Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers:
Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks.
Sentiments were upbeat as India's manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months.
Adding more positivity, Union Finance Minister Nirmala Sitharaman states that Goods and Services Tax (GST) collection for July 2021 has again crossed Rs 1 lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some lackluster movement and an attempt to overcome the resistance level around the Nifty 50 Index level of 15,900. The expected levels of the market are likely to be in the range of 15800 and 15950, and it is going to be crucial for the short-term market scenario to sustain above the 15800 level. Technical indicator suggests, a volatile movement in the market in a small range.
Rupee Close:
Indian rupee ended higher at 74.33per dollar, amid buying saw in the domestic equity market.It opened marginally higher at 74.38 per dollar against Friday's close of 74.41 and traded in the range of 74.32-74.43.
Market Close:
Benchmark indices ended higher with Nifty above 15,850 on August 2 led by the auto, realty and oil & gas stocks.
At close, the Sensex was up 363.79 points or 0.69% at 52,950.63, and the Nifty was up 122.20 points or 0.78% at 15,885.20. About 2007 shares have advanced, 1071 shares declined, and 136 shares are unchanged.
Shree Cements, Titan Company, BPCL, Grasim Industries and Eicher Motors were the top Nifty gainers. UPL, Tata Steel, Bajaj Finserv, Bajaj Finance and NTPC were among the top losers.
All the sectoral indices ended in the green with auto, IT, oil & gas and realty indices up 1-4.5 percent. The midcap and smallcap indices added 1 percent each.
Marwadi Shares and Finance view on Devyani International IPO:
Considering the FY-21 adjusted EBITDA of Rs 1789.23 on post issue basis, the company is going to list at EV/EBITDA of 62.39 with a market cap of Rs 1,08,227 mn, while its peers namely Jubilant Food and Westlife Development is trading at EV/EBITDA of 66.02 and 206.11 respectively.
We assign “Subscribe” rating to this IPO as the company is a multidimensional comprehensive QSR player with a portfolio of highly recognized global brands and is available at reasonable valuation as compared to its peers.
Ramkrishna Forgings bags domestic order of Rs 51 crore:
Ramkrishna Forgings has received domestic order worth Rs 51 crorefrom a Foreign Multinational Tier 1 OEM. The order is to be implemented over the period of 3 years distributed equally.
Ramkrishna Forgings touched a 52-week high of Rs 890.15 and was quoting at Rs 874.80, up Rs 43.45, or 5.23 percent on the BSE.
Jyoti Roy - DVP- Equity Strategist, Angel Broking:
India's manufacturing output rebounded strongly as indicated by the PMI which came in at 55.3 as compared to 48.1 in June. This is the strongest reading in the past three months and indicates that manufacturing activities are fast recovering from the pandemic induced slowdown in May and June.
Expansion was witnessed across all segments including output, new orders, exports, quantity of purchases and input stocks, while employment too witnessed marginal uptick after 15-months of contraction.
We expect manufacturing activities will continue to expand in the coming months as given significant easing of restrictions in June and July.
Moreover there are also early signs that manufacturing inflation is starting to abate as the PMI numbers indicated the slowest increases in input costs and output charges in the past seven months. Overall the Manufacturing PMI numbers should have a positive rub off on the markets.
Market at 3 PM
Benchmark indices erased some of the intraday gains but still trading higher with Nifty around 15,850.
The Sensex was up 330.58 points or 0.63% at 52,917.42, and the Nifty was up 111.50 points or 0.71% at 15,874.50. About 2015 shares have advanced, 1048 shares declined, and 132 shares are unchanged.
Nifty infrastructure index up 1 percent led by the CONCOR, Tata Power, Balkrishna Industries
Rupee Updates:
Indian rupee is marginally higher at 74.35 per dollar, amid buying seen in the domestic equity market.
It opened marginally higher at 74.38 per dollar against Friday's close of 74.41.
