Sensex slides 349 pts, PSU bank shares decline.

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.

Shares Market to Everyone

The key equity barometers continued to extend losses in mid-morning trade. The Nifty slipped below the 19,550 mark. Oil & gas shares extended losses for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 657.74 points or 0.99% to 65,801.57. The Nifty 50 index lost 204.90 points or 1.04% to 19,528.65.

In the broader market, the S&P BSE Mid-Cap index slipped 0.91% while the S&P BSE Small-Cap index declined 0.42%.

The market breadth was positive. On the BSE, 1,381 shares rose and 2,011 shares fell. A total of 177 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index declined 1.24% to 8,009.80. The index slipped 1.61% in two trading sessions.

GAIL (India) (down 3.2%), Gujarat Gas (down 2.76%), Petronet LNG (down 2.7%), Hindustan Petroleum Corporation (down 2.53%), Mahanagar Gas (down 2.18%), Oil India (down 1.86%), Castrol India (down 1.7%), Bharat Petroleum Corporation (down 1.64%), Indraprastha Gas (down 1.42%) and Reliance Industries (down 1.28%) edged lower.

The Nifty Metal index declined 1.07% to 6,697.45. The index had advanced 2.87% in the past three sessions.

Tata Steel (down 2.19%), National Aluminium Company (down 1.88%), Jindal Stainless (down 1.53%), Hindalco Industries (down 1.31%) and Jindal Steel & Power (down 1.23%) were the top losers.

Among the other losers were JSW Steel (down 1.11%), Hindustan Copper (down 0.66%), Steel Authority of India (down 0.63%), APL Apollo Tubes (down 0.58%) and NMDC (down 0.47%).

Stocks in Spotlight:

Metro Brands rallied 4.53% after the company's standalone net profit rose 2.9% to Rs 106.19 crore in Q1 FY24 as compared with Rs 103.17 crore in Q1 FY23. Revenue from operations jumped 11.7% to Rs 555.57 crore during the quarter as compared with Rs 497.23 crore posted in corresponding quarter last year.

Godrej Agrovet rose 1.08% after the company's consolidated net profit rose 27.34% to Rs 105.32 crore on 0.01% increase in net sales to Rs 2499.31 crore in Q1 June 2023 over Q1 June 2022.

Adani Total Gas added 0.01%. The natural gas distribution company reported 7.1% increase in net profit to Rs 147.69 core in Q1 FY24 from Rs 137.84 crore recorded in Q1 FY23. Revenue from operations rose marginally to Rs 1,055.58 crore in Q1 FY24 as against Rs 1,042.35 crore posted in Q1 FY23.

Ambuja Cements slipped 1.65%. The cement major's consolidated net profit jumped 31.2% to Rs 1,135.46 crore on 8.47% increase in revenue from operations to Rs 8,712.90 crore in Q1 FY24 over Q1 FY23.

Adani Ports and Special Economic Zone was up 0.03%. The company said that it has recorded bumper cargo volumes of 34 MMT in July 2023, implying a YoY growth of 7%.

Eicher Motors fell 1.11%. The company's total motorcycles (Royal Enfield) sales jumped 32% to 73,117 units in July 2023 from 55,555 units sold in July 2022.

Som Distilleries & Breweries rose 1.15%. The company said its Indian Made Foreign Liquor (IMFL) brands receive approval for supply in Rajasthan.

Global Markets:

Asian stocks were trading lower Wednesday after ratings agency Fitch cut the US credit rating.

Wall Street stocks ended mostly lower on Tuesday amid a slew of corporate earnings results, while manufacturing sector data supported hopes that the central bank could skip another rate hike in September.

Fitch Ratings lowered the United States' long-term foreign currency issuer default rating to AA+ from AAA Tuesday night, citing ?expected fiscal deterioration over the next three years.?

Shares Market to Everyone

The frontline indices ended with minor losses on Tuesday. The Nifty settled below the 19,750 mark after hitting day's high of 19,795.60 in morning trade. IT, metal, pharma shares advanced while realty, PSU bank, oil & gas shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 68.36 points or 0.10% to 66,459.31. The Nifty 50 index lost 20.25 points or 0.10% to 19,733.55.

In the broader market, the S&P BSE Mid-Cap index declined 0.23% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was positive. On the BSE, 2,066 shares rose and 1,497 shares fell. A total of 165 shares were unchanged.

Economy:

Backed by new orders, the manufacturing sector continued expanding at almost the same pace in July as in June, a survey-based index prepared by S&P Global released on Tuesday showed. The Purchasing Managers' Index (PMI) dropped a tad to 57.7 in July, as against 57.8 of June.

