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Sensex down 65 pts; FMCG shares slide.

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.

Key barometers trade with limited losses; metal stocks decline.

The key equity barometers traded below the flat line, with limited losses, in early afternoon trade. The Nifty managed to hold above the 19,700 mark. Metal shares witnessed some selling pressure for second day in a row.

The barometer index, the S&P BSE Sensex, was down 139 points or 0.21% to 66,545.26. The Nifty 50 index lost 36.70 points or 0.19% to 19,708.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.32%.

The market breadth was positive. On the BSE, 1,865 shares rose and 1,679 shares fell. A total of 187 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.58% to 11.67. The Nifty 27 July 2023 futures were trading at 19,800, at a premium of 46.75 points as compared with the spot at 19,753.25.

The Nifty option chain for the 27 July 2023 expiry showed maximum Call OI of 157.3 lakh contracts at the 19,800 strike price. Maximum Put OI of 97.8 lakh contracts were seen at 19,700 strike price.

Buzzing Index:

The Nifty Metal index rose 0.61% to 6,402.70. The index has declined 1.27% in two sessions.

Vedanta (down 2.5%), Tata Steel (down 1.76%), JSW Steel (down 1.37%), Hindustan Copper (down 1.33%) and Hindustan Zinc (down 1.23%) were the top losers.

Among the other losers were Steel Authority of India (down 0.94%), Welspun Corp (down 0.91%), NMDC (down 0.27%), Ratnamani Metals & Tubes (down 0.17%) and National Aluminium Company (down 0.11%).

On the other hand, APL Apollo Tubes (up 2.91%), Jindal Stainless (up 0.73%) and Adani Enterprises (up 0.28%) moved up.

Stocks in Spotlight:

CreditAccess Grameen rose 3.21%. The company's net profit surged 151.5% to Rs 348.46 crore in Q1 FY24 as compared with Rs 138.55 crore in Q1 FY23. Total income jumped 53.9% to Rs 1,170.72 crore in Q1 FY24 as compared with Rs 760.52 crore in corresponding quarter last year.

Sportking India tumbled 5.95%. The company reported 78% drop in net profit to Rs 18 crore in Q1 FY24 from Rs 83 crore in Q1 FY23. Total operational revenues fell by 11% to Rs 539 crore in the first quarter from Rs 606 crore in the same period last year.

Kriti Industries (India) slumped 12.39%. The company reported a consolidated net profit of Rs 7.86 crore in Q1 FY24 as against a net loss of Rs 9.11 crore in Q1 FY23. Net sales increased by 52.3% YoY to Rs 279.55 in the first quarter of FY24.

Global Markets:

Asian stocks traded mixed on Monday ahead of key economic data and a busy week of earnings and central bank meetings. Japan's manufacturing activity extended declines in July, as the au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) fell to 49.4 in July from 49.8 in June.

Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve and European Central Bank later this week and possibly the end of the tightening cycle in both. Meanwhile, the Bank of Japan on Friday will likely keep its super-loose policy intact.

U.S. stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.

The key equity indices traded near the flat line in morning trade. The Nifty traded below the 19,850 mark. IT shares extended losses for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 3.03 points or 0.00% to 67,094.41. The Nifty 50 index added 3.70 points or 0.02% to 19,836.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.38%.

The market breadth was positive. On the BSE, 1,827 shares rose and 1,228 shares fell. A total of 165 shares were unchanged.

Results Today:

Infosys (down 1.65%), Hindustan Unilever (down 0.09%), Union Bank of India (up 2.84%), United Spirits (down 0.33%), Coforge (up 0.28%), CSB Bank (up 0.80%), Dalmia Bharat (down 0.35%), Havells India (down 0.46%), IndiaMART InterMESH (up 0.55%), ICICI Securities (down 0.03%), 360 ONE WAM (up 0.47%), Mphasis (up 1.49%), Nelco (up 1.47%), Persistent Systems (down 0.86%), Quick Heal Technologies (down 0.68%), Reliance Industrial Infrastructure (down 0.57%), Shalby (up 1.95%), South Indian Bank (up 2.64%), Tanla Platforms (up 0.39%) and Zensar Technologies (down 3.87%) will be in focus ahead of quarterly earnings.

