Thank you, readers! That's all from CNBCTV18.com's live market coverage on July 25, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Good time to pick stocks one is comfortable with: Dinshaw Irani
Dinshaw Irani, CIO of Helios Capital India, believes it is a good time for investors to pick stocks that they are comfortable with. "We've been deploying our cash actively. I think the bulk of the venom is out in the market. Our belief is that the lows that you saw in June may not be seen again unless something untoward happens in the world itself," he tells CNBC-TV18.
"India is in a very good footing right now. Monsoon has proven to be very good and rural demand is expected to come back into play. All in all, I think it's working out perfectly for India. A mild recession is what is expected in the US or other developed markets. If that happens, obviously, that's very good for emerging markets, because we see a lot of money flow back to EMs," he adds.
Market At Close | Sensex and Nifty50 halt six-day gaining streak
Here are some highlights:
--Auto stocks see profit booking following recent upmove — Nifty Auto down two percent
--ONGC among top Nifty losers as crude oil rates fall — stock falls two percent
--ICICI Bank flat after earnings
--Axis Bank and Tech Mahindra slip, and Tata Steel rises ahead of earnings
--Metal stocks rise as benchmark rates seem stablising globally — Nifty Metal up over one percent
--Navin Fluorine surges 11 percent on positive commentary and improved earnings
--SRF gains four percent following a positive outlook
--GAIL rises four percent higher on company's plan to consider bonus issue
--Bandhan Bank quarterly performance falls short of Street estimates — stock falls four percent
--Zomato falls 11 percent as 1-year lock-in period for pre-IPO shareholders ends
--Market breadth favours the bears — advance-decline ratio at 2:3
CRISIL April-June profit jumps 36% to Rs 136.9 crore
The rating agency reported revenue of Rs 668.5 crore for the quarter ended June, as against Rs 528.5 crore for the corresponding period a year ago.
Its EBITDA margin declined to 25.3 percent in the April-June period, from 26.4 percent in the year-ago period.
IT stocks bouncing back from oversold territory: Jay Thakkar
Jay Thakkar, Vice President and Head of Research at Marwadi Shares and Finance, tells CNBC-TV18 that in his view, IT shares are bouncing back from oversold territory. "Even after a weak performance, Wipro didn't make a 52-week low. In fact, it managed to bounce back that clearly shows that most of the things are quite priced in. TCS has reversed quite well from oversold territory and this bounce is likely to continue till the targets of Rs 3,375. One can hold this placing a stop loss at Rs 2,970," he says.
Potential for downside in earnings estimates: Shyamsunder Bhat
Shyamsunder Bhatt, CIO, Exide Life Insurance, has a cautious stance on the market. “We have already seen some correction of 1-2 percent in the Nifty consensus earnings estimates for the next two years. But as we go ahead, after this earnings season is over, possibly we could see a couple of percentage points more,” he tells CNBC-TV18.
"Therefore, for 12-13 percent earnings growth that we expect over the next two years, we think that the valuations of the index per se, the Nifty 50, at 17.5 times next year... the markets look fairly valued or slightly expensive if one sees the index per se and that is the major reason for the cautious view," he adds.
Edelweiss Securities downgrades Tata Steel
Edelweiss Securities has downgraded Tata Steel to ‘hold’ with a target price of Rs 985.
“We have downgraded the stock after the export duty imposition and we believe that still there is a quarter left when we are about to witness the margin contraction and all. As of now, we are circumspect about the steel space, particularly because China is exporting a significant amount of steel. And it is well within the range of our domestic prices. So domestic prices could be lower hereon on this import parity consideration,” says Amit Dixit of Edelweiss Securities.
At 1:57 pm, Tata Steel shares are up 2.5 percent at Rs 958.9 apiece on BSE.
Canara Bank Q1 net profit climbs 71% YoY
Canara Bank's net profit for Q1FY23 was Rs 2,022 crore as compared to Rs 1,177.5 crore in Q1FY22. Its net interest income (NII), the difference between interest earned and expended, rose over 10 percent to Rs 6,784 crore. The Gross NPA was at 6.98 percent. Loan growth for the bank grew at 15.2 percent (YoY) & 6.2 percent (QoQ).
Positive on HDFC twins, Asian Paints, Larsen & Toubro: Sudeep Shah
Sudeep Shah of SBI Securities said, "HDFC twins are coming back, last few days we have seen some kind of a positive price action in HDFC Limited, and HDFC Bank so we are positive on both the stocks." He added that Asian Paints looks good ahead of its numbers tomorrow. "Larsen & Toubro also looks good, so lot of these largecaps are now showing us incremental strength and auto after a big up move is consolidating for a day or two or a couple of days from today. We feel that in the next few days auto also would be moving up in the week to come."
HFCL falls 9% on disappointing Apr-Jun earnings
HFCL reported a fall of nearly 13 percent on year in revenues. Operating margin declined by 498 basis points to 10.45 percent. The consolidated net profit slumped nearly 42 percent year-on-year.
At 1:04pm, the stock was 7.5 percent down at Rs 63.3.