the quarter came at Rs 1.1 bn, up 15% from Rs 990 m of the corresponding quarter last year.

If you are hunting for dividends in the speciality chemical sector, Navin Fluorine is Top Speciality Chemical Stock that Pays Good Dividends.

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!

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Indian Share Market Update: Top Gainers and Losers