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    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results
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    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 scaled fresh one-month closing highs on Friday amid gains in financial, IT and FMCG shares. Losses in metal stocks, however, limited the upside. Broader markets also strengthened, with the Nifty Midcap 100 and Nifry Smallcap 100 indices gaining 0.3 percent each. Strength across global markets — after the Fed hinted at a more tempered program of hikes in COVID-era interest rates — aided the sentiment on Dalal Street.

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    Largecap IT valuations have become fair: Neeraj Deewan

    Neeraj Deewan, Director at Quantum Securities, tells CNBC-TV18 valuations in the largecap IT space have become fair.

    "There are margin pressures, which will be visible I think in this quarter numbers also. There are uncertainties because the macro environment, but I think there's no hurry; let's see what the management says and what the next few quarters hold for them and then take a call because even from the bottom, they have moved up a little bit even you have seen Infosys or TCS," he adds. 

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results
    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Market At Close | Sensex and Nifty50 near day’s highs

    Here are some highlights:

    --Sensex and Nifty50 scale fresh one-month highs

    --M&M sees profit booking post-EV deal 

    --Tata Motors rises over two percent on positive management commentary

    --L&T top Nifty gainer 

    --Oberoi Realty rises Despite weak quarterly update

    --SRF gains five percent as US to continue duty on R-134a imports from China

    --India Cements, M&M Financial, Trent, Delta, Ipca top midcap gainers

    --Market breadth favours the bulls — advance-decline ratio at 5:4

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Don't expect overnight fireworks in M&M shares: Prakash Diwan

    Market expert Prakash Diwan tells CNBC-TV18 those looking to buy M&M shares have to be patient.

    "What is good for the stock is that somewhere, tractor sales will show a turnaround and that is going to be reflected very sharply in the price sometime. It could happen 2-3 months down the line and from that perspective, it’s constructive, but it's a 'buy on dips' now. Do not chase it at Rs 1,100-plus for sure,” he says. 

    Tata Motors global wholesales rise 48% in Q1

    The auto major's global wholesales came in at 3.16 lakh units in the three-month period. JLR's global wholesales stood at 82,587 units.

    Tata Motors shares rose by as much as Rs 13 or three percent to Rs 443.8 apiece on BSE. 

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Buy Delta Corp, L&T Tech and Dixon Technologies: Hemen Kapadia of KRChoksey Securities 

    --Buy Delta Corp with a stop loss of Rs 173 and target of Rs 192
    --Buy L&T Technology Services with a stop loss of Rs 3,000 and target of Rs 3,300
    --Buy Dixon Technologies with a stop loss of Rs 3,500 and target of Rs 3,950

    Mamaearth steps up IPO plans

    Here are all the details 

    M&M shares jump as British International Investment to invest in new EV arm

    Shares of auto major Mahindra and Mahindra (M&M) jumped as much as 5 percent on Friday after the automaker said British International Investment would invest up to Rs 1,925 crore ($250 million) into its new four-wheel passenger electric vehicle (EV) arm. (More details here)

    Buy Axis Bank and India Cement, says Prakash Gaba of prakashgaba.com

    --Buy Axis Bank with a stop loss of Rs 662 and a target of Rs 680
    --Buy India Cement with a stop loss of Rs 170 and a target of Rs 180

    Jefferies downgrades tech stocks — Wipro, HCL and Tech Mahindra 

    Introduction of GST on non-ICU hospital beds to be credit-neutral for hospital sector: ICRA

    Healthcare services have been brought under the GST regime through the imposition of a tax rate of 5 percent on hospital beds (excluding non-ICU (intensive care unit) beds) charges exceeding Rs 5,000 per day. This is applicable with effect from July 18, 2022

    The GST Council in its latest meeting has decided to impose a 5 percent on hospital bed (excluding non-ICU (intensive care unit) beds) charges exceeding Rs 5,000 per day without input tax credit to the hospitals. With this, healthcare services have been brought under the GST regime for the first time. 

    In ICRA’s view, hospitals are likely to pass on the impact of this GST levy to the patients, in the absence of input tax credit. This move would increase the burden on the patients; however, the impact of the same is not expected to be material and is estimated to be less than 2 percent of the overall amount being charged to the patients. 

    TCS set to kick off earnings season, here are the most important numbers to watch out for

    Tata Consultancy Services (TCS) is all set to kick off the corporate earnings season, with India's largest software exporter due to report its financial results for the April-June period on July 8. 

    Analysts and investors will look out for the IT giant's margin — at a time when elevated employee costs continue to impact profitability in IT thanks to high attrition, even as there is healthy demand for technology across sectors. (Read more)

    Edelweiss Securities expects low attrition at TCS

    "In this quarter there are two things, one seasonally this quarter is a quarter of a lower attrition because people take their performance benefits and incentives...So if a cool off of 200-300 basis point is there in TCS, which is already at 17.4 or lower base, it will be very positive," says Sandip Agarwal, Research Analyst-Institutional Equities at Edelweiss Securities.

    Buy L&T, Godfrey Phillips: Ashish Kyal 

    Ashish Kyal of Waves Strategy Advisors shares two trading calls: 

    --Buy Larsen & Toubro for a target of Rs 1,785 with a stop loss at Rs 1,608 

    --Buy Godfrey Phillips for a target of Rs 1,180 with a stop loss at Rs 1,060 

    Buy Bharti Airtel, Bata: Mitessh Thakkar

    Mitessh Thakkar of earningwaves.com shares two trading calls: 

    --Buy Bata for a target of Rs 1,830-1,835 with a stop loss at Rs 1,782 

    --Buy Bharti Airtel for a target of Rs 712 with a stop loss at Rs 685 

    Happiest Minds in pact with CloudFabrix’s robotic data automation fabric for next-gen managed services

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Current valuation multiples in IT sector seem reasonable: Sandip Agarwal

    Sandip Agarwal of Edelweiss Securities tells CNBC-TV18 he expects a contraction of at least 150 bps in margin for TCS in the upcoming results. He also says he would be happy if the decline is just of 130 bps. 

    A positive surprise in TCS results will be a low attrition number, he says. 

    Agarwal believes IT stocks are good wealth creators.

    ICICI Bank, L&T, Infosys, Axis Bank and HDFC Bank top Sensex movers

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Concerns in Indian IT sector have been wages and margin: BNP Paribas

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results
    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results
    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Pre-Open Market | Sensex up nearly 400 pts 

    In the pre-opening session, the Sensex is up 396 points or 0.7 percent at 54,574.4. 

    Trade Setup | Nifty50 may be headed higher as the bulls help it reclaim 16,100

    The 50-scrip index has crossed its 40-day exponential moving average in an attempt to fill up a gap created on the daily chart last month, says Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas.

    He sees levels of 16,172-16,200 from a short-term perspective. (Check out key market cues and important levels to track)

    Stock Market Highlights: Sensex ends 303 pts higher and Nifty50 reclaims 16,200 — TCS slips ahead of results

    Global Cues | Crude oil prices rise on supply concerns — Brent tops $104 a barrel

    Asian markets track Wall Street indices higher
     
    Equities in other Asian markets begin Friday in the green following a strong session on Wall Street overnight, after the Fed hints at a more tempered program of interest rate hikes.
     
    MSCI's broadest index of Asia Pacific shares outside Japan is up 0.6 percent.
     
    --Japan's Nikkei 225: up 1.4 percent
     
    --China's Shanghai Composite: up 0.4 percent
     
    --Hong Kong's Hang Seng: up 0.6 percent
     
    --S&P 500 futures: down 0.1 percent

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