Investors also stayed on the sidelines ahead of the RBI’s policy meet outcome on Friday.
In choppy trade, the 30-share BSE Sensex ended 51.73 points or 0.09 per cent lower at 58,298.80. During the day, it hit a low of 57,577.05 and a high of 58,712.66.
The broader NSE Nifty dipped 6.15 points or 0.04 per cent to finish at 17,382.
!1 New UpdateClick here for latest updates
US stocks open flat after best performance in a week
Wall Street opened flat on Thursday as investors digested a fresh batch of earnings after a rally that made the previous session the best in a week, while the number of Americans claiming unemployment benefits rose slightly. The Dow Jones Industrial Average fell 6.81 points, or 0.02%, at the open to 32,805.69. The S&P 500 opened lower by 0.32 points, or 0.01%, at 4,154.85, while the Nasdaq Composite gained 6.89 points, or 0.05%, to 12,675.05 at the opening bell.
Volatility has increased in the domestic market in the last 3 days. However strong buying at lower levels have helped Nifty to sustain its positive closing for 6-7 consecutive days. This shows the underlying strength in the Indian markets despite increasing volatility as well as escalating geopolitical tensions. After the sharp run up in the last few days, Nifty now trades at 20x FY23 PE, which is above its 10-year average, thus offering limited upside in the near term. RBI’s policy outcome on Friday would be the key event that the market would track. Going forward, it could be a tug of war between domestic and global factors which would determine the market direction.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Markets will be closely eyeing the outcome of MPC’s monetary policy meet on Friday. Before that, the performance of the global indices amid the fresh developments on China-Taiwan tension would dictate the trend in early trades. On the index front, the Nifty has been seeing consolidation on the expected lines however rise in the volatility is making life tough for the traders. We recommend preferring hedged positions and focusing on the defensive pack as well.
– Ajit Mishra, VP – Research, Religare Broking
Nifty remained highly volatile before closing flat for the day. On the higher end, it found resistance around 17500 and slipped lower. The momentum indicator RSI is in bullish crossover. The trend is likely to remain sideways to negative as long as it remains below 17500. On the lower end, support exists around 17100-17000.
– Rupak De, Senior Technical Analyst at LKP Securities
Taking positive momentum from the robust US economic data, the domestic market opened with gains, while worries over the US-China conflict kept investors on the defensive, leading to heavy volatility. Weak PMI and trade deficit data witnessed downside pressure on the Indian rupee & equity market. However, sustained foreign interest in Indian equities is led to buying on dips, resulting in a late recovery.
– Vinod Nair, Head of Research at Geojit Financial Services
Sensex Heatmap: Top gainers & losers from the index
Closing Bell: Sensex snaps 6-day winning run to end 52 pts lower; Nifty holds 17,350; NTPC drops 3%, SBI 2%
Pharma has a good day: Cadila Healthcare, Lupin 5% up; Ipca, Laurus 4%
Price as on 04 Aug, 2022 03:19 PM, Click on company names for their live prices.
BSE SmallCap outperforms Sensex
BHEL on Thursday reported a narrowing of consolidated loss to Rs 187.99 crore in the June quarter compared with a loss of Rs 447.48 crore in the corresponding quarter last year. This is even as the company reported a 63.35 per cent YoY rise in sales at Rs 4,449.49 crore compared with Rs 2,723.82 crore in the same quarter last year.
Price as on 04 Aug, 2022 02:42 PM, Click on company names for their live prices.
Robust earnings support European shares; eyes on BoE rate decision
European shares rose on Thursday following strong results from a slew of companies, with focus squarely on Britain’s central bank that is expected to lift interest rates by the most since 1995. The pan-European STOXX 600 index gained 0.3%, with Germany’s DAX up 0.7%. The Bank of England is expected to lift borrowing costs by a bigger 50 basis points to 1.75%, according to a Reuters poll, as it battles inflation running at a four-decade high.
Telecom operator Bharti Airtel will start rolling out 5G services later this month as it signed requisite agreements with Ericsson, Nokia and Samsung. At the recently held much-awaited spectrum auction for 5G services by the Department of Telecom, Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies.
