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Indices end almost flat; Nifty closes near 19,400.

The key equity benchmarks ended almost flat on Tuesday. The Nifty settled near the 19,400 level. Metal, consumer durables and FMCG shares advanced while PSU bank, pharma and IT stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 3.94 points or 0.01% to 65,220.03. The Nifty 50 index advanced 2.85 points or 0.01% to 19,396.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.94% while the S&P BSE Small-Cap index gained 0.89%.

The market breadth was strong. On the BSE, 2,210 shares rose and 1,443 shares fell. A total of 132 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.17% to 11.75.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.1325 during the previous trading session.

IPO Update:

The initial public offer (IPO) of Aeroflex Industries received bids for 11.32 crore shares as against 2.32 crore shares on offer, according to stock exchange data at 15:15 IST on Tuesday (22 August 2023). The issue was subscribed 4.88 times.

The issue opened for bidding on Tuesday (22 August 2023) and it will close on Thursday (24 August 2023). The price band of the IPO is fixed at Rs 102-108per share. An investor can bid for a minimum of 130 equity shares and in multiples thereof.

The IPO of Pyramid Technoplast received bids for 12.42 crore shares as against 75.60 lakh shares on offer, according to stock exchange data at 15:15 IST on Tuesday (22 August 2023). The issue was subscribed 16.44 times.

The issue opened for bidding on Friday (18 August 2023) and it will close on Tuesday (22 August 2023). The price band of the IPO is fixed at Rs 151-166 per share. An investor can bid for a minimum of 90 equity shares and in multiples thereof.

Buzzing Index:

The Nifty metal index rose 0.85% to 6,634.40. The index jumped 2.37% in the past three trading sessions.

Hindustan Copper (up 5.96%), Adani Enterprises (up 2.21%), NMDC (up 2.03%), APL Apollo Tubes (up 1.8%) and Welspun Corp (up 1.7%) were the top gainers.

Among the other gainers were National Aluminium Company (up 0.97%), Ratnamani Metals & Tubes (up 0.93%), Jindal Stainless (up 0.76%), Tata Steel (up 0.56%) and Hindustan Zinc (up 0.38%).

Stocks In Spotlight:

One 97 Communications (Paytm) added 2.32% after the company said that Paytm is investing in AI with an eye on building Artificial General Intelligence software stack.

Tata Power Company rose 1.75%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a Power Purchase Agreement (PPA) for 9MWp on campus solar plant with Tata Motors Pantnagar plant in Uttarakhand.

Union Bank of India declined 2.02%. A meeting of the Committee of Directors for Raising Capital Funds is scheduled to be held on 24 August 2023 to, inter alia, consider and approve the issue price, including a discount, if any for the equity shares to be allotted to Qualified Institutional Buyers, pursuant to the Issue.

Eris Lifesciences fell 0.94%. The company has entered into term loan agreement to avail the Rupee Term Loan facility amounting to Rs 120.82 crore from Citi Bank N.A..

Newgen Software Technologies rallied 5.38% after the company announced that it has received a purchase order for the License Product, implementation and support services from an international client.

Lemon Tree Hotels advanced 1.66% after the company has signed License Agreement's for two properties in Bhubaneswar and Kasauli under the company's brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively

Patel Engineering fell 1.10%. The company along with its joint venture partner has been declared as lowest bidder (L1) for urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam.

Global Markets:

European and Asian stocks edged higher on Tuesday following the overnight rally in big tech that spurred a rebound in Wall Street stocks, though elevated Treasury yields kept risk sentiment in check.

South Korea's consumer sentiment weakened in August for the first time in six months, according to a survey from the Bank of Korea. The consumer sentiment index fell to 103.1 from 103.2 the previous month.

In US, the Nasdaq Composite snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade. The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007.

Investors are now focused on a speech by Federal Reserve Chair Jerome Powell, scheduled for Friday. The Jackson Hole, Wyoming, setting for his speech has been the site of major policy announcements in the past by the Fed, and is one of the most important events each year for central bankers globally.

Key barometers open higher; market breadth in favor of buyers.

The key equity barometers started the week on a positive note, as they traded with decent gains in early trade. The Nifty traded below the 19,350 level. Shares across sectors advanced, with IT, metals and pharma stocks gaining the most.

The barometer index, the S&P BSE Sensex, was up 163.29 points or 0.25% to 65,111.95. The Nifty 50 index added 49.60 points or 0.26% to 19,359.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index advanced 0.55%.

