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The benchmark indices traded with modest losses in morning trade. The Nifty traded below the 19,500 level. PSU bank witnessed buying demand after declining in the past two trading sessions.
The barometer index, the S&P BSE Sensex, was down 228.42 points or 0.35% to 65,459.76. The Nifty 50 index lost 69.25 points or 0.35% to 19,473.85.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.32% while the S&P BSE Small-Cap index rose 0.24%.
The market breadth was positive. On the BSE, 1,737 shares rose and 1,476 shares fell. A total of 174 shares were unchanged.
Results Today:
Oil and Natural Gas Corporation (ONGC) (down 0.67%), ABB India (up 0.46%), Nykaa (up 0.89%), Zydus Lifesciences (up 0.31%), Apollo Hospitals Enterprise (up 1.30%), Glenmark Pharmaceuticals (down 0.81%), National Aluminium Company (NALCO) (down 0.75%), SpiceJet (up 1.23%), Astral (up 0.23%), BEML (up 2.33%), Cochin Shipyard (down 2.35%), City Union Bank (down 0.79%), Garden Reach Shipbuilders & Engineers (down 1.11%), Hindustan Aeronautics (up 1.16%), HEG (down 0.56%), Indian Railway Finance Corporation (down 0.32%), Jindal Steel & Power (down 0.75%), Kalpataru Projects International (up 0.67%), Muthoot Finance (up 0.07%), Info Edge India (down 0.52%), NMDC (down 0.75%), Power Finance Corporation (up 1.22%), Raymond (up 1.59%), Shree Renuka Sugars (down 0.32%), Sun TV Network (down 0.57%) and Voltas (up 0.24%) will announce their quarterly earnings later today.
Aurobindo Pharma (down 1.21%), Advanced Enzyme Technologies (down 0.08%), Amara Raja Batteries (down 0.94%), Crompton Greaves Consumer Electricals (down 1.05%), Finolex Cables (up 1.09%), JK Cement (down 2.65%), NITCO (up 0.74%), Panacea Biotec (down 0.76%), PTC India (down 0.08%), Rail Vikas Nigam (up 0.24%) will announce their quarterly earnings on Saturday, 12 August 2023.
Buzzing Index:
The Nifty PSU Bank index rose 1.99% to 4,588.85. The index declined 0.91% in the past two trading sessions.
Indian Overseas Bank (up 8.53%), Central Bank of India (up 4.85%), UCO Bank (up 4.51%), Bank of Maharashtra (up 4.51%), Punjab & Sind Bank (up 4.06%), Indian Bank (up 3.57%), Bank of India (up 2.96%), Punjab National Bank (up 2.12%), Union Bank of India (up 2.11%) and Canara Bank (up 1.34%) edged higher.
Stocks in Spotlight:
Suryoday Small Finance Bank jumped 4.36%. The company reported consolidated net profit of Rs 47.6 crore in Q1 FY24 as against a net profit of Rs 7.8 crore in Q1 FY23. Net total income rose to Rs 275.8 crore in the June quarter from Rs 190.2 crore recorded in Q1 FY23.
Repro India locked in an upper circuit of 5% after the company said that its board will meet on 17 August 2023, to discuss and approve a range of fundraising options. The company is exploring options like Qualified Institutions Placement (QIP), American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and preferential allotment.
HCL Technologies rallied 4.01%. The IT major announced the signing of a new mega deal with a Global 100 corporation. We expect this deal to have a positive revenue impact over the next six years beginning in November 2023 with an estimated new total contract value of US$ 2.1 billion over the term, HCL Technologies said.
Separately, Verizon Business announced a strategic global partnership making HCLTech its primary Managed Network Services (MNS) collaborator in all networking deployments for global enterprise customers, bringing together two global leaders in enterprise networking.
Hero MotoCorp shed 0.71%. The company reported consolidated net profit of Rs 700.54 crore in Q1 FY24 as against a net profit of Rs 585.58 crore in Q1 FY23. Total income rose to Rs 9076.55 crore in the June quarter from Rs 8503.07 crore recorded in Q1 FY23. Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 250 bps. The company expects the momentum to build-up in the coming quarters on account of favorable economic indicators and positive consumer sentiments, Hero MotoCorp said.
Mazagon Dock Shipbuilders slipped 3.13%. The company reported consolidated net profit of Rs 314 crore in Q1 FY24 as against a net profit of Rs 225 crore in Q1 FY23. Total income rose to Rs 2405 crore in the June quarter from Rs 2366 crore recorded in Q1 FY23.
Apollo Tyres tumbled 4.73%. The company reported consolidated net profit of Rs 396.9 crore in Q1 FY24 as against a net profit of Rs 177.36 crore in Q1 FY23. Total income rose to Rs 6280.12 crore in the June quarter from Rs 5952.6 crore recorded in Q1 FY23.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper advanced 0.52% to 7.191 from its previous close of 7.154.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7450, compared with its close of 82.6600 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement shed 0.09% to Rs 58,800.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 102.58.
The United States 10-year bond yield gained 0.51% to 4.110.
In the commodities market, Brent crude for October 2023 settlement declined 3 cents or 0.3% to $86.37 a barrel.
Global Markets:
Asian stocks were trading mixed on Friday after inflation in the U.S. came in lower than expected, raising hopes markets could see a ?soft landing? in the inflation fight.
US stocks ended higher on Thursday on the softer inflation print. The July US consumer price index rose 3.2% from a year ago and 0.2% month-on-month, new data from the Bureau of Labor Statistics showed on Thursday. Core CPI, which excludes volatile food and energy prices, also gained 0.2% month-on-month for a 4.7% year-on-year increase.
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