ABB India partners with Audi India:
ABB India partners with Audi India to provide charging solutions for their newly launched, fully electric Audi e-tron and Audi e-tron Sportback.
ABB India was quoting at Rs 1,697.95, down Rs 1.40, or 0.08 percent.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
: Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were more than 1% down to $73.19 per barrel for the day. MCX Crude oil August futures were trading 1.18% down at Rs 5,452 by noon.
Crude oil prices are expected to trade down for the day with resistance at $75 and support at $72 per barrel. MCX Crude oil August has support at Rs 5,380 and resistance at Rs 5,510.
Carborundum Universal Q1:
Net profit at Rs 77.1 crore against Rs 19.7 crore (YoY). Revenue was up 58.3 percent at Rs 711.6 crore against Rs 449.6 crore (YoY). EBITDA at Rs 118.2 crore against Rs 43.5 crore (YoY) while EBITDA margin came in at 16.6 percent against 9.7 percent (YoY).
MoS Fin Min on cryptocurrency
: Government will explore use of block chain technology proactively for ushering in digital economy. Inter-ministerial panel proposed prohibition of all private cryptocurrencies, except one issued by the state government would take a decision on the recommendations of imc legislative proposal, if any, will be introduced in parliament following due process on crypto, according to a CNBC-TV18 report.
European markets are trading in the green with FTSE and CAC up over half a percent each
Churchil Bhatt, EVP Debt Investments, Kotak Mahindra Life Insurance Company:
While this MPC meeting is widely expected to be a non-event status quo, market will be keenly watching for forward guidance on future policy normalisation. In particular any RBI action on fine-tuning banking system liquidity as well as any further steps towards ongoing “orderly evolution of yield curve” will be the key determinants of interest rates going forward.
Emami Q1
Net profit jumped 96.5 percent at Rs 77.8 crore against Rs 39.6 crore (YoY). Revenue was up 37.3 percent at Rs 661 crore against Rs 481.3 crore(YoY). EBITDA was up 38.2 percent at Rs 169.8 crore against Rs 122.9 crore (YoY). EBITDA margin came in at 25.7 percent against 25.5 percent (YoY).
Market update at 2 PM
: Sensex is up 366.07 points or 0.70% at 52952.91, and the Nifty jumped 114.90 points or 0.73% at 15877.90. Titan Company Shree Cements and Eicher Motors are the top gainers while IRCTC, Sun Pharma and Tata Steel are the most active stocks.
Gold Updates:
Gold prices edged lower on Monday as the dollar held steady, with cautious investors eyeing July’s non-farm payrolls due later this week to gauge the health of the labour market.
Kalyani Steels Q1 earnings:
Kalyani Steels has reported net profit at Rs 69.9 crore against Rs 8.7 crore and revenue was up at Rs 389.7 crore versus Rs 121.9 crore, YoY.
Kalyani Steels touched a 52-week high of Rs 465.55 and was quoting at Rs 457.20, up Rs 10.50, or 2.35 percent on the BSE.
Crude Updates:
Oil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers
Asian Markets Update:
Asian shares recouped some of their recent steep losses on Monday as beaten-down Chinese markets drew retail bargain hunters, while stellar US earnings and progress on an infrastructure bill supported Wall Street futures.
Australian stocks hit a record, helped by Square Inc's $29 billion bid for buy now, pay later (BNPL) pioneer Afterpay Ltd.
MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.8%, having hit its low for the year so far last week.
Japan's Nikkei bounced back 1.8%, but that was from its lowest since January.
Market at 1 PM
Benchmark indices were trading higher in the afternoon session with Nifty above 15,850.
The Sensex was up 346.15 points or 0.66% at 52,932.99, and the Nifty was up 113 points or 0.72% at 15,876. About 2095 shares have advanced, 906 shares declined, and 137 shares are unchanged.
