Nifty snaps two day losing streak as HDFC, ICICI Bank fuel rally
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Market Overview
Nifty 50 opened with a 30-point gap-up at 24,999 but slipped by 120 points to hit a low of 24,882.30 in the first hour. This was followed by a sharp 170-point rebound that saw the index test 25,050—also within the first hour. For most of the day, Nifty remained rangebound between 25,000 and 25,050 before witnessing a late surge in the final hour, briefly touching 25,100 and eventually closing at 25,090.70, up by 0.48%.
ICICI Bank and HDFC Bank ended higher by 2.8% and 2.2%, respectively, following in-line quarterly results, while Reliance Industries declined by over 3.2% due to slightly weaker earnings. Looking ahead, investors remain focused on upcoming earnings announcements and developments related to global trade deals.
Broader Market Performance:
Coming to the broader market performance, of the 3075 stocks traded on NSE, 1,492 stocks advanced, 1,484 stocks declined, while 99 remained unchanged, suggesting an overall mixed sentiment.
Sectoral Performance:
The top-gaining sector of the day was Nifty Bank, which rose by 1.19%, followed closely by Nifty Service and Nifty Metal, which gained 1.08% and 1.03% respectively. On the other hand, Nifty PSU Bank was the worst performer, declining by 0.62%, with Nifty FMCG and Nifty IT also ending in the red, down 0.50% and 0.30% respectively.
Out of the 12 sectoral indices, 8 closed in the green, while 4 ended in the red, indicating a largely positive sectoral trend for the day.
Note: The above numbers for Commodity futures were taken around 4 pm. Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 24th July:
The maximum Call Open Interest (OI) is observed at 25,100, followed closely by 25,500, suggesting strong resistance at 25,300 - 25,400 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 24,900, suggesting strong support at 24,900 to 24,800 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff like Capex activity by the companies in the Tijori App’s idea dashboard.
What’s happening in India
Adani Group will invest ₹96,000 crore in its airport business over five years, focusing on Navi Mumbai and Mumbai projects. NMIA is set to open by October with a ₹19,000 crore outlay. Terminal upgrades are also planned across Ahmedabad, Jaipur, and other cities. Dive deeper
BEML’s board has approved its first-ever 1:2 stock split, dividing each ₹10 share into two ₹5 shares, subject to shareholder approval. The move aims to enhance liquidity and comply with DIPAM guidelines. The record date will be announced post-approval. Dive deeper
HDFC Bank reported a 12% YoY rise in Q1FY26 net profit to ₹18,155 crore, with NII up 5.4% and NIM at 3.35%. It announced a 1:1 bonus issue and a ₹5 special interim dividend. Analysts maintain a positive outlook, citing improved growth and RoA potential. Dive deeper
UltraTech Cement reported a 49% YoY rise in Q1 consolidated net profit to ₹2,226 crore, with revenue up 13% to ₹21,275 crore. EBITDA grew 44% YoY to ₹4,591 crore, driven by higher realisations and volume growth. Premium products formed 33.8% of the mix, and green power usage reached 39.5%. Dive deeper
Signature Global plans to launch ₹6,000 crore worth of homes in Gurugram this quarter, despite a 15% dip in Q1 pre-sales. It targets ₹12,500 crore in annual sales and is raising ₹875 crore via NCDs. Total deliveries stand at 14.6 million sq ft. Dive deeper
CoinDCX confirmed it was hacked, with around ₹368 crore lost from an internal operational account. The breach adds to growing concerns around crypto platform security in India. Dive deeper
Bajaj Consumer’s board will meet on July 24 to consider a share buyback, marking its third since 2022. The trading window remains closed until 48 hours after its Q1FY26 results announcement. Dive deeper
IDBI Bank reported a 17% YoY rise in Q1FY26 net profit to ₹2,007 crore, while NII dipped 2% to ₹3,166 crore. Gross NPA improved to 2.93% and CRAR rose to 25.39%. Operating profit grew 13% YoY to ₹2,354 crore. Dive deeper
Tata Capital’s IPO may see Tata Sons sell 23 crore shares and IFC offload 3.58 crore, alongside a fresh issue of 21 crore shares. The total offer size is 47.58 crore shares, potentially raising ₹13,371 crore. The IPO is driven by RBI rules requiring upper-layer NBFCs to list by September 2025. Dive deeper
L&T’s energy arm will set up India’s largest green hydrogen plant at IOC’s Panipat refinery, supplying 10,000 tons annually for 25 years. The project aligns with the National Green Hydrogen Mission. Dive deeper
MRPL reported a ₹271 crore loss in Q1FY26, compared to a ₹73 crore profit last year, as revenue and refining margins declined. GRM dropped to $3.88 per barrel from $4.70 YoY, highlighting operational pressure. Dive deeper
