Shares of MRF rose 5.86% to an intraday high of Rs 1,42,500 from its previous close of Rs 1,34,605.50. The surge in the stock came despite reporting a fall in net profit. The tyre maker’s net profit fell 6% on year to Rs 573.4 crore while the revenue for the period rose by 11.7% on year to Rs 7,196.5 crore.

“On Wednesday, gold tried to recover along with the wider markets on the Bank of Japan’s Deputy Governor Uchida’s comments that the Bank won’t hike rates in near term amid turbulent market conditions. The metal rose to $2407, the day’s high; however, it came under pressure as the $42 billion auction of the US 10-year bonds turned out to be weak as buyers demanded higher yields. In another negative development for the metal, China’s Central Bank refrained from buying gold for the third straight month in July. US jobless claims data to be released today can induce further volatility in the markets. Overall, gold looks somewhat weak in near term as China’s Central Bank remains out of the market,” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

“MPC continues to highlight challenges related to the last mile of disinflation while acknowledging the trajectory of inflation to be stable/lower. The government’s commitment to fiscal consolidation in the July budget to stabilise lower global commodities will help anchor inflation expectations in India. However, food prices continue to stay stubborn. Spatial distribution of monsoons will hold the key while assessing the monsoons’ durable impact on agri and food inflation. The liquidity stance of RBI will play an important role than only the policy rates going forward. Bonds will continue to track the demand-supply developments skewed in favour of demand since bond inclusion,” said Radhavi Deshpande, Chief Investment Officer at Kotak Mahindra Life Insurance Company.

Shares of Grasim Industries fell 3.4% to an intraday low of Rs 2,547.05 from its previous close of Rs 2,637.05. The stock was the major loser in the Nifty 50.

Indian benchmark indices, Sensex and Nifty, are trading lower on Thursday. The BSE Sensex fell by 439.46 points, or 0.55%, to 79,028.55, while the Nifty 50 dropped 139.15 points, or 0.57%, to 24,158.35.

The BSE on Wednesday reported a nearly three-fold jump in consolidated revenue for the quarter ended June at Rs 607.8 crore owing to a sharp increase in transaction charges. The exchange hiked transaction charges for Sensex and Bankex options contracts from May 13, which aided its revenue growth in the latest quarter.

Jefferies has maintained a “Buy” call on Tata Motors with a target price of ₹1,330. The report highlights that Tata Motors’ new mid-sized SUV coupe, the Curvv, effectively fills a key gap in its portfolio.

The vehicle is noted for its attractive styling and rich feature set, with the EV variant priced competitively and the ICE launch scheduled for September 2. The new ATLAS platform offers flexibility for launching additional ICE models within a 3.9-4.6 meter length range.

Jefferies believes the Curvv could further enhance Tata’s market share, following a strong comeback in passenger vehicles over the past four years.

Jefferies has issued an “Underperform” call on Cummins with a target price of Rs 2,190. The firm’s Q1 EBITDA was 7% below estimates, accompanied by a 19% revenue miss. The Powergen segment experienced an 8% year-on-year decline in sales, impacted by the transition to CPCB IV+ standards.

With CPCB II engines only available until June 30, 2024, CPCB IV+ engines, which require 30-50% price hikes to maintain margins, are expected to become significant moving forward.

SBI General Insurance has reported a strong 32% growth for Q1 FY24-25, with Gross Direct Premium (GDP) reaching ₹2,603 crore. This exceptional performance exceeds the industry average and underscores SBI General’s robust market position and growth trajectory.

Tata Motors, HDFC Life Insurance, HDFC Bank, Cipla, and Bharti Airtel are the op gainers on NSE Nifty 50 index whereas the top laggards include LTIMindtree, Infosys, Grasim, Asian Paints, and Power Grid Corp.

“We expect the current rally to continue till 6500 and 6600 in MCX where fresh concerns of demand outlook will keep prices under lid. The recent recovery is on back of short covering and waiting for Iran’s retaliation,” says Bhavik Patel Sr. Commodity/Currency Research Analyst

“The bank Nifty witnessed a late surge which helped it to close well above intraday lows. The bank Nifty can witness a pullback over the next few trading sessions till 50600 – 50800 from short term perspective. On the downside, 49800 – 49700 is the crucial support zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Intellect Design Arena stock is trading flat at Rs 944.05 on the NSE after its subsidiary, Intellect Global Transaction Banking (iGTB), announced a partnership with National Bank of Fujairah (NBF), a UAE-based award-winning corporate bank, to enhance its digital capabilities.

Sutlej Textiles and Industries stock trades 1.45% lower at Rs 65.40 on the NSE, following a decline in its consolidated net loss to Rs 11.40 crore for the quarter ended June 2024, compared to a loss of Rs 30.49 crore in the same quarter last year.

