TCS, Wipro, Infosys, HCL Technologies, and Tech Mahindra were the top gainers in the Nifty 50. While Maruti Suzuki, Divi’s Lab, Asian Paints, Coal India, Kotak Bank were the major losers in the Nifty 50 on July 12.

Courtesy: BSE

TCS has taken control of markets and brought the Nifty 50 to a new record high, crossing the psychological level of 25,000, supported by bell weathers like Reliance and HDFC Bank.

Courtesy: NSE

Commenting on the gold and silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that Gold skyrockets above $2400 as the falling US Inflation and 10-year Treasury bond yield increases Gold’s appeal. In the 12 months leading up to June, headline US inflation fell to 3%, down from 3.3%, while core inflation plummeted to 3.3%, below estimates and down from the previous month’s 3.4%.

Chainani also added that the CME FedWatch Tool predicts an 85% chance of a quarter-point rate cut in September, up from 70% on Wednesday, and also acts as a tailwind for the gold prices. Moreover, one of the headwinds for the gold prices is that PBoC halted gold purchases in June, as it did in May.

Indian IT stocks are performing exceptionally well today, with many trading with gains of up to 6%. This surge is attributed to TCS’s strong Q1 earnings and the anticipation of a Fed rate cut. All 10 constituents of the index are in positive territory, led by Coforge, which has gained 6.1%, followed by Mphasis and TCS, with increases of 5.9% and 5.1%, respectively.

Other notable gainers include Persistent Systems, LTIMindtree, L&T Technology Services, HCL Technologies, and Infosys, all trading with gains between 3% and 4.5%. Wipro and Tech Mahindra have both reached new 52-week highs, with Wipro hitting Rs 556.90 and Tech Mahindra touching Rs 1,507.20.

Subscriptions for the Sahaj Solar IPO opened on Thursday, July 11, and will run through Monday, July 15. The IPO price range for Sahaj Solar has been set between ₹171 and ₹180 per share, with a face value of ₹10. Investors can bid for a minimum of 800 shares and in multiples thereof. The net offer is divided as follows: 35% is allocated for retail investors, 50% for Qualified Institutional Buyers (QIB), and 15% for Non-Institutional Investors (NII) or High Net-Worth Individuals (HNI). The promoters of the company are Pramit Bharatkumar Brahmbhatt, Manan Bharatkumar Brahmbhatt, and Varna Pramit Brahmbhatt.

Motilal Oswal Financial Services reiterated its buy recommendation on Tata Consultancy Services (TCS), setting a target price of Rs 4,660. This target implies a valuation of 30 times FY26E EPS and suggests a potential upside of 20%.

According to Motilal Oswal, TCS is well positioned to navigate through the current lukewarm macro environment due to its size, robust order book, and exposure to long-duration orders and portfolio. 

The brokerage firm highlighted TCS’s strong market leadership and exemplary execution, which have enabled the company to maintain industry-leading margins and demonstrate superior return ratios.

“Given its steadfast market leadership position and best-in-class execution, the company has maintained its industry-leading margin and demonstrated superior return ratios,” Motilal Oswal stated.

Shares of Indian Renewable Energy Development Agency (IREDA) surged by as much as 7% on Friday, hitting another record high of Rs 303.7. This recent uptick has pushed IREDA’s market capitalization close to Rs 80,000 crore. The share price of IREDA gained 6.83% to record highs of Rs 304.50 on NSE today.

At 12 noon on July 12, 2024, stocks on the BSE saw 1,854 advances compared to 1,888 declines, with 152 stocks remaining unchanged. Out of a total of 3,894 stocks traded, 248 reached a 52-week high, while 15 hit a 52-week low. Additionally, 229 stocks traded in the upper circuit, whereas 220 were in the lower circuit.

Continuous rain and occasional moderate to heavy showers have disrupted public transport and traffic flow in Mumbai since Friday morning. Key areas of the financial hub experienced over 15 mm of rainfall between 7 am and 8 am. Heavy downpours caused waterlogging in low-lying regions like Sion, prompting authorities to redirect traffic. A civic official announced that a high tide of 3.87 meters will occur in the Arabian Sea at 4:09 PM. Due to Mumbai’s saucer-like shape, the combination of high tides and intense rainfall can cause flooding, as water cannot flow into the sea during this period.

Read More: Mumbai Rains Live Updates: City faces traffic chaos as continuous downpour causes waterlogging

Zydus Healthcare a wholly owned subsidiary of Zydus Lifesciences, has received a Demand Order-In-Original (O-I-O) for the financial year 2019-20 regarding the issue of excess claims of Input Tax Credit (ITC). Despite this development, Zydus Lifesciences’ stock is trading at ₹1,166.10 on the NSE, up 0.24%.

