Indian markets continued their bullish trend today 31st July with the Nifty 50 rising 0.38% to 24,951.15 and the BSE Sensex gaining 0.35% to 81,741.34. The Nifty Bank index also edged up 0.11% to 51,553.40. We remain optimistic about the market’s trajectory noting that the bullish trend is likely to continue unless prices drop and close below the 24,074 lower low level for Nifty 50.
Q1 FY24-25 results from 735 out of 4,418 companies show revenue growth of 12.43% year-over-year though net profit growth has been more slight at 0.56%
Nifty 50 Daily Chart: TradingView
Maruti Suzuki India Limited led the gainers surging 3.89% to Rs 13,375.00. The stock opened at Rs 12,980.00 and reached a high of Rs 13,375.00 above its previous close of Rs 12,873.65.
JSW Steel Limited followed with a 3.43% increase to Rs 933.00. Opening at Rs 908.95 the stock hit a high of Rs 936.35 up from yesterday’s close of Rs 902.70. The steelmaker’s gains come amid expectations of improved demand and potential benefits from government infrastructure projects.
Source: NSEIndia
HDFC Life Insurance Company Limited rose 2.80% to Rs 716.75. Starting the day at Rs 697.20 it reached Rs 719.00 before settling higher than its previous close of Rs 697.20. The insurers stock performance may reflect growing interest in the life insurance sector.
Asian Paints Limited saw a 2.74% increase to Rs 3,087.30. Opening at Rs 3,005.05 the stock touched Rs 3,098.00 surpassing its previous close of Rs 3,005.05.
NTPC Limited advanced 2.19% to Rs 415.85. The stock opened at Rs 409.50 and reached a high of Rs 417.40 up from its last close of Rs 406.95. The power generation company’s rise may be linked to ongoing energy demand growth in India.
SBI Life Insurance Company Limited gained 1.97% to Rs 1,755.00. Starting at Rs 1,721.05 it hit a high of Rs 1,760.00 above its previous close of Rs 1,721.05.
Hindalco Industries Limited increased by 1.74% to Rs 672.00. Opening at Rs 667.00 the stock reached Rs 674.00 higher than yesterday’s close of Rs 660.50.
Adani Ports and Special Economic Zone Limited rose 1.73% to Rs 1,573.00. The stock opened at Rs 1,557.00 and touched Rs 1,577.90 up from its previous close of Rs 1,546.25.
Bharti Airtel Limited saw a 1.54% uptick to Rs 1,493.00. Starting at Rs 1,477.85 it reached a high of Rs 1,504.15 surpassing its last close of Rs 1,470.35.
Hero MotoCorp Limited rounded out the top gainers with a 1.42% increase to Rs 5,521.80. Opening at Rs 5,452.90, the stock hit Rs 5,536.15 above its previous close of Rs 5,444.30. The two-wheeler manufacturer’s rise could reflect expectations of improved rural demand.