Buzzing Index:

The Nifty IT index lost 0.95% to 31,055.90. The index declined 1% in two trading sessions.

Infosys (down 1.96%), HCL Technologies (down 1.74%), L&T Technology Services (down 1.69%), Persistent Systems (down 1.2%) and Tata Consultancy Services (down 0.8%), Wipro(down 0.49%), LTIMindtree (down 0.35%), Tech Mahindra (down 0.29%) edged lower.

Stocks in Spotlight:

L&T Finance Holdings declined 1.09%. The company's consolidated net profit surged 102.6% to Rs 530.93 crore in Q1 FY24 as against Rs 262.10 crore in Q1 FY23. Total income rose 6.3% year on year (YoY) to Rs 3,376.78 crore in the financial year ended 30 June 2023.

Hatsun Agro Product jumped 8.19% after the company's consolidated net profit jumped 54.28% to Rs 80.15 crore in Q1 FY24 as compared with Rs 51.95 crore posted in corresponding quarter last year. Revenue from operations increased by 6.75% to Rs 2,150.63 in Q1 FY24 as compared with Rs 2,014.60 in Q1 FY23.

Krsnaa Diagnostics slumped 11.46% after the company announced the cancellation of tender by Rajasthan government for providing lab services under National Health Mission (NHM).

On 12 May 2023, the company had informed about the acceptance of letter of award issued by National Health Mission, Rajasthan for providing Laboratory Services under Free Diagnostics Initiative on HUB and SPOKE Model under NHM in the entire state of Rajasthan to Krsnaa Diagnostics in consortium with the Telecommunications consultants India (TCIL) (100% Government of India Undertaking) as lead bidder.

Shares of Reliance Industries (RIL) will go through a special pre-open call auction today on the demerger of Jio Financial Services Ltd (JFSL). The difference between today's closing price of RIL and the price derived during the special session will be treated as the constant price for Jio Financial Services.

Shree Cement fell 1.23%. The company has received a letter dated 19 July 2023 from the office of Regional Director (NWR), Ministry of Corporate Affairs (MCA) informing order of inspection under Section 206(5) of the Companies Act, 2013. The company will comply the directions.

Dr. Reddy's Laboratories rose 0.78%. The United States Food & Drug Administration (USFDA) completed a Pre-Approval Inspection (PAI) and a routine GMP inspection at API manufacturing facility in Srikakulam, Andhra Pradesh. The inspection was conducted from 10 July 2023 to 19 July 2023. The inspection closed with zero observations and a classification of No Action Indicated (NAI).

Tata Communications added 0.18%. The company reported 29.8% fall in consolidated net profit to Rs 382 crore on 10.7% rise in gross revenue to Rs 4711 crore in Q1 FY24 over Q1 FY23.

Global Markets:

Asian stocks were trading mixed on Thursday as investors digested a slew of economic data across the region. China left its one year and five year loan prime rates unchanged at 3.55% and 4.2% respectively, days after it also left its medium term facility loan rates unchanged at 2.65%.

Japan recorded a surprise trade surplus of 43.05 billion yen ($308.5 million) in June. This was a sharp reversal from the 1.38 trillion yen deficit recorded in May, and the 1.37 trillion yen seen in June 2022.

US stocks ended higher Wednesday following earnings reports from a spate of banks and other large companies.

Domestic equity barometers traded with modest gains in early trade on buying demand in index pivotals. The Sensex climbed above the 67,000 level while the Nifty traded above the 19,800 mark. Both these indices attainted record high levels. Media, consumer durables and private bank stocks were in demand while auto and PSU bank shares declined.

The barometer index, the S&P BSE Sensex, was up 227.46 points or 0.34% to 67,022.60. The Nifty 50 index rose 72.25 points or 0.37% to 19,821.50.

The Nifty and the Sensex hit all-time highs in early trade at 19,829.55 and 67083.42, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.46%.

The market breadth was strong. On the BSE, 1,874 shares rose and 792 shares fell. A total of 126 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,115.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,317.56 crore in the Indian equity market on 18 July, provisional data showed.

