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Budget News

  • Nifty firm above 16,250; breadth weak
  • August 04,2021  14:27
  • Benchmarks traded near the record high level in mid afternoon trade. The Nifty surpassed 16,250 level with ease to hit an all-time high of 16,290.20. Banks and financial stocks saw heavy demand while FMCG and IT shares came under pressure. Meanwhile, the Sensex scaled record high of 54,450.97.

    At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 623.47points or 1.16% at 54,446.63. The Nifty 50 index gained 122 points or 0.76% at 16,252.40.

    The broader market underperformed the frontliners with the BSE Mid Cap falling 0.91% and the BSE Small Cap declining 0.98%.

    The market breadth, indicating the overall health of the market, was negative. On the BSE, 1097 shares rose and 2107 shares fell. A total of 120 shares were unchanged.

    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%.

    Earnings Impact:

    IIFL Wealth Management jumped 14.19% to Rs 1581.60 after the company's consolidated net profit surged 42% YoY to Rs 119 crore in Q1 FY22 from Rs 83 crore in Q1 FY21. Revenue from operations rose by 43% to Rs 283 crore in Q1 FY22 from Rs 199 crore in Q1 FY21. Annual recurring revenue was at Rs 192 crore (up 51% YoY) and transactional / brokerage income was at Rs 91 crore (up 28% YoY) in the first quarter. Sequentially, the company's net profit has increased by 16% from Rs 103 crore while revenue from operations have risen by 7% from Rs 266 crore in Q4 FY21. Profit before tax in Q1 FY22 stood at Rs 151 crore, up by 38% from Rs 109 crore in Q1 FY21. Total assets under management (AUM) grew 15% QoQ to Rs 2.82 trillion.

    Prataap Snacks gained 1.98% 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.

    Numbers to Track:

    In the foreign exchange market, the partially convertible rupee rose to 74.225 compared with its previous closing of 74.285.

    MCX Gold futures for 5 August 2021 settlement rose 0.69% to Rs 48,147.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 92.157.

    The yield on 10-year benchmark federal paper fell to 6.199% from its previous close of 6.2%.

    In the commodities market, Brent crude for October 2021 settlement rose 15 cents or 0.38% to $72.56 a barrel.

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