The market breadth was strong. On the BSE, 1,924 shares rose and 859 shares fell. A total of 156 shares were unchanged.

Stocks in Spotlight:

Titan Company gained 0.35%. The company stated that it has entered into a share purchase agreement to acquire the entire shares held by the founder of CaratLane and his family members representing 27.18% of its total share capital on a fully diluted basis for Rs 4,621 crore. The indicative time period for completion of the acquisition would be 31 October 2023.

Infosys rose 0.67%. The Commonwealth of Massachusetts, Pennsylvania Department of Revenue have imposed a penalty of $1124.6 and $12.28 on the company. There is no material impact on financials, operations or other activities of the company.

Mahindra & Mahindra (M&M) fell 1.02%. M&M announced that it will be undertaking proactive inspection and rectification of its select XUV range of products due to the potential risk of wiring loom and ineffective brake potentiometer.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.15% to 7.225 from its previous close of 7.214.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0800, compared with its close of 83.1050 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.05% to Rs 58,404.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 103.37.

The United States 10-year bond yield advanced 0.70% to 4.282.

In the commodities market, Brent crude for October 2023 settlement rose 65 cents or 0.77% to $85.45 a barrel.

Global Markets:

Asian stocks are trading mixed as China slashed its one-year loan prime rate, but kept its five-year rate unchanged on Monday.

The People's Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.

U.S. stocks mostly fell Friday as the recent rise in bond yields and China's economic woes left major benchmarks with another losing week.

Federal Reserve Chairman Jerome Powell will be delivering an address at the central bank's symposium in Jackson Hole, Wyo., next week. The Fed announced that Powell will speak Friday, 25 August 2023. He will deliver a speech, but there will be no question-and-answer session afterwards.

Key equity indices extended losses and traded with modest cuts in morning trade. The Nifty slipped below the 19,300 level. IT shares declined for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 297.46 points or 0.46% to 64,853.56. The Nifty 50 index lost 93.05 points or 0.48% to 19,272.20.

In the broader market, the S&P BSE Mid-Cap index slipped 0.34% while the S&P BSE Small-Cap index declined 0.16%.

The market breadth was negative. On the BSE, 1,556 shares rose and 1,710 shares fell. A total of 168 shares were unchanged.

New Listing:

Shares of Concord Biotech were currently trading at Rs 922 at 10:32 IST on the BSE, representing a premium of 24.43% compared with the issue price of Rs 741.

The scrip was listed at a price of Rs 900.05, at a premium of 21.46% as compared to the issue price.

So far, the stock has hit a high of 926 and a low of 900. On the BSE, over 6.93 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index fell 1.56% to 30,574.40. The index advanced 2.05% in two trading sessions.

Mphasis (down 2.7%), Wipro (down 2.05%), Tata Consultancy Services (down 1.7%), Persistent Systems (down 1.59%), LTIMindtree (down 1.48%), Tech Mahindra (down 1.45%), L&T Technology Services (down 1.26%), Infosys (down 1.22%), HCL Technologies (down 1.19%) and Coforge (down 0.72%) edged lower.

Stocks in Spotlight:

Confidence Petroleum India jumped 6.32% after the company said that it has unveiled the addition of 13 new Auto LPG Dispensing Stations (ALDS) to their network. The expansion is aimed at catering to the growing demand from car owners and auto rickshaw drivers seeking affordable and eco-friendly fuel alternatives.

Adani Enterprises rose 0.18% after the company said that its step down subsidiary Mundra Solar Energy has received the 'commercial operational date' certificate from Solar Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant.

Yatharth Hospital and Trauma Care Services (Yatharth Hospitals) rallied 6.62% after the company's consolidated net profit jumped 73% to Rs 190 crore in Q1 FY24 as compared with Rs 110 crore in Q1 FY23. Revenue from operations increased 39% to Rs 154.50 crore during the quarter as compared with Rs 111.10 crore posted in corresponding quarter last year.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.25% to 7.232 from its previous close of 7.250.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0900, compared with its close of 82.0950 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.22% to Rs 58,419.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 103.28.

The United States 10-year bond yield slipped 1.34% to 4.253.

In the commodities market, Brent crude for October 2023 settlement rose 5 cents or 0.06% to $84.17 a barrel.

