INDICES TRADE WITH DECENT GAINS; EUROPEAN MKT OPENS HIGHER

The headline equity indices continued to trade with minor gains in the afternoon trade. The Nifty traded above the 24,150 mark. Barring the Nifty IT index, all the other sectoral indices on the NSE traded in the red.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 193.74 points or 0.25% to 79,149.77. The Nifty 50 index added 22.80 points or 0.09% to 24,161.80.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.40% and the S&P BSE Small-Cap declined 0.57%.

The market breadth was weak. On the BSE, 1,455 shares rose and 2,376 shares fell. A total of 126 shares were unchanged.

Due to the observance of Independence Day on Thursday, 15 August 2024, the domestic market will be closed. Consequently, the Nifty weekly options expiry has been shifted to today.

Economy :

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.04% (Provisional) for the month of July, 2024 (over July, 2023). Positive rate of inflation in July, 2024 is primarily due to increase in prices of food articles, manufacture of food products, mineral oils, crude petroleum & natural gas, other manufacturing etc. The month over month change in WPI index for the month of July, 2024 stood at 0.84% as compared to June, 2024.

Gainers & Losers:

Tata Consultancy Services (up 1.95%), Apollo Hospitals Enterprise (up 1.92%), HCL Technologies (up 1.75%), Infosys (up 1.33%) and Mahindra & Mahindra (up 1.31%) were major Nifty gainers.

Divi�s Laboratories (down 4.22%), Hero MotoCorp (down 3.07%), Coal India (down 2.79%), Tata Steel (down 2.56%) and Ultratech Cement (down 2.43%) were major Nifty losers.

Apollo Hospitals Enterprise rose 1.92%. The company�s net profit soared 83.9% to Rs 305.2 crore as compared to Rs 166.6 crore reported in same quarter previous year. Revenue from operations increased 15.12% year on year (YoY) to Rs 5,085.6 crore in the quarter ended 30 June 2024.

Mahindra & Mahindra rose 1.31%. The company said that its total production declined 1.18% to 69,138 units in the month of July 2024 as compared with 69,962 units produced in the same period last year.

Hero MotoCorp slipped 3.07%. The two-wheeler major`s standalone net profit increased 36.12% to Rs 1,122.63 crore on 15.7% rise in revenue from operations to Rs 10,143.73 crore in Q1 FY25 over Q1 FY24.

Global Markets:

European shares advanced on Wednesday as investors monitor key inflation prints from the U.K. The U.K. CPI rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024. On a monthly basis, CPI fell by 0.2% in July 2024, compared with a fall of 0.4% in July 2023.

Most Asian stocks advanced, buoyed by Wall Street`s rally following upbeat US inflation data. This strengthened expectations that the Federal Reserve could initiate monetary easing as early as September.

New Zealand`s dollar tumbled after the central bank unexpectedly cut interest rates by 25 basis points to 5.25%.

Chinese equities declined as data revealed a contraction in bank loans to the real economy for the first time in 19 years. Investors are eagerly awaiting earnings results from Tencent Holdings and details of its planned share buyback.

US stocks surged on Tuesday, nearing recent record highs, after a milder-than-expected producer price index (PPI) report. The Dow Jones Industrial Average gained 1.04%, the Nasdaq Composite jumped 2.43%, and the S&P 500 climbed 1.68%.

The PPI, a measure of wholesale inflation, rose 0.1% last month. This data buoyed investor sentiment ahead of Wednesday`s more closely watched consumer price index (CPI) report, which is expected to show a modest increase of 0.2% month-over-month.

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