Shares of Zee Entertainment surged over 6% on Friday, marking the biggest single-day gain since April. The company informed the exchanges on Thursday that it has scheduled a board meeting on July 16 to consider fundraising proposals through the issuance of securities via all permissible modes in one or more tranches. These methods may include private placements, a QIP, preferential issues, or other approaches.

TCS, LTIMindtree, Wipro, Wipro, Infosys, and Shriram Finance are the top gainers on NSE Nifty 5o index whereas the top laggards include Divis Lab, Maruti Suzuki India, Asian Paints, Hindalco, and Apollo Hospitals.

Jefferies recently upgraded Tata Consultancy Services (TCS) from “hold” to “buy,” raising the target price to Rs 4,615 from Rs 4,030. The upgrade came after TCS’s Q1 results surpassed expectations, with Jefferies highlighting the company’s return to growth in key verticals and markets.

The report also highlighted that net hiring at TCS has reached a seven-quarter high, signaling emerging signs of revival. Jefferies also emphasized that TCS offers good value compared to the Nifty, with its current PE premium below the five-year average.

Shipping stocks extended their strong rally into a second consecutive session on Friday, led by Shipping Corporation of India (SCI), which surged 16.40% to reach a record high of ₹384.20 per share. The stock had hit the 20% upper circuit limit in the previous trading day due to positive developments. This recent surge has propelled SCI to gain 40% over the past three sessions and 113% year-to-date.

“The Bank Nifty remained rangebound during the day. The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it could witness a pullback rally towards 52,500. A sustained move above 52,500 will open up the gates for 53,000. However, if it fails to hold the support at 51,800, it could decline further towards the 51,300-51,000 zone,” said Rupak De, Senior Technical Analyst, LKP Securities.

The share price of TCS surged nearly 3% to an intraday high of Rs 4035.95 on the NSE after India’s largest IT services company reported an 8.7% year-on-year (YoY) increase in consolidated net profit, reaching Rs 12,040 crore for the first quarter ending June 30, 2024. The company also saw a 5.4% rise in revenue, totaling Rs 62,613 crore for the quarter.

TCS, LTIMindtree, Wipro, Infosys, and Tech Mahindra are the top gainers on NSE Nifty 50 index whereas the top laggards include Maruti Suzuki India, Power Grid, HDFC Life Insurance, Apollo Hospitals, and Dr Reddy’s Labs.

The NSE Nifty 50 opens up by 72 points or 0.30% at 24,387.95, while the BSE Sensex gains 196.27 points or 0.25% to 80,093.62 in the opening trade.

The NSE added Aditya Birla Fashion & Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Indian Energy Exchange, India Cements, Indus Towers, Piramal Enterprises, RBL Bank in F&O on July 12, 2024.

Commenting on the Technical outlook of Nifty Drumil vithlani Technical Research Analyst at Bonanza Portfolio said that Nifty on daily chart nifty managed to sustain above 24100 mark however in yesterday’s session index formed a reasonable negative candle that has placed beside the small indecisive candle indicating minor negative sentiment for Indian markets Moreover highest Call option writing is observed in both weekly & monthly options although higher bottom is still intact until 24000 is not breached , the sustained uptrend is driven by sectoral rotation, the technical perspective market is overly stretched hence traders should refrain from chasing breakout moves and use intraday dips if any towards 23980-24000 to add fresh longs on contrary as long as nifty is below 24400 mark we anticipate market to correct towards 24000 levels.

Foreign institutional investors (FII) offloaded shares worth Rs 1,137.01 crore, while domestic institutional investors (DII) mopped shares worth Rs 1,676.47 crore on July 11, 2024, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading in mixed territory on Friday morning. The Asia Dow is trading up by 1.08%, where as the Japan’s Nikkei 225 is trading in red, down by 1.55%, Hong Kong’s Hang Seng index is traded higher by 1.72% and the benchmark Chinese index Shanghai Composite is up by 0.17%.

The US Dollar Index (DXY), which gauges the dollar’s value against a basket of six major currencies, fell by 0.50% to 104.44.

On Friday morning, WTI crude prices are trading at $83.09, up by 0.57%, while Brent crude prices are trading at $85.78, up by 0.45%.

Global index of stocks edged down, and bond yields fell on Thursday after U.S. inflation data boosted bets on interest rate cuts. The yen surged against the dollar, raising questions about possible intervention by Japan to support its currency, reported Returns. The tech-heavy Nasdaq Composite dropped 364.04 points, or 1.95%, to 18,283.41. The S&P 500 declined by 49.37 points, or 0.88%, to 5,584.54, while the Dow Jones Industrial Average inched up by 32.39 points, or 0.08%, to 39,753.75.