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Market participants will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season and corporate business updates, as well as the progress of the southwest monsoon for cues on market direction.
Auto, PSU Bank and private bank shares declined while IT, FMCG and pharma shares advanced.
At 09:25 IST, the barometer index, the S&P BSE Sensex declined 247.97 points or 0.31% to 77,352.17. The Nifty 50 index fell 72.55 points or 0.29% to 24,144.60.
In the broader market, the BSE 150 MidCap Index fell 0.26% and the BSE 250 SmallCap Index dropped 0.49%.
The market breadth was negative. On the BSE, 1,340 shares rose and 1,628 shares fell. A total of 175 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,062.27 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,171.70 crore in the Indian equity market on 13 July 2026, provisional data showed.
Economy:
India’s retail inflation breached the Reserve Bank’s target for the first time in 17 months, government data showed on Monday, setting the stage for interest rate hikes in an economy at risk from a prolonged West Asia conflict.
The consumer price index rose to 4.38% year-over-year in June, up from 3.93% figure that was recorded in May. Inflation was led by higher fuel and food costs, which rose amid Iran war-driven supply disruptions and a delay in seasonal rains.
The year-on-year inflation rate based on the All India Consumer Food Price Index (CFPI) for the month of June was 5.32%, India’s Ministry of Statistics and Program Implementation said in a Monday release. Transport inflation rose 4.3% in June, quicker than the 1.75% rise in May.
Stocks in Spotlight:
ICICI Prudential Asset Management Company declined 1.43%. The company net profit rose 23.10% YoY and 25.45% QoQ to Rs 964.63 crore in Q1 FY27. Total income increased 18.10% YoY and 20.18% QoQ to Rs 1,745.02 crore in the June 2026 quarter.
HCL Technologies fell 1.85%. The company’s consolidated net profit increased 20.3% year-on-year and 3.0% quarter-on-quarter to Rs 4,624 crore in Q1 FY27. Revenue from operations rose 13.9% YoY and 1.8% QoQ to Rs 34,579 crore. In US dollar terms, revenue stood at $3.65 billion, up 3.0% YoY but down 0.9% QoQ. Constant currency (CC) revenue declined 0.5% QoQ and increased 2.6% YoY.
Sun Pharma Advanced Research Company (SPARC) declined 2.49%. The company has appointed Anil Raghavan as its managing director (MD) and chief executive officer (CEO) , effective August 11, 2026.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 0.76% to 6.784 compared with the previous session close of 6.733.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.1300 compared with its close of 95.6800 during the previous trading session.
MCX Gold futures for 5 August 2026 settlement jumped 0.49% to Rs 1,40,970.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 101.17.
The United States 10-year bond yield rose 0.26% to 4.622.
In the commodities market, Brent crude for September 2026 settlement jumped $1.53 or 1.84% to $84.83 a barrel.
Global Markets:
Asian markets traded lower and oil hit a one-month high in early Asian trading on Tuesday after President Donald Trump said the U.S. was reinstating its blockade of Iranian shipping in the Gulf and would collect a 20% fee on cargo traversing the Strait of Hormuz.
The latest escalation came after Iran and the U.S. exchanged airstrikes over the weekend. Tehran targeted U.S. facilities in several Gulf countries and declared the Strait of Hormuz closed, though Trump disputed that claim on Sunday, saying the key shipping lane remained open to commercial traffic.
Trump on Saturday ordered airstrikes on Iran after Tehran attacked a commercial vessel transiting the strait.
Markets were also rattled by hawkish comments on Monday from Federal Reserve Governor Christopher Waller, who said the U.S. central bank may need to raise interest rates 'in the near term' if coming data show inflation continuing well above the 2% target.
Overnight, stocks on Wall Street sold off and oil futures surged more than 9% as conflict between the United States and Iran re-ignited, once again throttling the flow of goods through the Strait of Hormuz.
The S&P 500 lost 0.79% to end the day at 7,515.34, while the Nasdaq Composite fell 1.55% to finish at 25,873.18. The Dow Jones Industrial Average settled down 138.37 points, or 0.26%, at 52,498.64.
All eyes now are on the U.S. CPI data that is due for release later on Tuesday, followed by comments from Fed Chair Warsh, who will deliver the central bank's semi-annual monetary policy report to Congress.