Stocks in Spotlight:

State Bank of India (SBI) added 0.18%. The Competent Authority of the bank has approved to set up a new Trustee Company as a Wholly Owned Subsidiary of the bank for managing Corporate Debt Market Development Fund for which SBI Funds Management is identified as the Investment Manager cum Sponsor of the Fund.

IndusInd Bank gained 2.71%. The private lender's standalone net profit surged 32.45% to Rs 2,123.62 crore on 27.98% rise in total income to Rs 12,939.42 crore in Q1 FY24 over Q1 FY23. IndusInd Bank's consolidated net profit stood at Rs 2,124.50 crore in quarter ended 30 June 2023 as compared to Rs 1,631.14 core posted in Q1 FY23, registering a growth of 30.25%.

L&T Technology Services (LTTS) shed 0.21%. The company reported 8.5% fall in consolidated net income to Rs 311.1 crore in Q1 FY24 as against Rs 340.1 crore in Q4 FY23. Revenue fell 2.9% to Rs 2301.4 crore during the quarter from Rs 2370.6 crore posted in Q4 FY23.

The company announced that it has secured a $50 million contract with a global technology company, to enable new opportunities for digital media platforms.

Avanti Feeds rose 1.75%. A subsidiary company named Avanti Pet Care was incorporated for manufacturing and trading of pet food & pet care products.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper added 0.04% to 7.061 from its previous close of 7.058.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0950, compared with its close of 82.0450 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.02% to Rs 59,773.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 100.02.

The United States 10-year bond yield declined 0.50% to 3.771.

In the commodities market, Brent crude for September 2023 settlement lost 24 cents or 0.30% to $79.39 a barrel.

Global Markets:

Most of the Asian stocks declined on Wednesday as investors digest better-than-expected results from Wall Street.

US stocks ended higher on Tuesday led by gains in technology and banking shares amid better than expected quarterly results from key banks

US retail sales rose less than expected in June. Retail sales increased 0.2% last month, the Commerce Department said on Tuesday. Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.

The headline equity indices attained fresh record high levels in early trade. The Nifty traded above the 19,750 mark. Bank, private bank and financial services stocks were in demand while media, IT and metal shares corrected.

The barometer index, the S&P BSE Sensex, was up 257.51 points or 0.39% to 66,847.44. The Nifty 50 index rose 60.70 points or 0.31% to 19,772.15.

The Nifty and the Sensex hit all-time highs in early trade at 19,811.25 and 66,985.50, respectively.

In the broader market, the S&P BSE Mid-Cap index added 0.04% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was strong. On the BSE, 1,718 shares rose and 1,008 shares fell. A total of 99 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 73.00 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 64.34 crore in the Indian equity market on 17 July, provisional data showed.

Stocks in Spotlight:

Infosys rose 1.19% after the IT major announced that it has entered into framework agreement with one of its existing strategic clients to provide AI and automation led development, modernization and maintenance services. The total client target spend over 5 years is estimated at $2 billion.

LTIMindtree slipped 3.27%. The IT firm recorded 3.4% increase in consolidated net profit to Rs 1,152.3 crore in Q1 FY24 as against Rs 1,114.1 crore in Q4 FY23. Revenue from operations rose marginally to Rs 8,702.1 crore during the quarter from Rs 8,691 crore posted in Q4 FY23.

Tata Elxsi declined 2.11%. The company reported net profit of Rs 188.85 crore in Q1 FY24 as against Rs 184.72 crore in Q1 FY23. Total income from operations rose to Rs 872.48 crore during the quarter from Rs 736.20 crore posted in Q1 FY23.

Sheela Foam jumped 7.40 % after the company announced two simultaneous deals, with controlling stake in Kurlon Enterprises Limited (KEL) and a stake in Furlenco furniture. Sheela Foam is acquiring 94.66% shareholding in KEL at an equity valuation of Rs. 2150 crores (cost of acquiring 94.66% around Rs. 2035 crore). Sheela Foam is also investing in 35% shareholding in HOK-Furlenco for an equity valuation of Rs. 857.14 crs (cost of investing in 35% stake is Rs. 300 crore).

