Nifty below 19,400; IT shares slide; broader mkt outperforms.

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

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

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

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

Buzzing Index:

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

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

Stocks in Spotlight:

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

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

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

Numbers to Watch:

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

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

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

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

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

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

Global Markets:

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

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

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

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

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

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

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

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

Buzzing Index:

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

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

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

Stocks in Spotlight:

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

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

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

Global Markets:

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

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

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

Shares Market to Everyone

The benchmark indices traded with modest losses in morning trade. The Nifty traded below the 19,500 level. PSU bank witnessed buying demand after declining in the past two trading sessions.

The barometer index, the S&P BSE Sensex, was down 228.42 points or 0.35% to 65,459.76. The Nifty 50 index lost 69.25 points or 0.35% to 19,473.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.32% while the S&P BSE Small-Cap index rose 0.24%.

The market breadth was positive. On the BSE, 1,737 shares rose and 1,476 shares fell. A total of 174 shares were unchanged.

Results Today:

Oil and Natural Gas Corporation (ONGC) (down 0.67%), ABB India (up 0.46%), Nykaa (up 0.89%), Zydus Lifesciences (up 0.31%), Apollo Hospitals Enterprise (up 1.30%), Glenmark Pharmaceuticals (down 0.81%), National Aluminium Company (NALCO) (down 0.75%), SpiceJet (up 1.23%), Astral (up 0.23%), BEML (up 2.33%), Cochin Shipyard (down 2.35%), City Union Bank (down 0.79%), Garden Reach Shipbuilders & Engineers (down 1.11%), Hindustan Aeronautics (up 1.16%), HEG (down 0.56%), Indian Railway Finance Corporation (down 0.32%), Jindal Steel & Power (down 0.75%), Kalpataru Projects International (up 0.67%), Muthoot Finance (up 0.07%), Info Edge India (down 0.52%), NMDC (down 0.75%), Power Finance Corporation (up 1.22%), Raymond (up 1.59%), Shree Renuka Sugars (down 0.32%), Sun TV Network (down 0.57%) and Voltas (up 0.24%) will announce their quarterly earnings later today.

Aurobindo Pharma (down 1.21%), Advanced Enzyme Technologies (down 0.08%), Amara Raja Batteries (down 0.94%), Crompton Greaves Consumer Electricals (down 1.05%), Finolex Cables (up 1.09%), JK Cement (down 2.65%), NITCO (up 0.74%), Panacea Biotec (down 0.76%), PTC India (down 0.08%), Rail Vikas Nigam (up 0.24%) will announce their quarterly earnings on Saturday, 12 August 2023.

Buzzing Index:

The Nifty PSU Bank index rose 1.99% to 4,588.85. The index declined 0.91% in the past two trading sessions.

Indian Overseas Bank (up 8.53%), Central Bank of India (up 4.85%), UCO Bank (up 4.51%), Bank of Maharashtra (up 4.51%), Punjab & Sind Bank (up 4.06%), Indian Bank (up 3.57%), Bank of India (up 2.96%), Punjab National Bank (up 2.12%), Union Bank of India (up 2.11%) and Canara Bank (up 1.34%) edged higher.

Stocks in Spotlight:

Suryoday Small Finance Bank jumped 4.36%. The company reported consolidated net profit of Rs 47.6 crore in Q1 FY24 as against a net profit of Rs 7.8 crore in Q1 FY23. Net total income rose to Rs 275.8 crore in the June quarter from Rs 190.2 crore recorded in Q1 FY23.

Repro India locked in an upper circuit of 5% after the company said that its board will meet on 17 August 2023, to discuss and approve a range of fundraising options. The company is exploring options like Qualified Institutions Placement (QIP), American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and preferential allotment.

HCL Technologies rallied 4.01%. The IT major announced the signing of a new mega deal with a Global 100 corporation. We expect this deal to have a positive revenue impact over the next six years beginning in November 2023 with an estimated new total contract value of US$ 2.1 billion over the term, HCL Technologies said.

Separately, Verizon Business announced a strategic global partnership making HCLTech its primary Managed Network Services (MNS) collaborator in all networking deployments for global enterprise customers, bringing together two global leaders in enterprise networking.

Hero MotoCorp shed 0.71%. The company reported consolidated net profit of Rs 700.54 crore in Q1 FY24 as against a net profit of Rs 585.58 crore in Q1 FY23. Total income rose to Rs 9076.55 crore in the June quarter from Rs 8503.07 crore recorded in Q1 FY23. Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 250 bps. The company expects the momentum to build-up in the coming quarters on account of favorable economic indicators and positive consumer sentiments, Hero MotoCorp said.

Mazagon Dock Shipbuilders slipped 3.13%. The company reported consolidated net profit of Rs 314 crore in Q1 FY24 as against a net profit of Rs 225 crore in Q1 FY23. Total income rose to Rs 2405 crore in the June quarter from Rs 2366 crore recorded in Q1 FY23.

Apollo Tyres tumbled 4.73%. The company reported consolidated net profit of Rs 396.9 crore in Q1 FY24 as against a net profit of Rs 177.36 crore in Q1 FY23. Total income rose to Rs 6280.12 crore in the June quarter from Rs 5952.6 crore recorded in Q1 FY23.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.52% to 7.191 from its previous close of 7.154.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7450, compared with its close of 82.6600 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement shed 0.09% to Rs 58,800.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 102.58.

The United States 10-year bond yield gained 0.51% to 4.110.

In the commodities market, Brent crude for October 2023 settlement declined 3 cents or 0.3% to $86.37 a barrel.

Global Markets:

Asian stocks were trading mixed on Friday after inflation in the U.S. came in lower than expected, raising hopes markets could see a ?soft landing? in the inflation fight.

US stocks ended higher on Thursday on the softer inflation print. The July US consumer price index rose 3.2% from a year ago and 0.2% month-on-month, new data from the Bureau of Labor Statistics showed on Thursday. Core CPI, which excludes volatile food and energy prices, also gained 0.2% month-on-month for a 4.7% year-on-year increase.

Shares Market to Everyone

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

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

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

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

Results Today:

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

Buzzing Index:

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

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

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

Buzzing Index:

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

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

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

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

Stocks in Spotlight:

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

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

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

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

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

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

Global Markets:

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

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

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

Shares Market to Everyone

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

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

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

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

Results Today:

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

Buzzing Index:

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

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

Stocks in Spotlight:

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

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

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

Numbers to Watch:

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

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

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

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

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

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

Global Markets:

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

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

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

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

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

Shares Market to Everyone

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

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

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

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

Results Today:

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

New Listing:

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

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

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

Buzzing Index:

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

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

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

Stocks in Spotlight:

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

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

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

Global Markets:

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

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

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

Shares Market to Everyone

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

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

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

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

Earnings Today:

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

Buzzing Index:

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

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

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

Buzzing Index:

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

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

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

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

Stocks in Spotlight:

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

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

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

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

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

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

Global markets:

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

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

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