Several analysts have also lowered their expectations for India's IT services sector as global enterprises rein in non-essential technology investments. The growing adoption of advanced artificial intelligence is also seen reshaping traditional software services business models.
One foreign brokerage reiterated its 'underweight' rating, citing persistent weakness in discretionary spending and continued pressure in the telecommunications and manufacturing verticals. Another foreign brokerage maintained its 'underperform' rating, describing the unchanged revenue guidance as the key disappointment despite stronger-than-expected earnings and robust deal wins.
For the quarter ended 30 June 2026, HCL Technologies reported a consolidated net profit of Rs 4,624 crore, up 20.3% year-on-year and 3.0% quarter-on-quarter.
Revenue from operations increased 13.9% YoY and 1.8% QoQ to Rs 34,579 crore. In US dollar terms, revenue stood at $3.65 billion, rising 3.0% YoY but declining 0.9% sequentially. On a constant currency basis, revenue fell 0.5% QoQ while growing 2.6% YoY.
EBIT increased 18.0% YoY, with the EBIT margin improving to 16.9%, up 56 basis points YoY and 39 basis points QoQ. Excluding restructuring costs, EBIT margin stood at 17.5%.
The company reported its highest-ever first-quarter net new bookings of $2.4 billion, compared with $1.936 billion in the previous quarter. Revenue from advanced AI services grew 62.1% YoY and 10.6% QoQ in constant currency.
The board declared an interim dividend of Rs 12 per equity share.
HCLTech maintained its FY27 guidance of 17.5%-18.5% EBIT margin and 1%-4% constant currency revenue growth.
Among business segments, IT & Business Services, which accounted for 75.1% of revenue, grew 4.2% YoY in constant currency. Engineering & R&D Services recorded 0.3% growth, while HCLSoftware revenue declined 5.3%.
By vertical, Public Services posted the strongest constant currency growth at 12.0%, followed by Retail & CPG (10.1%), Technology & Services (7.3%), Financial Services (5.3%) and Manufacturing (3.7%). Telecommunications, Media, Publishing & Entertainment declined 10.9%.
Geographically, the United States remained the largest market, contributing 56.0% of revenue and growing 2.9% YoY in constant currency. Europe contributed 27.6% of revenue with 0.1% growth, while the Rest of the World grew 10.8%. India, which accounted for 3.3% of revenue, recorded the fastest growth at 16.9%.
Commenting on the results, CEO and managing director C. Vijayakumar said the company delivered its highest-ever first-quarter net new bookings, driven by strong demand for AI-led transformation initiatives. He added that improving operational efficiencies and margin expansion position HCLTech to outperform the market over the medium term.
HCLTech is a global technology company providing AI, digital, engineering, cloud and software services across more than 60 countries. It serves clients across industries including financial services, manufacturing, healthcare, technology, telecom, retail and public services.
Going ahead, investors will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season, corporate business updates, and the progress of the southwest monsoon for cues on the market's near-term direction.
Realty, PSU Bank and auto shares declined while pharma and metal shares advanced.
At 13:25 IST, the barometer index, the S&P BSE Sensex declined 482.92 points or 0.62% to 77,132.94. The Nifty 50 index fell 133.05 points or 0.53% to 24,080.40.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.63% and the BSE 250 SmallCap Index declined 1.11%.
The market breadth was negative. On the BSE, 1,445 shares rose and 2,667 shares fell. A total of 189 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 2.74% to 13.65.
In the commodities market, Brent crude for September 2026 settlement added $2.90 or 3.48% to $86.20 a barrel.
India's wholesale price index (WPI)-based inflation rose to 9.87% in June 2026 from 9.68% in May 2026. According to the Ministry of Commerce and Industry, the increase in wholesale inflation was primarily driven by higher prices of food articles, mineral oils (including petroleum products), basic metals, and chemicals and chemical products.
The June 2026 wholesale inflation figures are based on the revised WPI series, with 2022-23 as the base year. The revised series, introduced by the government last month, aims to provide a more accurate representation of the current economic structure.
Gainers & Losers:
Bharti Airtel (up 2.02%), Cipla (up 1.66%), Hindalco Industries (up 1.42%), Sun Pharmaceutical Industries (up 1.31%) and Apollo Hospital Entrprises (up 1.28%) were the major Nifty50 gainers.
