Today’s Market News :
The Nifty 50 index is expected to experience a gap-down opening due to earnings and inflation pressures. Yesterday, the Sensex tumbled by nearly 821 points or more than 1% and broader Nifty plunged below 23,900 level due to heavy selling in banking, power and auto shares and sluggish global trends
* Over 1200 companies, including Grasim Industries and Hero MotoCorp, are set to announce their Q2 earnings today, with analysts predicting growth driven by higher sales and improved profitability.
* Hero MotoCorp is expected to report a 9% year-on-year increase in revenue and a 10% rise in net profit, attributed to higher volumes and average selling prices.
* Grasim Industries is projected to achieve a revenue growth of 17-20% year-on-year, with profits expected to rise by 18%, following a previous quarter loss.
* The IT and pharma sectors are expected to lead the market recovery amidst broader weakness, as they are currently holding their ground better than other sectors.
Niva Bupa Healthcare shares are set to debut on the stock exchanges today, following strong demand from retail investors during its IPO.
* The company’s gross written premium has shown impressive growth, increasing at a compound annual growth rate (CAGR) of 41.27% from FY22 to FY24, positioning it as a significant player in the health insurance sector.
* Despite a grey market premium (GMP) of just 1% over the issue price, the overall market sentiment remains cautiously optimistic as Niva Bupa is the second standalone health insurer to go public in India.
* Acme Solar Holdings made its stock market debut today, with shares trading at a discount in the grey market, indicating cautious investor sentiment despite the company’s recent growth and profitability.
* The IPO received a decent response, with nearly 3 times overall subscription, but analysts remain concerned about the company’s high debt levels, which may impact the listing outcome.