TVS Holdings stock slid 0.88% to Rs 13,220.55 on the NSE after reporting a standalone net profit of Rs 12.82 crore for the quarter ended June 2024, down from Rs 27.95 crore in the same quarter last year.

Metro Brands stock is up 2.34% on the NSE, trading at ₹1,339.95, following the company’s announcement of a partnership with New Era Cap, a New York-based sports fashion brand.

Shareholders of BLS International Services are celebrating a remarkable surge in the company’s shares. Trading at ₹120 each two years ago, the stock is now valued at Rs 384.50, reflecting a substantial 220% gain. Since July 2020, the shares have skyrocketed by 1850%. Between March 2022 and February 2024, the stock enjoyed a continuous rally, with a 700% increase.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said that Nifty remained sideways during the session as traders waited for the RBI monetary policy meeting scheduled for Thursday. An indecisive candlestick pattern is visible on the daily chart. On the higher end, resistance is observed at the 24,400-24,500 levels. Selling pressure around that level might induce a correction in the market. On the higher end, the trend might change to bullish if Nifty gives a decisive breakout above 24,500.

Ceigall India stock declined 2.51% on the NSE, trading at Rs 408.50, after the Uttar Pradesh State Road Transport (Building Division) announced a tender for the construction of a bus terminal and commercial complex, with a project cost of Rs 143 crore.

Within the real estate sector, Prestige Estates Projects Ltd. and Sunteck Realty Ltd. were notable gainers, both rising over 2% on the National Stock Exchange (NSE).

In banking, private sector banks showed varied performance. Federal Bank was up about 1%, and HDFC Bank gained 0.44%, while Axis Bank, ICICI Bank, and Bandhan Bank saw declines of up to 1%.

In the automobile sector, Tata Motors and Samvardhana Motherson International climbed over 1%, whereas MRF, Maruti Suzuki, and TVS Motor Company traded lower following the RBI’s policy announcement.

FirstCry (Brainbees Solutions) IPO will stop taking bids from August 08 onwards. On the very first day of the issue, it was subscribed 0.11 times. As of August 07, the issue was subscribed only 0.30 times to the offered shares. The company wants to raise a total of Rs 4,193.73 crore through a combination of fresh shares as well as an offer for sale. 

Shares of Rail Vikas Nigam Ltd. are trading with gains of over 2%, having recovered significantly from earlier session lows on Thursday. This movement comes ahead of the company’s announcement of its June quarter results. Despite the recent gains, the stock is down 4.5% for August so far and has remained flat over the past month.

The Nifty Bank index was higher at 50,243.45, while the auto index traded lower at 24,905.05. Similarly, the NSE Realty Index edged 0.10% lower to 1,017.95. The Nifty 50 index was down 0.25% at 24,237.95.

Shares of Coal India have risen 8% over the past month, including a 6% surge during Wednesday’s trading session. This uptick follows positive commentary from brokerage firm Jefferies, which maintained its “buy” recommendation on the stock and revised its price target to Rs 600 from Rs 520.

NAVA stock trades 3.05% higher at Rs 938.35 on the NSE after the company reported a consolidated net profit of Rs 445.93 crore for the quarter ended June 2024, compared to Rs 342.77 crore in the same quarter last year.

The NSE Nifty 50 was down 0.29% at 24,227, while the BSE Sensex was down 190 points or 0.24% at 79,282.

Shares of Apollo Tyres fell 3% to an intraday low of Rs 505 from its previous close of Rs 520.20 after the company’s net profit in Q1 FY25 slipped 24% on year to Rs 302 crore for the first quarter ended June 30, 2024. This is down from the Rs 397 crore net profit recorded in the same quarter of the previous fiscal year.

The stock of Cipla rose 2.3% to an intraday high of Rs 1,589.65 from its previous close of Rs 1,553.55. It was the top gainr in the Nifty 50. The stock touched its 52-week high of Rs 1,600 on July 26, 2024. The upper band for the shares of Cipla is placed at Rs 1,708.90.

Shares of Suzlon Energy Ltd. are up for the second consecutive day, trading with gains of nearly 5% on Thursday. The stock had also hit an upper circuit of 5% on Wednesday.

With Thursday’s move, Suzlon’s market capitalization is approaching the Rs 1 lakh crore mark, currently standing at Rs 99,500 crore.

Suzlon Energy witnessed multiple large trades on Thursday, with 4.8 crore shares, or 0.4% of the company’s total equity, changing hands. These trades, valued at Rs 346 crore, saw shares exchanged at an average price of Rs 72 per share.