HCL Technologies (down 3.63%), HDFC Life Insurance (down 3.24%), Shriram Finance (down 2.67%), Indigo (down 2.65%) and Tata Motors Passenger Vehicles (TMPV) (down 2.19%) were the major Nifty50 losers.
HCL Technologies declined 3.63% after the IT major retained its FY27 revenue growth guidance, prompting concerns that enterprise technology spending remains subdued despite a strong quarterly performance. For the quarter ended 30 June 2026, the company reported a consolidated net profit of Rs 4,624 crore, up 20.3% year-on-year and 3.0% quarter-on-quarter. Revenue from operations increased 13.9% YoY and 1.8% QoQ to Rs 34,579 crore.
PDS surged 6.65% after the company announced that it had secured a multi-year Sourcing as a Service (SaaS) contract with the global sourcing arm of a leading French-headquartered supermarket group. Under the agreement, PDS will provide end-to-end sourcing and supply chain services through a dedicated operating subsidiary, supporting the retailer's textile sourcing strategy with a more agile sourcing model. The company expects to manage apparel sourcing valued at more than $250 million in annual free-on-board (FOB) volume.
Plastiblends India jumped 4.67% after the company reported 67.6% rise in net profit to Rs 14.95 crore on an 11% increase in revenue to Rs 221.61 crore in Q1 FY27 as compared with Q1 FY26.
EMS declined 2.67%. The company has emerged as the lowest bidder (L-1) for a sewerage project awarded by UP Jal Nigam (Urban), Varanasi, with an estimated order value of Rs 105.82 crore. The scope of work includes construction of a 10 MLD sewage treatment plant (STP) with co-treatment facility, sewage pumping station (SPS), boundary wall, staff quarters, site development, laying of rising mains, sewer network and sewer house connections.
Welspun Corp added 1.96% after the company announced the receipt of fresh large orders for supply of pipes for Oil & Gas export projects, from its India facility, cumulatively valued at approximately Rs 1,400 crore.
Khaitan Chemicals & Fertilizers fell 4.39% after the company reported a 49.04% year-on-year decline in standalone net profit to Rs 10.91 crore for Q1 FY27, compared with Rs 21.41 crore in the year-ago period. Revenue from operations declined 6.09% YoY to Rs 220.03 crore during the quarter.
European market declined as higher oil prices again fueled investor fears of sticky inflation.
Asian markets advanced on Tuesday as investors shrugged off the ongoing US-Iran conflict. However, gains remained capped after President Donald Trump said the U.S. was reinstating its blockade of Iranian shipping in the Gulf and would collect a 20% fee on cargo traversing the Strait of Hormuz.
HCL Technologies Ltd rose for a third straight session today. The stock is quoting at Rs 1233, up 5.92% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.04% on the day, quoting at 24216.7. The Sensex is at 77693.16, up 0.16%. HCL Technologies Ltd has added around 10.16% in last one month.
Meanwhile, Nifty IT index of which HCL Technologies Ltd is a constituent, has added around 4.12% in last one month and is currently quoting at 28010.35, up 4.34% on the day. The volume in the stock stood at 54.36 lakh shares today, compared to the daily average of 46.11 lakh shares in last one month.
The benchmark July futures contract for the stock is quoting at Rs 1220, up 5.52% on the day. HCL Technologies Ltd is down 23.88% in last one year as compared to a 3.45% fall in NIFTY and a 21.59% fall in the Nifty IT index.
The PE of the stock is 25.28 based on TTM earnings ending March 26.
HCL Technologies (HCLTech) announced its entry into the full-stack AI market to address the complete spectrum of full-stack business opportunities arising from growing demand for AI-led services and solutions across private sector and government. This will be powered by a strategic investment of up to Rs 3,500 crore to establish AI data centers, with the potential to scale to 50MW of capacity.
The AI data center investment is complemented by HCLTech's existing capabilities across AI data center design, DevOps and AI cloud operations as well as our software portfolio, enabling a truly integrated end-to-end play. The proposed investment shall be made through the Company's new subsidiary and step-down subsidiaries that will be set-up for this business.