A day after Nasdaq had fallen by more than 3 %, to see Indian IT stocks trading with minor cuts and some even witnessing intraday recovery is something which is probably which indicates more than obvious. This has to be looked at in context of the fact that as a sector IT stocks has been underperforming then why this sudden out performance. Also combine the fact that most of the large IT companies which had been coming out with Q1 results have been better than expected. So, probably it might be the time to shed the bias and look at the sector without recency bias. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.

VST Industries' shares surged 7.4% after the company announced a 10:1 bonus share issue, despite reporting a 36% YoY decline in PAT for the June quarter. The record date for determining shareholder eligibility is August 30. Shares will be credited by September 24.

Sanstar Stock Update: Sanstar shares climbed 19% on debut but underperformed expectations, prompting expert advice for profit booking due to elevated valuations.

India's benchmark indices, Nifty50 and Sensex, opened higher on Friday after five sessions of losses, driven by gains in IT and energy stocks. Key gainers included Bharti Airtel, Kotak Bank, Tata Steel, TCS, SBI, and Infosys. Tech Mahindra fell despite positive revenue estimates, while AU Small Finance Bank and Cyient saw significant share price movements.

Tech Mahindra's shares fell 5.5% after Q1 PAT rose 23% YoY to Rs 851 crore, below the Rs 870 crore estimate. Revenue dropped 1% YoY but improved 1% sequentially. Brokerages gave mixed ratings: Nomura - Buy, Motilal Oswal - Neutral, Nuvama - Reduce.

Shares of Go Digit General Insurance rallied 8% on Friday to a day's high of Rs 362.25 on the BSE after the company reported a 74% increase in net profit for the quarter ended June 30, 2024, reaching Rs 101 crore, up from Rs 58 crore in the same period last year.

Shares of Sobha fell 4.5% to Rs 1,779 due to block deal reports, possibly involving Anamudi Real Estate LLP. Despite the drop, the stock has risen 190% over the past year. The company reported an 86% decline in Q4 FY24 profit with net profit at Rs 7.02 crore and income at Rs 791.25 crore.

Cyient shares fell 9% to Rs 1,724 on Friday after the company reported a decline in June-quarter profit due to project execution delays. The first-quarter net profit dropped 23.8% sequentially to Rs 144 crore, and decreased 18.6% YoY for the Hyderabad-based firm.

India's benchmark indices, Nifty50 and Sensex, opened higher on Friday after five sessions of losses, driven by gains in IT and energy stocks. Key gainers included Bharti Airtel, Kotak Bank, Tata Steel, TCS, SBI, and Infosys. Tech Mahindra fell despite positive revenue estimates, while AU Small Finance Bank and Cyient saw significant share price movements.

Several brokerages have upgraded the target prices of various stocks over the past month. According to Trendlyne data, 10 stocks, including Bajaj Auto, Kotak Mahindra Bank, HDFC Life, Coforge and HCL Tech, have received up to eight analysts' target price upgrades in the last month. Here is a list of these stocks:

Tata Steel saw a decline of over 13% in the past three months and hit a low of Rs 160 in July 2024. Despite the downturn, experts suggest high-risk traders buy on dips for potential gains, anticipating a recovery. Increased stakes from institutional investors also hint at a possible bounce-back.

Mankind Pharma shares dropped by 2.5% following the announcement of a Rs 13,630 crore acquisition of Bharat Serums and Vaccines (BSV). The acquisition aims to strengthen Mankind's position in women's health and fertility drugs. BSV reported strong revenue growth in FY24, with a notable presence in IVF and critical care segments.

Citi has maintained a sell call on Ramco Cements, raising the target price to Rs 750 from Rs 735. Despite stable EBITDA per ton, Ramco has lost market share by not selling at significantly lower prices. The stock is expected to underperform until the company resolves the conflict between market share and pricing.

India's benchmark indices, Nifty50 and Sensex, opened higher on Friday after five sessions of losses, driven by gains in IT and energy stocks. Key gainers included Bharti Airtel, Kotak Bank, Tata Steel, TCS, SBI, and Infosys. Tech Mahindra fell despite positive revenue estimates, while AU Small Finance Bank and Cyient saw significant share price movements.

