KEY INDICES TRADE WITH MINOR LOSSES; MARKET BREADTH REMAINS STRONG

The domestic equity barometers traded with minor losses in early trade. The Nifty traded tad above the 19,500 mark. Metals, IT and FMCG stocks declined while pharma, media and healthcare shares outperformed.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 28.87 points or 0.04% to 65,753.91. The Nifty 50 index lost 23.20 points or 0.12% to 19,503.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index declined 0.12%.

The market breadth was strong. On the BSE, 1677 shares rose and 725 shares fell. A total of 107 shares were unchanged.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.36% to 7.180 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 82.6825, compared with its close of 82.6700 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement was down 0.05% to Rs 59,100.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 102.66.

The United States 10-year bond yield advanced 0.71% to 4.106.

In the commodities market, Brent crude for September 2023 settlement rose 7 cents or 0.08% to $83.27 a barrel.

Stocks in Spotlight:

Titan Company declined 1.63%. Titan Company reported 4% fall in consolidated net profit to Rs 756 crore in Q1 FY24 as against a net profit of Rs 790 crore in Q1 FY23. Total income rose 21% to Rs 11070 crore in the quarter ended 30 June 2023 from Rs 9131 crore recorded in Q1 FY23.

Vedanta slumped 6.76%. Twin Star, a company promoted by Anil Agarwal, is planning to sell off 4.3% stake through block deal in Vedanta to raise up to $501 million (Rs 4,136 crore) for debt repayment.

JSW Steel lost 0.12%. The company has entered into a joint venture agreement with JFE Steel Corporation (JFE) for the purposes of establishing a joint venture company in India (JVC) for the manufacture and sale of CRGO using industry leading machinery, technical know-how and JFE Steel`s energy efficient production technology developed through extensive R&D.

InterGlobe Aviation (Indigo) fell 1.87%. Indigo reported a consolidated net profit of Rs 3,090.60 crore in Q1 FY24 as against a net loss of Rs 1,064.26 crore in Q1 FY23. Revenue from operations jumped 29.78% to Rs 16,683.05 crore in the quarter ended 30 June 2023 from Rs 12,855.29 crore recorded in 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.

Powered by Capital Market - Live News