Indian benchmark indices, the Nifty 50 and the 30-stock Sensex, snapped a five-day losing streak, ending the week on a strong note.
The Nifty 50 scaled a new peak in the last minutes of trade, closing just shy of its record high of 24,861.15, which was hit a few minutes before the close.
The Sensex also settled with strong gains, reflecting the positive market sentiment.
Positive cues from Asian markets significantly contributed to the bullish performance.
A sharp upmove in pharma stocks and other heavyweights further bolstered the gains in both indices.
Overall, the combination of these factors led to stellar gains for the Nifty 50 and the Sensex..
Global Markets:
The yen is on track for its strongest week in nearly three months as traders unwind long-held bets against the currency ahead of crucial U.S. inflation data.
This data could cement expectations for future Federal Reserve rate decisions.
The yen surged to a near three-month high of 151.945 per dollar on Thursday, after starting the month at a 38-year low of 161.96 per dollar.
On Friday, the yen was at 154.245 to the dollar, resulting in a 2.5% weekly gain, the largest since late April-early May.
The yen’s strength is partly due to a global stock sell-off driving investors into safe havens.
Suspected interventions by Tokyo in early July caused traders to unwind profitable carry trades, where the yen is borrowed at low rates to invest in dollar-priced assets for higher returns..
Stocks in Spotlight
Sterling and Wilson stock has gained 87 percent, outperforming the Nifty which delivered returns of around 23 percent in the same period. On July 26, shares of Sterling and Wilson Renewable Energy hit a 5 percent upper circuit after the company secured an order to set up a 1,000 MWh standalone battery energy storage system (BESS) plant in Rajasthan. The project includes engineering, design, procurement, erection, testing, and commissioning of the 1,000 MWh BESS plant.
Mphasis stock surged over 8 percent to a 52-week high of Rs 3,077.95 on July 26, driven by investor enthusiasm following positive management commentary after the April-June quarter results. The company’s net profit grew 3 percent quarter-on-quarter to Rs 404 crore in Q1 FY25, with revenue remaining flat at Rs 3,422 crore. On a constant currency basis, revenue grew 0.1 percent sequentially, and the EBIT margin stood at 11 percent. The management also provided an optimistic FY25 margin guidance of 14.6-16 percent.
Cyient fell over 9 percent on July 26 after disappointing Q1 FY25 earnings, with revenue and margin significantly below analyst expectations. The IT firm also lowered its FY25 DET (digital, engineering, and technology) revenue growth guidance to flat year-on-year from high single digits, anticipating a stronger performance in the second half of the year.
Sobha shares dropped over 3 percent on June 26 after a block deal involving 47.4 lakh shares, or 5 percent of its equity, took place. The transaction, valued at Rs 865 crore, was executed at an average price of Rs 1,825 per share, reflecting a 2 percent discount from the previous closing price.
Details about the buyers and sellers are still undisclosed. However, earlier reports suggest that Anamudi Real Estate LLP, which is wholly owned by the Godrej family, is likely the seller.
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