BSE Oil & gas index added over 1 percent led by the Gujarat Gas, IOC, HPCL:
Gaurav Garg, Head of Research, CapitalVia Global Research:
Indian benchmark indices started with a gap up after the positivity in global sentiments. Sentiments got the boost as GST collection recovered to a three-month high in July, exceeding Rs 1.1 trillion, as economic activity resumed.
15950 is an important level in the market and if the market sustains above 15950, we can expect the market to trade till the level of 16150-16200. Technical indicators also support positivity in the market. If the delta variant of the coronavirus is kept in control, we can expect the economic activities getting back to pre-covid lev
Eicher Motors July auto sales:
Eicher Motors Limited for the month of July 2021 sold 44,038 units against 40,334 units.
The Volvo Eicher Commercial Vehicles, an unlisted subsidiary of Eicher Motors sold 4,271 vehicles in July 2021, rising 95.6% compared to 2,184 vehicles sold in July 2020.
Eicher Motors was quoting at Rs 2,588.40, up Rs 56.90, or 2.25 percent on the BSE.
Market Updates:
Benchmark indices were trading higher with Nifty above 15850.
The Sensex was up 348.29 points or 0.66% at 52935.13, and the Nifty was up 111.60 points or 0.71% at 15874.60. About 2087 shares have advanced, 902 shares declined, and 122 shares are unchanged.
Wonderla Holidays to reopen Wonderla Bangalore Park from August 12:
Wonderla Holidays is all set to reopen Wonderla Bangalore Park from 12th August 2021. As part of the reopening initiative, Wonderla is giving a limited offer where the visitors can enjoy a fun-filled day at the park for just Rs 799 (inclusive of GST), with access to all land and water rides. The theme park will be open only on Thursday to Sunday from 11 am onwards, company said in the release.
Wonderla Holidays was quoting at Rs 240.10, down Rs 4.55, or 1.86 percent on the BSE.
HDFC Q1 results:
Housing Development Finance Corporation (HDFC) has posted 1.7 percent fall in its Q1 net profit at Rs 3,000.7 crore versus Rs 3,051.5 crore and net interest income (NII) was up 22 percent at Rs 4,146.7 crore.
Housing Development Finance Corporation was quoting at Rs 2,475.00, up Rs 34.25, or 1.40 percent on the BSE.
Varun Beverages Q2 earnings:
The comapny has posted Q2 net profit at Rs 308.2 crore versus Rs 140.8 crore and revenue was up 49.1% at Rs 2,483 crore versus Rs 1,665.7 crore, YoY.
Varun Beverages was quoting at Rs 794.30, up Rs 32.75, or 4.30 percent on the BSE.
BSE Realty index rose 4 percent led by the Oberoi Realty, Prestige Estate, Sobha, Indiabulls Real Estate
Escorts sells 6,564 tractors in July 2021
Escorts agri machinery segment in July 2021 sold 6,564 tractors, the highest ever July sales and registering a growth of 23.3% against 5,322 tractors sold in July 2020.
Escorts was quoting at Rs 1,167.60, down Rs 16.80, or 1.42 percent on the BSE.
Rupee Updates:
Indian rupee is trading flat at 74.40 per dollar, amid buying seen in the domestic equity market.
It opened marginally higher at 74.38 per dollar against Friday's close of 74.41.
Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research:
Jun-21 core sector data indicates that the key industrial sectors are witnessing a gradual output recovery after the taper down of the second wave of Covid. While the overall core sector index was higher by 8.9 percent YoY, it also showed moderate sequential growth of 1.1 percent after declining for two months in April and May.
We believe that the core sector performance in FY22 will be driven by the steel, cement, and power sector that will continue to benefit from the focus on infrastructure growth. With the second wave tapering down by Q1FY22, the overall core sector output has the potential to grow by over 8 percent in FY22 in case the risk of a third wave subsides over the next few months.