Global Markets:

Asian stocks are trading lower on Friday as investors assessed Japan's July inflation data and fresh blows to China's real estate sector. Japan's core inflation for July fell to 3.1% from June's figure of 3.3%, in line with expectations. The headline inflation rate for July came in at 3.3%, unchanged from June's figure.

Meanwhile, embattled Chinese real estate giant Evergrande has filed for bankruptcy protection in a U.S bankruptcy court on Thursday as the real estate crisis in China deepens. With debts estimated to total more than $300 billion, it was the world's most heavily indebted property developer, as per reports.

US stocks ended lower on Thursday as investors continued to grapple with minutes from the U.S. Federal Reserve that showed it remains concerned about inflation, and more rate hikes may be needed.

The benchmark indices continued to trade with limited losses in morning trade. The Nifty traded below the 19,400 level. IT shares witnessed a bit of selling pressure after rising for past two days.

The barometer index, the S&P BSE Sensex, was down 250.99 points or 0.38% to 65,288.43. The Nifty 50 index lost 71.60 points or 0.37% to 19,393.40.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index rose 0.58%.

The market breadth was strong. On the BSE, 2,000 shares rose and 1,263 shares fell. A total of 147 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 0.87% to 30,939.55. The index had advanced 1.26% in past two trading sessions.

LTIMindtree (down 1.88%), Coforge (down 1.78%), Tata Consultancy Services (down 0.82%), Wipro (down 0.74%), HCL Technologies (down 0.73%), Infosys (down 0.71%), Tech Mahindra (down 0.62%), L&T Technology Services (down 0.42%), Persistent Systems (down 0.25%) and Mphasis (down 0.02%) edged lower.

Stocks in Spotlight:

Lupin shed 0.41%. The drug major announced the launch of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for the treatment of chronic obstructive pulmonary disease (COPD) in the US. Tiotropium Bromide Inhalation Powder (Reference Product Spiriva HandiHaler) had estimated annual sales of $1,264 million in the US (IQVIA MAT Mar 2023).

Glenmark Pharmaceuticals declined 1.66%. The drug maker said that it has received ANDA approval by US Food and Drug Administration (USFDA) for Tacrolimus Ointment. Tacrolimus Ointment tacrolimus is used on the skin to treat a skin condition in patients who have not responded well to other eczema medications. It is equivalent to generic version of Protopic, Ointment, 0.03%, of Leo Pharma AS. Glenmark's Tacroli.

Nava slipped 3.29% after the company said that there had been an accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.65% to 7.256 from its previous close of 7.209.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0450, compared with its close of 82.0850 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement shed 0.44% to Rs 58,421.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 103.54.

The United States 10-year bond yield gained 0.79% to 4.294.

In the commodities market, Brent crude for October 2023 settlement rose 5 cents or 0.06% to $83.50 a barrel.

Global Markets:

Asian stocks are trading lower on Thursday after the U.S. Federal Reserve's July minutes showed inflation concerns lingered.

Meanwhile, China's Premier Li Qiang reportedly said Wednesday the country would work to achieve its economic targets for the year. Li also said efforts should be made to ?organically combine? security with development.

US stocks closed lower on Wednesday US stocks ended lower on Wednesday after minutes from the last Federal Reserve meeting indicated that central bankers think inflation is still high enough to potentially warrant more interest rate hikes.

?With inflation still well above the Committee's longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,? the meeting summary stated.

The key equity indices continued to trade with limited losses in mid-morning trade. The Nifty traded below the 19,400 level. Metal stocks edged lower for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 109.36 points or 0.17% to 65,292.56. The Nifty 50 index lost 46.20 points or 0.24% to 19,388.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index gained 0.40%.

The market breadth was positive. On the BSE, 1,811 shares rose and 1,632 shares fell. A total of 142 shares were unchanged.

Buzzing Index:

The Nifty Metal index fell 1.16% to 6,470.15. The index slipped 3.81% in three trading sessions.

Hindustan Copper (down 5.84%), Hindalco Industries (down 2.37%), Jindal Steel & Power (down 2.33%), Steel Authority of India (down 1.89%), Tata Steel (down 1.74%), National Aluminium Company (down 1.71%), NMDC (down 1.35%), Ratnamani Metals & Tubes (down 1.06%), JSW Steel (down 0.78%) and Hindustan Zinc (down 0.47%) declined.

