In the Sensex pack, Asian Paints, IndusInd Bank, Axis Bank, SBI, and Bajaj Finance were the top laggards. Whereas Maruti, Titan, UltraTech Cement and Tata Steel closed with gains.

The company reported a profit of 5.81 billion Indian rupees ($70.87 million) for the three months ended June 30, beating analysts' average estimate of 4.29 billion rupees, according to Refinitiv IBES data.

"Your Company is now targeting an ambitious goal of achieving a production capacity of 200 million tonnes. This will further reinforce our position as one of the largest cement companies in the world," said Birla while addressing shareholders on the 23rd AGM of UltraTech Cement.

The NSE Nifty index closed 55.1 points down at 19384.3

Rakesh Arora, founder of GO India, believes that while greed has taken hold, he does not foresee market collapse in India as both financials and IT are currently trading at their long period averages. While Dalmia and Ultratech have announced disappointing figures, cement industry insiders are speculating 15% growth in the sector this year. A good monsoon would provide further tailwind via rural demand.

Six of the 13 major sectoral indices logged gains, with public sector banks rising 0.83%. The high weightage IT fell 0.71% and was the top sectoral loser. The market breadth was skewed in the favour of the bulls. About 1,748 stocks gained, 1,711 declined, and 142 remained unchanged on the BSE.

Morgan Stanley maintained an overweight rating on RIL with a target price of Rs 3210. Starting to monetize multiple investments, simultaneously still deploying capital in new areas.The narrative will shift from earnings positively to an upgrade cycle. The net debt is nearing its peak and closer to EBITDA run rate.stocks

The NSE Nifty index was trading 66.6 points up at 19255.65

The NSE Nifty index closed 55.1 points down at 19384.3

The NSE Nifty index was trading 23.15 points up at 19462.55

From the Sensex pack, UltraTech Cement and M&M were the top gainers, rising over 2% each. HDFC, HDFC Bank, Tata Motors, SBI, Wipro and Tata Steel also opened higher. On the flip side, Power Grid, Asian Paints, Axis Bank, Maruti, Tech Mahindra, and Sun Pharma opened in the red.

Power Grid, Bajaj Auto, Hero MotoCorp, Tech Mahindra and Maruti Suzuki were among the top losers on NSE.

Excluding financials and commodity, combined revenue, EBITDA and profit after tax (PAT) growth reported by these Nifty50 companies stood at 11%, 11% and 12% YoY, respectively, in 1QFY24. While revenue estimates are in line with Antique's expectation, EBITDA and PAT have missed estimates by 3% and 4%, respectively.

“In terms of pecking order in banks, we like HDFC Bank. After the merger with HDFC, the economies of scale have come into the picture and no one can ignore the strength and the large size and the skill it brings to the table. The second is ICICI Bank with an excellent set of numbers, expansion in ROEs and good profitability.”

Promoter entity Fortitude Trade and Investment has sold its entire stake in Adani Transmission Ltd for about Rs 2665 crore through bulk deals on Friday. Meanwhile, GQG partners has bought a stake worth Rs 1,676 crore in the company.

The NSE Nifty index was trading 37.2 points up at 19476.6

Among Sensex stocks, Tata Motors, JSW Steel, UltraTech Cement, M&M, Sun Pharma, Airtel, and Bajaj Finance opened with gains, while Asian Paints, Infosys, ITC, Wipro, and Maruti opened with cuts.

Fifteen stocks were found to be trading with Relative Strength Index (RSI) trending down, according to a report by StockEdge. From this group, ETMarkets has selected 10 stocks that are currently trading in an overbought zone. The RSI is a commonly used technical analysis tool that assesses the magnitude and speed of price changes in a security

Indian cement makers may report limited benefits in June quarter on lower input costs and strong demand, as increased competition has prevented companies from raising prices. While the March quarter is the strongest for cement makers, onset of monsoon rains in the June quarter generally leads to a quarter-on-quarter fall in volume and pricing. This year, though, the sequential fall in volume is estimated to be 2-4% as against a 7-10% fall that is generally the trend, analysts said.

From the Sensex pack, Asian Paints closes 4% lower after Q1 results. Meanwhile, ITC, L&T, SBI, IndusInd Bank, Kotak Bank, Wipro, and Axis Bank also end in the red. The market capitalisation of all listed companies on BSE increased by Rs 67,727 crore to Rs 302.65 lakh crore

Revenue growth is also likely to remain in double digits, albeit slower, given the high base effect of the previous year's June quarter. In addition, benign input costs will continue to support operating profitability.

Both were unanimously elected at the Extraordinary General Meeting (EGM) of CMA held on July 14, 2023, said a statement from the association. Akhoury, who has 30 years of experience in the steel and cement industries, takes over from UltraTech Cement's Managing Director K C Jhanwar.

Jaiprakash Associates, the flagship firm of the crisis-hit Jaypee Group, has defaulted on loans of INR40.44bn ($538.8m), covering both principal and interest amounts, according to a regulatory filing. The loans were fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

Most money managers believe that the current rally in the Indian stock market has more legs as valuations are reasonable. Axis Securities and Motilal Oswal Securities favour the "growth at a reasonable price" theme and domestic-oriented companies. ICICI Bank, Maruti Suzuki, State Bank of India, RITES, Federal Bank, Varun Beverages, Ashok Leyland, PNC Infratech, ITC, Aarti Drugs, Relaxo Footwears, Mahindra CIE, Praj Industries, CCL Products, Polycab India, and CreditAccess Grameen are among their top picks. Experts expect the market positioning to shift to banks and domestic-cyclical stocks as more than half of the sectors still trade at a discount to their average.

ADF Foods, Starteck Finance, Kore Digital, The Hi-Tech Gears and Suzlon Energy, hit their fresh 52-week highs at 10:30AM.

The NSE Nifty index was trading 111.0 points up at 19300.05

“The performance of the three major large cap IT stocks that have reported earnings in the last two days — TCS, HCLTech, and Wipro — offers insights. There were no surprises or disappointments in their numbers, which met Street estimates.”

Net Sales are expected to increase by 19.1 percent Y-o-Y (down 3.2 percent Q-o-Q) to Rs. 18,057 crore, according to Nirmal Bang.