Sensex, Nifty Snap 4-Session Losing Streak; RIL, ICICI Bank Lead Gainers
Indian stock market benchmarks snapped their four-session losing streak driven by gains in blue chips like Reliance Industries and ICICI Bank.
The NSE Nifty 50 index gained 0.28% to close above the 15,700 mark, while the S&P BSE Sensex rose 0.32% to close just shy of 52,500.
Two Nifty stocks, Dr. Reddy's Laboratories and Divi's Labs, hit 52-week highs in the session. Metal stocks including Tata Steel, JSW Steel and Hindalco were among the top Nifty losers. The market breadth was tilted in favour of the gainers, with 26 of the 50 stocks rising.
The Sensex and Nifty fell 0.9% each this week, the biggest decline since the week ended May 16.
RIL Tops Sensex Gainers List
Reliance Industries gained momentum through the trading day and is now set to close with the biggest single-day gain in nearly a month.
The Mukesh Ambani-led company emerged as Friday's top Sensex gainer, with a 1.5% rise. The banking pack clocked handy gains, with Axis Bank, State Bank of India and ICICI Bank gaining between 0.4% and 1.4%.
Stocks On Winning Streaks
Granules India stock rose for the sixth consecutive session, and is now on track for its longest winning streak since February 2020. On Friday, the shares rose as much as 3.5% to Rs 345 apiece.
Oberoi Realty shares rose as much as 2.7% to Rs 652.5 apiece, extending its winning streak to six straight sessions -- the longest stretch of gains since June 2020. Oberoi Realty has gained 7.1% during the streak compared with the Sensex's 0.7% fall.
Zee Media Corp. surged 6.9% to Rs 13.3 apiece, it's biggest intraday gain in nearly two months. The stock has clocked gains for six days in a row, and is on track to post its longest winning streak since June 2020.
Expect Sharp Operating Margin Drop In Q1, Says Marico
Marico’s India business delivered 30% plus revenue growth, backed by a robust double-digit volume growth in the April-June period, the company said in an exchange filing.
Here's are the other highlights from Marico's quarterly update:
The International business posted constant currency growth in the low 20’s.
Key input costs started easing after peaking at the start of this quarter.
Operating margin in the quarter will drop sharply on a year-on-year basis, due to exceptionally high base.
Marico expects muted bottom line growth as operating margin was impacted in April-June.
Seeing improving demand trends, as the second wave appears to be receding
Adani Ports: Nomura's Vote Of Confidence
Adani Ports & SEZ emerged as the top gainer in the Nifty as Nomura raised its target price on the stock to Rs 890 from Rs 860, implying a potential upside of 26%.
The research firm said Adani Ports' stock price is currently attractive as it has declined over 15% from June 11 to June 30 after adverse media reports regarding the freezing of the accounts of three foreign funds which together owned over Rs 43,500 crore worth of shares in four Adani Group companies.
Read Nomura's rationale here.