KEY HIGHLIGHTS
Closing Bell: Back In The Green
Indian equity markets resumed gains after snapping a five-day winning streak on Wednesday, ending the weekly options expiry session at the day's high.
The S&P BSE Sensex ended 0.7% higher at 38,140 while the NSE Nifty 50 index ended nearly 1% higher at 11,237, up 0.9%.
Gains on the Nifty 50 were led by Eicher Motors which ended the day with gains of 4.9%. Reliance Industries and ICICI Bank were the major contributors to the Nifty upside, ending with gains of 3.6% each.
Among sectoral indices, the Pharma stocks outperformed with the Nifty Pharma index ending higher by 1.44%.
Nifty Auto, Nifty PSU Bank and Nifty Realty were the other top sectoral gainers, ending with gains of 1.3%, 1.2% and 1.4% respectively.
All sectoral indices barring the Nifty I.T. index ended with gains. The I.T. index posted modest losses of 0.2%.
Broader markets were largely in line with benchmark indices. Both the Nifty Midcap and Nifty Smallcap index ended with gains of 1%.
India Volatility Index ended off the lowest point of the day, down 0.8% at 24.68.
Market breadth ended in favour of the gainers. 1,038 stocks on the NSE ended with gains while 776 declined.
How Did The Sectoral Indices Close
Axis Bank Said To Pick Arrangers For Share Sale
India's third largest private sector lender - Axis Bank has picked advisers, including BNP Paribas and Credit Suisse to manage its proposed share sale, Bloomberg News reports citing people familiar with the matter.
HSBC and UBS have also been chosen by the lender to manage the offering, the sources said.
Axis Bank seeks to raise at least $1.3 billion from institutional investors, though the fund raising target has not yet been finalised.
In a press release earlier this month, the bank had approved raising funds to the tune of Rs 15,000 crore through sale of equities, depositary receipts or similar instruments.
A representative for Axis Bank declined to comment on further details.
Shares ended as the top laggards on the Nifty 50 index, down 3.77% at Rs 460.9.
Buzzing Stock: ITI
- Top performer on the Nifty 500 index
- Locked in an upper circuit of 10% at Rs 132.25
- Snaps three-day losing streak
- Back to a two-week high
- Today's volumes are 47% higher than its 20-day average
- Trading near overbought territory with Relative Strength Index (RSI) at 65
- The stock has tripled from its 52-week low of Rs 44.8 on March 13, 2020
Earnings Reaction: Astec LifeSciences
- Revenue up 45.3% to Rs 111.9 crore
- Net profit of Rs 16.2 crore from net loss of Rs 1.1 crore
- Ebitda up 4.3 times to Rs 28.2 crore
- Ebitda margin at 25.2% from 8.4%
- Lower raw material costs aid margins
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 8.6% to Rs 1,011. This was the biggest single-day fall for the stock in a month.
Active Stock Options
- Reliance Industries' 2,100 Call: Premium up 44.35% to Rs 25.55. The contract has added 1.36 lakh shares in Open Interest.
- Axis Bank's 480 Call: Premium down 50% to Rs 8. The contract has added 6.73 lakh shares in Open Interest.
- ICICI Bank's 400 Call: Premium up 14.2% to Rs 8.45. The contract has added 3.75 lakh shares in Open Interest.
Earnings Reaction: PNB Housing Finance Q1FY21
- Net Interest Income down 22% to Rs 488 crore
- Net profit down 10% to Rs 257.2 crore
- Assets Under Management down 5% to Rs 83,945 crore
- Loan assets down 10% to Rs 68,009 crore
- Gross NPA at 2.76% from 2.75% last quarter
- Net NPA at 1.67% from 1.75% last quarter
- Additional ECL provision of Rs 71 crore during the quarter for Covid-19
- Retained ECL provision of Rs 471 crore for Covid-19 build as of March 31, 2020
- Collection efficiency for retail at 97% during the quarter
- Disbursements during the quarter down 91% to Rs 694 crore
- AUM under moratorium down to 39% from 56%
- Net Interest Margins at 2.66% from 3.14%
- All numbers are consolidated and compared on a year-on-year basis
Shares ended locked in an upper circuit of 5% at Rs 210.1. The stock has gained in four out of the last five trading sessions.
