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    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar
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    Summary

    Stock Market Hhighlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 clocked their highest closing levels in four months on Thursday tracking strength across global markets, after a better-than-expected inflation reading from the US eased growing concerns about steep hikes in COVID-era interest rates. Gains in IT and financial shares pushed the headline indices higher, though losses in oil & gas counters limited the upside. Broader markets also strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices finishing 0.9 percent higher each.

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    Earnings and economic momentum to drive Indian market in near term: Rupen Rajguru 

    Rupen Rajguru, Head-Equity Investment and Strategy at Julius Baer, tells CNBC-TV18 that in his view, the earnings and economic momentum will drive the Indian market. "From an India perspective, one thing that is very clearly emerging out of this entire 10 months of huge volatility is that India is a standout market. I think the one reason for that is earnings," he says. 

    "Short-term momentum in the markets can definitely take us higher, but as we were extremely bearish a month back, probably now we are getting into that if not extreme bullish... No good amount of bullishness right now, so this pendulum can swing anytime," he adds. 

    Market At Close | Sensex and Nifty50 at 4-month closing highs 

    Here are some highlights:

    --Headline indices rise in 7 of 8 trading sessions so far this month

    --Financial stocks support headline indices — Axis, Bajaj Finance, HDFC and SBI top gainers

    --Tata Consumer top Nifty loser after in line earnings 

    --Apollo Hospitals slips two percent ahead of results

    --City gas distribution stocks surge on government's decision on contribution 

    --Cummins jumps six percent on positive management commentary post-earnings

    --Zydus Life reports better-than-expected quarterly performance — stock rises five percent

    --Bharat Forge, Bata and Trent rise after results

    --Abbott top midcap loser as earnings miss Street expectations

    --NBCC, PVR, GNFC, IOC, ICICI Prudential and Metropolis top midcap losers

    --Market breadth neutral — advance-decline ratio at 1:1

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Rupee ends lower at 79.64 vs US dollar

    On Wednesday, the rupee had settled at 79.52 against the greenback.

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Bata quarterly profit misses Street estimates

    Bata reports a net profit of Rs 119.3 crore for the April-June period, as against a net loss of Rs 69.5 crore for the corresponding period a year ago. Its revenue jumped 3.5 times on a year-on-year basis to Rs 943 crore for the three-month period, according to a regulatory filing. 

    Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 148 crore and revenue at Rs 977 crore. 

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Trent net profit at Rs 115 crore in Apr-June vs loss of Rs 138.3 crore in year-ago period

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Bharat Earth Movers shares jump

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    We expect stable performance in Q2: Kalyani
    Kalyani, Bharat Forge, said, "Looking ahead into Q2, we expect stable performance." "Expect stable performance in both domestic and export markets European operations have delivered a stable performance as per plan," Kalyani added.

    Buy Jubilant Foodworks, Canara Bank: Sudeep Shah of SBI Securities
    -- Buy Jubilant Foodworks for a target of Rs 615-620 with a stop loss at Rs 573 
    -- Buy Canara Bank for a target of Rs 245-250 with a stop loss at Rs 224

    Buy Jubilant Foodworks, Piramal Enterprises: Himanshu Gupta
    Here are two recommendations by Himanshu Gupta, Vice-President Research at Globe Capital:
    -- Buy Jubilant Foodworks for a target of Rs 615-620 with a stop loss at Rs 582 
    -- Buy Piramal Enterprises Ltd for a target of Rs 1,980-2,000 with a stop loss at Rs 1,890 

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    I would look at Borosil Renewables: Anand Tandon

    Anand Tandon, Market Expert, said, "Borosil Renewables is something that I would look at because of a simple fact that people have suddenly become very bullish on solar and renewables in general. That is still reasonably attractively priced given the uniqueness."

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Likely to see Fed action remain fairly restrictive: Anand Tandon
    Anand Tandon, Market Expert said, "It's too early to say that the genie is back in the bottle and it's very likely that you will continue to see Fed action remain fairly restrictive." There is higher inflation up ahead, he said, and added, "you have to look at at least a pause from the Fed before you expect to see a sustained kind of rally going forward."

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Abbott at day's low

    BEML executing export order worth $19.76 m for Cameroon Govt

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    PVR opens 4 screen multiplex in Telangana  

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Zydus get final US regulatory nod for nausea and vomiting treatment drug

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Coal India shares rise nearly 3% after earnings beat Street estimates

    The CIL stock gains by as much as Rs 226.1 or 6.3 percent to Rs 226.1 apiece on BSE, a day after the state-run dry fuel giant reported a 178.3 percent jump in quarterly net profit to Rs 8,832.9 crore. Its revenue increased 38.8 percent to Rs 35,092.2 crore.

    Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 6,301 crore and revenue at Rs 31,516 crore. 

    Its margin improved to 34.9 percent from 19.2 percent in the corresponding period a year ago. The analysts had pegged its margin at 28.5 percent. 

    Near-term texture of market bullish but may not sustain: VK Vijayakumar

    VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, is of the view that the near-term texture of Dalal Street is bullish but may not sustain. "One, market valuations are high, which will attract profit booking. Two, details of the US inflation data reveals that inflation is unlikely to drift down steadily since wage growth and rents continue to rise. So, the Fed may continue to be hawkish impacting market optimism," he says. 

    He expects the next hike in the key interest rate by the Fed to be of 50 basis points. "This also increases the probability of a soft landing in the US," he adds. 

    Rupee gains to 79.24 vs US dollar

    The rupee had settled at 79.52 against the greenback on Wednesday.

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Eicher, Coal India, Bajaj Finserv, Wipro and Infosys top blue-chip gainers

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

    Sensex jumps 500 pts and Nifty50 above 17,700

    Stock Market Highlights: Sensex and Nifty50 scale 4-month closing highs — rupee slips to 79.64 vs dollar

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