Price as on 04 Aug, 2022 02:28 PM, Click on company names for their live prices.
DBS Group Holdings Ltd., Singapore’s largest lender that has been investing in India, said buying a stake in government-owned IDBI Bank Ltd. is not on its radar, even though it remained bullish about the country’s growth prospects. Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi.
Price as on 04 Aug, 2022 02:26 PM, Click on company names for their live prices.
DCM Shriram and ReNew Power today announced signing of two Captive Power Agreements (CPAs), to supply 50 MW of renewable energy from its two upcoming projects in Bhavnagar, Gujarat, to DCM Shriram’s Chlor-Alkali manufacturing facility in Bharuch district, Gujarat.
Price as on 04 Aug, 2022 02:23 PM, Click on company names for their live prices.
On the technical front, Nifty formed a small bullish candle with lower hairline resembling closer to a Hanging man formation amidst choppy price action. Though the pattern specifies a reversal formation but no signs of exhaustion can be seen yet through oscillators, on the contrary weekly RSI clocked breakout from 6 months falling trend line indicating of long term positive bias. The formation of higher high-low with broader market participation reinforces of a positive outlook in Index. The psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence, during the day stock specific action is likely to continue while Nifty might consolidate with positive bias holding above previous sessions low of 17200. Intraday dip towards 17150-17180 need to be hunted for creating long position for the target of 17575.
– Tirthankar Das, Head of Technical Research at Ashika Group
Q1 EARNINGS: GAIL INDIA
- PAT at Rs 2915 cr vs Rs 2683 QoQ
- Margin 11.6% vs 13.8% QoQ
The recently listed Paradeep Phosphates has declared an income of Rs 2,435 crore from operations for the first quarter of 2022-2023 fiscal, up by 85 per cent as compared to the corresponding period of the previous year. The profit after tax rose to Rs 63 crore, rising by 5 per cent as compared to Rs 60 crore during the period in the last fiscal.
Price as on 04 Aug, 2022 01:18 PM, Click on company names for their live prices.
The multiplex chain operator Inox Leisure reported a consolidated net profit of Rs 57.09 crore for the quarter ended June, led by rising footfalls at cinema halls. The company had posted a net loss of Rs 122.28 crore in the April-June period a year ago.
Price as on 04 Aug, 2022 01:17 PM, Click on company names for their live prices.
The Adani Group firm reported a consolidated net profit after tax (PAT) of Rs 168.46 crore for the quarter ended June 30. The consolidated PAT of the company in the year-ago period stood at Rs 433.24 crore.
Price as on 04 Aug, 2022 01:16 PM, Click on company names for their live prices.
Tata Consumer, Godrej Consumer down but Nifty FMCG mostly in green
Price as on 04 Aug, 2022 01:04 PM, Click on company names for their live prices.
Tiger Global Fund cuts stake in Zomato to 2.77% from 5.11%
Price as on 04 Aug, 2022 12:45 PM, Click on company names for their live prices.
LIC breaks into Fortune 500 list, Reliance jumps 51 places
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries (RIL) has jumped 51 places. The nation’s biggest life insurer with revenue of $97.26 billion and a profit of $553.8 million, was ranked 98th on the just released Fortune 500 list. Reliance Industries jumped 51 places to 104 on the 2022 list.
Shares of realty firm Macrotech Developers Ltd on Thursday dropped as much as 8.6% after block deals, Bloomberg reported. The stock opened sharply lower after the counter saw around 5.8 million shares or 1.2 percent stake change hands in two tranches, Bloomberg reported.
Price as on 04 Aug, 2022 12:43 PM, Click on company names for their live prices.
Shares of Redington India rallied 9 per cent during the early trade on Thursday after the company reported a strong performance in the June 2022 quarter. The distributor of Apple products reported a net profit of Rs 149.85 crore in the quarter ended on June 30, 2022, which is 57 per cent higher than the bottomline of Rs 95.59 crore reported in the same quarter the previous year.
