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The frontline indices ended with minor losses on Tuesday. The Nifty settled below the 19,750 mark after hitting day's high of 19,795.60 in morning trade. IT, metal, pharma shares advanced while realty, PSU bank, oil & gas shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 68.36 points or 0.10% to 66,459.31. The Nifty 50 index lost 20.25 points or 0.10% to 19,733.55.
In the broader market, the S&P BSE Mid-Cap index declined 0.23% while the S&P BSE Small-Cap index gained 0.50%.
The market breadth was positive. On the BSE, 2,066 shares rose and 1,497 shares fell. A total of 165 shares were unchanged.
Economy:
Backed by new orders, the manufacturing sector continued expanding at almost the same pace in July as in June, a survey-based index prepared by S&P Global released on Tuesday showed. The Purchasing Managers' Index (PMI) dropped a tad to 57.7 in July, as against 57.8 of June.
The Indian manufacturing sector showed little sign of losing growth momentum in July, as production lines continued to motor on the back of strong new order growth,? Andrew Harker, Economics Director at S&P Global Market Intelligence, said. Further, pressure continued to be exerted on capacity, prompting a solid expansion in employment, again, a trend that is likely to continue in the months ahead should demand remain strong.
All in all, the Indian manufacturing sector has maintained its position as one of the star performers globally, bucking the trend of demand weakness seen in other parts of the world,? Harker concluded.
Meanwhile, the combined Index of Eight Core Industries jumped by 8.2% during June 2023 which was the highest in five months. The growth in the core sector however declined from 13.1% during June 2022.
The government's fiscal deficit increased to Rs 4.51 lakh crore in the April-June quarter of fiscal 2023-24, which comes in at 25.3% of the annual target of Rs 17.87 lakh crore.
India Meteorological Department has informed that India is likely to experience normal rainfall during the second half of monsoon in August and September 2023.
July Auto Sales Impact:
Bajaj Auto fell 0.23%. The company said that its total sales declined 10% to 3,19,747 units in June 2023 as compared with 3,54,670 units sold in June 2022.
Mahindra & Mahindra (M&M) added 1.02% after the car manufacturer said that its overall auto sales for the month of July 2023 stood at 66,124 vehicles, registering a growth of 18% as against 56,148 vehicles sold in July 2022.
Tata Motors shed 0.16%. The auto major's domestic and international sales for July 2023 stood at 80,633 vehicles, down 1.41% compared to 81,790 units sold in July 2022.
Eicher Motors gained 1.28%.The auto maker announced that its unlisted subsidiary, VE Commercial Vehicles (VECV) had reported 1.8% decline in commercial vehicles (CV) sales to 5,877 units in July 2023 over July 2022.
Atul Auto rose 1.46% after the company said that its total sales rose by 11.05% in July 2023 to 2,110 units from 1,900 units sold in the same period last year.
VST Tillers Tractors declined 1.31%. The tractor manufacturer's total sales jumped 29.58% to 5,506 units in July 2023 from 4,249 units sold in July 2022.
Stocks in Spotlight:
Reliance Industries (RIL) fell 1.20%. RIL and Brookfield Asset Management have signed a Memorandum of Understanding (MoU) to explore opportunities for manufacturing renewable energy and decarbonization equipment in Australia. The objective of the MoU is to expedite and mitigate risks in Australia's energy transition by facilitating local production of clean energy equipment, including PV modules, long duration battery storage, and wind energy components.
Maruti Suzuki India lost 1.21%. The auto major's standalone net profit zoomed 145.37% to Rs 2,485.1 crore in Q1 FY24 as against Rs 1,012.8 crore in Q1 FY23. The growth in profitability was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income. The vehicle manufacturer registered its highest-ever quarterly net sales at Rs 30,845.2 crore in the quarter ended 30 June 2023, up 21.98% YoY.
State Bank of India declined 1.27%. The bank said that it has raised Rs 10,000 crore through issuance infrastructure bonds, bidding for which took place on 31 July 2023.
Som Distilleries & Breweries rose 0.82% after the company's consolidated net profit rose 31.2% to Rs 33.67 crore in Q1 FY24 from Rs 25.66 crore recorded in Q1 FY23.
Steel Strips Wheels tumbled 3.91% after the company said that it has achieved net turnover of Rs 357.09 crore in July 2023 as compared with Rs 363.03 crore in July 2022, recording a decline of 1.64 % on a YoY basis.
Larsen & Toubro shed 0.32% .The EPC major announced that its construction arm has secured 'large' multiple orders for its Heavy Civil Infrastructure business.
Global markets:
European shares declined while Asian stocks traded mixed on Tuesday, taking cues from Wall Street's and fuelled by a general sense of optimism about the economic outlook.
Bets on the Federal Reserve calling it a day on its interest rate hiking cycle have been a key driver of buying for weeks as inflation continues to drop while the economy remains robust.
That has been compounded by China's recent promises of stimulus measures to kickstart growth, as a string of data showed the country's post-Covid recovery has all but puffed out.
Meanwhile, China's factory activity remained in contraction territory for the fourth straight month, with the purchasing manager's index coming in at 49.3 compared with the market expectation of 49.2. According to the country's national bureau of statistics, the PMI level is also higher than the 49.0 recorded in June.
The PMI for the non-manufacturing sector in July came in at 51.3, compared to June's figure of 53.2.
In US, all major indices ended Monday's main trading session modestly higher, with the S&P 500 at a 16-month high.
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