Sensex Today Ends 250 Points Higher | Pharma Stocks Shine | M&M Rallies 4%, Venky's Plunges 15%

Mon, 7 Aug Closing

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After opening the day on a positive note, Indian share markets gained momentum as the session progressed and ended the day higher.

Benchmark indices rose marginally on Monday, helped by pharma and auto stocks, amid caution in a data-heavy week that includes US inflation data and the Reserve Bank of India's monetary policy decision.

At the closing bell, the BSE Sensex stood higher by 232 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 80 points (up 0.4%).

M&M and LTI Mindtree were among the top gainers today.

Tata Motors and SBI were among the top losers today.

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

The Gift Nifty was trading at 19,668, up by 80points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.6% higher, and the BSE SmallCap index rose 0.3%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and realty sector witnessing most of the buying.

On the other hand, stocks from the power sector and banking sector witnessed selling pressure.

Shares of Raymond and Grasim 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 share markets ended on a mixed note. The Hang Seng ended flat while the Shanghai Composite fell 0.6% and Nikkei ended 0.2% higher.

The rupee is trading at 82.77 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 59,384 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.8% at Rs 71,925 per kg.

Speaking of the stock markets, the Indian stock market has been in a bullish trend for the last few months. And one sector has been at the forefront of the gains.

Public sector stocks have been on fire. There are many fundamental reasons for this but what do the technical charts say about these stocks?

In the below video, Chartist, Brijesh Bhatia talks about the technical outlook for these stocks.

Emami Q1 results

In news from the FMCG sector, Emami reported a consolidated net profit of Rs 1.4 bn for the April-June quarter of FY24 today, registering a growth of 86.6% from Rs 738 m in the same quarter of the previous financial year.

The total revenue came to Rs 8.3 bn, rising 6.8% from Rs 7.7 bn in the year-ago quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were at Rs 1.9 bn, growing by 10%. EBITDA margin was at 23% and grew by 0.6% YoY.

Excluding the sales of the summer portfolio, the domestic business grew strongly by 16%, while the overall growth of domestic Business in Q1FY24 stood at 7%, the company said in a press release. However, the summer portfolio declined by 5% during the quarter due to the impact of unseasonal rains.

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Modern Trade and eCommerce continued to perform well growing by 45% and 47% respectively, over the previous year. International business grew by 8% during the quarter with a constant currency growth of 11%, led by strong growth in SAARC, GCC & CIS regions.

The quarter also witnessed strong double-digit growth of major brands like Navratna, 7 Oils in One, Fair and Handsome and Creme 21 in the international markets.

The company also concluded the buyback of its shares amounting to Rs 1.9 bn.

If you are looking for attractive FMCG stocks, sales and profit growth is what you look for. Check out our screener for top FMCG companies in India for it.

Why India Cement share price is falling

Moving on to news from the cement sector, India Cements shares slumped 4% today after it reported a loss of Rs 874 m compared to a profit of Rs 799 m reported in Q1FY23 in its quarterly results for Q1FY24.

The company reported a 5.1% YoY (year-on-year) decline in its revenue from operations at Rs 14.4 bn.

EBITDA (earnings-before-interest-taxes-depreciation and amortisation) for Q1FY24 stood at Rs 2 bn, up 20% YoY from Rs 1.7 bn reported in Q1FY23. The margins were up by 2.9% at 14.1% in the quarter under review.

The company is engaged in the production and distribution of cement and cement-related products. Its business operations involve manufacturing of cement, ready-mix concrete, and clinker.

The company operates out of its 8 manufacturing units in Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan, with an installed production capacity of 15.55 million tonnes per annum.

Low debt levels and high return on Equity (ROE) are characteristics of a good cement stock. To know which cement stocks in India stands strong among them, check out our screener of  top cement companies in India.

Vishnu Chemicals' fundraising plan

Moving on to news from the chemical sector, Vishnu Chemicals, manufacturers of Chromium and Barium-based speciality chemicals, announced the successful completion of fundraising of Rs 2 bn through a qualified institutions placement (QIP) of its equity shares.

Its first-ever QIP witnessed a strong response from marquee domestic and foreign institutional investors.

While Emkay Global Financial Services was the sole book-running lead manager for the QIP, Crawford Bayley & Co was the legal counsel to the QIP.

Investors who took part in the issue included Franklin India Smaller Companies Fund and Aditya Birla Sun Life Insurance and were allocated more than 5% of the offered equity shares.

The Indian chemical sector is immensely diversified, covering over 80,000 commercial goods. For more check out best chemical stocks in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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