Stock specific action continues as Nifty remains in a range
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Market Overview
Nifty 50 opened with a 76-point gap-up at 25,166 but drifted lower to around 25,100 in the first hour. After a brief consolidation, the index declined further to touch 25,040 in the first half. For the rest of the session, it traded in a narrow 50-point range between 25,050 and 25,100, eventually closing at 25,060.90, down by 0.11%.
ICICI Bank and HDFC Bank extended their positive momentum, while Reliance Industries continued to trend lower. Looking ahead, investors remain focused on upcoming earnings announcements and developments around global trade deals.
Broader Market Performance:
Coming to the broader market performance, of the 3157 stocks traded on NSE, 1,279 stocks advanced, 1,673 stocks declined, while 205 remained unchanged, suggesting an overall weak sentiment.
Sectoral Performance:
Among sectoral indices, Nifty Service was the top gainer, closing up by 0.23%, while Nifty Media was the worst performer, slipping by 2.27%. Out of the 12 sectors listed, only one sector Nifty Service, ended in the green, while the remaining 11 sectors closed in the red, indicating broad-based weakness across the market.
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 25,200, suggesting strong resistance at 25,200 - 25,300 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 25,100, 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
India’s 10-year G-Sec yield hovered near 6.3% in late July, close to multi-year lows, as inflation eased to a six-year low and fiscal metrics improved. With growth concerns and a delayed US trade deal adding pressure, the RBI is expected to remain dovish and possibly extend rate cuts. Dive deeper
The rupee fell past 86.35 per USD in July as the dollar firmed and concerns grew over delayed US trade talks. Dive deeper
One 97 Communications reported a net profit of ₹122.5 crore in Q1FY26, marking a turnaround from a ₹839 crore loss last year and a ₹540 crore loss in Q4. Revenue rose 28% YoY to ₹1,917 crore, driven by strong operational performance. Dive deeper
Titan will acquire a 67% stake in GCC-based Damas Jewellery for $283 million (AED 1,038 crore), gaining presence across all six Gulf nations. The deal will be funded via debt, cash reserves, and internal accruals. The remaining 33% may be acquired post-December 2029. Dive deeper
Amul brand operator Gujarat Cooperative Milk Marketing Federation (GCMMF) appoints Ashok Chaudhary as chairman and Gordhan Dhameliya as vice chairman. Dive deeper
Zee Entertainment reported a 22% YoY rise in Q1FY26 profit to ₹144 crore, even as revenue fell 14% to ₹1,825 crore. Advertising income stood at ₹56 crore, with subscription revenue at ₹88.6 crore. Margins improved to 13.1% despite weak ad spends and PayTV pressure. Dive deeper
The World Bank urged urgent investment in climate-resilient urban development in India. It warned that heat-related deaths in cities could double by 2050. India’s urban population is expected to reach 951 million by then. Dive deeper
Blue Jet Healthcare shares fell 10% after reporting a 17% QoQ drop in net profit to ₹91 crore. Revenue declined 4% YoY to ₹355 crore in Q1FY26. Weak earnings triggered the sharp stock reaction. Dive deeper
DCM Shriram reported a 13% YoY rise in Q1FY26 net profit to ₹114 crore, with revenue up at ₹3,477 crore. Earnings were impacted by a ₹36 crore one-time duty on ethanol exports. The company is expanding into advanced materials via acquisition. Dive deeper
Eternal (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 ventures. Blinkit’s Net Order Value (NOV) more than doubled, overtaking food delivery for the first time. Despite the profit fall, shares surged 21% in two days on strong growth signals. Dive deeper
Cement companies are poised for strong profit growth in FY26, driven by robust construction demand, higher capacity utilization, and lower fuel costs, says Deven Choksey. He also sees buying opportunities in consumer finance, especially firms like Bajaj Finance with larger AUM and reasonable valuations. Dive deeper
Sales of ultra-luxury homes in Mumbai (₹10 crore and above) rose 20% YoY to ₹14,751 crore in Jan–Jun 2025, driven by strong demand and fresh supply. Unit sales grew 11% to 692, with the primary market outperforming resale. Key micro-markets include Worli, Tardeo, and Bandra. Dive deeper
Bajaj Housing Finance is expected to post a 19-21% YoY rise in Q1FY26 net profit to ₹574-584 crore, with NII likely up 24- 28% to ₹827 - 851 crore. Despite marginal NIM compression and higher provisions, steady AUM growth and strong operating leverage may support earnings. Dive deeper
Bajaj Finance reinstated Rajeev Jain as Vice Chairman and MD after Anup Kumar Saha resigned four months into the role. The move is seen as a stabilising step. Dive deeper
IREDA plans to raise ₹2,500–3,000 crore via QIP in FY26, following a ₹2,005 crore issue last month. The government aims to dilute up to 7% stake this fiscal. Dive deeper