Yes Bank reported a 59% YoY rise in Q1FY26 net profit to ₹801 crore, aided by higher non-interest income and improved NII. NIM rose to 2.5%, while asset quality remained stable. Interest expenses dropped 4.6% YoY, supporting overall profitability. Dive deeper
India’s ₹50,000 crore reinsurance market is set for disruption with the entry of Jio-Allianz and Fairfax-backed Valueattics Re. These new domestic players will challenge GIC Re’s 51% market share, aided by favorable cession norms and regulatory preferences. Dive deeper
Reliance Industries reported a 39% sequential jump in Q1 profit to ₹26,994 crore due to one-time investment gains, while revenue declined 7% to ₹2.43 lakh crore. Telecom showed strength, but retail lagged, and oil-to-chemical saw a gradual recovery. Margin improved to 17.6%. Dive deeper
Eternal Ltd, Zomato’s parent, reported a 90% YoY drop in Q1FY26 profit to ₹25 crore despite a 70% revenue surge to ₹7,167 crore, due to continued investments in Blinkit and going-out segments. Blinkit’s NOV more than doubled, and the company added 243 new stores. Dive deeper
Zomato-parent Eternal Ltd. will launch Blinkit Foods, a wholly owned subsidiary with ₹10 lakh capital, to offer food preparation, sale, and delivery services. The move aims to rival Zepto Cafe by expanding into direct food service through the Blinkit brand. Dive deeper
What’s happening globally
WTI crude held near $67.1 as markets weighed US-EU trade tensions, fresh EU sanctions on Russia, and upcoming Iran nuclear talks. Rising Middle East output and demand concerns from potential tariffs kept prices subdued. The US oil rig count hit a 3-year low, signaling drilling restraint. Dive deeper
Gold rose above $3,360 per ounce as a weaker US dollar and tariff uncertainty boosted demand. Dive deeper
European gas futures rose to €34/MWh as traders assessed fresh EU sanctions on Russian oil and improving Norwegian supply. Eased outages boosted exports, while strong wind forecasts in Germany and stabilizing Asian LNG demand reduced gas-for-power and import pressure. Dive deeper
Copper futures neared $5.6 per pound amid record-high levels, supported by China’s push to boost key industrial sectors and looming US tariffs. Trump's 50% import duty starting August 1 spurred pre-deadline shipments, widening the US-LME copper premium to a record 25%. Dive deeper
China’s rare earth magnet exports to the US surged 660% in June to 353 tons, rebounding after recent trade accords eased earlier export curbs. Global exports rose 157.5% MoM but remained 38.1% lower YoY. H1 2025 exports were down 18.9% YoY, reflecting ongoing supply chain recovery. Dive deeper
The People’s Bank of China kept the one-year LPR at 3.0% and the five-year at 3.5% in July, amid slowing growth, US tariffs, and a property slump. Q2 GDP rose 5.2%, slightly above expectations, while deflationary pressures persisted. New bank lending hit a three-month high. Dive deeper
Figma is targeting up to $1.03 billion in its NYSE IPO, offering around 37 million shares at $25 - $28 each under the ticker FIG. The company will issue 12.47 million shares, with existing shareholders selling 24.46 million. Morgan Stanley and Goldman Sachs are among the lead underwriters. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Randhir Jaiswal, Ministry of External Affairs (MEA) spokesperson on EU sanctions and India’s stance
“India does not subscribe to any unilateral sanction measures.”
“We have noted the latest sanctions announced by the European Union.”
“The government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens.”
“We would stress that there should be no double standards, especially when it comes to energy trade.” - Link
Eternal Ltd. management on transition to inventory model and financial impact
“Our teams are well prepared for this transition, and we expect to start working with brands directly, without any disruption to the business.”
“As a result of this transition, Eternal expects an EBITDA margin expansion of 1% point over a period of time.”
“3% of Eternal's Net Order Value during the June quarter was already on its own inventory, which also explains why the Quick Commerce revenue grew faster than the Net Order Value of 155%. We expect this share to increase sharply in the next quarter.”
“In case Eternal manages to get to EBITDA margin between 5% to 6% on an adjusted basis, its Return on Capital Employed will be 40%.” - Link
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Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
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I think you should add fii, dii daily update also