Hindustan Copper tumbled 5.84% after the company's consolidated net profit declined 17.2% to Rs 47.28 crore in Q1 FY24 from Rs 57.08 crore reported in Q1 FY23. Revenue from operations grew by 6.47% year on year to Rs 370.94 crore in the quarter ended 30 June 2023.

Stocks in Spotlight:

Coffee Day Enterprises jumped 6.36% after the company reported consolidated net profit of Rs 20.55 crore in Q1 FY24 as compared with net loss of Rs 16.70 crore in Q1 FY23. Revenue from operations jumped 17.5% to Rs 247.29 crore in Q1 FY24 as compared with Rs 210.49 crore in Q1 FY23.

Hindustan Oil Exploration Corporation (HOEC) tumbled 16.36%. HOEC reported 104.2% surge in consolidated net profit to Rs 66.07 crore in Q1 FY24 as against Rs 32.35 crore posted in Q1 FY23. Net sales soared 87.4% to Rs 167.61 crore in the quarter ended 30 June 2023 from Rs 89.42 crore recorded in Q1 FY23.

Garden Reach Shipbuilders and Engineers (GRSE) surged 18.09% after the media reported that the company expects the shipbuilding industry to get contracts worth Rs 1.2 lakh crore over the next two to four years.

Global Markets:

Asian stocks are trading lower on Wednesday mirroring moves on Wall Street after a decline in US banks.

US stocks slid on Tuesday as investors fretted over the banking sector and took in data showing another weak month for China's economy.

A Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence ? the risk of sweeping rating downgrades on dozens of U.S. banks that could even include the likes of JPMorgan Chase.

Shares Market to Everyone

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.

Shares Market to Everyone

The frontline indices traded in a narrow range with moderate losses in mid-morning trade. The Nifty hovered below the 19,500 level. PSU Bank shares resumed downtrend after advancing in the past trading session.

The barometer index, the S&P BSE Sensex, was down 349.32 points or 0.53% to 65,497.18. The Nifty 50 index lost 90.05 points or 0.46% to 19,480.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.11% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was positive. On the BSE, 1,830 shares rose and 1,568 shares fell. A total of 157 shares were unchanged.

Results Today:

Tata Power Company (down 0.51%), Zee Entertainment Enterprises (down 2.71%), Abbott India (up 0.06%), Bajaj Consumer Care (down 0.45%), Bata India (down 0.64%), Berger Paints India (up 0.08%), Bharat Forge (down 1.20%), CARE Ratings (up 2.09%), Dreamfolks Services (up 1.70%), eClerx Services (down 0.75%), Granules India (up 0.43%), Indian Railway Catering and Tourism Corporation (up 0.21%), Kalyan Jewellers India (up 3.70%), Max Financial Services (down 1.97%), Natco Pharma (up 1.25%), PI Industries (down 0.10%), Sandhar Technologies (down 1.29%), Schneider Electric Infrastructure (down 0.36%), Shankara Building Products (up 1.15%), Sula Vineyards (up 1.05%), Sunteck Realty (down 0.51%), Trent (up 1.02%) and Zuari Agro Chemicals (up 0.38%)will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index fell 1.15% to 535.10. The index declined 1.33% in two trading sessions.

Brigade Enterprises (down 5.17%), Prestige Estates Projects (down 2.72%), Godrej Properties (down 1.82%), Oberoi Realty (down 1.76%), Indiabulls Real Estate (down 1.39%), Mahindra Lifespace Developers (down 0.59%), Sobha (down 0.55%), DLF (down 0.52%) declined.

On the other hand, Phoenix Mills (up 0.23%) and Macrotech Developers (up 0.12%) edged higher.

Buzzing Index:

The Nifty PSU Bank index declined 1.09% to 4,491.40. The index rallied 3.37% in the past trading sessions.

Among the components of the Nifty Metal index, Welspun Corp (up 3.55%), Adani Enterprises (up 2.28%), APL Apollo Tubes (up 2.14%), Hindustan Copper (up 1.99%) and JSW Steel (up 1.88%) were the top gainers.

Indian Bank (down 3.22%), Canara Bank (down 1.83%), Punjab National Bank (down 1.37%), Bank of Baroda (down 0.98%) and State Bank of India (down 0.54%) were the top losers.

On the other hand, Indian Overseas Bank (up 3.58%) ,Bank of Maharashtra (up 2.48%) and Central Bank of India (up 1.13%) edged higher.

