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Budget News

  • Sensex, Nifty near day's high; Europe opens lower
  • August 04,2020  13:25
  • Domestic equity benchmarks were trading near the day's high in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, rallied 605.43 points or 1.64% at 37,545.03. The Nifty 50 index added 166.65 points or 1.53% at 11,058.25.

    Zee Entertainment Enterprises (up 6.85%), Reliance Industries (up 5.06%), HDFC (up 2.68%), Bajaj Finance (up 2.32%) and ICICI Bank (up 2.11%) were the top Nifty gainers.

    BPCL (down 5.15%), Tech Mahindra (down 3.11%), HCL Technologies (down 1.96%), Shree Cement (down 1.47%) and IndusInd Bank (down 1.32%) were the top Nifty losers.

    In broader market, the S&P BSE Mid-Cap index added 0.82% while the S&P BSE Small-Cap index was added 1.15%.

    The market breadth continued to favor the buyers. On the BSE, 1579 shares rose and 882 shares fell. A total of 144 shares were unchanged.

    Foreign portfolio investors (FPIs) bought shares worth Rs 7,818.49 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 135.55 crore in the Indian equity market on 3 August, provisional data showed.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 18,224,253 with 692,679 deaths. India reported 5,86,298 active cases of COVID-19 infection and 38,938 deaths while 12,30,509 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    RBI's Monetary Policy Meet:

    The three-day monetary policy meet headed by the Governor, Shaktikanta Das will commence today, 4 August 2020. The MPC will announce its policy stance on Thursday, 6 August 2020. Investors and traders will also keep an eye on whether RBI extends moratorium beyond August 2020.

    Buzzing Index:

    The Nifty Auto index rose 1.82% to 7,372.25, amid value buying. The index fell 2.38% in the past four sessions.

    Hero MotoCorp (up 3.20%), Maruti Suzuki (up 2.70%), Bajaj Auto (up 2.09%), TVS Motor Company (up 1.60%), Mahindra & Mahindra (up 1.31%), Eicher Motors (up 1.26%), Ashok Leyland (up 1.01%) and Bharat Forge (up 0.78%) advanced while Tata Motors skid 0.27%.

    Stocks in Spotlight:

    HDFC Bank surged 4.04% to Rs 1042.45 after the Reserve Bank of India approved the appointment of Sashidhar Jagdishan as managing director (MD) & CEO of the bank for three years. Jagdishan will replace Aditya Puri who will retire as managing director of the bank on 26 October 2020.

    Jindal Steel & Power (JSPL) was up 0.42% to Rs 191.45 after the steel major's consolidated production jumped 13% to 7.40 lakh metric tons (MT) in July 2020 over July 2019. Consolidated steel sales grew 25% (y-o-y) to 7.62 lakh MT in July 2020. The company reported a rise of 29% in standalone steel sales in July 2020 to 6,37,000 tonnes as compared to standalone sales of 4,93,000 tonnes in the previous year during the same period. JSPL export sales contributed to 39% of the total standalone sales in July 2020 to 2,50,000 tonnes. Standalone steel production rose 13% (y-o-y) to 6,03,000 tonnes in July 2020.

    Infosys fell 1.24% to Rs 945.45. National Bank of Bahrain (NBB), the Kingdom's leading provider of retail and commercial banking services, adopted Infosys' Finacle Cash Management Suite to digitally transform its transaction banking business.

    Bandhan Bank shed 0.21% to Rs 308. The bank disclosed after market hours yesterday, 3 August 2020 that its holding company, Bandhan Financial Holdings (BFHL), sold 20.95% stake through secondary market sale to comply with RBI guidelines. Shares of the private lender slumped 10.6% to Rs 308.65. In order to be fully compliant with the licensing guidelines, BFHL diluted its excess shareholding of 20.95%, or 33,73,67,189 equity shares of Bandhan Bank through secondary market sale. Consequently, the shareholding of BFHL in the bank has reduced to 40% of the total paid-up voting equity capital of the bank.

    Global Markets:

    Most European indices were trading lower while Asian stocks rose across the board on Tuesday, as they reacted to a slew of corporate earnings and latest manufacturing data from several countries.

    US stocks rose on Monday, the first trading day of August, as Wall Street tried to build on its four-month winning streak. The Nasdaq surged to a record high close on Monday as a rebound in multibillion-dollar deals, including Microsoft's pursuit of TikTok's U.S. operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.

    US stocks received an additional lift from Microsoft, which jumped 5.6% after it formally declared interest in TikTok's US operations on Sunday. President Donald Trump reversed course earlier on a planned ban of the short-video app. Apple Inc climbed 2.5%, expanding its rally following stunning quarterly results and announcing a four-for-one stock split.

    After wrapping up talks on Monday over another round of coronavirus economic stimulus, US House Speaker Nancy Pelosi said she will meet with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows the following day to continue the discussion. The US economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, US central bankers said on Monday.

    US manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery.

    The ISM said its index of national factory activity raced to a reading of 54.2 last month from 52.6 in June. That was the strongest since March 2019 and marked two straight months of expansion.

    Meanwhile, US President Donald Trump reportedly said after the market close that a permanent lockdown policy is not a viable path forward to combating the coronavirus pandemic.

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