The Indian manufacturing sector showed little sign of losing growth momentum in July, as production lines continued to motor on the back of strong new order growth,? Andrew Harker, Economics Director at S&P Global Market Intelligence, said. Further, pressure continued to be exerted on capacity, prompting a solid expansion in employment, again, a trend that is likely to continue in the months ahead should demand remain strong.

All in all, the Indian manufacturing sector has maintained its position as one of the star performers globally, bucking the trend of demand weakness seen in other parts of the world,? Harker concluded.

Meanwhile, the combined Index of Eight Core Industries jumped by 8.2% during June 2023 which was the highest in five months. The growth in the core sector however declined from 13.1% during June 2022.

The government's fiscal deficit increased to Rs 4.51 lakh crore in the April-June quarter of fiscal 2023-24, which comes in at 25.3% of the annual target of Rs 17.87 lakh crore.

India Meteorological Department has informed that India is likely to experience normal rainfall during the second half of monsoon in August and September 2023.

July Auto Sales Impact:

Bajaj Auto fell 0.23%. The company said that its total sales declined 10% to 3,19,747 units in June 2023 as compared with 3,54,670 units sold in June 2022.

Mahindra & Mahindra (M&M) added 1.02% after the car manufacturer said that its overall auto sales for the month of July 2023 stood at 66,124 vehicles, registering a growth of 18% as against 56,148 vehicles sold in July 2022.

Tata Motors shed 0.16%. The auto major's domestic and international sales for July 2023 stood at 80,633 vehicles, down 1.41% compared to 81,790 units sold in July 2022.

Eicher Motors gained 1.28%.The auto maker announced that its unlisted subsidiary, VE Commercial Vehicles (VECV) had reported 1.8% decline in commercial vehicles (CV) sales to 5,877 units in July 2023 over July 2022.

Atul Auto rose 1.46% after the company said that its total sales rose by 11.05% in July 2023 to 2,110 units from 1,900 units sold in the same period last year.

VST Tillers Tractors declined 1.31%. The tractor manufacturer's total sales jumped 29.58% to 5,506 units in July 2023 from 4,249 units sold in July 2022.

Stocks in Spotlight:

Reliance Industries (RIL) fell 1.20%. RIL and Brookfield Asset Management have signed a Memorandum of Understanding (MoU) to explore opportunities for manufacturing renewable energy and decarbonization equipment in Australia. The objective of the MoU is to expedite and mitigate risks in Australia's energy transition by facilitating local production of clean energy equipment, including PV modules, long duration battery storage, and wind energy components.

Maruti Suzuki India lost 1.21%. The auto major's standalone net profit zoomed 145.37% to Rs 2,485.1 crore in Q1 FY24 as against Rs 1,012.8 crore in Q1 FY23. The growth in profitability was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income. The vehicle manufacturer registered its highest-ever quarterly net sales at Rs 30,845.2 crore in the quarter ended 30 June 2023, up 21.98% YoY.

State Bank of India declined 1.27%. The bank said that it has raised Rs 10,000 crore through issuance infrastructure bonds, bidding for which took place on 31 July 2023.

Som Distilleries & Breweries rose 0.82% after the company's consolidated net profit rose 31.2% to Rs 33.67 crore in Q1 FY24 from Rs 25.66 crore recorded in Q1 FY23.

Steel Strips Wheels tumbled 3.91% after the company said that it has achieved net turnover of Rs 357.09 crore in July 2023 as compared with Rs 363.03 crore in July 2022, recording a decline of 1.64 % on a YoY basis.

Larsen & Toubro shed 0.32% .The EPC major announced that its construction arm has secured 'large' multiple orders for its Heavy Civil Infrastructure business.

Global markets:

European shares declined while Asian stocks traded mixed on Tuesday, taking cues from Wall Street's and fuelled by a general sense of optimism about the economic outlook.

Bets on the Federal Reserve calling it a day on its interest rate hiking cycle have been a key driver of buying for weeks as inflation continues to drop while the economy remains robust.

That has been compounded by China's recent promises of stimulus measures to kickstart growth, as a string of data showed the country's post-Covid recovery has all but puffed out.

Meanwhile, China's factory activity remained in contraction territory for the fourth straight month, with the purchasing manager's index coming in at 49.3 compared with the market expectation of 49.2. According to the country's national bureau of statistics, the PMI level is also higher than the 49.0 recorded in June.

The PMI for the non-manufacturing sector in July came in at 51.3, compared to June's figure of 53.2.

In US, all major indices ended Monday's main trading session modestly higher, with the S&P 500 at a 16-month high.