Stocks in Spotlight:

Happiest Minds Technologies declined 0.34%. The company reported 1.16% rise in consolidated net profit to Rs 58.33 crore on 3.41% increase in net sales to Rs 390.87 crore in Q1 FY24 over Q4 FY23. On a year on year basis, the company's net profit and revenues are higher by 3.5% and 18.8%, respectively as compared with Q1 FY23.

Ideaforge Technology tumbled 4.67% after the company's consolidated net profit tumbled 54.3% to Rs 18.86 crore in Q1 FY24 as compared with Rs 41.25 crore in Q1 FY23. Revenue from operations fell 2.22% to Rs 97.07 crore in Q1 FY24 as compared with Rs 99.27 crore in Q1 FY23.

Talbros Automotive Components zoomed 10.26% after the company's board approved the sub-division/split of the existing equity shares from one equity share into five equity shares.

Meanwhile, the company's net profit jumped 46% to Rs 17 crore on a 20% rise in income from operations to Rs 185 crore in Q1 FY24 as compared with Q1 FY23.

SBI Life Insurance Company added 0.74%. The Insurance Regulatory and Development Authority of India (IRDAI) has given its official approval for the appointment of Amit Jhingran as the managing director & CEO of SBI Life Insurance Company.

Vakrangee jumped 5.73% after the company said it has associated with Nexg Devices to offer sale of Vivo smartphones across its network. Nexg Devices is an authorised distributor for sale of Vivo smartphones.

Global Markets:

Asian stocks traded mixed as China's consumer price index fell in July, for the first time in 28 months. Data on Wednesday showed China's consumer prices fell 0.3% in July from a year ago. Producer prices dropped for a 10th consecutive month.

Overnight in the U.S., all three major indexes saw a selloff after Moody's downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios.

Markets are waiting for the U.S. inflation report on Thursday.

Shares Market to Everyone

The domestic equity benchmarks continued to trade near the flat line in morning trade. The Nifty hovered near the 19,600 level. PSU bank stocks witnessed bargain buying after sliding for the five trading session.

The barometer index, the S&P BSE Sensex, was down 1.18 points or 0.00% to 65,952.30. The Nifty 50 index added 2.30 points or 0.01% to 19,599.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 1,913 shares rose and 1,330 shares fell. A total of 173 shares were unchanged.

Results Today:

Coal India (down 0.30%), Hindalco Industries (down 0.66%), Adani Ports and Special Economic Zone (down 1.42%), Oil India (up 0.17%), Siemens (down 1.40%), 63 Moons Technologies (up 5.80%), Aarti Industries (down 1.76%), EIH (down 0.07%), Happiest Minds Technologies (up 0.41%), Hikal (up .46%), Ideaforge Technology (up 1.04%), IRCON International (down 1.33%), Phoenix Mills (up 3.75%), Prestige Estates Projects (down 0.31%), Radiant Cash Management Services (down 3.06%), Sudarshan Chemical Industries (up 1.77%), Talbros Engineering (up 3.08%), Tilaknagar Industries (up 2.39%), Utkarsh Small Finance Bank (down 1.65%), and Windlas Biotech (up 3.36%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU Bank index gained 1.55% to 4,461.10. The index witnessed bargain hunting after declining 4.93% in the past five trading sessions.

Bank of Baroda (up 1.69%), Punjab & Sind Bank (up 1.62%), Punjab National Bank (up 1.57%), Indian Overseas Bank (up 1.55%), Bank of India (up 1.44%), Union Bank of India (up 1.39%), Bank of Maharashtra (up 1.33%), Canara Bank (up 1.11%), Central Bank of India (up 0.84%) and State Bank of India (up 0.77%) advanced.

Stocks in Spotlight:

PB Fintech slipped 3.95%. The company reported a net loss of Rs 11.42 crore in Q1 FY24, significantly lower as compared with a net loss of Rs 204.33 crore recorded in Q1 FY23. Revenue from operations jumped 31.8% year on year (YoY) to Rs 665.59 crore in the quarter ended 30 June 2023.

RailTel Corporation of India rallied 3.06. The company has received the work order from Pimpri Chinchwad Smart City Limited (PCSCL) for providing end to end services for monetisation of PCSCL City Network Infrastructure on ?Revenue Sharing Model?. The estimated annual revenue from the contract is Rs 70 crore and the total revenue for ten years is Rs 700 crore.

