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Budget News

  • Benchmarks hover near record high; European markets open in positive territory
  • August 04,2021  13:30
  • The key barometers further extended major gains during afternoon trade. The Nifty index continued to trade above 16,200 mark.

    At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 492.66 points or 0.92% at 54,316.02. The Nifty 50 index soared 106.85 points or 0.66% at 16,237.60. The S&P BSE Sensex scaled a new all-time high of 54,440.80 while the Nifty 50 index hit 16,290.20 during intraday trade.

    Housing Development Finance Corporation (HDFC) (up 3.06%), ICICI Bank (up 3.24%) and HDFC Bank (up 2.50%) boosted the market.

    Broader markets underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.76%. The S&P BSE Small-Cap index lost 0.77%.

    Sellers outnumbered the buyers. On the BSE, 1,158 shares rose and 1,985 shares fell. A total of 116 shares were unchanged.

    Foreign portfolio investors (FPIs) bought shares worth Rs 2,116.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 298.54 crore in the Indian equity market on 3 August 2021, provisional data showed.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 19,95,70,445 with 42,46,242 deaths. India reported 4,10,353 active cases of COVID-19 infection and 4,25,757 deaths while 3,09,33,022 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    With 42,625 people testing positive for the coronavirus infection in a day, India's total tally of COVID-19 cases rose to 3,17,69,132 and the active caseload increased to 4,10,353. The death toll climbed to 4,25,757 with 562 fatalities. The number of active cases increased to 4,10,353 and accounted for 1.29% of the total infections, while the national COVID-19 recovery rate rose to 97.37%.

    Economy:

    The Reserve Bank of India (RBI) is set to begin its three-day meet to decide key monetary policy rates on Wednesday. The central bank will announce its bi-monthly monetary policy review on Friday, at the end of the meeting.

    Meanwhile, IHS Markit India Services PMI came at 45.4 in July 2021. The index was in contraction territory for the third month in a row. However, the index rose from 41.2 posted in June. Panel members that reported lower output cited subdued demand conditions amid the COVID-19 crisis.

    Commenting on the latest survey results, Pollyanna De Lima, economics associate director at IHS Markit said, The current COVID-19 environment continued to weigh on the performance of the service sector that is so crucial to the Indian economy. July data was somewhat disappointing, with incoming new business and output falling solidly over the month, but there was at least a slowdown in rates of contraction. Uncertainty over when the pandemic will end, as well as concerns about inflationary pressures and financial troubles, dampened business confidence in July.

    Service providers were pessimistic towards the outlook for business activity for the first time in a year. Downbeat assessments and ongoing declines in new work caused another round of job shedding in the service sector. The subdued performance of services more than offset a rebound across manufacturing, causing further contractions in private sector sales, output and employment. Rates of reduction eased noticeably from June, however.

    Gainers & Losers:

    Housing Development Finance Corporation (HDFC) (up 4.46%), Kotak Mahindra Bank (up 3.46%), ICICI Bank (up 3.24%), HDFC Bank (up 2.50%) and Axis Bank (up 1.77%) were major gainers in Nifty 50 index.

    Sun Pharmaceutical Industries (down 1.73%), Tata Motors (down 1.71%), Hindalco Industries (down 1.70%) and Grasim Industries (down 1.50%) were major losers in Nifty 50 index.

    Nifty Results Today:

    State Bank of India (down 0.67%) and Titan Company (down 1.33%) will announce their quarterly results today.

    Earnings Impact:

    Bajaj Healthcare dropped 3.77%. The company reported 25.7% rise in net profit to Rs 19.21 crore on a 32.8% increase in revenue from operations to Rs 185.68 crore in Q1 FY22 over Q1 FY21. On the segmental front, Bulk Drugs revenue was Rs 135.28 crore (up 7.6% Y-o-Y) while that from Formulations was Rs 50.40 crore (up 3.56x Y-o-Y) in the first quarter. Total expenses during the quarter increased by 32.3% Y-o-Y to Rs 159.11 crore, due to higher raw material costs (up 48.7% Y-o-Y), higher employee expenses (up 20.7% Y-o-Y) and higher other expenses (up 26% Y-o-Y).

    Prataap Snacks rose 1.76% after the company reported a lower consolidated net loss of Rs 1.59 crore in Q1 FY22 as compared to a net loss of Rs 5.96 crore posted in Q1 FY21. Net sales increased by 43.1% to Rs 278.2 crore in Q1 FY22 from Rs 194.45 crore in Q1 FY21. The company reduced its pre-tax loss to Rs 2.17 crore in Q1 FY22 from Rs 7.54 crore recorded in Q1 FY21. Meanwhile, the company's operating EBITDA increased by 34.5% year on year to Rs 11.08 crore in Q1 FY22.

    Global Markets:

    European markets rallied across the board on Wednesday, 4 August 2021 as strong U.S. corporate earnings boosted global sentiment.

    Asian stocks mostly advanced on Wednesday, a private survey showed accelerating Chinese services activity growth in July. The Caixin/Markit services Purchasing Managers' Index for July came in at 54.9 on Wednesday, up from June's reading of 50.3.

    U.S. stocks moved higher on Tuesday and the S&P 500 set a new record high as broad market strength outweighed the travel names held back by COVID-19 fears.

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