FIIs sold stakes in nine Adani stocks, capitalizing on a price rebound during the June quarter, while LIC increased its investments in Adani Energy and Adani Enterprises. Mutual funds and retail investors demonstrated varied preferences across Adani stocks. Adani Ports emerged as a top performer in 2023 after recovering Hindenburg-era losses, showcasing strong financial health and reduced debt levels.

Shares of PSU power stock SJVN surged over 13% to Rs 159.60 on BSE on Friday, following the receipt of a Letter of Intent from the Mizoram government for the Darzo Lui pumped storage project. This project, comprising eight units of 300 MW each, is an On-stream Closed Loop Type pumped storage project.

A day after Nasdaq had fallen by more than 3 %, to see Indian IT stocks trading with minor cuts and some even witnessing intraday recovery is something which is probably which indicates more than obvious. This has to be looked at in context of the fact that as a sector IT stocks has been underperforming then why this sudden out performance. Also combine the fact that most of the large IT companies which had been coming out with Q1 results have been better than expected. So, probably it might be the time to shed the bias and look at the sector without recency bias. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.

Sanstar IPO saw a strong response, with subscriptions nearly 83 times oversubscribed as investors heavily bid. The company plans to use the net proceeds to expand its Dhule facility, repay debt, and for general corporate purposes. Sanstar, a major Indian manufacturer, produces plant-based specialty products and ingredients for various applications.

Info Edge declared a Rs 12/share dividend for eligible shareholders in May, to be credited by September 5. In the past year, total dividends amount to Rs 19, including Rs 9 in July and Rs 10 in November 2023.

Old war horses are making a comeback.

"Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Stocks that were in focus include names like Adani Green, which fell 7.75%, Nestle, which declined 2.5%, and Tech Mahindra, whose shares rose 0.44% on Thursday.

Ford's shares dropped over 13% after it missed second-quarter profit estimates due to rising warranty costs and competition in the EV market. Analysts attributed the decline to quality issues causing an $800 million increase in warranty expenses. CEO Jim Farley has prioritized fixing these problems since 2020. Ford's struggles contrast with GM's better performance.

Swedish private equity firm EQT AB sold its entire 7.89% stake in RBL Bank, amounting to 4.78 crore shares, in a bulk deal worth ₹1,091.15 crore on the BSE. The shares, sold through its entity Maple II B V at ₹228.08 per share, were acquired by Morgan Stanley’s Asia Singapore PTE and Societe General for ₹285.12 crore and ₹161.74 crore, respectively. RBL Bank shares closed 2.95% down at ₹230.4 on Thursday.

The S&P 500 and Nasdaq Composite ended lower on Thursday, unable to recover from Wednesday's tech-driven sell-off. However, the Dow Jones Industrial Average gained on positive GDP data, and small-cap stocks saw a rise. Wednesday's earnings reports from major tech firms like Meta and Alphabet contributed to market volatility.

"Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

“The market seems to have entered a broad consolidation phase, and there is selective buying happening in the pharma space. Sun Pharma from the attractive pharma space. Traders can buy for a target of over 1700 levels in the next few weeks,” Ruchit Jain, Lead Research, 5paisa.com, said.

"Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

The S&P 500 slipped 0.5% Thursday while the Nasdaq 100 declined 1.1% as tech giants including Nvidia Corp and Microsoft Corp slumped. Small caps outperformed in a further sign investors are preparing for interest-rate cuts that will support the broader economy.

Finance Minister Nirmala Sitharaman in an interview with ET has emphasized that banks must refocus on their primary roles of mobilizing deposits and providing loans, especially amid concerns about slowing deposit growth. Sitharaman reiterated the need for banks to prioritize their core functions—mobilizing deposits and lending—while still being free to pursue other activities.

LCR is a liquidity requirement for banks to maintain at all times a certain proportion of high-quality liquid assets (HQLA), including cash, reserves with central banks, and federal government bonds, which can easily be converted into cash.

"Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

IT services company Tech Mahindra on Thursday reported 23% year-on-year growth in its consolidated net profit at Rs 851 crore in the June quarter.

Private life insurers in India have strategized to adhere to new IRDAI regulations requiring surrender value from the first year on non-participating policies. Companies like HDFC Life, ICICI Prudential Life, and SBI Life are adjusting their commission structures and product mixes to protect margins and maintain growth despite the regulatory changes.

