.png)
The domestic equity barometers traded with decent gains in morning trade. The Nifty climbed above the 19,600 level. Media stocks extended gains for the second consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 177.47 points or 0.27% to 66,238.37. The Nifty 50 index added 57.05 points or 0.29% to 19,621.55.
The Nifty and the Sensex hit all-time highs in morning trade at 19,641.90 and 66,310.96, respectively.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index advanced 0.98%.
The market breadth was strong. On the BSE, 2,167 shares rose and 1,192 shares fell. A total of 175 shares were unchanged.
Earnings Today:
HDFC Bank (down 0.34%), LTIMindtree (up 3.08%), Tata Elxsi (up 0.68%), Crisil (up 1.08%), Hathway Cable and Datacom (up 3.99%), Huhtamaki India (down 0.94%), Moschip Technologies (down 1.87%), Onward Technologies (up 6.92%), and Tinplate Company of India (up 1.90 %) are some of the companies that will announce their quarterly earnings today.
Economy:
Among the Group of 20 nations, headline inflation seems to have peaked, according to the International Monetary Fund. However, in most of the G20 countries, particularly the advanced economies, core inflation remains well above central banks' targets.
In the fight against inflation there are some early signs of monetary policy transmitting to activity, with bank lending standards tightening in the euro area and the United States. That said, policymakers should avoid 'premature celebrations': lessons from previous inflationary episodes show that easing policy too early can undo progress on inflation,? IMF managing director Kristalina Georgieva reportedly wrote in a Friday note.
The IMF forecasts global growth over the medium-term to fall around 3%, lower than the historical average of 3.8% over 2000 to 2019.
Buzzing Index:
The Nifty Media index gained 2.20% to 1,969.80. The index rallied 6.23% in two trading sessions.
New Delhi Television (up 5%), Zee Entertainment Enterprises (up 4.07%), Hathway Cable & Datacom (up 3.59%), Network 18 Media & Investments (up 2.52%), Navneet Education (up 2.44%), Dish TV India (up 1.8%), Sun TV Network (up 1.3%), TV18 Broadcast (up 1.3%), PVR Inox (up 1.22%) and Nazara Technologies (up 1.17%) advanced.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) shed 0.03%. The company said that it has signed an MoU with NXP Semiconductors, a world leader in secure connectivity solutions for embedded applications. With the association, M&M and NXP will jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.
GTPL Hathway rallied 5.69%. The company reported 16.97% fall in consolidated net profit to Rs 35.91 crore in Q1 FY24 from Rs 43.25 crore posted in corresponding quarter last year. Revenue from operations jumped 22.75% to Rs 774.44 crore in Q1 FY24 as compared with Rs 630.89 crore in Q1 FY23. Subscription revenue increased by 8% QoQ and 9% YoY to Rs 298.1 crore in Q1 FY24. The broadband average revenue per user (ARPU) stood at Rs 460 per month per subscriber.
Lupin added 0.21%. The drug maker announced that its wholly-owned subsidiary, Lupin Inc., based in Somerset, New Jersey, has received approval from the United States Food and Drug Administration (USFDA) for its ANDA for Chlorpromazine Hydrochloride tablets. Chlorpromazine is a medication used to manage and treat schizophrenia, bipolar disorder, and acute psychosis.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper gained 0.21% to 7.104 from its previous close of 7.089.
In the foreign exchange market, the rupee edged slightly lower against the dollar. The partially convertible rupee was hovering at 82.1775, compared with its close of 82.1700 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement rose 0.16% to Rs 59,334.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 99.94.
The United States 10-year bond yield shed 0.02% to 3.817.
In the commodities market, Brent crude for September 2023 settlement lost 68 cents or 0.85% to $79.19 a barrel.
Global Markets:
Most of the Asian stocks declined on Monday as investors digested key economic data from China. The Japanese stock market is closed today on account of Marine Day national holiday.
China's economy grew slightly more than expected in the second quarter of 2023, but growth still slowed substantially from the prior quarter as a post-COVID economic recovery ran out of steam.
China's second quarter gross domestic product (GDP) grew 0.8% from the prior quarter, data from the National Bureau of Statistics showed on Monday. The reading was slightly above expectations for growth of 0.5%, but slowed substantially from the 2.2% seen in the prior quarter.
Hong Kong markets will likely be closed all Monday due to a warning issued for Typhoon Talim. The Hong Kong Observatory expects storm signal No. 8 to remain in force until at least 4pm.
The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above, and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.
Singapore's non-oil domestic exports fell 15.5% year on year in June, marking the ninth straight month that such exports have remained in contraction territory.
This was a deeper fall than the 14.8% drop recorded in May, but slightly less than market expectations of a 15.8% decline. The fall in non-oil domestic exports were due to weaker exports to Malaysia, Indonesia and South Korea, although exports to Hong Kong and China rose.
Meanwhile, the U.S. markets were mixed on Friday, with the Dow Jones Industrial Average reaching its highest level since March as strong earnings results from some of the biggest banks and companies kicked off earnings season.
However, the S&P 500 dropped 0.10%, and the Nasdaq Composite declined 0.18%, but both indexes touched their highest intraday levels since April 2022.
No comments:
Post a Comment