Sensex Today Crosses 82,000 Mark | Nifty Hits 25,000 | BSE Metal Index Up 2%

Thu, 1 Aug 10:30 am

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Asian equities and US futures were broadly higher Thursday on firming signs the Federal Reserve will soon cut interest rates.

Japanese stocks fell to reflect a stronger yen. Equities in Australia and South Korea rose alongside Hong Kong share futures.

Stocks rallied Wednesday after the Federal Reserve kept interest rates unchanged, as expected, while highlighting inroads against inflation. Traders also poured back into megacap tech as chip names soared.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	173.15	1.29	0.75%	175.91	171.72	193.3	121.46
Apple	222.08	3.28	1.50%	223.82	220.63	237.23	164.08
Meta	474.83	11.64	2.51%	476.5	466.75	542.79	274.39
Tesla	232.08	9.46	4.25%	234.68	226.79	278.97	138.8
Netflix	628.35	5.77	0.93%	633.6	622.58	697.47	344.73
Amazon	186.98	5.27	2.90%	187.94	184.46	201.2	118.35
Microsoft	418.35	-4.57	-1.08%	421.78	412.21	468.35	309.45
Dow Jones	40842.79	99.46	0.24%	41198.63	40655.89	41376	32327.2
Nasdaq	19362.43	566.15	3.01%	19426.62	19162.91	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 317 points higher and NSE Nifty is trading 101 points higher.

Coal India, JSW Steel and Maruti Suzuki among the top gainers today.

Sun Pharma, BPCL and M&M the other hand are among the top losers today.

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.

Broader markets are trading on positive note. The BSE Midcap index is trading 0.1% higher and the BSE Smallcap index is trading 0.4% higher.

Sectoral indices are trading mixed today, with stocks in metal sector and energy sector witnessing buying. Meanwhile stocks in IT sector and realty sector witnessing selling pressure.

The rupee is trading at Rs 83.66 against the US dollar.

In commodity markets, gold prices are trading 0.5% higher at Rs 70,000 per 10 grams 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...

Speaking of the stock market, learn why a surprising stock skyrocketed while this investor stayed cautious.

Discover the two investment styles - safe & steady vs. high risk, high reward - and how to choose the right one for YOU.

Rahul Shah, co-head of research at Equitymaster in his latest video talks about Suzlon and where did he go wrong.

Tune into below video for more details.

Infosys faces GST Evasion Probe

Infosys is being investigated by the Directorate General of GST Intelligence for the alleged evasion of over Rs 320 bn in integrated goods and service tax.

The time period of the evasion is from July 2017 to 2021-2022, the document dated 30 July 2024.

The document states that Infosys is under the scanner for the 'non-payment of IGST on import of services as the recipient of services.'

The DGGI states that as the company creates overseas branches to service clients as part of its agreement with the clients, those branches and the company are each treated as distinct persons under the IGST Act.

Thus, in lieu of receipt of supplies from overseas branch offices, the company has paid consideration to the branch offices in the form of overseas branch expenses.

Hence M/s Infosys Ltd Bengaluru is liable to pay GST under the reverse charge mechanism on supplies received from branches located outside India.

It adds that further investigation is under process. In a typical DGGI investigation, it will progress to a case report and either a visit from a DGGI official or a demand for information and a summons.

This will not be the first time the company has fallen foul of the GST Department, whose platform it built, though the scale of this investigation dwarfs the earlier issue.

Coal India Profit Jumps 4%

State-owned Coal India reported 4% year-on-year growth in its consolidated net profit to Rs 109.6 bn for the quarter ended June 2024.

Revenue from operations during the April-June 2024 period was up marginally to Rs 364.7 bn. The same stood at Rs 359.8 bn in the corresponding period of last year.

On a sequential basis, net profit rose 26% from Rs 86.8 bn reported in the preceding March quarter. Meanwhile, revenue fell 3% quarter-on-quarter.

The company reported consolidated EBITDA of Rs 143.4 bn in the reporting quarter, while margins stood at 39.3%.

Total expenses during the quarter increased to Rs 242.9 bn. This compares with Rs 241.1 bn reported in the previous year's quarter.

The profit before tax (PBT) rose 6% year-on-year to Rs 141.5 bn in the June quarter as against Rs 133.9 bn in the same quarter of last year.

Operationally, the production of raw coal increased to 189 million tonnes in the first quarter against 175 million tonnes in the previous period. Meanwhile, the offtake too improved to 198 million tonnes in Q1FY25 versus 186 million tonnes in Q1FY24.

Maruti Suzuki Q1 Results

India's largest carmaker, Maruti Suzuki, reported a 46.9% year-on-year (YoY) increase in standalone profit for the June quarter, reaching Rs 36.5 bn.

However, Q1 revenue rose 9.82% YoY to Rs 338.8 bn, falling short of the estimate of Rs 347.7 bn.

In a regulatory filing, the auto major said the jump in profit was broadly on account of cost reduction efforts, favourable commodity prices, and foreign exchange.

During the quarter, it sold 521,868 vehicles, higher by 4.8% compared to the same period the previous year.

In the quarter, sales in the domestic market stood at 451,308 units, up by 3.8% over Q1FY24. The export sales were at 70,560 units, a growth of 11.6% over Q1FY24.

Maruti attributed the rise in margins to the softening of commodity prices, cost reduction efforts, favourable operating leverage and favourable foreign exchange movement.

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

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