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.11% to 7.066 from its previous close of 7.074.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0175, compared with its close of 82.0325 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.22% to Rs 59,264.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.76.

The United States 10-year bond yield added 0.05% to 3.799.

In the commodities market, Brent crude for September 2023 settlement gained 28 cents or 0.36% to $78.78 a barrel.

Global Markets:

Asian stocks declined on Tuesday as investors digest minutes from the Reserve Bank of Australia's July policy meeting.

US stocks ended higher Monday as Wall Street braced for quarterly reports from some of the biggest companies in the world.

Sensex, Nifty hit fresh life highs, media shares advance.

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.

The key equity indices extended gains in afternoon trade. The Nifty traded above the 19,500 mark. European markets opened mostly higher while majority of the markets in Asia traded in the positive territory.

The barometer index, the S&P BSE Sensex, was up 302.66 points or 0.46% to 65,861.55. The Nifty 50 index gained 92.30 points or 0.48% to 19,506.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.53% while the S&P BSE Small-Cap index advanced 0.94%.

The market breadth was strong. On the BSE, 2,098 shares rose and 1,267 shares fell. A total of 136 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is - 4.12% (provisional) for the month of June 2023 (over June 2022) against -3.48% recorded in May 2023.

The decline in the rate of inflation in June, 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles. The month over month change in WPI index for the month of June 2023 stood at - 0.40% as compared to May 2023.

Primary Market:

The IPO of Utkarsh Small Finance Bank received bids for 494.95 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 13:30 IST on Friday (14 July 2023). The issue was subscribed 41.06 times.

The issue opened for bidding on on Wednesday (12 July 2023) and it will close on Friday (14 July 2023). The price band of the IPO is fixed at Rs 23-25 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.

Stocks in Spotlight:

Wipro was up 0.04%. The IT major's consolidated net profit declined 6.65% to Rs 2,870.1 crore on 1.55% decrease in revenue form operations to Rs 22,831 crore in Q1 FY24 over Q4 FY23. On a year on year (YoY) basis, the IT firm's net profit jumped 11.96% while revenue rose 6.05% in Q1 FY24.

For the quarter ending 30 September 2023, Wipro expects revenue from its IT Services business segment to be in the range of $2,722 million to $2,805 million. This translates to sequential guidance of -2% to +1% in constant currency terms.

JBM Auto soared 14.83%. The company and its subsidiaries has received orders for supplying approximately 5,000 electric buses to various STUs in different states and multiple Fortune 500 companies.

Gland Pharma advanced 2.79% to Rs 1135.90 after the company announced the conclusion of US FDA's GMP inspection at its Hyderabad-based Dundigal facility.

Tata Metaliks reported a net profit of Rs 4.55 crore in Q1 FY23 as against a net profit of Rs 1.22 crore in Q1 FY23, recording a growth of 273% YoY. Net sales fell by 2.4% YoY to Rs 650.46 crore during the quarter.

Global Markets:

Markets in Europe and Asia mostly advanced on Friday, taking cues from an overnight rally on Wall Street, as producer price index data further showed that inflation in the world's largest economy was cooling.

This in turn spurred bets that the Federal Reserve was close to reaching peak interest rates in its current cycle, sparking strong gains in technology stocks.

Singapore's economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter, advanced estimates showed.

US stocks extended recent gains to end higher on Thursday as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.

The U.S. producer price index rose in June less than anticipated, climbing 0.1% year on year, while core PPI, which strips out volatile food and energy prices, climbed 0.1% ? also lower than expectations.

The Indian equity barometers ended with minor gains on Thursday. The Nifty settled above the 19,400 level. IT, realty and financial services advanced while PSU bank, media and oil & gas declined. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 164.99 points or 0.25% to 65,558.89. The Nifty 50 index added 29.45 points or 0.15% to 19,413.75.

The Nifty and the Sensex hit all-time highs in afternoon trade at 19,567 and 66,064.21, respectively.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 0.64% while the S&P BSE Small-Cap index lost 0.54%.

The market breadth turned weak. On the BSE, 1,332 shares rose and 2,117 shares fell. A total of 140 shares were unchanged.

