INDICES TRADE WITH MINOR CUTS; BREADTH POSITIVE

The key equity indices traded with minor losses in early trade. The Nifty traded below the 24,250 mark. Media, pharma and consumer durables shares advanced while oil & gas, IT and metal stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 257.39 points or 0.32% to 79,210.62. The Nifty 50 index lost 81.25 points or 0.33% to 24,216.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.29% and the S&P BSE Small-Cap index added 0.39%.

The market breadth was strong. On the BSE, 1,863 shares rose and 1,067 shares fell. A total of 114 shares were unchanged.

The Reserve Bank of India (RBI) Governor Shaktikanta Das will announce the Monetary Policy Committee`s decision today, August 8. The repo rate has been steady at 6.5% for eight consecutive meetings since February 2023. If unchanged again, it will be the ninth straight hold. Das will also discuss the current economic situation, both domestic and global.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,314.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,801.21 crore in the Indian equity market on 7 August 2024, provisional data showed.

Stocks in Spotlight:

Sula Vineyards rose 1.19%. The company�s consolidated net profit increased 6.9% to Rs 14.6 crore during the quarter as comapred with Rs 13.7 crore in Q1 FY24. Revenue jumped 10.2% to Rs 121 crore in Q1 FY25 as compared with Rs 108 crore posted in corresponding quarter last year.

Godrej Consumer Products declined 3.90%. The firm�s consolidated net profit stood at Rs 451 crore, up 41% as compared with Rs 319 crore in Q1 FY24. Revenue fell 3% to Rs 3,332 crore during the quarter as compared with Rs 3,449 crore in Q1 FY24. The company�s board has declared interim dividend of Rs 5 per share.

Welspun Corp slipped 3.02%. The company�s consolidated net profit jumped 47.61% YoY to Rs 248 crore during the quarter as compared with Rs 4,069 crore posted in corresponding quarter last year. Revenue declined 22.91% to Rs 3,137 crore during the quarter as compared with Rs 4,069 crore posted in same quarter last year.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.71% to 6.979 as compared with previous close 6.983.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9375, compared with its close of 83.9500 during the previous trading session.

MCX Gold futures for 5 October 2024 settlement rose 0.01% to Rs 68,974.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.13% to 103.06.

The United States 10-year bond yield slipped 1.29% to 3.915.

In the commodities market, Brent crude for October 2024 settlement added 33 cents or 0.42% to $78.66 a barrel.

Global Markets:

Asian stocks traded mixed on Thursday, following a decline on Wall Street. The continued volatility in global markets reflects investor concerns over the global economy.

Market participants are also closely monitoring corporate earnings reports being released worldwide.

US stocks closed lower on Wednesday, with the Nasdaq leading the decline amid a slump in technology shares. A weak demand for a 10-year Treasury auction further rattled investor sentiment. The Dow Jones Industrial Average fell 0.6%, the S&P 500 lost 0.77%, and the Nasdaq Composite dropped 1.05%.

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