In a bland session after a 1-day break, domestic equity benchmarks gave up early gains on Wednesday to end below the flatline as tech stocks inched lower, while traders awaited US inflation data for cues on the pace of rate hikes from the Federal Reserve. Weakness in Asian markets also dampened sentiment. After opening positive, the 30-share headline indice declined 35.78 points to end at 58,817.29. Its broader peer, Nifty50, also failed to close above the 17,550 mark.
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Wall St opens higher as bets on big rate hikes ease after inflation data
Wall Street rose sharply at the open on Wednesday as data showed a slower-than-expected rise in inflation last month prompted traders to cut their bets on a third straight 75-basis-point interest rate hike in September.The Dow Jones Industrial Average rose 356.22 points, or 1.09%, at the open to 33,130.63.
US Futures jump after softer-than-expected inflation data
U.S. stock index futures extended gained sharply on Wednesday after data showed monthly consumer prices rose at a slower pace than expected, dousing expectations of an aggressive rate hike by the Federal Reserve next month.At 08:33 a.m. ET, Dow e-minis were up 427 points, or 1.3%, S&P 500 e-minis were up 71.25 points, or 1.73%, and Nasdaq 100 e-minis were up 316 points, or 2.42%.
Stoxx Europe 600 Index extends gains after US inflation data
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US inflation slips from 40-year peak but remains high 8.5%
Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise more than two years.Still, prices are spiking across a wide range of goods and services, leaving most Americans worse off. Average paychecks are rising faster than they have in decades — but not fast enough to keep up with accelerating costs for such items as food, rent, autos and medical services.
We reiterate our bullish view on markets and suggest continuing with the “buy on dips” approach until the Nifty holds 17,300. Meanwhile, global cues, earnings and upcoming macro data would keep the volatility high. Participants should align their positions accordingly and avoid contrarian bets.
– Ajit Mishra, VP – Research, Religare Broking
Rupee rises 15 paise to close at 79.48 against US dollar
The rupee appreciated by 15 paise to close at 79.48 (provisional) against the US dollar on Wednesday, tracking foreign fund inflows and easing crude oil prices. At the interbank forex market, the local unit opened at 79.59 against the greenback and finally settled at 79.48 (provisional), registering a rise of 15 paise over its previous close.During the session, the local unit witnessed an intra-day high of 79.41 and a low of 79.59 against the American currency. In the previous session on Monday, the rupee had closed at 79.63 against the US dollar.
Indian markets started the day on a weak note and closed flat as investors awaited the release of U.S. inflation data later in the day for cues on the Fed’s policy tightening path. Corporate earnings release are continuing driving the market and foreign investors are becoming more confident on Indian markets prospects. Investors are in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting. July US inflation data along with strong US job data, will compel the FED to keep taking a tough approach to rein in high inflation levels. However, on macro perspective, Indian economy has fared better than other emerging countries in terms of growth and currency depreciation amid rolled back of monetary stimulus by global central banks and hiking interest rates to combat the rising inflation.
– Arijit Malakar, Head of Retail Research at Ashika Group
IRCTC Q1 Results: Profit triples to Rs 246 crore; revenue up 250% YoY
- IRCTC on Wednesday reported that its June quarter profit after tax nearly tripled to Rs 245.52 crore as against Rs 82.5 crore in the year-ago period.
- Its revenue zoomed 251 per cent year-on-year (YoY) to Rs 852 crore during the said quarter. It stood at Rs 243 crore in the same period last year.
- As a result, the earnings per share (EPS) also shot up three times to Rs 3.07 as against Rs 1.03 in the Covid-affected Q1 of FY22.
Nifty has confirmed the resilience of the up trend by closing above the previous congestion high on the daily chart. The important moving averages are lying comfortably below the current index value confirming the uptrend again. The trend may remain bullish over the short term as long as it remains above 17350. However, the rally towards 17750-17800 is likely to attract selling pressure at the higher levels.
– Rupak De, Senior Technical Analyst at LKP Securities
Gold prices fall by Rs 60, silver declines Rs 575
Gold prices eased by Rs 60 to Rs 52,811 per 10 grams in the national capital on Wednesday in line with losses in the precious metal in the global markets, according to HDFC Securities. The precious metal had closed at Rs 52,871 per 10 grams in the previous trade.Silver declined by Rs 575 to Rs 58,985 per kg from Rs 59,560 per kg in the previous trade.The rupee appreciated by 11 paise to 79.52 against the US dollar in afternoon trade on Wednesday on easing crude oil prices and foreign fund inflows.
Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting. The US CPI inflation during July is projected to remain high, in line with June inflation levels. This, along with strong job data, will compel the FED to keep taking a tough approach to rein in high inflation levels.
