After opening the day on a negative note, Indian share markets remained continued the momentum as the session progressed and ended lower on Friday.

Benchmark indices fell on Friday, dragged by losses in financials and information technology (IT) stocks after strong economic data from the US reignited rate concerns, while Asian peers were subdued after Japan's central bank left rates unchanged.

At the closing bell, the BSE Sensex stood higher by 106 points (down 0.1%).

Meanwhile, the NSE Nifty closed up by 14 points.

NTPC and M&M were among the top gainers today.

HDFC Bank and Tata Motors, on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 19,734, down by 30 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.6% higher while the BSE SmallCap rose by 0.5%.

Sectoral indices ended the day on a mixed note with stocks in the realty sector and power sector witnessing buying.

Meanwhile, stocks in the banking sector and oil & gas sector witness selling pressure.

Shares of Abbott India and HDFC AMC hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a mixed note. The Nikkei ended lower by 0.4%, while the Hang Seng ended up by 1.4%. The Shanghai Composite ended higher by 1.8%.

The rupee is trading at 82.26 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 59,549 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.1% higher at Rs 73,832 per kg.
 

IOC Q1 results

In news from the energy sector, Indian Oil Corporation, on Friday, reported a consolidated net profit of Rs 117.4 bn in the first quarter of FY2023-24 amid a recovery in marketing margins.

The company had reported a net loss of Rs 8.8 bn in the same period last year on account of high international crude oil prices.

Sequentially, the net profit of the state-run oil marketing company (OMC) increased by 36% from Rs 108.4 bn in Q4FY23.

Its revenue from operations decreased by 12% to Rs 2.2 tn crore in the quarter, as against Rs 2.6 tn in the year-ago period.

The average gross refining margin (GRM) of the company was $8.34 per barrel for the June quarter compared to US$ 31.81 per barrel last year. The decline in refining margin was observed primarily because of a significant drop in diesel, and ATF spreads.

In Q1FY23, the product sales (domestic) of the company stood at 23.3 million metric tonnes (MMT) as against 22.9 MMT in the first quarter of last year.

Indian Oil Corporation (IOC) is PSU (public sector undertaking) company.

The share price of IOC has zoomed by 38% in the last year.

The transition from grey to green hydrogen is happening at a faster pace than expected. IOC is contributing to this transition, making it among India's Top Green Hydrogen Stocks.
 

Why is Motilal Oswal Financial Services' share price rising?

Moving on to news from the finance sector, shares of Motilal Oswal Financial Services (MOFSL) jumped nearly 9% on the NSE to their 52-week high of Rs 889.95 on Friday, following the June quarter earnings announced by the company along with a proposal for internal restructuring.

On Thursday, MOFSL reported strong Q1FY24 numbers, with consolidated net profit multiplying nearly 17 times from the year-ago period to Rs 5.3 bn.

Consolidated revenue from operations almost doubled to Rs 15 bn. The capital market business reported a strong 63% on-year growth in net profit to Rs 1.6 bn.

Capital markets comprise retail broking and distribution, institutional equities, and investment banking business.

Revenue for this segment grew 44% on year to Rs 8.8 bn.

In retail broking and distribution, retail cash average daily turnover (ADTO) market share grew by 0.5% on year to 6.2%. Retail F&O premium market share stood at 7.2%.

The brokerage firm also announced a demerger scheme where the company will transfer MOFSL's broking and distribution Undertaking into Glide Tech Investment Advisory Private by way of slump sale.
 

Garden Reach Shipbuilder's new launch

Moving on to news from the engineering sector, Garden Reach Shipbuilders & Engineers (GRSE) shares gained 4% in the morning trade on 28 July 2023 after the company announced the launch of an autonomous underwater vehicle (AUV).

The said AUV is lightweight and man-portable one that GRSE developed in collaboration with Aerospace Engineering Private as an industry partner.

It has been designed to operate in a totally autonomous manner and its modular design enables it to carry out a variety of roles depending on the payload.

The AUV can be used for mine detection, anti-submarine warfare (ASW) training, underwater inspection, search and rescue missions, or scientific exploration.

This is GRSE's first move towards the development of AUVs and it is planning to unveil its ship-based unmanned aerial vehicle (UAV) and unmanned surface vessel (ASV) by the end of the year.

India is home to many prominent engineering companies that cater to a wide range of sectors. 

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