Investor sentiment was upbeat after weaker-than-expected U.S. inflation data fueled expectations that the Federal Reserve was close to hitting peak interest rates.

While June's consumer price index (CPI) inflation reading pointed to easing overall inflation in the country, core CPI, which ignores volatile food and fuel prices, still remained relatively sticky. This saw investors pricing in an at least 25 basis point rate hike by the Fed in a late-July meeting, with several Fed officials also warning that rates will need to rise further in order to curb sticky inflation.

Back home, the National Stock Exchange of India (NSE) on Wednesday announced a revision on the expiry day of Bank Nifty (BANKNIFTY) index options. Effective from 4 September 2023, the expiry day of Bank Nifty weekly contracts will shift from Thursday to Wednesday. The first Wednesday weekly expiry will be on 6 September 2023.

Economy:

India's retail inflation snapped a four-month decline and grew 4.81% in June as food prices surged, showed government data on Wednesday. CPI inflation was 4.31% in May. Inflation based on the Consumer Price Index (CPI) stood at 4.31% (revised upward from 4.25%) in May and 7% in June 2022.

India's industrial production rose to 5.2% in May from 4.5% in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7% in May 2022.

IPO Updates:

The IPO of Utkarsh Small Finance Bank received bids for 167.17 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 15:36 IST on Thursday (13 July 2023). The issue was subscribed 13.87 times.

The issue opened for bidding on Wednesday (12 July 2023) and it will close on Friday (14 July 2023). The price band of the IPO is fixed at Rs 23-25 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index advanced 1.75% to 29,628.20. The index declined 0.71% in the past trading session.

Infosys (up 2.53%), Tata Consultancy Services (up 2.47%), Coforge (up 2.27%), Tech Mahindra (up 1.9%) and LTIMindtree (up 1.6%) were the top gainers.

Among the other gainers were Persistent Systems (up 1.39%), Mphasis (up 0.96%), L&T Technology Services (up 0.88%), Wipro (up 0.63%).

Earnings Impact:

Federal Bank declined 5.33%.The private bank's standalone net profit jumped 42.13% to Rs 853.74 crore on 41.05% increase in total income to Rs 5,756.94 in Q1 FY24 over Q1 FY23.

TCS rallied 2.57% The IT major's consolidated net profit declined 2.79% to Rs 11,074 crore in Q1 FY24 as against Rs 11,392 crore reported in Q4 FY23.

5paisa Capital shed 0.94%. The company's consolidated net profit surged 96.8% to Rs 14.54 crore in Q1 FY24 from Rs 7.39 crore reported in Q1 FY23.

HCL Technologies rose 0.09%. The IT major reported 11.27% fall in consolidated net profit to Rs 3,534 crore on 1.17% decline in revenue from operations to Rs 26,296 crore in Q1 FY24 over Q4 FY23.

Anand Rathi Wealth soared 7.82% after the company's consolidated net profit jumped 33.65% to Rs 53.06 crore on 33% increase in net sales to Rs 175.02 crore in Q1 FY24 over Q1 FY23.

Stocks in Spotlight:

Ultratech Cement added 0.50% after the cement major announced the commissioning of 1.3 million tonnes per annum (mtpa) brownfield cement capacity at Sonar Bangla in West Bengal, taking the Unit's capacity to 3.3 mtpa.

Dr. Reddy's Laboratories fell 0.81%. The drug maker announced that the biologics license application (BLA) for its proposed biosimilar rituximab candidate DRL_RI has been accepted for a substantive review by the U.S. Food and Drug Administration (USFDA). DRL's rituximab biosimilar has already been approved for marketing in India and over 25 emerging markets.

Adani Green Energy rose 0.84% after the company's sale of energy for solar portfolio increased 6% YoY at 2,925 million units in Q1 FY24 as against 2,751 million units in Q1 FY23.

Hindalco Industries gained 2.64% after the company said that its board has approved a proposal to sell a land at Kalwa, Maharashtra, for Rs 595 crore. The land will be sold to Birla Estates, a subsidiary of Century Textiles and Industries for a total sum of Rs 595 crore, which is to be received in multiple tranches over a period of time.