– Vinod Nair, Head Of Research at Geojit Financial Services
Heatmap: Top Sensex gainers and losers in trade today
Closing Bell: Sensex ends 36 pts lower, Nifty holds 17,500; OIL, MRF fall 5% each; Hindalco surges 4%
Infosys CEO sees moderation in attrition over coming quarters
- India’s second largest IT services company Infosys expects moderation in attrition levels over the coming quarters, as its efforts around employee engagement, training and salary hikes are starting to yield results, said CEO Salil Parekh.
- The comment of Infosys top honcho assumes significance as soaring level of attrition, leading to higher employee costs, is denting the profitability of IT players.
- While the high level of attrition at large IT companies, including Infosys, has alarmed analysts, Parekh stressed that attrition measured on a quarterly basis has already started showing notable signs of improvement for the Bengaluru-headquartered firm.
Go Fashion Q1 Results: Profit at Rs 24 cr vs loss of Rs 19 cr YoY
Price as on 10 Aug, 2022 03:11 PM, Click on company names for their live prices.
Indiabulls Housing Q1 (Cons YoY)
- Revenue at Rs 2,075 cr vs Rs 2,320 cr
- PAT at Rs 286.64 cr vs Rs 281.69 cr
- Gross NPA at 4.11%; net NPA at 2.36%
Most active stocks in afternoon session
Price as on 10 Aug, 2022 02:49 PM, Click on company names for their live prices.
Avalon Technologies files Rs 1,025-cr IPO papers with Sebi
Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,025 crore through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for-Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.
State-owned REC has received shareholders’ approval for the proposal to issue 65.83 crore bonus shares, utilising capital reserves of Rs 658.30 crore.
Price as on 10 Aug, 2022 02:34 PM, Click on company names for their live prices.
VRL Logistics: Revenue at Rs 717.11 cr vs Rs 413.77 cr YoY; PAT at Rs 49.36 cr vs loss of Rs 6.04 cr YoY
Price as on 10 Aug, 2022 02:25 PM, Click on company names for their live prices.
This Adani group stock may replace Shree Cement in upcoming Nifty rejig
1,760 crore buying from Nifty50 ETF funds in the former and Rs 630 crore outflows in the latter, ICICI Securities said in a note. The semi-annual changes to the index will be announced in August and the changes will come into effect from September 30.
European shares open lower as U.S. inflation data looms; Ahold jumps
European shares edged lower at the open on Wednesday on losses in technology stocks ahead of key inflation data from the United States, while gains in supermarket major Ahold Delhaize kept declines in check. The pan-European STOXX 600 index dipped 0.2% within the first half an hour of trading.
Hindalco Industries on Wednesday reported a 48 per cent year-on-year (YoY) jump in consolidated PAT at Rs 4,119 crore compared with Rs 2,787 crore in the corresponding quarter last year. This was the highest ever quarterly profit figure the aluminium maker ever posted. Consolidated sales for the quarter rose 40.28 per cent YoY to Rs 58,018 crore from Rs 41,358 crore in the same quarter last year.
Valuation, trade defecit, energy security are some of key challenges India is facing, Bullish on Private banks, says Rahul Chadha of Mirae Asset
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Top 5 losers in hospitality & tourism stock
Price as on 10 Aug, 2022 01:10 PM, Click on company names for their live prices.
Debock Industries rises 5% after acquisition of granite mines
NSE-listed Debock Industries rose 5 per cent on Wednesday as the company announced the acquisition of Granite Mines in Rajasthan to enter a new revenue vertical.The machine industry player has announced plans to enter the mining sector to lift its operating income as it has started the process of acquisition of a patch near Kishangarh, Rajasthan.The proposed acquisition of land extends up to 40 acres and has a rich reserve of granite. The land, in the marble and granite hub of India- Kishangarh, will be available to the company for a lease of 99 years.
NBCC (India) has secured the total business of Rs 83.12 crore in the month of July, 2022
Price as on 10 Aug, 2022 12:09 PM, Click on company names for their live prices.
Tata Chemicals rises 9% after strong Q1 performance
Tata Group-owned Tata Chemicals’ stock rallied 9 per cent during the early trade on Wednesday after the company reported a strong performance in the quarter ended June 30, 2020.The commodity chemicals manufacturer reported an 86.25 per cent increase in consolidated net profit at Rs 637 crore during the quarter ending June.The Tata Group company said its net profit stood at Rs 342 crore in the corresponding quarter of the previous fiscal.
Top losers from the IT pack
Price as on 10 Aug, 2022 11:26 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A major positive for India is that FIIs, who were relentless sellers from October 2021 to June 2022, have turned buyers in July and the buying momentum continues in August with net buying of Rs13801 cr till 8th August. FIIs have turned buyers mainly because the dollar has stopped appreciating and started depreciating. Sensex and Nifty are unlikely to surpass the previous highs because valuations have become expensive and, therefore, there will be selling pressure at higher levels. Nifty is now trading at around 20 times FY 23 estimated earnings. High valuation will cap the rally.