Indian corporates found raising funds through offshore syndicated loans more affordable in 2024 due to increased global investor interest. The volume remained stable at $13.3 billion. HSBC emerged as the top bookrunner, followed by DBS Group, Mitsubishi UFJ Financial Group, and Taipei Fubon Commercial Bank. Firms like Union Bank, JSW Steel, and Hero Fincorp have utilized this route.

To enhance credit flow to MSMEs, the government is urging banks to offer collateral-free term loans and additional support during financial stress. The FY25 budget includes a new credit guarantee scheme to help MSMEs in manufacturing secure loans for machinery and equipment without needing collateral or a third-party guarantee.

​​Focus on affordable housing as budget announced following incentives PM Awas outlay and allocation of Rs 2.2 trillion under Pradhan Mantri Awas Yojana in the current year is a massive increase. This should help HFCs significantly with PNB Housing being the top pick.

"Major private banks like Kotak, Axis and HDFC have reported their earnings which have not been up to the mark and most missed estimates," said Shreyansh Shah, Research Analyst, Stoxbox. "Investors have booked profits following the results leading to the decline in the index."

Sun Pharma Ltd rose by over 17% since June 2024, hitting above Rs 1,300 levels. Experts suggest that if the momentum continues, the stock could reach Rs 1,700. Pharmaceutical stocks are gaining attention as safer defensive options amid a volatile market. Short-term traders are advised to consider it for potential gains.

Morgan Stanley Asia Singapore Pte and Societe Generale purchased 1.25 crore and 71 lakh shares of RBL Bank respectively, worth Rs 447 crore in total via a block deal. The shares were sold by MAPLE II BV at Rs 228 per share, reducing its stake by 7.89% in RBL Bank.

On Thursday, India's benchmark index Sensex dropped by 109 points to close at 80,039. However, despite this decline, 10 stocks in the BSE100 index reached their highest prices in the past year. Hitting a 52-week high is significant because it marks the peak value a stock has achieved over the previous year, serving as a crucial metric for traders and investors. This metric helps evaluate a stock's current worth and forecast potential future price trends.

InterGlobe Aviation, India’s top airline by market share, was expected to see a substantial drop in its year-on-year net profit for Q1FY24 due to higher fuel costs, a weak load factor, and the Delhi T1 terminal roof collapse. Brokerage estimates indicated mixed sequential profit growth and varying revenue projections.

VST Industries' board of directors on Monday approved the issue of bonus shares in the ratio of 10:1. The company will be issuing ten new bonus equity shares for each existing equity share and has fixed Friday, August 30, 2024 as the record date to determine the eligibility of members to receive bonus shares.

Markets regulator Sebi on Thursday proposed guidelines for credit rating agencies (CRAs) to include detailed reasons for rating actions, especially in cases of default and upgrades of default ratings. In its consultation paper, the regulator has recommended removing "technical default" from policies due to potential negative market signals and covenant triggers.

U.S. indexes opened steady on Thursday, buoyed by robust economic growth data following a downturn influenced by megacap stocks the previous day. The Dow fell slightly to 39,828.63, the S&P 500 edged up to 5,428.70, and the Nasdaq rose to 17,352.64 at the opening bell.

Nifty ended Thursday expiry on a flat note but formed a bullish counterattack-type pattern on the daily chart despite a weak global trade setup. The index is currently holding immediate and key support at its 20-daily EMA, and maintaining this level will help attract bullish strength, according to chartists.

Long unwinding refers to the selling of positions or stocks owned for a longer period either to book profit or to exit it in anticipation of impending bearishness. In Thursday's trading session, four stocks witnessed a long unwinding. Here's the list:

The 30-share BSE benchmark Sensex fell 109 points or 0.14% to settle at 80,039. The broader NSE Nifty dropped 7 points or 0.03% to end at 24,406.

A study released by the Securities and Exchange Board of India on Wednesday revealed that seven out of 10 intraday trades in the cash equity market made losses in the year ended March 2023.

Bharti Airtel’s Africa business reported a $31 million net profit in the first fiscal quarter, reversing a $151 million net loss year-on-year, aided by reduced net finance costs and mobile money growth.