Indices edge higher, Nifty near 19,850, Tech Mahindra slips over 4%.

The frontline indices were trading with decent gains in early trade on buying demand in index pivotals. The Nifty traded near the 19,850 mark. Barring the Nifty Auto index, all the sectoral indices on the NSE were in the green.

The barometer index, the S&P BSE Sensex, was up 189.74 points or 0.28% to 66,896.94. The Nifty 50 index added 68.65 points or 0.35% to 19,846.95.

In the broader market, the S&P BSE Mid-Cap index advanced 0.61% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 1,891 shares rose and 741 shares fell. A total of 120 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month July series to August series. The July 2023 F&O contracts will expire today, 27 July 2023.

Foreign portfolio investors (FPIs) bought shares worth Rs 922.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 470.10 crore in the Indian equity market on 26 July, provisional data showed.

Economy:

Prime Minister Narendra Modi on Wednesday laid bare his blueprint for a third term of his government, saying India will become the third largest economy in the world with a faster growth rate than now. PM Modi government will complete 10 years in office next May and he is seeking a third term on development plank. He said that India will be one of the top three economies in the world in his third term. The next general elections are due in May 2024.

Stocks in Spotlight:

Axis Bank shed 0.25%. The private lender's net profit surged 40.53% to Rs 5,797.10 crore on 41.5% jump in total income to Rs 30,644.04 crore in Q1 FY23 over Q1 FY23. Net Interest Income (NII) grew 27% YoY to Rs 11,959 crore. Net interest margin (NIM) for Q1 FY24 stood at 4.10%, up 50 basis points (bps) YoY.

Tech Mahindra tumbled 4.31%. The IT major's consolidated net profit tumbled 38.04% to Rs 692.5 crore in Q1 FY24 as against Rs 1,117.7 crore posted in Q4 FY23. Revenue from operations declined 4.08% to Rs 13,159 crore in Q1 FY24 from Rs 13,718.2 crore recorded in Q4 FY23.

Dr Reddy's Laboratories fell 0.69%. The drug major reported 18.1% jump in consolidated net profit to Rs 1,402.5 crore on 29.2% increase in net sales to Rs 6,738.4 crore in Q1 FY24 over Q1 FY23. Consolidated profit before tax stood at Rs 1,846.3 crore in the quarter, up 25.98% from Rs 1,465.5 crore posted in Q1 FY23.

Tata Consumer Products declined 0.96%. The FMCG major's group consolidated net profit jumped 22.04% to Rs 337.71 crore on 12.46% rise in revenue from operations to Rs 3,741.21 crore in Q1 FY24 over Q1 FY23. The rise in the revenue was mainly driven by strong growth of 16% in India business, 3% (constant currency) in International business and 5% (constant currency) in Non-Branded business.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.24% to 7.079 from its previous close of 7.096.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9225, compared with its close of 82.0100 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement rose 0.17% to Rs 59,560.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 100.84.

The United States 10-year bond yield added 0.10% to 3.857.

In the commodities market, Brent crude for September 2023 settlement gained 85 cents or 1.03% to $83.77 a barrel.

Global Markets:

Asian stocks were trading higher Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening.

US stocks ended flat after a choppy trading session on Wednesday, unmoved by the Federal Reserve's latest action to raise benchmark interest rates.

The Federal Reserve raised rates by a quarter-point Wednesday, as was widely expected. The increase pushes the benchmark rate to a range of 5.25%-5.5%, its highest level in more than 22 years. The central bank also said it will ?continue to assess additional information and its implications for monetary policy,? echoing its data-dependent approach to monetary policy.

The European Central Bank and the Bank of Japan are due to announce their own policy moves on Thursday and Friday, respectively.

Nifty above 19,800; oil & gas shares in demand.

The benchmark indices extended gains in morning trade. The Nifty marched above the 19,800 level. Oil & gas shares advanced for second consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 494.02 points or 0.74% to 66,849.73. The Nifty 50 index added 127.95 points or 0.65% to 19,808.55.

In the broader market, the S&P BSE Mid-Cap index advanced 0.31% while the S&P BSE Small-Cap index gained 0.48%.

The market breadth was strong. On the BSE, 2,033 shares rose and 1,171 shares fell. A total of 176 shares were unchanged.

Earnings Today:

Axis Bank (up 0.57%), Tata Consumer Products (up 1.22%), Bharat Petroleum Corporation (up 1.228%), Dr Reddy's Laboratories (up 0.26%), Tech Mahindra (up 0.69%), Bajaj Finance (up 0.81%), Cipla (down 0.27%), are the Nifty 50 companies that will announce their results today.

Colgate-Palmolive (India) (down 0.61%), Deepak Fertilisers & Petrochemicals Corporation (up 0.61%), Punjab National Bank (up 2.01%), Shree Cement (up 1.30%), Aditya Birla Sun Life AMC (up 0.49%), Aegis Logistics (down 0.08%), Glaxosmithkline Pharmaceuticals (down 0.10%), Godfrey Phillips India (up 1.64%), HFCL (up 0.51%), Indian Metals & Ferro Alloys (up 3.72%), Ion Exchange (India) (down 2.83%), Jindal Stainless (up 1.37%), Jubilant Ingrevia (down 0.29%), Kajaria Ceramics (up 0.11%), Mahindra Lifespace Developers (up 0.46%), Oracle Financial Services Software (down 0.81%), Omax Autos (up 2.75%), Praj Industries (up 0.75%), REC (down 0.35%), Schaeffler India (down 0.07%), Syngene International (down 1.64%), TeamLease Services (up 0.90%) are some of the other companies that will announce their results today.

