Equity benchmark indices jumped to close at fresh all-time high levels on Thursday following buying in market heavyweights including ICICI Bank, Infosys and TCS amid a largely positive sentiment in the global markets.
The BSE Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, its all-time closing high. The NSE Nifty50 gained 15.65 points or 0.06 per cent to settle at a record 24,302.15. Sector-wise it was a mixed bag with buying seen in IT, Pharma, and Auto. Defence witnessed a sharp rally on the expectation of continued focus on the upcoming budget and strong order inflows.
“The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on July 5:
HDFC Bank: The private sector lender reported its gross advances grew 53 per cent year-on-year at Rs 24.85 lakh crore in the first quarter. The same stood at Rs 16.3 lakh crore in the last year quarter. Excluding the impact of the merger of erstwhile HDFC with the bank on July 1, 2023, the bank’s gross advances grew 15 per cent over the same period last year.
RBL Bank: The bank’s total deposits increased by 18 per cent YoY to Rs 101,351 crore up from Rs 85,636 crore on June 30, 2023. However, deposits decreased by 2 per cent on a quarterly basis. The bank’s gross advances grew 18 per cent year-on-year to Rs 88,455 crore as of June 30, 2024 compared to Rs 74,761 crore on June 30, 2023.
Raymond: The company announced the vertical demerger of its real estate business into wholly owned subsidiary Raymond Realty (RRL). After the completion of the demerger, Raymond and Raymond Realty will function as two different listed entities within the Raymond Group, pending all statutory approvals. According to the scheme, each Raymond shareholder will receive 1 share of Raymond Realty for every 1 share held in Raymond.
Life Insurance Corporation: The company on Thursday announced that it has increased its shareholding in IDFC First Bank by 0.2 per cent to 2.68 per cent of the post-issue paid-up capital of the bank. IDFC First Bank has a market capitalisation of Rs 57,058.68 crore.
Punjab National Bank: The public sector bank’s global deposits increased 8.5 per cent YoY and 2.8 per cent QoQ to Rs 14.08 lakh crore. Domestic deposits rose 8.1 per cent to Rs 13.69 lakh crore. Global advances grew 12.7 per cent to Rs 10.22 lakh crore. Domestic advances increased by 12.1 per cent YoY and 5 per cent QoQ to Rs 9.89 lakh crore.