A total of four Nifty50 companies, namely Coal India, Eicher Motors, Tata Consumer and Hindalco Industries are scheduled to report their quarterly results today. Out of the 41 Nifty50 companies that have reported their quarterly numbers so far, 17 have reported results that beat Street expectations, and 11 fell short of meeting investor expectations. Five companies reported in-line results while the other eight came out with a mixed set of numbers.
2.2% equity block deal in Kirloskar
Price as on 10 Aug, 2022 10:43 AM, Click on company names for their live prices.
Ahead of earnings…
Price as on 10 Aug, 2022 10:24 AM, Click on company names for their live prices.
Pfizer says S. Sridhar, Managing Director, has expressed his intention to take an early retirement and has tendered his resignation as the Managing Director of the company.
Price as on 10 Aug, 2022 10:06 AM, Click on company names for their live prices.
Bank of Baroda is set to sell infrastructure bonds for the first time in the local market, signalling the acceleration of a new infrastructure cycle as the private sector builds new roads, solar power plants and airports.
Price as on 10 Aug, 2022 09:58 AM, Click on company names for their live prices.
Reliance Capital on Tuesday reported narrowing of its consolidated net losses to Rs 491.40 crore in the quarter ended June 2022. The company which is undergoing insolvency process had reported a net loss of Rs 1,006 crore in the year-ago quarter ended June 2021. Total income of the company fell to Rs 3,604.39 crore in April-June 2022-23 from Rs 4,447.52 crore in the same quarter of 2021-22, Reliance Capital said in a regulatory filing.
Price as on 10 Aug, 2022 09:53 AM, Click on company names for their live prices.
Bitcoin slips below $23,000; Solana, Ethereum and Polkadot drop up to 7%
All the top crypto tokens were trading lower on Thursday. Solana plunged 7 per cent, whereas Polkadot and Ethereum dropped 6 per cent each. Polygon and Cardano shed 5 per cent each.The global cryptocurrency market cap was trading lower at the $1.08 trillion mark, dropping as much as 4 per cent in the last 24 hours. However, the total trading volume plunged almost 8 per cent, close to $68.63 billion.
The upside attempt on Monday stalled after the 17450-570 region sucked out the momentum, yet again. An attempt to regroup and aim for 17750 could unfold, if early weaknesses are held above 17380 or if 17570 gets broken right away. Inability to do so should call for falls to at least 17220 before buying interest trickles in. Either way, with VIX upward bound in the last few days, and hovering near 20 now, volatility should dominate the rest of the week.
– Anand James – Chief Market Strategist at Geojit Financial Services
Yes Bank, Voda Idea, IDFC First among top movers in opening trade
Price as on 10 Aug, 2022 09:22 AM, Click on company names for their live prices.
SECTOR WATCH: Nifty IT worst performer, pharma gains the most
OPENING BELL: Sensex rises 50 points, Nifty nears 17,550; IGL gains 3%, NTPC drops 2%
Asian shares track Wall Street losses ahead of US inflation data
Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve’s plans for future monetary tightening.
Quarterly earnings today
Coal India, Hindalco Industries, Eicher Motors, Tata Consumer Products, IRCTC, Abbott India, Patanjali Foods, Max Healthcare, Zydus Lifesciences, NHPC, Cummins and SAIL are among companies that will announce their quarterly earnings today.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 38.5 points, or 0.22 per cent, lower at 17,502, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty50 forms a strong bullish candle
The Nifty50 closed in the green for the second consecutive day on Monday to close above its crucial resistance level of 17,500. It formed a strong bullish candle on the daily charts, suggesting demand at lower levels.
Oil prices dip after industry data shows U.S. crude stockpiles rising
Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. U.S. crude stocks rose by about 2.2 million barrels for the week ended Aug. 5, according to market sources citing American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories.
Tokyo shares open lower
Tokyo stocks opened lower on Wednesday, following overnight falls of Wall Street tech shares and with key US inflation data to be released later in the day. The benchmark Nikkei 225 index dropped 0.69 percent, or 193.49 points, to 27,806.47 in early trade, while the broader Topix index fell 0.53 percent, or 10.27 points, to 1,926.75.
Nasdaq closes lower as chipmaker Micron’s warning renews tech rout
The Nasdaq closed down on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
Rupee drops 39 paise to 79.63 against US dollar
The rupee depreciated by 39 paise to close at 79.63 against the US currency on Monday, pressured by dollar demand and waning risk appetite among investors.
Sensex, Nifty on Monday
The 30-share pack Sensex advanced 465.14 points or 0.80 per cent to close at 58,853.07. Its broader peer, Nifty50, added 127.60 points or 0.73 per cent to close comfortably above the 17,500 mark. The benchmark has managed to close above 17,500 for the first time since April 12, 2022.