Buzzing Index:

The Nifty Oil & Gas index added 1% to 8,140.55. The index advanced 1.69% in two trading sessions.

Reliance Industries (up 2.11%), Hindustan Petroleum Corporation (up 1.38%), Oil India (up 1.31%), Bharat Petroleum Corporation (up 1.01%), Indian Oil Corporation (up 0.86%), GAIL (India) (up 0.69%), Gujarat State Petronet (up 0.48%), Adani Total Gas (up 0.4%), Petronet LNG (up 0.27%) and Aegis Logistics (up 0.08%) advanced.

On the other hand, Mahanagar Gas (down 0.64%), Castrol India (down 0.51%) and Oil & Natural Gas Corpn (down 0.23%) edged lower.

Stocks in Spotlight:

Orient Electric added 0.39%. The company said that has completed the sale of land parcels admeasuring a total of 23 acres situated in Dusakal Village Secretariat and Mekaguda Gram Panchyat, Hyderabad, Telangana, for a total consideration of Rs 35 crore.

Man Infraconstruction declined 0.79%. The company reported a net profit of Rs 82 crore in Q1 FY34, which is higher by 112% as compared with Rs 39 crore in Q1 FY23. Revenue increased by 45% YoY to Rs 510 crore in the first quarter of FY24.

Delta Corp gained 1.24%. The gaming and casino firm's consolidated net profit grew by 18.9% to Rs 67.91 crore on 9% increase in revenue to Rs 272.80

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.04% to 7.097 from its previous close of 7.100.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9450, compared with its close of 81.8850 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement rose 0.12% to Rs 59,260.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.33.

The United States 10-year bond yield slipped 0.59% to 3.892.

In the commodities market, Brent crude for September 2023 settlement shed 37 cents or 0.44% to $83.27a barrel.

Global Markets:

Asian stocks are largely trading lower as investors brace for the U.S. Federal Reserve's rate decision on Wednesday.

On Wall Street, the three main indices closed higher on Tuesday, led by gains in shares of technology, materials and communication services companies.

Global central bank meetings are 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.

Market ends on flat note amid volatility; NSE VIX slumps over 12%.

The key equity indices ended a volatile session near the flat line on Tuesday. The Nifty settled above the 19,650 mark after hitting day's low of 19,615.95 in mid-afternoon trade. Metal, media and auto shares advanced while PSU bank, FMCG and realty stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 29.07 points or 0.04% to 66,355.71. The Nifty 50 index added 8.25 points or 0.04% to 19,680.60.

In the broader market, the S&P BSE Mid-Cap index advanced 0.39% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was negative. On the BSE, 1,731 shares rose and 1,808 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 12.10% to 10.24.

Stocks in Spotlight:

Bajaj Auto declined 0.80%. The auto major reported consolidated net profit jumped 41.33% to Rs 1,644.14 crore on 28.82% increase in net sales to Rs 10,311.91 crore in Q1 FY24 over Q1 FY23. The company's total auto sales rose 10% to 10,27,407 units in Q1 FY24 over Q1 FY23. During the said period, domestic sales jumped 82% while exports slipped 34%.

Tata Steel advanced 3.25%. The steel major's consolidated net profit tumbled 91.8% to Rs 633.95 crore in Q1 FY24 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.

Asian Paints slipped 3.95%. The paint major's consolidated net profit jumped 52.46% to Rs 1,550.37 crore on 6.7% increase in revenue from operations to Rs 9,153.79 crore in Q1 FY24 over Q1 FY23.

SpiceJet rose 1.08% after the media reported that aviation watchdog DGCA has taken off the low cost air carrier from its enhanced surveillance regime. The airline had been placed under enhanced surveillance due to concerns about inadequate maintenance and incidents during the previous monsoon season.

Maruti Suzuki India rose 0.65%. The auto major has announced a recall of 87,599 vehicles, specifically the S-Presso and Eeco models, which were produced between the period of 5 July 2021, and 15 February 2023. This recall comes as a result of a suspected defect in a component known as the steering tie rod, utilized in these vehicles. In rare instances, this part may fracture, thereby compromising the steerability and handling of the affected vehicles.

Larsen & Toubro (L&T) fell 1.51%. L&T said that its power transmission & distribution business has secured new 'significant' orders in India and abroad. As per L&T's classification, the value of the said contract lies between Rs 1,000 crore and Rs 2,500 crore.

Jyothy Labs was locked in an upper circuit of 20%. The company's consolidated net profit jumped 98.74% to Rs 96.29 crore in Q1 FY24 as compared with Rs 48.45 crore in Q1 FY23.

Chennai Petroleum Corporation tumbled 9.04% 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.

Shoppers Stop added 1.76%. The company reported 36.5% decline in consolidated net profit to Rs 14.49 crore in Q1 FY24 from Rs 22.83 crore recorded in Q1 FY23. Revenue from operations grew by 4.8% year on year to Rs 993.61 crore in the quarter ended 30 June 2023.

KPIT Technologies rose 0.63% after the IT firm's consolidated net profit jumped 20.06% to Rs 133.99 crore on 7.89% increase in revenue from operations to Rs 1,097.62 crore in Q1 FY24 over Q4 FY23.

Global Markets:

European and Asian stocks advanced 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.

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.

Sensex, Nifty trade flat, IT shares decline.

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.

Indices at fresh record high, Sensex above 67K.

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.