Sensex Today Trades Flat; Nifty Above 24,300

Asian equities advanced after a rally in the world's largest tech stocks lifted US and global shares to new highs ahead of inflation data due later Thursday. Equities in Japan and Australia and futures for Hong Kong stocks all rose, echoing the bullish pulse.

US stocks again soared to fresh all-time highs on Wednesday as Jerome Powell's remarks on Capitol Hill buoyed rate-cut hopes and Big Tech stocks piled on the gains.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 192.66 2.22 1.17% 193.31 190.62 193.31 115.83
Apple 232.98 4.3 1.88% 233.08 229.25 233.08 164.08
Meta 534.69 4.69 0.88% 538.88 528.36 542.81 274.38
Tesla 263.26 0.93 0.35% 267.59 257.86 299.29 138.8
Netflix 677.65 -8.09 -1.18% 687.22 673.16 697.49 344.73
Amazon 199.79 0.45 0.23% 200.11 197.69 201.2 118.35
Microsoft 466.25 6.71 1.46% 466.46 458.86 468.35 309.45
Dow Jones 39721.36 429.39 1.09% 39736.2 39256.72 40077.4 32327.2
Nasdaq 20675.38 222.36 1.09% 20690.97 20479.94 20690.97 14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 44 points higher and NSE Nifty is trading 19 points higher.

Tata Motors, HCL Tech, and TCS are among the top gainers today.

Nestle, Sun Pharma, and HDFC Bank the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Midcap index is trading 0.4% higher and the BSE Smallcap index is trading 0.5% higher.

Sectoral indices are trading on a positive note today, with stocks in the realty sector, healthcare sector, and FMCG sector witnessing the most buying. Meanwhile, stocks in the FMCG sector, power sector and realty sector are witnessing selling pressure.

The rupee is trading at Rs 83.51 against the US dollar.

In commodity markets, silver prices are trading 0.7% higher at Rs 93,480 per 10 grams today.

Tata Elxsi Q1 Results

Design and technology services firm Tata Elxsi Ltd on Wednesday (10 July) reported a 3% year-on-year (YoY) decline in net profit at Rs 1.8 bn for the first quarter that ended 30 June 2024. In the corresponding quarter, Tata Elxsi posted a net profit of Rs 1.9 bn.

Sequentially, the net profit for the quarter fell 6.5% to Rs 1.8 bn from Rs 1.9 bn in the March 2024 quarter and revenue rose 2.3%. The company's revenue from operations increased 9% to Rs 9.3 b against Rs 8.5 bn in the corresponding period of the preceding fiscal.

Tata Elxsi's transportation sector grew by 5.3% quarter-on-quarter in constant currency (QoQ CC), driven by significant deal wins and the ramp-up of software-defined vehicle (SDV) engagements.

Media and communications achieved 0.5% QoQ CC growth despite the challenging environment in the media and telecom industry. Additionally, the company's system integration services saw a robust growth of 8.7% QoQ CC.

Tata Elxsi was founded more than three decades ago in 1989.

The company today is among the world's leading providers of design and technology services across industries including automotive, media, communications, and healthcare.

SBI Issues Infra Bond

State Bank of India - India's largest lender - has once again raised Rs 100 bn through an AAA-rated infrastructure bond issue.

The coupon rate of SBI's sixth bond issue was 7.4%, for a tenor of 15 years. The funds raised through the bond issue will be used to fund infrastructure and affordable housing.

The fresh funding follows a similar bond issuance a fortnight back when RBI had similarly raised Rs 100 bn through infrastructure bond issuance.

SBI noted an overwhelming response from investors, with bids over Rs 181.5 bn for the bonds on offer, and the issue was over-subscribed by around 3.6 times compared to the base issue size of Rs 50 bn.

A total of 120 investors who have shown interest included provident funds, pension funds, insurance companies, mutual funds, and corporates.

State Bank of India is India's largest PSU bank by assets and by market capitalization.

Despite the bank's troubled background, its financial situation has improved over the years.

Power Grid to Borrow Funds

State-owned Power Grid Corporation of India Ltd (POWERGRID) on Wednesday (10 July) announced plans to borrow up to Rs 160 bn during the financial year 2025-26.

This decision was made by the Board of Directors in their meeting held on 10 July 2024. The funds will be raised through various sources, including domestic bonds.

These bonds can be secured or unsecured, non-convertible, non-cumulative, redeemable, and may be issued as either taxable or tax-free under private placement.

In addition to this, the Board has also approved an enhancement of the current borrowing limits for FY 2024-25. The limit will be increased from Rs 120 bn to Rs 150 bn through the issuance of similar types of bonds under private placement from domestic or other sources.

These approvals are subject to the ratification of shareholders in the upcoming Annual General Meeting.

Established in 1992, Power Grid is among the biggest public-sector undertakings (PSUs) in India. It's a Maharatna CPSU and India's largest electric power transmission company.

PGCIL was incorporated to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines. The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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