MMTC declined 2.63%. SEBI has cancelled the registration of MMTC as a stock broker for its involvement in illegal ?paired contract? in case pertaining to defunct National Spot Exchange Limited. This order shall come into force with immediate effect.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.10% to 7.190 from its previous close of 7.197.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8050, compared with its close of 82.7500 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement fell 0.04% to Rs 59,395.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 102.31.

The United States 10-year bond yield declined 0.47% to 4.060.

In the commodities market, Brent crude for October 2023 settlement gained 13 cents or 0.15% to $85.47 a barrel.

Global Markets:

Asian stocks were trading mixed on Tuesday as investors focus on China's trade data for July.

Overnight in the U.S., all three major indexes gained as investors continue to digest better-than-expected earnings results.

On the economic data front, traders are looking ahead to July's consumer price index report, out Thursday.

New York Federal Reserve President John Williams said rate cuts could happen as soon as next year if the data complies. Williams also hinted that the Fed could be done hiking rates as policy is ?pretty close to what a peak rate would be.?

Federal Reserve Governor Michelle Bowman said Monday she expects more interest rate increases will be needed to bring down inflation. The central bank official said ?additional increases will likely be needed to lower inflation to the? 2% inflation goal.

Shares Market to Everyone

The frontline indices traded with decent gains in mornings trade. The Nifty traded above the 19,550 mark. Pharma stocks extended gains for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 201.21 points or 0.31% to 65,922.46. The Nifty 50 index added 59.40 points or 0.30% to 19,576.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index gained 0.46%.

The market breadth was strong. On the BSE, 2,064 shares rose and 1,312 shares fell. A total of 192 shares were unchanged.

Results Today:

PB Fintech (up 0.12%), Barbeque-Nation Hospitality (down 0.90%), Bayer Cropscience (up 0.47%), Emami (up 1.57%), Eris Lifesciences (up 3.35%), Gland Pharma (down 1.15%), Godrej Consumer Products (up 1.35%), India Cements (down 0.33%), Indigo Paints(up 0.73%), ITD Cementation India (up 2.15%), Krishna Institute of Medical Sciences (up 0.96%), Medplus Health Services (up 1.47%), Olectra Greentech (down 0.78%), Paras Defence and Space Technologies (up 1.18%), The Ramco Cements (down 0.50%), Ramco Systems (up 1.38%), RateGain Travel Technologies (up 2.23%), Sobha (up 0.23%), Sun Pharma Advanced Research Company (up 1.12%), Tata Chemicals (down 0.59%), Torrent Pharmaceuticals (up 0.59%), Ujjivan Financial Services (down 0.22%), and Whirlpool of India (down 0.14%) will announce their quarterly earnings later today.

New Listing:

Shares of Yatharth Hospital and Trauma Care Services were currently trading at Rs 330.75 at 10:14 IST on the BSE, representing a premium of 10.25% compared with the issue price of Rs 300.

The scrip was listed at a price of Rs 300, matching the initial public offer (IPO) price.

So far, the stock has hit a high of 340.90 and a low of 304. On the BSE, over 9.03 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Pharma index rose 1.09% to 15,406.60. The index gained 3.1% in three trading sessions.

Sanofi India (up 6.38%), Lupin (up 2.23%), Divis Laboratories (up 2.19%), Ipca Laboratories (up 2.02%) and Zydus Lifesciences (up 1.94%), Sun Pharmaceuticals Industries (up 1.78%), Aurobindo Pharma (up 1.66%), Laurus Labs (up 1.45%), Glenmark Pharmaceuticals (up 1.42%) and Abbott India (up 1.41%) edged higher.

On the other hand, Gland Pharma (down 1.59%), Alkem Laboratories (down 0.63%) and Cipla (down 0.52%) declined.

Stocks in Spotlight:

Delhivery fell 0.72%. The logistics solution provider reported a consolidated net loss of 89.48 crore in Q1 FY24 as against a net loss of Rs 399.34 crore posted in Q1 FY23. Revenue from operations increased 10.5% year on year to Rs 1,929.78 crore in the quarter ended 30 June 2023.

Alembic Pharma rose 0.80%. The pharmaceutical company reported a consolidated net profit of Rs 120.60 crore in Q1 FY24 as against a net loss of Rs 65.88 crore in Q1 FY23. Revenue from operations jumped 17.7% to Rs 1,486.15 crore in the June quarter from Rs 1,262.14 crore recorded in Q1 FY23.