The Ramco Cements rose 0.80% after the company's board has approved the execution of share subscription and purchase agreement to sale its entire shareholding in Lynks Logistics to Bundl Technologies (Swiggy).

Granules India declined 1.94%. The company informed that the US drug regulator issued an establishment inspection report (EIR) for Gagillapur facility of the company located in Hyderabad.

Godrej Properties rose 2.01% after the firm emerged as the highest bidder and secured letter of intent (LoI) to develop two group housing plots through e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

Global Markets:

Markets in Europe and Asia were trading higher on Thursday after the U.S. inflation rate for June came in lower than expected.

South Korea's central bank held its benchmark interest rate unchanged at 3.5%, the fourth straight meeting the Bank of Korea has done so after last hiking rates in January. The BOK also forecasted that inflation will rise to around 3% after August, and added the need for an additional hike will be judged ?while assessing the changes in domestic and external policy conditions.?

Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign.

Headline and core inflation in the U.S. rose at a slower-than-expected pace in June. The Bureau of Labor Statistics' closely watched consumer price index increased by 3.0% annually, down from 4.0% in May. Meanwhile, core CPI, which strips out more volatile items like food and energy, cooled to 4.8% yearly and 0.2% monthly.

The domestic equity barometers traded with strong gains in early afternoon trade. The Nifty traded above the 19,500 level. Realty stocks extended gains for the second consecutive trading session. Trading could be volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was up 537.08 points or 0.82% to 65,930.98. The Nifty 50 index added 144.80 points or 0.75% to 19,529.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,519 shares fell. A total of 136 shares were unchanged.

Investor sentiment was upbeat after weaker-than-expected U.S. inflation data fueled expectations that the Federal Reserve was close to hitting peak interest rates.

Economy:

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.49% to 11.07. The Nifty 27 July 2023 futures were trading at 19,601.30, at a premium of 72.2 points as compared with the spot at 19,529.10.

The Nifty option chain for the 27 July 2023 expiry showed maximum Call OI of 31.5 lakh contracts at the 19,500 strike price. Maximum Put OI of 53.3 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.99% to 538.70. The index advanced 2.25% in two trading sessions.

Macrotech Developers (up 5.55%), Phoenix Mills (up 3.46%), Godrej Properties (up 1.95%), Sobha (up 1.67%) and Oberoi Realty (up 1.37%), Mahindra Lifespace Developers (up 0.93%), DLF (up 0.84%), Brigade Enterprises (up 0.71%) and Indiabulls Real Estate (up 0.32%) edged higher.

Godrej Properties rose 1.95% after the firm emerged as the highest bidder and secured letter of intent (LoI) to develop two group housing plots through e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

Stocks in Spotlight:

Hindalco Industries gained 2.80% to Rs 436.55 after the company said that its board has approved a proposal to sell a land at Kalwa, Maharashtra, for Rs 595 crore. The land will be sold to Birla Estates, a subsidiary of Century Textiles and Industries for a total sum of Rs 595 crore, which is to be received in multiple tranches over a period of time.

Dreamfolks Services rallied 5.29% to Rs 687.70 after the company said that it has announced strategic collaboration with Plaza Premium group to expand global lounge network, enhance travel experience for Indian passengers.

Global Markets:

Asian stocks rose across the board Thursday after the U.S. inflation rate for June came in lower than expected.

Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign.

The key equity indices ended a volatile session with modest losses on Wednesday, snapping a two day winning streak. The Nifty settles below the 19,400 level after hitting the day's high of 19,507.70 in early trade. PSU Bank, media and pharma shares advanced while IT, private bank and bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 223.94 points or 0.34% to 65,393.90. The Nifty 50 index lost 55.10 points or 0.28% to 19,384.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 1,752 shares rose and 1,708 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 0.83% to 4,462. The index declined 0.76% in two trading sessions.

Punjab & Sind Bank (up 6.06%), Indian Bank (up 4.35%), Central Bank of India (up 2.8%), UCO Bank (up 1.94%) and Bank of India (up 1.93%) were the top gainers.