Price as on 04 Aug, 2022 12:40 PM, Click on company names for their live prices.
India’s biggest airline IndiGo said on Thursday it would add a third ramp for passengers disembarking from its planes, in an attempt to improve turnaround times. The addition would apply to 70% of its operations and will begin with Bengaluru, Mumbai and Delhi, IndiGo’s Executive Vice President Sanjeev Ramdas told reporters on Thursday.
Price as on 04 Aug, 2022 12:28 PM, Click on company names for their live prices.
Nifty Energy index down 1.81%; Gujarat Gas down 5.4%
Price as on 04 Aug, 2022 12:05 PM, Click on company names for their live prices.
China says military drills surrounding Taiwan underway
China says military exercises by its navy, air force and other departments are underway in six zones surrounding Taiwan. The drills were prompted by a visit to the island by Speaker of the U.S. House of Representatives Nancy Pelosi this week and are intended to advertise China’s threat to attack the self-governing island republic in response to moves to solidify its de facto independence from Chinese rule with support from key ally the U.S.
Chinese military carries out precision strikes in eastern part of Taiwan Strait
#GlobalNews | Chinese military carries out precision strikes in eastern part of Taiwan Strait (From Agencies)… https://t.co/qs0L3SL42D
— ET NOW (@ETNOWlive) 1659592950000
US equity futures decline
- S&P 500 futures were down 0.1% as of 7:01 a.m. in London. The S&P 500 rose 1.6%
- Nasdaq 100 futures fell 0.3%. The Nasdaq 100 rose 2.7%
BSE Midcap index falls in tandem with Sensex
Top Sensex drags at this hour: RIL, ICICI Bank, HDFC Bank
Sharp fall in Sensex!
In a chat with ET NOW, Anand Roy of Star Health says will be able to consolidate our market share better, going forward
#MarketsWithETNOW | Anand Roy of #StarHealth says – Paying average commission of 14% – Will be able to consolidat… https://t.co/MIhk9P54Dm
— ET NOW (@ETNOWlive) 1659589416000
Hindalco Industries rallied as much as 4 per cent during the early trade on Thursday, following the earnings of Novelis Inc, the wholly owned US based subsidiary of the aluminium firm. The aluminum solutions provider Novelis said net income attributable to its common shareholder increased 28 per cent YoY to $307 million, whereas it recorded an adjusted EBITDA of $561 million, which increased by a per cent.
Price as on 04 Aug, 2022 11:10 AM, Click on company names for their live prices.
In the mother market of the US, markets are climbing many walls of worries including the US-China skirmishes arising from Nancy Pelosi’s visit to Taiwan. Other markets are taking cues from the strong trend in the US market. In India, the FPIs turning buyers has changed the sentiments in favour of the bulls. The market momentum is so strong that it is overpowering negatives like higher valuations and rising trade deficit. If FPI buying sustains, the market may continue to remain resilient, but investors should exercise some caution. It makes sense to stick with high quality growth stocks. The strength in Nasdaq indicates that IT will continue to maintain the current uptrend.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Indian Hotels Company has announced two hotels in Kevadia, Gujarat, in agreement with Sardar Sarovar Narmada Nigam (SSNNL). The hotels are slated to open in 2025.
Price as on 04 Aug, 2022 11:08 AM, Click on company names for their live prices.
Here are the loser from the PSU Bank index
AU Small Finance is said to have raised about Rs 2,000 crore via qualified institutional placement from a host of global and local investors, which put up bids nearly four times higher than the actual size, said market sources. Bidders included Singapore’s GIC, US-based Capital International and Blackstone. Local mutual funds too jumped in the fray as the likes of Nippon and DSP tried to bet on the share sale.
