INDIAN STOCK MARKET RECAP 22nd JULY 2021

 

INDIAN STOCK MARKET

 RECAP 22nd  JULY  2021

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Nifty50: 15,824 ▲+191 (+1.2%)
Sensex: 52,837 ▲+638 (+1.2%)

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After a gap-up opening, markets moved up steadily throughout the day. In all, 43 of the Nifty50 stocks closed in the green, indicating broad-based participation.

All the Nifty sectoral indices ended positively today, with the highest gains seen in Metal (+2.9%) and IT (+1.8%) indices. 

Top gainers	Today's change
JSW Steel	▲ 5.8%
Tech Mahindra	▲ 5.4%
Bajaj Finance	▲ 4.1%

 

Top losers	Today's change
HUL	▼ 2.3%
Asian Paints	▼ 1.8%
Bajaj Auto	▼ 1.1%

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Here are the top stories of the day.

HUL delivers healthy Q1 growth

• The FMCG major reported a 10% rise in its standalone net profit at₹2,061 crore for the June quarter. During the same period, revenue from operations grew 13% to ₹11,730 crore.
• The company achieved 12–13% revenue growth across its business segments, viz. home care, beauty & personal care, and foods. Shares of HUL jumped 3% intraday but succumbed to profit booking after the results were declared and closed 2.3% lower.

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UltraTech’s Q1 profit jumps

• For the June quarter, the cement maker reported a net profit of ₹1,703 crore, up 114% year-on-year. Profit was boosted by a 54% YoY rise in revenue to ₹11,698 crore. The company was able to utilise 73% of its plant capacity during the quarter as compared to a 46% utilisation in Q1 last year, which was impacted by the first wave. 
• The company said that construction activities are normalising as the restrictions ease, and the demand for rural housing is gradually recovering. Shares of UltraTech Cement were up 0.7% today and have risen 11% so far this fiscal.       

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Havells soars after strong Q1

• Shares of the electrical equipment manufacturer jumped 5% today after it declared a 273% year-on-year rise in net profit to ₹235 crore in the June quarter. The robust profit growth was aided by the low base of Q1FY21 and the “resilient” demand scenario. 
• During the same period, revenue grew 76% to ₹2,609 crore, with strong performance across divisions. The switchgears and consumer durables segments, in particular, clocked over 90% growth in revenues. The EBITDA margins showed sharp improvements. However, the company has warned that commodity prices continue to rise and, as a result, it has hiked prices of its products. 

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Closing bell

The markets showed renewed vigour today and snapped the three-day losing streak. Similar optimism was also seen in international indices. Going by the movement of the Nifty50 this week, it is difficult to gauge whether the bulls or bears have an upper hand. However, one thing is constant, and that is volatility. And as a result, the market could continue to surprise on either side. Tomorrow, the index heavyweight Reliance Industries is expected to announce its Q1 results. This could give direction to its stock, which has turned sideways after its AGM last month. 

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Good to know

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