Broader market outperforms; pharma shares edge higher.

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.


	Stock and Shares Market to	Everyone

The domestic equity barometers managed to pare all losses and traded in the green in morning trade. The Nifty traded above the 19,650 mark. FMCG witnessed some bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 85.70 points or 0.13% to 66,245.90. The Nifty 50 index added 27.95 points or 0.14% to 19,674.

In the broader market, the S&P BSE Mid-Cap index advanced 0.50% while the S&P BSE Small-Cap index gained 1.10%.

The market breadth remained strong. On the BSE, 2213 shares rose and 1132 shares fell. A total of 167 shares were unchanged.

Earnings Today:

Maruti Suzuki India (up 0.18%), UPL (up 0.73%), Gail India (up 2.93%), Go Fashion (India) (up 0.85%), HIL (up 3.04%), IRB Infrastructure Developers (down 0.19%), Kaynes Technology India (up 0.98%), Kei Industries (up 0.91%), Navin Fluorine International (up 1.02%), Nocil (up 2.87%) and Oberoi Realty (down 0.73%) are some of the major results that are slated for release today.

Buzzing Index:

The Nifty FMCG index fell 0.51% to 52,694.10. The index had advanced 0.88% to end at 52,964.05 on Friday.

Marico (down 2.05%), Britannia Industries (down 1.72%), United Breweries (down 1.38%), Dabur India (down 0.98%) and Hindustan Unilever (down 0.51%) were the top losers.

Among the other losers were ITC (down 0.47%), Varun Beverages (down 0.41%), United Spirits (down 0.34%), Colgate-Palmolive (India) (down 0.32%) and Godrej Consumer Products (down 0.28%).

On the other hand, Emami (up 1.68%), Radico Khaitan (up 1.19%) and Procter & Gamble Hygiene and Health Care (up 0.5%) moved up.

Stocks in Spotlight:

Shree Cement rose 0.41%. The company's wholly owned subsidiary Shree Cement East Pvt. Ltd has started commercial production at its clinker grinding unit at village Digha & Parbatpur in Purulia district of West Bengal with cement capacity of 3.0 MTPA.

SBI Cards and Payment Services fell 1.91%. The company reported 5% fall in net profit to Rs 593 crore despite a 24% increase in total revenue to Rs 4,046 crore in Q1 FY24 as compared with Q1 FY23.

United Breweries declined 1.63%. The company reported 16% decline in consolidated net profit to Rs 136.21 crore as compared with Rs 162.09 crore in corresponding quarter last year. Net sales fell 6.7% to Rs 2,274.79 crore during the quarter of FY24 as against Rs 2,438.71 crore in Q1 FY23.

Equitas Small Finance Bank (SFB) added 0.19%. The bank reported 97% jump in net profit to Rs 191.20 crore on a 32.8% increase in total income to Rs 1,425.33 crore in Q1 FY24 as compared with Q1 FY23.

NTPC rose 2.38%. The company's consolidated net profit rose to Rs 4907.13 crore in Q1 FY24 as against Rs 3977.77 crore posted in Q1 FY23. Total income fell to Rs 43075.09 crore in Q1 FY24 from Rs 43177.14 crore recorded in Q1 FY23.

Power Grid Corporation of India gained 1.16%. The company has been declared as successful bidder under Tariff Based Competitive Bidding for two inter-state transmission system projects under build, own operate and transfer (BOOT) basis.

Marico fell 1.10%. The company reported 15% increase in consolidated net profit to Rs 427 crore in Q1 FY24 as compared with Rs 371 crore in Q1 FY23. Revenue from operations fell 3.2% in Q1 FY24 as against Rs 2477 crore posted in corresponding quarter last year.

Global markets:

Asian stocks are trading higher on Monday, extending last week's rally as optimism over more Chinese stimulus measures largely offset data showing business activity in the country deteriorated further in July.

Hopes of fewer U.S. interest rate hikes also aided regional markets, after data on Friday showed that the Federal Reserve's preferred inflation gauge eased in June.

China's factory activity for July remained in contraction territory for the fourth straight month. The official manufacturing purchasing managers index came in at 49.3, higher than June's figure of 49.0, according to the national bureau of statistics. The PMI for non-manufacturing activity came in at 51.5, a slower rate of expansion compared to the 53.2 in June.

Chinese markets firmed on Monday as the State Council outlined more measures to boost domestic consumption and economic growth.

The Council unveiled measures aimed chiefly at increasing retail discretionary spending, as well as supporting the real estate and automobile markets.

