MARKET DRIFTS LOWER IN EARLY TRADE, NIFTY BELOW 19,550 MARK

Domestic equity barometers were trading with limited losses in early trade. The Nifty traded below the 19,550 mark. Pharma, healthcare and consumer durables stocks advanced while banking, financial services and realty shares corrected.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 188.83 points or 0.29% to 65,657.67. The Nifty 50 index lost 41.20 points or 0.21% to 19,529.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% while the S&P BSE Small-Cap index gained 0.30%.

The market breadth was strong. On the BSE, 1,604 shares rose and 1,010 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 711.34 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 537.31 crore in the Indian equity market on 8 August, provisional data showed.

Stocks in Spotlight:

Coal India rose 0.91%. The company reported consolidated net profit of Rs 8,125.40 crore in Q1 FY24 as against a net profit of Rs 9,415.58 crore in Q1 FY23. Total income rose to Rs 33,072.64 crore in the June quarter from Rs 32,497.98 crore recorded in Q1 FY23.

Oil India declined 2.52%. The company reported consolidated net profit of Rs 1,613.43 crore in Q1 FY24 as against a net profit of Rs 1,555.49 crore in Q1 FY23. Total income rose to Rs 4,978.80 crore in the June quarter from Rs 6,029.86 crore recorded in Q1 FY23.

Prestige Estates Projects fell 1.83%. The company reported consolidated net profit of Rs 317.8 crore in Q1 FY24 as against a net profit of Rs 251.1 crore in Q1 FY23. Total income fell to Rs 1966.3 crore in the June quarter from Rs 2011.8 crore recorded in Q1 FY23.

Siemens shed 1.26%. The company reported 43.4% rise in consolidated net profit to Rs 424 crore on 14% rise in revenue to Rs 4407 crore in the third quarter ended 30 June 2023 over the third quarter ended 30 June 2022.

Lupin advanced 2.05%. Global pharma major Lupin announced that its wholly-owned subsidiary, Novel Laboratories Inc., based in Somerset, New Jersey, has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Fluocinolone Acetonide Oil, 0.01% (Body Oil), a generic equivalent of DermaSmoothe, of Hill Dermaceuticals, Inc.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper added 0.01% to 7.169 from its previous close of 7.168.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.8125, compared with its close of 82.91 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement rose 0.10% to Rs 59,310.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 102.45.

The United States 10-year bond yield declined 0.15% to 4.016.

In the commodities market, Brent crude for October 2023 settlement fell 19 cents or 0.22% to $85.98 a barrel.

Global Markets:

Asian stocks were trading mixed as China`s consumer price index fell in July, for the first time in 28 months. Data on Wednesday showed China`s consumer prices fell 0.3% in July from a year ago. Producer prices dropped for a 10th consecutive month.

Overnight in the U.S., all three major indexes saw a selloff after Moody`s downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios.

Markets are waiting for the U.S. inflation report on Thursday.

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