Among the other gainers were Punjab National Bank (up 1.82%), Indian Overseas Bank (up 1.33%), Union Bank of India (up 1.29%), Bank of Maharashtra (up 0.79%) and State Bank of India (up 0.11%).

Stocks in Spotlight:

Tata Consultancy Services (TCS) declined 0.45% while HCL Technologies shed 0.74%. IT bellwethers Tata Consultancy Services (TCS) and HCL Technologies will announce their Q1FY24 results today, 12 July 2023.

Adani Enterprises lost 1.31%. The company has raised Rs. 1,250 crores by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each on private placement basis.

Shares of Delta Corp (down 23.01%) and Nazara Technologies (down 3.18%) declined in trade on Wednesday after GST council agreed to levy 28% on online gaming, horse racing and casinos at its 50th meet.

Nazara Technologies, in an exchange filing, said that the 28% GST implementation will have minimal impact on overall revenue.

Chembond Chemicals rose 1.73%. The company said that its wholly owned subsidiary Phiroze Sethna has entered into deed of assignment with Engineers Enterprises for transfer and assignment of plant located at Thane, Maharashtra.

Kalpataru Projects International rose 0.91% said that its Brazilian subsidiary KPBPL has acquired balance 49% equity stake in Fasttel, making it a wholly owned subsidiary of KPBPL.

Marksans Pharma rallied 9.41% after the company has received final approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application for Acetaminophen and Ibuprofen Tablets.

Tatva Chintan Pharma declined 0.84%. The company said that its board has approved the proposal for raising further capital upto Rs 200 crore, by issuing equity shares and/or equity-linked instruments via public or private offering, through QIP or any combination thereof.

Global Markets:

Shares in Europe and Asia edged higher on Wednesday ahead of the key inflation data from India and the US to be released later today.

Japan's corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed. Also known as the wholesale inflation gauge, the 4.1% figure is lower than May's revised print of 5.2%, and also the slowest inflation rate recorded since April 2021.

US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

US consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

The key equity indices continued to trade near the flat line in morning trade as the bourses continued to witness bouts of volatility. The Nifty traded below the 19,450 level. IT shares witnessed some bit of selling.

The barometer index, the S&P BSE Sensex, was up 0.91 points or 0.02% to 65,618.75. The Nifty 50 index lost 5.40points or 0.03% to 19,434.00.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was strong. On the BSE, 1852 shares rose and 1261 shares fell. A total of 172 shares were unchanged.

Results today:

Tata Consultancy Services (down 0.25%), HCL Technologies (up 0.35%), Anand Rathi Wealth (up 0.59%), Steel Strips Wheels (down 0.86%), 5Paisa Capital (up 2.94%) and National Standard (India) (up 1.13%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT slipped 0.64% to 29,137.25. The index had advanced 0.45% to end at 29,324.80 yesterday.

Coforge (down 1.66%), Infosys (down 1.06%), LTIMindtree (down 0.86%), Mphasis (down 0.73%) and Persistent Systems (down 0.68%) were the top losers.

Among the other losers were L&T Technology Services (down 0.37%), Tech Mahindra (down 0.36%), Tata Consultancy Services (down 0.13%).

Happiest Minds Technologies fell 1.33%. The company fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.

Stocks in Spotlight:

Shares of Delta Corp (down 20%) and Nazara Technologies (down 4.65%) declined in trade on Wednesday after GST council agreed to levy 28% on online gaming, horse racing and casinos at its 50th meet.

Nazara Technologies, in an exchange filing, said that the 28% GST implementation will have minimal impact on overall revenue.

PVR-Inox advanced 0.10%. The GST Council agreed to reduce GST on food and beverages at cinema halls to 5% from the previous 18%.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.01% to 7.096 from its previous close of 7.095.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3250, compared with its close of 82.4150 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement advanced 0.22% to Rs 58,900.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.31% to 101.42.

The United States 10-year bond yield fell 0.53% to 3.959.

In the commodities market, Brent crude for September 2023 settlement gained 6 cents or 0.08% to $79.46 a barrel.

Global Markets:

Asian stocks are trading mixed on Wednesday ahead of the key inflation data from India and the US to be released later today.

US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.