Auto Index Up In Six Out Of The Last Seven Sessions
Earnings Reaction: Radico Khaitan Q1FY21
- Revenue down 34.4% to Rs 409.2 crore
- Net profit down 21% to Rs 44.9 crore
- Ebitda down 24.5% to Rs 75.9 crore
- Ebitda margin at 18.5% from 16.1%
- Lower finance costs, other expenses aid margins
- No sales from April 1 to May 4, 2020
- Sales have picked up in many states where lockdowns are eased in June
- Impact of Covid-19 remains uncertain
- IMFL volumes down 43% during the quarter to 3.54 million cases
- Net debt reduction of over Rs 122 crore during the quarter
- Working capital days down to 36 from 61
- Prestige & Above segment volumes down 47.1% to 1.05 million cases
- Regular and other volumes down 41.8% to 2.48 million cases
- Total debt as on June 30, 2020 at Rs 296.6 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares are off the day's high, trading with gains of 0.9% to Rs 398.3, post the announcement. The stock earlier traded as high as Rs 414, up 4.9%.
Money Market Update
The currency gave up all the gains made during the session to end unchanged.
The rupee ended at 74.76 against the U.S. Dollar, similar to its closing on Wednesday. It made an intra-day high of 74.59, before giving up gains.
Six other currencies managed to outperform the rupee in today's session, lead by the Indonesian Rupiah.
Yield on the 10-year government bond ended at 5.807% as compared to Wednesday's close of 5.814%.
Earnings Reaction: HDFC AMC Q1FY21
- Revenue down 18% to Rs 411.5 crore
- Net profit up 4% to Rs 302.3 crore
- Higher other income aids net profit
- Other income up 65% to Rs 79.8 crore
- Deferred tax gain of 7 crore this quarter
- 9.4 million live accounts
- All numbers compared on a year-on-year basis
Shares fell as much as 1.2% to Rs 2,475, post the announcement. The stock currently trades little changed.
Earnings Reaction: Sterlite Technologies Q1FY21
- Revenue down 39% to Rs 876.2 crore
- Net profit down 93% to Rs 6 crore
- Ebitda down 62% to Rs 121.6 crore
- Ebitda margin at 13.9% from 22.4%
- Performance during the quarter impacted by Covid-19
- Project execution significantly impacted due to lockdown
- Production and delivery hurt due to logistical challenges
- Q2 will be a transient quarter as we align our efforts
- Expect H2FY21 to be better than H2FY20 barring any force majeure event
- All numbers are compared on a year-on-year basis
Shares pared losses to end 1% higher at Rs 136.8, snapping a two-day losing streak.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 7.8% and 8.1 lakh shares in Open Interest.
- Nifty Bank July futures add 18.3% and 3 lakh shares in Open Interest.
Nifty: Today's Expiry
- 11,200 Call: Premium up 9.8% to Rs 21.75. The contract has added 24 lakh shares in Open Interest.
- 11,000 Put: Premium down 95% to Rs 2.35. The contract has added 61 lakh shares in Open Interest.
- 11,250 Call: Premium down 36.6% to Rs 6.75. The contract has added 36.3 lakh shares in Open Interest.
Nifty Bank: Today's Expiry
- 24,000 Call: Premium down 85% to Rs 0.85. The contract has added 8.9 lakh shares in Open Interest.
- 23,000 Call: Premium down 7.2% to Rs 105.9. The contract has added 8.2 lakh shares in Open Interest.
- 23,200 Call: Premium down 50.1% to Rs 28. The contract has added 10.6 lakh shares in Open Interest.
India May Miss Budget Targets Due To Covid-19
India is likely to miss its budget estimates as the Covid-19 crisis strains the government's finances, according to Economic Affairs Secretary Tarun Bajaj.
Bloomberg News reports quoting Bajaj saying that this year may be a lost year for India.
While Bajaj didn’t specify any new target for budget deficit, the median in a Bloomberg survey of economists is for the gap to widen to 7% of gross domestic product - double the government’s goal for this year.
Bajaj also said that there has been no discussion with the Reserve Bank of India to directly fund the fiscal deficit.
“I am expecting a V-shaped recovery,” Bajaj said, while pointing to latest revenue data that showed advance tax collections were good.
Stock Reaction: UCO Bank
The board of the state-run bank have approved the proposal to raise equity capital aggregating to Rs 3,000 crore.
The capital raising will be done through various modes like Follow on Public Offer (FPO), QIP, preferential issue among others.
This will be subject to necessary approvals from the government, RBI and SEBI, the bank said in an exchange filing.
Shares gained as much as 2% to Rs 14.43, post the announcement.
European Stocks Open Higher
Benchmark indices resumed gains after posting losses on Wednesday after results and outlook from companies like Unilever boosted sentiment.
The Stoxx 600 has opened 0.4% higher with auto and F&B stocks leading the gains.
Most Asian markets have ended higher while futures on the Dow Jones are trading with gains of 70 points.