US stocks rose Friday as a measure of inflation closely watched by the Federal Reserve came in at its lowest in nearly two years.

June data for the personal consumption expenditures price index continued to show easing inflation. The gauge showed core PCE gained 0.2% month-over-month. Core PCE rose 4.1% from the year-ago period.

The benchmark indices continued to trade with limited losses in morning trade. The Nifty traded below the 19,650 mark. Financial services shares witnessed a bit of selling pressure for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 197.75 points or 0.30% to 66,069.07. The Nifty 50 index lost 46.55 points or 0.24% to 19,613.35.

In the broader market, the S&P BSE Mid-Cap index advanced 0.26% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was positive. On the BSE, 1,743 shares rose and 1,418 shares fell. A total of 161 shares were unchanged.

Earnings Today:

Indian Oil Corporation (up 0.71%), Bank of India (up 0.17%), M&M Financial Services (down 0.90%), Marico (up 0.57%), Chalet Hotels (down 1.66%), DCB Bank (down 0.08%), Equitas Small Finance Bank (down 2.73%), Exide Industries (down 0.37%), Fino Payments Bank (up 11.09%), KFin Technologies (down 1.05%), Laxmi Organic Industries (up 0.85%), Nazara Technologies (up 2.09%), NLC India (up 0.51%), Piramal Enterprises (down 2.72%), RITES (down 1.84%), Route Mobile (up 0.28%), Satin Creditcare Network (down 1.28%), SBI Cards and Payment Services (down 1.17%), Star Health (down 1.82%) and United Breweries (up 0.07%) are some of the companies that will announce their results today.

NTPC (up 2.82%), IDFC First Bank (up 1.01%), MCX India (down 0.75%), D-Link (India) (down 1.22%), Five-Star Business Finance (down 2.22%), Inox Wind (up 1.02%), Rossari Biotech (down 0.57%), Sonata Software (down 0.46%) and Stove Kraft (down 1.60%) will announce their June FY24 quarter earnings on 29 July 2023.

Buzzing Index:

The Nifty Financial Services index fell 0.71% to 20,237.35. The index declined 1.48% in two trading sessions.

HDFC Bank (down 1.14%), ICICI Bank (down 1.14%), Axis Bank (down 1.02%), Bajaj Finserv (down 0.94%), SBI Cards & Payment Services (down 0.44%), Shriram Finance (down 0.25%), SBI Life Insurance Company (down 0.19%), Muthoot Finance (down 0.12%), Bajaj Finance (down 0.1%) and Kotak Mahindra Bank (down 0.06%) slipped.

On the other hand, Indian Energy Exchange (up 3.08%) ,HDFC Asset Management Company (up 2.9%) and REC (up 2.58%) edged higher.

Stocks in Spotlight:

Indian Hotels (IHCL) rose 0.30% after the company's consolidated net profit jumped 30.8% to Rs 222.44 crore on 15.8% increase in net sales to Rs 1,466.37 crore in Q1 FY24 over Q1 FY23.

Intellect Design Arena surged 13.86% after the company's consolidated net profit rose 35.92% to Rs 93.47 crore on 18.12% increase in net sales to Rs 639.38 crore in Q1 June 2023 over Q1 June 2022.

Macrotech Developers gained 2.16%. The real estate developer's consolidated net profit dropped 34.1% to Rs 178.40 crore on 39.6% fall in revenue from operations to Rs 1,617.40 crore in Q1 FY24 over Q1 FY23.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.62% to 7.164 from its previous close of 7.120.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.2450, compared with its close of 81.92 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement rose 0.17% to Rs 59,050.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 100.82.

The United States 10-year bond yield declined 0.10% to 4.010.

In the commodities market, Brent crude for September 2023 settlement lost 40 cents or 0.47% to $83.84 a barrel.

Global markets:

Asian stocks are trading mixed ahead of the Bank of Japan's rate decision on Friday. Japan's central bank is expected to keep its benchmark policy rate unchanged at -0.1%, but investors will be keenly watching for any signs of a shift in stance towards its yield curve control policy.

US stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent US yields higher, snapping the longest winning streak for the Dow since 1987.

Second-quarter US gross domestic product (GDP) rose at a 2.4% annual rate, according to the Commerce Department. That was up from a 2% growth rate in the first quarter

The European Central Bank (ECB) on Thursday increased the key interest rate in the eurozone by 0.25 percentage points to 4.25%. The decision to hike rates for a ninth straight time is part of an ongoing campaign to bring down inflation. ECB President Christine Lagarde told a press conference that the bank will keep an open mind on future rate decisions.

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.

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.