The benchmark indices were trading near the flat line with some negative bias in morning trade. The Nifty traded below the 19,700 level. FMCG shares declined for the third consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 65.21 points or 0.10% to 66,319.57. The Nifty 50 index lost 5.15 points or 0.03% to 19,667.20.
In the broader market, the S&P BSE Mid-Cap index added 0.19% while the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 1,856 shares rose and 1,352 shares fell. A total of 158 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.83% to 10.62.
Earnings Today:
Larsen & Toubro(down 0.83%), Suzlon Energy (up 1.85%), Tata Motors (up 1.37%), Asian Paints (down 1.97%), Bajaj Auto (down 0.12%), Ceat (up 2.79%), Cyient (down 0.57%), Delta Corp (up 0.37%), Jyothy Labs (up 1.55%), KPIT Technologies (up 0.32%), Dixon Technologies (India) (up 0.94%), Greenply Industries (up 1.36%), Indoco Remedies (up 0.08%0, Jubilant FoodWorks (up 0.27%), Man Infraconstruction (down 2.14%), Mahindra Holidays & Resorts India (down 1.81%), Orient Bell (up 0.54%), RattanIndia Power (up 2.73%), SBI Life Insurance Company (down 1.70%), Sundaram-Clayton (up 0.64%), Triveni Engineering & Industries (up 3.17%), Amber Enterprises India (up 0.95%), Ajmera Realty & Infra India (up 0.03%) and Aurionpro Solutions (down 0.85%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty FMCG index slipped 1.23% to 52,122.90. The index fell 3.90% in three trading sessions.
ITC (down 2.74%), Varun Beverages (down 1.49%), Procter & Gamble Hygiene and Health Care (down 0.83%), Britannia Industries (down 0.75%), Colgate-Palmolive (India) (down 0.72%), Tata Consumer Products (down 0.6%), United Breweries (down 0.43%), Hindustan Unilever (down 0.34%), Emami (down 0.21%) and Marico (down 0.16%) declined.
On the other hand, United Spirits (up 1.09%) ,Radico Khaitan (up 0.14%) edged higher.
Stocks in Spotlight:
Tata Steel advanced 1.78%. The steel major's consolidated net profit tumbled 91.8% to Rs 633.95 crore in Q1FY24 as against Rs 7,764 crore reported in Q1 FY23. Total revenue from operations slipped 6.5% year on year to Rs 59,015.80 crore in the quarter ended 30 June 2023.
Chennai Petroleum Corporation tumbled 7.51% after the company's standalone net profit slumped 76.8% to Rs 548.32 crore in Q1 FY24 as against Rs 2,358.79 crore recorded in Q1 FY23. Revenue from operations (excluding excise duty) dropped 36.3% to Rs 14,744.80 crore in the quarter ended 30 June 2023 from Rs 23,162.55 crore recorded in the corresponding quarter previous year.
Laxmi Organic Industries added 1.43% after the company announced that its subsidiary Yellowstone Fine Chemicals (YFCPL) has commissioned the first phase of its manufacturing facility located at Ratnagiri, Maharashtra.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose 0.30% to 7.092 from its previous close of 7.071.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7150, compared with its close of 81.8100 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement shed 0.05% to Rs 59,277.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 101.24.
The United States 10-year bond yield gained 0.31% to 3.869.
In the commodities market, Brent crude for September 2023 settlement added 23cents or 0.28% to $82.97a barrel.
Global Markets:
Most of the Asian stocks edged higher on Tuesday as markets awaited more cues from a Federal Reserve meeting this week, while Chinese markets rose sharply after top officials promised more policies to support growth.
China's Politburo- the top decision-making body of the Communist Party- promised more policy measures to support slowing economic growth in the coming months. Measures will be aimed at the country's biggest growth engines- real estate and private consumption, both of which have deteriorated substantially over the past three years.
South Korea's gross domestic product grew 0.9% year-on-year in the second quarter of 2023, according to advance estimates. This was unchanged from the 0.9% seen in the first quarter.
Global central bank meetings will be in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.
US stocks settled higher on Monday as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting.
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