The RBI accepted ₹17,274 crore in its latest bond switch auction, just over half the notified amount, to ease near-term redemption pressure and manage fiscal strain. This is part of the government’s ₹2.5 lakh crore FY26 bond switch plan, of which ₹69,000 crore is already completed. Dive deeper
SBI raised ₹25,000 crore via India’s largest qualified institutional placement (QIP), issuing shares at ₹817 each. The offering saw 4.5 times oversubscription, with strong foreign investor interest. LIC invested ₹5,000 crore, raising its stake in SBI to 9.49%. Dive deeper
Brigade Enterprises has acquired 20.19 acres in Bengaluru’s Whitefield-Hoskote corridor for ₹588 crore. The project, with 4.2 million sq ft of development potential, is expected to generate ₹5,200 crore in revenue. It will include both residential and commercial spaces. Dive deeper
Milky Mist Dairy Food has filed for a ₹2,035 crore IPO, with ₹1,785 crore as fresh issue. Proceeds will be used to repay debt, expand manufacturing at Perundurai, and grow its distribution footprint. The company focuses solely on value-added dairy products like paneer, yogurt, and ghee. Dive deeper
Dixon Technologies posted a 100% YoY jump in Q1 net profit to ₹280 crore, with revenue rising 95% to ₹12,836 crore. EBITDA grew 89% while PAT margin improved slightly to 2.2%. Net debt increased to ₹214 crore. Dive deeper
Lodha Developers raised ₹350 crore via non-convertible debentures (NCDs) carrying a floating coupon linked to 3-month MIBOR. The issue will be listed on BSE’s Wholesale Debt Market and redeemed in eight instalments starting March 2026. Dive deeper
What’s happening globally
WTI crude slipped to around $65 as trade tensions between the US and EU clouded the demand outlook. Rising Saudi exports and OPEC+ supply pressure added to concerns, while Iran’s return to nuclear talks drew market attention. Dive deeper
Gold eased to around $3,380 per ounce as investors locked in profits ahead of Trump’s August 1 tariff deadline. With EU-US trade tensions simmering and central bank meetings ahead, markets remain cautious on policy cues from both the Fed and ECB. Dive deeper
Aluminium futures touched $2,650/tonne in July, a 4-month high, on supply concerns and rising demand hopes. China’s output is capped amid carbon goals, while Europe faces shortages due to Russia sanctions. Beijing’s CNY 1.3 trillion dam project signals a fresh infrastructure push to revive the economy. Dive deeper
Taiwan’s export orders jumped 24.6% in June, led by strong tech demand and surging orders from ASEAN, Japan, and the US. Dive deeper
The UK and OpenAI have signed a strategic partnership to boost AI safety and infrastructure. The UK plans to invest £1 billion to expand public compute capacity 20-fold. OpenAI may scale its London presence and support AI use in defence, NHS, and education. Dive deeper
China’s steel futures hit a 3-month high at CNY 3,170 as output cuts and fresh infrastructure plans, like a CNY 1.2 trillion hydropower project, lifted sentiment. Policymakers also pledged to tackle overcapacity, even as weak property demand and trade protectionism weigh on the sector. Dive deeper
Philip Morris missed Q2 revenue estimates as cigarette volumes slipped 1.5%, despite a 23.8% rise in smoke-free oral product volumes. Total sales rose 7.1% to $10.14 billion but fell short of expectations. Adjusted EPS came in at $1.95, ahead of estimates. Dive deeper
Coca-Cola beat Q2 estimates with a 2.5% revenue rise to $12.62 billion, driven by strong demand for Zero Sugar and higher prices. EPS stood at 87 cents vs. 83 cents expected. It plans to launch a cane sugar-based drink in the U.S. later this year. 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.
Ashish Gupta, CIO, Axis Mutual Fund, on market valuations and growth outlook
“Since April, we have seen foreign flows turning positive, but they have not been very strong. In the last three months, we have had only about three, three-and-a-half billion dollars of net FII inflows.”
“Valuations are not inexpensive in the market. Nifty is about 21-22 times earnings… stocks with stronger growth outlook trade around 27-28 times.”“Last year, market earnings growth had come down to about 6-7%. This year, the expectation is growth should pick up to about 11-12%, hinging on a recovery in the second half.” - Link
Anil Rai Gupta, Chairman & MD, Havells India, on growth and expansion plans
“We expect to see steady growth across all business categories, with a focus on capacity expansion.”
“We recently used our extra cash in renewable energy capacity and secured a supply chain for solar energy expansion.”
“Havells India will be investing around Rs 2,000 crore in its inorganic businesses next year, though we are not looking into any acquisitions.” - 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 appreciate the efforts poured for creating this content for retail people. God bless Kamath brothers and people behind this. Kudos for the work 🙏