Bharat Petroleum Corporation Ltd (BPCL) recorded a standalone net profit of Rs 3,014.77 crore for the quarter ended June 2024, a significant drop from Rs 10,550.88 crore in the corresponding quarter last year. Following the announcement, BPCL’s stock fell 4.38% on the NSE, trading at Rs 304.20.

Commenting on the government adding Govt is likely to add Insurance Bill in Budget Gaurav Dubey, Founder and CEO of LivLong 365 said that IRDAI allows universal Health Insurance licenses, however, with varying healthcare needs across the vast geographical market in India there is need for specialized focus catering to varied micro-market requirements. By issuing licenses under separate categories there will be an influx of foreign capital which will further help in driving innovation and increasing Health Insurance penetration across customer segments.

Dubey also added One of the primary expectations from the budget is passing of IRDAI act which allows the issuance of specialized licenses like OPD solutions under Health Insurance category. Such a license would encourage innovation and provide a progression towards preventive healthcare there by reducing overall healthcare expenses for a country like India.

Stock exchanges BSE and NSE have confirmed to media that they remain unaffected by the global outage linked to Microsoft’s technical issues. However, several trading platforms, including IIFL Securities, Angel One, and 5Paisa, have reported glitches and issues with their applications due to an outage affecting Microsoft Azure, the cloud computing platform that powers many of their critical systems.

Traders using Nuvama, Edelweiss, and Motilal Oswal have also reported technical outages. Edelweiss Mutual Fund stated that it is experiencing login issues on its website due to the Microsoft outage.

Some users have taken to social media platform X, reporting that their market orders were not going through due to app glitches. In response, IIFL Securities issued a statement to its clients, explaining that a global issue with Crowdstrike Antivirus protection software, which is installed on their servers and endpoints, has caused system and server reboot issues, as well as blue screen errors.

In terms of stock performance, Reliance Industries shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 5.47% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 14.21%, indicating a strong upward trend. 

Year-to-date, Reliance Industries shares have surged by 20.64%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 10.80% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

Commenting on the Bank Nifty Levels To watch Drumil Vithlani Technical Research Analyst Bonanza Portfolio said that The Bank nifty opened negative at 52215.05 but gained higher towards 52782.75 levels in yesterday’s session, index formed a bullish engulfing pattern additionally index found support at 20 EMA on daily time frame followed by series of narrow candlesticks indicating bulls have again regain their strength and closed higher at 52620.70.

Vithlani also added that the overall trend remains bullish as long as Bank nifty sustains above 52200 levels, if index holds above 52200 a buy on dip strategy should be adopted Although in the previous week the bank nifty reached a high of 52794.55 and a low of 51749.45 which will act as support and resistance respectively .we expect Index to trade above 53000 mark once it sustains above 52800 on flip side if index breaks 52200 index might test 51800 levels in short term.

The share price of Reliance Industries falls over 1.84% to trade near intra-day lows of Rs 3115 on NSE as the Indian conglomerate is expected to post Q1 results today. According to Bloomberg estimates, a poll of 13 analysts predicts Reliance Industries to report Q1 revenue of Rs 2.3 trillion, reflecting an 11.8% increase from the previous fiscal quarter. Six analysts anticipate a net profit of Rs 17,655 crore, marking a 10.3% year-on-year rise but a 6.8% decrease from the previous quarter. EBITDA is projected at Rs 39,790 crore by 14 analysts, representing a 15.4% decline quarter-on-quarter.

Nifty IT rose higher after Infosys reported better than expectations results.

Courtesy: NSE

“Comex gold continued to trade lower for the third consecutive session on Friday, pressured by the recovery in the US dollar from four-month lows and an increase in US 10-year treasury yields to 4.22%. Furthermore, profit-taking by investors near all-time highs amid concerns over the tariff war with China and other political and geopolitical challenges overshadowed the growing likelihood of interest rate cuts,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities.

“According to customs data, Swiss gold exports in June fell to their lowest level since April 2022 due to reduced shipments to China and India. Currently, gold prices are trading 1% lower near $2330 per ounce and may hold declines today due to the absence of any key economic indicators, though potentially dovish comments from a few Fed officials later today could mitigate further losses.”

Shares of L&T Technology Services fell 2.2% to an intraday low of Rs 4,744.80 a day after the company announced its Q1 FY25 earnings. The company posted a growth of 0.8% on year in its net profit standing at Rs 313.6 crore in Q1 of FY25, in comparison to Rs 311.1 crore reported in the previous fiscal same quarter. Its revenue from operations grew to Rs 2,461.9 crore for the quarter, an increase of 6.97% on year, compared to Rs 2,301.4 posted in the same period a year ago. However, the company’s revenue declined 2.98% on quarter.

Shares of Tata Technologies fell almost 2% to an intraday low of Rs 990 per equity share a day after the company reported its Q1 FY25 earning numbers. Tata Technologies reported a net profit of Rs 162 crore in Q1 FY25, a fall 15% on year, against Rs 192 crore it reported in the same period a year ago. The fall in net profit came due to declining revenue from its services segment and higher expenses.

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The NSE Nifty 50 was down 159 points or 0.64% at 24,642, while the BSE Sensex was down 356 points or 0.44% at 80,987.

The stock of Persistent Systems dipped 7.4% to an intraday low of Rs 4,535 a day after it reported its Q1 FY25 numbers. The company reported a growth of 33.94% in its net profit standing at Rs 306.41 crore for the April to June quarter, compared to Rs 228.76 crore in the same quarter of the previous year. Its revenue from operations rose 17.92% to Rs 2,737.17 crore in comparison to Rs 2,321,17 crore in the same quarter the previous year.

