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Market Updates: Benchmark indices are trading higher with Nifty holding above 11250.
At 12:07 IST, the Sensex was up 266.20 points or 0.70% at 38337.33, and the Nifty was up 73.40 points or 0.66% at 11276.30. About 1164 shares have advanced, 1035 shares declined, and 137 shares are unchanged.
TCS extends partnership with Vaillant Group:
Tata Consultancy Services (TCS) has expanded its partnership with Vaillant Group, a global leader in heating, ventilation and air-conditioning technology, to streamline the latter’s business processes and implement those on a single, digital enterprise process platform to support its business model transformation and future growth.
Hareesh V, Head Commodity Research at Geojit Financial Services
Gold’s bullish outlook will remain intact due to increased demand for safe assets amid surging pandemic cases and a weaker US dollar. Hopes of fresh policy easing measures from Central banks and escalating geopolitical uncertainties also lifted the sentiments of the yellow metal. However, immediate profit taking cannot be ruled out due to weak physical demand and record high prices.
As long as prices stay above USD 1920 expect rallies towards the next psychological level of USD 2000 initially followed by USD 2280 later. However, a direct drop below USD 1880 could negate the outlook and take prices lower.
RIL to announce Q1 earnings today; analysts expect Jio to lend support
On the Jio front, Kotak Institutional Equities expects EBITDA to increase by Rs 1,060 crore QoQ led by a modest rise in subscriber base to 396 million and ARPU to Rs 137 per month.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Nifty has reclaimed the 11250 levels on opening. What needs to be seen is if it can go past 11300 and close; if that happens we should be able to achieve the 11500 level during the course of August. 11050 – 11100 continues to be the support.
Rupee trades lower: Indian rupee is trading lower at 74.85 per dollar, amid buying seen in the domestic equity market. It opened marginally lower at 74.84 per dollar against previous close of 74.79.
Gateway Distriparks rights issue opens on July 30: Gateway Distriparks, the intermodal logistics service provider, launched its rights issue for subscription on July 30. The Rights Entitlement will also start trading on the exchanges on July 30 and the issue will close on August 30.
The company that runs container freight stations and inland container depots, has announced a rights entitlement ratio of 4:27, which means that shareholders will be entitled to 4 shares for every 27 existing shares held by shareholders.
Most active stocks on NSE in terms of volumes
Pharma stocks gain led by Dr Reddy’s Labs, stock hits 52-week high; Cadila Health, Lupin rise
Dr Reddy’s Labs was the top gainer hitting new 52-week high followed by Divis Labs, Torrent Pharma, Lupin, Cadila Healthcare, Cipla and Aurobindo Pharma.
