News highlights from across the globe
TCS Q1 FY25 results met street expectations, with the consolidated net profit rising 9 percent year-on-year to Rs 12,040 crore. India’s largest IT company’s April-June revenue from operations rose 5.4 percent on-year to Rs 62,613 crore. TCS Q1 results showed that the company’s margins took a hit due to the wage hike cycle during the quarter. The EBIT margin or the operating margin narrowed to 24.7 percent for Q1, a 130 basis points fall from 26 percent in the previous quarter. TCS added 5,452 employees in Q1 taking the total workforce to 6.07 lakh. The company's attrition rate stood at 12.1% on last twelve-month (LTM) basis.
Global Stock Market Today
Important news updates from the domestic front
Nifty Overview & Outlook
The struggle between bulls and bears persisted for the Nifty benchmark index at its peak levels. Nifty started positively but faced selling pressure in the first half of the trading session, recovering later to close flattish. Energy stocks saw increased buying interest amidst news of a ministry cuing larger focus on domestic exploration and production. Nifty Bank ended slightly higher with gains of 0.2%.
In the broader market, the Midcap index saw marginal gains of 0.3%, while the Smallcap index showed strength with a 1% increase, both outperforming the benchmark index.
Among sectors, Nifty Media led gains, closing up by 1%, while Nifty Realty suffered losses, dropping by 3%. Market breadth was evenly split at 1:1, with 250 advances and 247 declines indicating a competitive bull-bear scenario.
Technically, despite intraday volatility, Nifty traded within a range at its all-time high levels daily. The day formed a bearish candle with a longer lower shadow, reflecting market indecisiveness. Support levels are identified at 24,165 and 23,875, with resistance levels at 24,460 and 24,750 in case of a rebound.
Derivatives Overview & Outlook
Yesterday, no significant activity was recorded in all F&O indices on price front whereas on open interest front, long buildup was seen in Midcapnifty futures with increase in open interest by 7.2%, some short covering was seen in Nifty, Banknifty and Finnifty futures with decrease in open interest by 2%, 7.1% and 1.5% respectively.
Performance on the sectoral front was mix. Amongst them, long buildup was observed in Media and Oil & Gas stocks, whereas some short buildup was seen in Power and Technology stocks.
On option front, Nifty will start the new weekly contracts with maximum position at 25000CE followed by 24400 CE while the maximum put position are at 24000 follows by 24200 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 1137 Cr in the cash segment, sold stocks futures worth Rs 5051 Cr also sold index futures worth Rs 2179 Cr. DIIs were net buyer in the cash segment to the tune of Rs 1676 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 24500-24600; Supports 24300-24200
Banknifty – Resistances 52800-53000; Supports 52000-51800
Finnifty – Resistances 23750-23820; Supports 23500-23400
Security in Ban Today: ABFRL, BALRAMCHIN, BANDHANBNK, CHAMBLFERT, GNFC, IEX, INDIACEM, INDUSTOWER, PEL, RBLBANK.
Imporatnt Results Today: HCLTECH, ORIENTHOT
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