Courtesy: BSE

Bank Nifty Index trade lower by 0.50% at 52,356.05 drag by IDFC First Bank, Bandhan Bank, Federal Bank, IndusInd Bank, Punjab National Bank, Axis Bank, Bank Of Baroda, and AU small Finance bank as RBI Governor at Modern BSFI Summit 2024 says, “Indian Financial Sector poised for new highs. Financial landscape undergoing structural shift. RBI actively fostering innovations like UPI, reoriented payment systems to amplify reach and make a more inclusive financial sector in India.”

For More Updates Read: BFSI Summit 2024 Live Updates

The front indices fell and traded in red. Reliance, Bharti Airtel, Tata Steel, and others were dragging the Nifty 50. Meanwhile, Infosys and ITC, with the help of other IT stocks, were trying to hold the index.

Courtesy: NSE

Jefferies has raised its target price for Infosys to Rs 2,040 while maintaining a ‘Buy’ call. The brokerage noted that Infosys’ Q1 results beat estimates, driven by a strong revenue growth of 3.6% quarter-on-quarter.

Despite this, Jefferies considers the company’s raised FY25 growth guidance to be conservative, given the strong deal wins. The report highlighted initial signs of recovery in the BFSI sector and significant deal wins as indicators that the worst is behind.

Additionally, an all-around improvement in operating performance supports this optimistic view. Jefferies has raised its estimates by 3-4% and expects Infosys to deliver a 10% EPS CAGR over FY24-27.

Shares of India’s second-largest IT firm, Infosys, surged nearly 5% to reach a new 52-week high of Rs 1,843 in early trade on the BSE on Friday, July 19. This rise followed the company’s better-than-expected April-June quarter (Q1FY25) results reported the previous day. Infosys’ share price opened at Rs 1,842.05, up from its previous close of Rs 1,759.15, and climbed 4.8% to hit the 52-week high of Rs 1,843. By around 9:20 am, the stock was trading 3.52% higher at Rs 1,821 per share.

Infosys, Tech Mahindra, LTIMindtree, TCS, and HCLTechnology were the top gainers in the Nifty 50. While Power Grid Corp, UltraTech Cements, Eicher Motors, BPCL, and Tata Steel were the major losers in the Nifty 50 on July 19.

The NSE Nifty 50 opened 0.21% higher at 24,853.80, while the BSE Sensex opened 0.30% higher at 81,585.06.

The American depository receipts (ADRs) of Infosys rose over 9% on the New York Stock Exchange (NYSE) after the first quarter results surpassed the estimates. The ADRs were last trading at $22.29, up about 8.5% over the previous close.

“Overnight, Infosys ADRs surged 9.5% in intraday trade as its Q1 results surpassed street estimates, with a 7% rise in net profit and an increased revenue growth guidance for the current fiscal year. Amidst this, a cautious approach on Nifty is advised, especially as excessive optimism and geopolitical risks pose significant threats to global stock markets.  Donald Trump’s recent remarks about Taiwan and America’s semiconductor business have added to the market’s unease. Meanwhile, the Dow Jones experienced a substantial drop of 533 points due to a tech selloff driven by massive profit booking. Our chart of the day is bullish on Balrampur Chini and Tata Motors, highlighting them as key stocks signaling a significant breakout on the upside,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“Infosys’ Q1 numbers on all parameters have beaten market expectations. More importantly, Infy CEO’s remark that “there are early signs of improvement in the financial services segment” is reassuring and has to be seen along with TCS’ statement that “FY25 will be better than FY24.” This calls for a marginal rerating of the IT space and this has the potential to move the Nifty today,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“A distinct trend in the market now is the underperformance of the overvalued broader market and the outperformance of the fairly valued largecap space. This augurs well for the continuation of the rally without the market getting overheated. The downtrend in the overvalued PSU segments like defence and railways may persist.”

Bandhan Bank, Hindustan Aeronautics, India Cements, SAIL, Balrampur Chini Mills, GMR Airports Infrastructure, GNFC, Hindustan Copper, Piramal Enterprises, RBL Bank, and Vedanta were in the F&O Ban on July 19.

RPG group flagship CEAT recorded a 6% year-on-year (y-o-y) dip in standalone net profit for the June quarter, after accounting for a voluntary retirement scheme (VRS) that contributed to the profit decline. The Mumbai-based tyre maker posted a net profit of `149 crore for the reporting quarter, while its standalone revenue from operations rose 8% y-o-y to `3,168 crore.

Foreign institutional investors (FII) bought shares net worth Rs 5,483.63 crore. However, domestic institutional investors (DII) sold shares net worth Rs 2,904.25 crore on July 18, 2024, according to the provisional data available on the NSE.

LTIMindtree announced a multi-million dollar contract extension with Absa Bank, a leading African financial services group. The partnership, which has already spanned 17 years, has seen LTIMindtree play a crucial role in Absa Bank’s digital transformation, the company said in a press release.

WTI crude prices were trading at $82.10 down by 0.31%, while Brent crude prices were trading at $84.57 down by 0.21%, on Friday morning.

Infosys on Thursday reported better-than-expected earnings of Rs 6,368 crore for the June quarter and also surprised the street by upping its sales forecast for FY25 to 3-4% in constant currency terms from 1-3% earlier. The higher forecast indicates clients are starting to spend more on technology in a resilient global environment. Infosys net profits, which fell 20% sequentially, mainly due to an income tax refund received in the last quarter, were led by growth in its banking, financial, services and insurance (BFSI) vertical. 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.07% at 104.23 on Friday morning.