As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 149.85 points or 0.19% to 79,105.88. The Nifty 50 index added 4.75 points or 0.02% to 24,143.75.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 0.41% and the S&P BSE Small-Cap declined 0.57%.
The market breadth was weak. On the BSE, 1,511 shares rose and 2,408 shares fell. A total of 117 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 4.40% to 15.46.
NSE weekly index options contracts expired today due to the Independence Day holiday on Thursday, 15 August 2024.
Economy :
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.04% (Provisional) for the month of July, 2024 (over July, 2023). Positive rate of inflation in July, 2024 is primarily due to increase in prices of food articles, manufacture of food products, mineral oils, crude petroleum & natural gas, other manufacturing etc. The month over month change in WPI index for the month of July, 2024 stood at 0.84% as compared to June, 2024.
India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review widens to USD 23.5 billion.
IPO Update:
The initial public offer (IPO) of Saraswati Saree Depot received 1,03,58,39,790 bids for shares as against 100,00,800 shares on offer, according to stock exchange data at 15:35 IST on Wednesday (14 August 2024). The issue was subscribed 103.58 times.
The issue opened for bidding on 12 August 2024 and it will close on 14 August 2024. The price band of the IPO was fixed at Rs 152 to 160 per share.
Buzzing Index:
The Nifty IT index gained 3.33% to 39,731.25. The index rallied 3.33% in the four consecutive trading sessions.
Tata Consultancy Services (up 2.43%), HCL Technologies (up 2.28%), L&T Technology Services (up 1.87%), Tech Mahindra (up 1.56%), Infosys (up 1.4%), Wipro (up 1.21%), Persistent Systems (up 1.07%), LTIMindtree (up 0.88%), Mphasis (up 0.81%) and Coforge (up 0.34%) advanced.
Stocks in Spotlight:
Hero MotoCorp slipped 3.54%. The two-wheeler major's standalone net profit increased 36.12% to Rs 1,122.63 crore on 15.7% rise in revenue from operations to Rs 10,143.73 crore in Q1 FY25 over Q1 FY24.
Apollo Hospitals Enterprise shed 0.83%. The company’s net profit soared 83.9% to Rs 305.2 crore as compared to Rs 166.6 crore reported in same quarter previous year. Revenue from operations increased 15.12% year on year (YoY) to Rs 5,085.6 crore in the quarter ended 30 June 2024.
Mahindra & Mahindra lost 0.64%. The company said that its total production declined 1.18% to 69,138 units in the month of July 2024 as compared with 69,962 units produced in the same period last year.
Nazara Technologies declined 1.68%. The gaming and sports media company's consolidated net profit (from continuing operations) increased 13.23% to Rs 23.62 crore in Q1 FY25 from Rs 20.86 crore reported in Q4 FY23. Revenue from operations stood at Rs 250.08 crore in Q1 FY25, down 1.71% from Rs 254.43 crore reported in the same period a year ago.
Hindustan Aeronautics declined 0.90%. The aerospace and defence company’s consolidated net profit surged 76.5% to Rs 1,437.16 crore in Q1 FY25 as against Rs 814.24 crore posted in Q1 FY24. Revenue from operations was at Rs 4,347.50 crore in Q1 FY25, up 11.04% as against Rs 3,915.35 crore recorded in Q1 FY24.
FSN E-Commerce Ventures (Nykaa) advanced 1.39% after the company reported a consolidated net profit of Rs 13.64 crore in Q1 FY25, steeply higher than Rs 5.42 crore posted in Q1 FY24. Revenue from operations grew at a healthy pace of 23% year on year to Rs 1,746.11 crore in Q1 FY25.
Ashoka Buildcon shed 0.36%. The comppany has reported a standalone net profit of Rs 40.8 crore in Q1 FY25, which is significantly higher as compared with the PAT of Rs 16.4 crore in Q1 FY24. Total income rose by 22% year-over-year (YoY) to Rs 1,900.8 crore during the period under review.
GMR Airports Infrastructure declined 1.74% after the firm reported a consolidated net loss of Rs 337.57 crore in Q1 FY25 as against a net profit of Rs 15.45 crore recorded in Q1 FY24. Revenue from operations increased 19.06% year on year (YoY) to Rs 2,402.20 crore during the June 2024 quarter.
Gabriel India rallied 4.43% after the company’s standalone net profit jumped 20.43% YoY to Rs 51.16 crore in Q1 FY25. Revenue from operations increased 7.26% to Rs 864.23 crore in Q1 FY25 as compared with Rs 805.76 crore in Q1 FY24.
EPL zoomed 11.60% after the company’s consolidated net profit jumped 18.23% to Rs 64.20 crore in Q1 FY25 as against 54.30 crore posted in Q1 FY24. Revenue from operations grew by 10.67% year on year to Rs 1,007.4 crore in the quarter ended 30 June 2024.
Landmark Cars dropped 6.69% after the company’s consolidated net profit dropped 54.84% to Rs 3.17 crore in Q1 FY25 as compared with Rs 7.02 crore in Q1 FY24. Revenue from operations jumped 19.89% YoY to Rs 831.97 crore in Q1 FY25.
Global Markets:
European shares advanced on Wednesday as investors monitor key inflation prints from the U.K. The U.K. CPI rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024. On a monthly basis, CPI fell by 0.2% in July 2024, compared with a fall of 0.4% in July 2023.
Most Asian stocks ended advanced, buoyed by Wall Street's rally following upbeat US inflation data. This strengthened expectations that the Federal Reserve could initiate monetary easing as early as September.
New Zealand's dollar tumbled after the central bank unexpectedly cut interest rates by 25 basis points to 5.25%.
Chinese equities declined as data revealed a contraction in bank loans to the real economy for the first time in 19 years. Investors are eagerly awaiting earnings results from Tencent Holdings and details of its planned share buyback.
US stocks surged on Tuesday, nearing recent record highs, after a milder-than-expected producer price index (PPI) report. The Dow Jones Industrial Average gained 1.04%, the Nasdaq Composite jumped 2.43%, and the S&P 500 climbed 1.68%.
The PPI, a measure of wholesale inflation, rose 0.1% last month. This data buoyed investor sentiment ahead of Wednesday's more closely watched consumer price index (CPI) report, which is expected to show a modest increase of 0.2% month-over-month.
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