GIFT Nifty Indicates Muted Opening; Infosys to Report Q1 Results Today

BANGALORE, India - July 22, 2024 - PRLog -- Global Stock Markets: Dow 30, +0.6%; S&P500, -1.4%; NASDAQ, -2.8%; Nikkei, -2%; Kospi, +0.1%; Shanghai, -0.8%.

On Tuesday, Nifty started on a muted note and traded in a narrow range throughout the session. It scaled a new all-time high (24,661) again. In the process, it closed higher for three consecutive sessions. On the sectoral front, it was a mixed action. Nifty Media (-1.03%) was the major decliner. On the flip side, Nifty Realty (+1.66%) and FMCG (+0.96%) were the major gainers.

On June 11, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count stands at two. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

Key News:

Results Today: Infosys, Havells, Polycab, Persistent Systems, Ceat, Shopper Stop, Tata Comm, and Tata Technology, among others, will report earnings.

LTIMindtree Q1 FY25 results were in line with estimates. Revenue was up 2.8% q/q to Rs 9,142 crore. PAT increased 3% q/q to Rs 1,133 crore. Margin expanded 30bps q/q to 15%.

Asian Paints Q1 FY25 results missed estimates. Revenue was down 2.3% y/y to Rs 8,969 crore. PAT declined 24.6% y/y to Rs 1,187 crore. Margin contracted 420bps y/y to 18.9%.

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