Affle (India) added 0.50%. The company reported 21.4% rise in consolidated net profit to Rs 66.18 crore on 17% increase in net revenue from operations to Rs 406.58 crore in Q1 FY24 over Q1 FY23.

Global Markets:

Asian stocks were mostly trading lower as investors look ahead to China's inflation figures and trade balance later this week. China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues to the country's recovery trajectory.

Wall Street stocks notched their longest daily losing streak in three months, sliding on Friday as investors weighed weaker-than-expected US jobs growth and earnings from Big Tech ?megacaps?.

The U.S. economy added 187,000 jobs in July, up from 185,000 in June. The unemployment rate ticked lower to 3.5% from 3.6% in June.

Shares Market to Everyone

The benchmarks indices continued to trade with strong gains in morning trade. The Nifty traded above the 19,450 mark. IT shares witnessed some bit of value buying.

The barometer index, the S&P BSE Sensex, was up 290.60 points or 0.45% to 65,531.28. The Nifty 50 index added 83.55 points or 0.43% to 19,465.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.81%.

The market breadth was strong. On the BSE, 2205 shares rose and 1042 shares fell. A total of 152 shares were unchanged.

Earnings Today:

State Bank of India (up 0.31%), Mahindra & Mahindra (up 0.45%), Bharat Heavy Electricals (down 0.15%), Fortis Healthcare (up 1.80%), Bharat Dynamics (down 0.38%), Gujarat State Petronet (up 0.24%), Alembic Pharmaceuticals (up 0.19%), Century Plyboards India (up 0.45%), Computer Age Management Services (down 0.02%), CE Info Systems (up 0.68%), TCI Express (down 0.73%), Tatva Chintan Pharma Chem (up 0.56%), Kolte-Patil Developers (down 0.59%) and I G Petrochemicals (up 1.60%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index rose 1.83% to 30,520.60. The index had declined 1.05% in the past two sessions.

Wipro (up 2.33%), Coforge (up 2.24%), HCL Technologies (up 2.17%), Persistent Systems (up 1.98%) and LTIMindtree (up 1.97%) were the top gainers.

Among the other gainers were L&T Technology Services (up 1.92%), Tech Mahindra (up 1.87%), Mphasis (up 1.71%), Tata Consultancy Services (up 1.59%) and Infosys (up 1.21%).

Buzzing Index:

The Nifty Pharma index rose 0.50% to 15,175.05. The index has added _ % in two sessions.

Cipla (up 4.19%), Natco Pharma (up 2.2%), Torrent Pharmaceuticals (up 1.81%), Zydus Lifesciences (up 1.7%) and Lupin (up 0.98%) were the top gainers.

Among the other gainers were Gland Pharma (up 0.79%), Divis Laboratories (up 0.7%), Glenmark Pharmaceuticals (up 0.64%), Sanofi India (up 0.53%) and Alkem Laboratories (up 0.5%).

On the other hand, Abbott India (down 1.92%), Sun Pharmaceuticals Industries (down 0.53%) and Ipca Laboratories (down 0.14%) turned lower.

Stocks in Spotlight:

Hindalco Industries rose 0.39%. The company's wholly-owned subsidiary, Novelis Inc, reported a 49% slump in net income to $156 million for the quarter ended 30 June 2023. Novelis Inc had posted a net income of $307 million in the corresponding period of the previous fiscal.

Lupin added 0.79%. The drug major reported consolidated net profit of Rs 452.26 crore in Q1 FY24 as compared with net loss of Rs 89.08 crore in Q1 FY23. Revenue from operations jumped 31.58% to Rs 4,742.12 crore in Q1 FY24 from Rs 3,603.96 crore posted in corresponding quarter last year.

Deepak Nitrite rose 0.75%. The company's consolidated net profit declined 36 % to Rs 149.90 crore in Q1 FY24 as compared with Rs 234.62 crore in Q1 FY23. Revenue from operations fell 14.07% year on year to Rs 1,768.34 crore during the quarter.

Venus Pipes & Tubes rose 2.99%. The company's net profit surged 91.11% to Rs 17.41 crore on 58.11% increase in net sales to Rs 179.61 crore in Q1 June 2023 over Q1 June 2022.