ETNOW Exclusive | Govt preparing a centralised mechanism for asset monetisation of PSUs
#ETNOWExclusive | Govt is preparing a centralised mechanism for asset monetisation of PSUs. @MeghnaMittal23 has the… https://t.co/FoiOrCf4cJ
— ET NOW (@ETNOWlive) 1659588841000
After getting rejected twice at our turnaround point of17220 yesterday, bears gave up, leading to a vertical rise by over 180 points. This makes the test of 17500 a formality today. While 17750 is truly a congestion region worthy of forcing a turn lower on the first test, weekly charts look even stronger encouraging us to move the near term objective higher to 18100. Alternatively,expect volatility to resurface if unable to breach the 17560 region after the opening burst.
– Anand James – Chief Market Strategist at Geojit Financial Services
Metal stocks get their shine on; JSPL, Hindalco more than 3% up
Price as on 04 Aug, 2022 10:09 AM, Click on company names for their live prices.
InterGlobe Aviation posted a net loss of Rs 1,064.3 crore for the June FY23 quarter, which narrowed from a loss of Rs 3,174.2 crore in Q1FY22. Revenue grew by 327.5 per cent to Rs 12,855.3 crore during the same period.
Price as on 04 Aug, 2022 10:04 AM, Click on company names for their live prices.
Satin Creditcare Network, the microfinance lender reported a net profit of Rs 60 crore in the quarter ended June 2022 led by higher loan disbursals. It had posted net loss of Rs 71 crore a year ago.
Price as on 04 Aug, 2022 09:57 AM, Click on company names for their live prices.
TCI Express, the express logistics firm posted an over 30 per cent jump in net profit at Rs 31.01 crore for the quarter ended June 30, helped by higher income. The consolidated net profit of the company in the year-ago period stood at Rs 23.76 crore.
Price as on 04 Aug, 2022 09:55 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for Aug 04, 2022
IT back in the green! Check how TCS, Infy, Mindtree Persistent fare
Price as on 04 Aug, 2022 09:42 AM, Click on company names for their live prices.
Aditya Birla Capital reported its highest ever consolidated quarterly net profit at Rs 429 crore in the April-June period, up by 42 per cent over the year-ago period. The company had reported a net profit of Rs 302 crore in the corresponding June 2021 quarter of the previous fiscal.
Price as on 04 Aug, 2022 09:40 AM, Click on company names for their live prices.
FADA July Data
- Total sales down 8% at 14.36lk units
- 2-Wheeler sales down 11% at 10.1lk units
- PV sales down 5% at 2.52lk units
- Tractor sales down 28% – at 60k units
- CV sales up 27% at 66k units
Adani Power posted a manifold jump in consolidated net profit to Rs 4,779.86 crore in the quarter ended June 2022, on account of growth in income. The consolidated net profit of the company in the year-ago period was at Rs 278.22 crore.
Price as on 04 Aug, 2022 09:27 AM, Click on company names for their live prices.
Stocks in focus: Voda Idea, Gujarat Gas, KEC International, IndiGo, Adani stocks and more
Vodafone Idea widened net loss for the fiscal first quarter sequentially to Rs 7295.7 crore from Rs 6,544.9 crore in the previous three-month period, in line with street estimates. Quarterly revenue for the cash-strapped operator increased 1.7% sequentially to Rs10,410 crore in the April-June quarter from Rs 10,239.5 crore in the January-March quarter.
Price as on 04 Aug, 2022 09:20 AM, Click on company names for their live prices.
Only 2 Sensex stocks in the red in opening deals
OPENING BELL: Sensex rises 300 points, Nifty above 17,450; Subex rallies 17%, Lodha drops 3%
Asian stocks rise on upbeat data, Fed hawks lift dollar
Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.
Quarterly earnings today
Adani Total Gas, Adani Enterprises, Dabur India, Britannia Industries, Berger Paints, GAIL, Balkrishna Industries, Container Corporation, Dalmia Bharat, REC, Bharat Heavy Electricals and LIC Housing are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 80 points, or 0.46 per cent, higher at 17,519.50, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty forms bullish candle; resistance likely at 17,500
A late rebound on Wednesday helped Nifty50 take its winning run to the sixth trading session. The index ended up forming a bullish candle with a long lower-wick, suggesting the bulls are not ready to give in as yet.
Oil prices rebound after dropping to lowest in months
Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand.