Gift Nifty Up 40 Points | Adani Enterprises & Zomato Q1 Results | ONGC, BPCL Ink Crude Oil Contract | Top Buzzing Stocks Today

Fri, 4 Aug Pre-Open

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On Thursday, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Benchmark indices  closed in the red for the third consecutive session on Thursday amid weak global cues as sharp gains in the US bonds yields and dollar weighed on stock market sentiment.

At the closing bell on Thursday, the BSE Sensex stood lower by 542 points (down 0.8%).

Meanwhile, the NSE Nifty closed down by 144 points (down 0.7%).

Infosys and Eicher Motors were among the top gainers.

ONGC and ICICI Bank, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended marginally higher, and the BSE SmallCap index rose 0.2%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector and power sector witnessing most of the buying.

On the other hand, stocks from the metal sector and realty sector witnessed selling pressure.

Shares of MRF and Abbott India hit their 52-week high on Thursday.

The rupee was trading at 82.73 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 59,420 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:45 AM today, the Gift Nifty was trading 40 points or 0.2% higher at 19,491 levels.

Indian share markets are headed for a positive opening today following the trend on trend on Gift Nifty.

Speaking of the stock markets, the Indian stock market has been in a bullish trend for the last few months. And one sector has been at the forefront of the gains.

Public sector stocks have been on fire. There are many fundamental reasons for this but what do the technical charts say about these stocks?

In the below video, Chartist, Brijesh Bhatia talks about the technical outlook for these stocks.

Top buzzing stocks today

Sun Pharma share price will be in focus today.

The company on August 3 reported a 1.9% year-on-year (YoY) fall in consolidated net profit at Rs 20.2 bn in the first quarter of the current financial year.

It reported a consolidated net profit of Rs 20.6 bn for the same quarter last year.

The Mumbai-based drugmaker also reported an 11% increase in consolidated revenue at Rs 119.4 bn from Rs 107.6 bn in the year-ago period.

Dabur will also be a top buzzing stock.

Dabur India on 3 August 2023, reported a consolidated net profit of Rs 4.6 bn for the first quarter of FY24, registering a growth of 3.52% from Rs 4.4 bn in the year-ago quarter.

The company's profit was 55.9% higher from Rs 2.9 bn in the previous quarter. Revenue came in at Rs 31.3 bn, up 10.9% from Rs 28.2 bn in the year-ago quarter.

Zomato Q1 results

Zomato on 3 August, posted a net profit of Rs 20 m in the first quarter of the current financial year and reported revenues of Rs 24.2 bn, up 70.9% from the year-ago period, as demand growth recovered on cooling inflation and strength of the food delivery platform's loyalty programme.

During the same quarter last year, Zomato posted a net loss of Rs 1.9 bn while its revenues stood at Rs 14.1 bn.

This improved performance comes at a time when new-age companies are vying for profitability amid one of the worst funding winters in recent years.

Zomato has been vocal about turning in a quarterly net profit in FY24, even as it first achieved the operational profitability of its food delivery arm in the previous financial year.

The company hopes to maintain its winning streak.

In the past two months, the stock price has recovered to reach the upper band of the initial public offering of Rs 76.

The stock was hammered for almost a year following concerns over the uncertain path to profitability and selling by its pre-IPO investors, who looked to book gains in a choppy market for tech companies.

To know what is the right course of action in these new-age tech stocks, check out Zomato, Paytm, and Nykaa: Buy, Avoid, Hold, or Sell?

Adani Enterprises Q1 results

Adani Enterprises yesterday reported a consolidated net profit of Rs 6.7 bn for the quarter ended June 2023, rising 44% over Rs 4.7 bn reported last fiscal.

The company's revenue from operations came in at Rs 254.4 bn, down 38% from Rs 408.4 bn reported during the previous corresponding quarter.

Other income rose to Rs 3.7 bn in Q1 from Rs 2.2 bn a year ago and supported the rise in net profit.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 47% YoY to Rs 28.9 bn.

Adani Enterprises is a business incubator of Adani Enterprises and houses several businesses such as data centres, airports, roads, solar manufacturing, wind turbine manufacturing and mining.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

ONGC & BPCL inks crude oil contract

Oil and Natural Gas Corporation Limited (ONGC) has signed a term contract with Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region. This agreement marks the first-ever term contract under the Marketing Freedom regime.

This contract follows the Government of India's decision to grant marketing and pricing freedom for domestic crude oil. This policy replaces the previous allocation mechanism.

In response, ONGC has initiated the first-ever e-auction of Mumbai Offshore crude oil.

ONGC and BPCL have had a business relationship since 1976, with BPCL's Mumbai refinery processing ONGC's crude oil.

BPCL's connection to ONGC by pipeline provides straightforward logistics operations.

The possibility of downside risk in ONGC share price appears limited. For detailed analysis, check out, ONGC Share Price: Oil is Well!

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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