LIC Housing Finance jumped 5.81%. The company's standalone net profit surged 43% to Rs 1,323.66 crore on 27.5% rise in total income to Rs 6,746.55 crore in Q1 FY24 over Q1 FY23.

Sterling and Wilson Renewable Energy (SWRE) gained 3.55%. SWRE announced that it has won orders worth Rs 826 crore in the first four months of FY 2023-24. The orders aggregate to around 1 GWp.

Global markets:

Asian stocks are trading mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.

US stocks fell marginally on Thursday on surge in treasury yields after the release of latest economic data.

In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.

Shares Market to Everyone

The key equity barometers managed to pare some losses in mid-morning trade. The Nifty hovered near the 19,500 mark. Pharma shares witnessed across the board buying.

The barometer index, the S&P BSE Sensex, was down 142.97 points or 0.22% to 65,639.81. The Nifty 50 index lost 38.15 points or 0.2% to 19,488.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.31% while the S&P BSE Small-Cap index rose 0.42%.

The market breadth was strong. On the BSE, 1920 shares rose and 1398 shares fell. A total of 170 shares were unchanged.

Economy:

India's overall unemployment rate fell to 7.95% in July from 8.45% in June as rural areas saw increased demand for agriculture labour with the onset of monsoon rains.

The Central government has mobilised gross borrowing amount of Rs 5.77 lakh crore, more than 37% of its FY24 target, in the first four months of this fiscal.

The industry body ISMA has reportedly pegged the country's sugar production at 316.80 lakh tonnes (3.41% lower) in the new season that will begin from October 2023, due to more diversion of cane for ethanol production.

Primary Market:

The initial public offer (IPO) of SBFC Finance received bids for 5.40 crore shares as against 13.35 crore shares on offer, according to stock exchange data at 11:21 IST on Thursday (3 August 2023). The issue was subscribed 0.40 times.

The issue opened for bidding on Thursday (03 August 2023) and it will close on Monday (07 August 2023). The price band of the IPO is fixed at Rs 54-57 per share. An investor can bid for a minimum of 260 equity shares and in multiples thereof.

The IPO comprises of fresh issue of equity shares worth up to Rs 600 crore and an offer for sale (OFS) aggregating up to Rs 425 crore by existing shareholders.

Buzzing Index:

The Nifty Pharma index rose 1.57% to 15,178.65. The index had lost 0.39% to end at 14,943.40 yesterday.

Lupin (up 4.26%), Aurobindo Pharma (up 4.04%), Zydus Lifesciences (up 3.23%), Laurus Labs (up 2.51%) and Glenmark Pharmaceuticals (up 2.47%) were the top gainers.

Among the other gainers were Ipca Laboratories (up 2.43%), Gland Pharma (up 2.31%), Alkem Laboratories (up 2.3%), Sun Pharmaceuticals Industries (up 2.12%) and Abbott India (up 1.69%).

Stocks in Spotlight:

Sheela Foam slipped 2.34%. The company reported 42% jump in consolidated net profit to Rs 54.39 crore during the quarter as against Rs 38.30 crore recorded in corresponding quarter last year. Net sales fell 8.2% year on year to Rs 447.83 crore during the quarter.

HPCL fell 1.34%. The state-owned oil retailer reported a standalone net profit of Rs 6,203.90 crore in Q1 FY24 as against a net loss of Rs 10,196.94 crore recorded in Q1 FY23. Net sales (excluding excise duty) stood at Rs 111,567.43 crore in Q1 FY24, down 2.2% from Rs 114,079.76 crore recorded in the same period a year ago.

Narayana Hrudayalaya rose 0.71%. The company reported 66.4% surge in consolidated net profit to Rs 183.95 crore on 19.4% rise in revenue from operations to Rs 1,233.43 crore in Q1 FY24 over Q1 FY23.

Global markets:

Asian stocks are trading lower on Thursday, adding to steep losses in the previous session following a U.S. credit rating downgrade from Fitch and better-than-expected ADP employment data.

U.S. stocks suffered a wave of selling on Wednesday after a surprise downgrade of the country's debt rating by Fitch, citing fiscal deterioration and repeated debt ceiling standoffs. Also, data showed U.S. private sector employment jumped by much more than expected in July, reviving Fed rate hike bets.

U.S. private sector employment increased by 324000 jobs in July, and annual pay was up 6.2% year-over-year, adding to pressure on the Federal Reserve to maintain restrictive policy.