Market update at 11 AM:
Sensex is up 315.91 points or 0.60% at 52902.75, and the Nifty jumped 100.70 points or 0.64% at 15863.70. Axis Bank, Reliance Industries and IndusInd Bank are the top gainers while IRCTC, Sun Pharma and Tata Steel are the most active stocks.
Among the sectors, the realty index jumped over 3 percent while the midcap and smallcap indices added a percent each.
Buzzing:
Bandhan Bank share price gained over 2 percent on August 2 after the bank declared its June quarter results.
Bandhan Bank on July 30 reported 32 percent decline in net profit at Rs 373.10 crore for June quarter 2021-22 as provisions for bad loans spiked. The bank had posted a net profit of Rs 549.80 crore in the same quarter a year ago.
Total income however was up 20.4 percent at Rs 2,647.50 crore in the quarter as against Rs 2,198.30 crore in the year-ago period, the bank said in a regulatory filing.
TVS Motor Company July auto sales:
TVS Motor Company registered a growth of 10% with sales of 278,855 units in July 2021 as against sales of 252,744 units in the month of July 2020.
Total two-wheelers registered a growth of 8% with sales of 262,728 units, while domestic two-wheeler registered sales of 175,169 units in July 2021.
The motorcycle registered sales of 138,772 units in July 2021 and scooter sales registered 74,351 units in July 2021.
The company's total exports registered a growth of 65% with sales of 103,133 units in the month of July 2021 as against 62,389 units in July 2020.
TVS Motor Company was quoting at Rs 578.05, down Rs 1.15, or 0.20 percent on the BSE.
Tata Motors July auto sales:
The company's sales in the domestic & international market for July 2021 stood at 54,119 vehicles, compared to 27,711 units during July 2020.
Its domestic total sales were at 51,981 units versus 27,205 units, YoY.
Tata Motors was quoting at Rs 298.10, up Rs 4.15, or 1.41 percent on the BSE.
Ashok Leyland July auto sales:
The company has posted 81 percent jump in its July sales numbers at 8,650 units against 4,776 units. The total M&HCV sales were at 3,822 units versus 1,706 units, YoY.
Ashok Leyland was quoting at Rs 135.20, up Rs 2.40, or 1.81 percent on the BSE.
Just In |
India July manufacturing PMI stood at 55.3 versus 48.1, MoM.
Buzzing:
Sun Pharmaceutical Industries share price touched a 52-week high of Rs 799.60, rising 3 percent on August 2 after company reported a net profit of Rs 1,444.1 crore in the quarter ended Q1FY22 against a loss of Rs 1,655.6 crore in the year-ago period.
The company's revenue was up 28.2 percent at Rs 9,669.4 crore against Rs 7,582.5 crore, YoY.
M&M July auto sales:
Mahindra & Mahindra' overall auto sales (passenger vehicles + commercial vehicles + exports) for the month of July 2021 stood at 42983 vehicles.
In the utility vehicles segment, company sold 20797 vehicles in July 2021. The passenger vehicles segment (which includes UVs, Cars and Vans) sold 21046 vehicles in July 2021 and exports were at 2123 vehicles.
Mahindra and Mahindra was quoting at Rs 747.55, up Rs 4.35, or 0.59 percent on the BSE.
ICICI Direct:
Looking at the aggressive addition in ATM Call and Put of USDINR, we feel the pair should consolidate in the range of 74.20-74.70 levels.
The dollar-rupee August contract on the NSE was at Rs 74.58 in the last session. The open interest rose almost 3.6% for the August series.
Nifty PSU Bank index added 1 percent led by the Canara Bank, PNB, Bank of Baroda
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Market is in a consolidation mode before the next data of NFPR on 6th. Rupee to remain in a range of 74.20/60 for the day. Importers to continue buying near term at 74.25/30 levels as increase in covid cases could bring about some dollar buying and RBI is also standing there alongwith oil companies. Delta variant is increasing covid cases all over the world and could be a cause of concern in later half of August-21