Brent Crude trades 0.5% higher at $44.49 per barrel while gold is up 0.2% at $1,875.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.5% at 3,389
- DAX up 0.44% at 13,162
- CAC up 0.5% to 5,062
- FTSE 100 up 0.1% at 6,226
- IBEX 35 up 0.3% at 7,410
How Are The Sectoral Indices Faring
Stock Reaction: Glenmark
The drugmaker informed the exchanges that the phase-3 clinical trial of Favipiravir in patients with mild to moderate Covid-19 demonstrated statistically significant faster time to clinical improvement as compared to control.
The press release said that the medicine has a 40% faster clinical cure.
69.8% of patients in the Favipiravir treatment arm achieved clinical cure by day 4, which is statistically significant compared to 44.9% observed in the control arm, as per the company.
Shares gained as much as 4.1% to Rs 430.7, snapping a three-day losing streak.
Earnings Reaction: SKF India Q1FY21
- Revenue down 61% to Rs 301.2 crore
- Net loss of Rs 2.5 crore from net profit of Rs 77.9 crore
- Ebitda loss of Rs 0.7 crore from Ebitda gain of Rs 119.9 crore
- Had zero production for over 50 days
- June green shoots were short-lived due to ongoing regional lockdowns
- Well poised to recover quickly and decisively as and when the economy returns to normalcy
- All numbers are compared on a year-on-year basis
Shares gave up gains to fall as much as 2% to Rs 1,534.4, down for the third straight day.
Earnings Reaction: GM Breweries Q1FY21
- Revenue down 77% to Rs 96.8 crore
- Net profit down 85% to Rs 2.4 crore
- Ebitda down 81% to Rs 4.9 crore
- Ebitda margin at 5.1% from 6%
- Sales of the company's products are still not permitted in Mumbai, Thane, Solapur and some other principal markets.
- Sales to key markets contribute to 80-85% of the total sale of Q1FY20 and Q4FY20
- Restrictions on sale of country liquor due to extension of lockdown, the sale in the quarter ended June was reduced by 15.83 lakh boxes or 1.39 crore bulk litres compared to last year. This resulted in an overall reduction in profit and Ebit.
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 3.45% to Rs 375.1, post the announcement. The stock is down for the fourth straight day.
Markets At Noon
- Benchmark indices trade near day's high
- Nifty up 0.6% at 11,200
- Sensex up 0.5% at 38,069
- Nifty Bank up 0.4% at 22,972
- Nifty Midcap index up 1%
- Nifty Smallcap index up 1.3%
- India Volatility Index down 2.3% to 24.3
- Nifty I.T. is the only sectoral laggard; down 0.4%
- Nifty Auto, Pharma and Realty index gain over 1.1%
- Nifty Media extends gains; up 1.7%
- Zee Entertainment is the top Nifty gainer; up 5.7%
- Axis Bank remains the top Nifty laggard; down 3.1%
- 1,109 on the NSE trade with gains while 605 decline
Nifty I.T. Is The Only Sectoral Laggard
Brokerage Reaction: Divi's Laboratories
Shares of drugmaker are rising in today's trade after brokerage firm Goldman Sachs initiated coverage on the stock with a buy rating.
Goldman sees the company to be well positioned to capture a growing share in the contract manufacturing and generic API market.
Goldman Sachs' Rationale:
- Forecast 300-400 basis points acceleration in topline growth in generic API / Custom Synthesis to 16% / 13% CAGR respectively in FY20-23.
- Generic API margins to remain under pressure until scale benefits accrue from FY24E onwards.
- Forecast 22% EPS CAGR over FY20-22E
- See scope for solid expansion in Custom Synthesis due to wallet share gains.
- Valuations justified by multiple years of growth ahead as API diversification narrative has just started taking shape.
- Concentration from top five APIs, U.S. FDA compliance issues, API market pricing, rising localisation and forex risks are some key risks for the stock.
Shares gained as much as 5.4% to Rs 2,384.75. Goldman Sachs has a price target of Rs 2,800 on the stock.
Buzzing Stock: PI Industries
- Trading at an all-time high
- Gains as much as 6.6% to Rs 1,808.7
- Biggest single-day gain in over three months
- Up for the second straight day
- Today's volumes are more than double of its 20-day average
- Stock approaching overbought territory with Relative Strength Index (RSI) at 67
- The stock has nearly doubled from its 52-week low of Rs 970.1 on March 25, 2020
- 19 out of the 30 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock now trades 5.4% above its 12-month consensus price target of Rs 1,691.7, implying a negative return potential
Earnings Reaction: Larsen & Toubro
- Revenue down 28.3% to Rs 21,260 crore
- Net profit down 79.4% to Rs 303.1 crore
- Ebitda down 47.2% to Rs 1,620.5 crore
- Ebitda margin at 7.6% from 10.4%
- Exceptional gain of Rs 224.7 crore and deferred tax reversal of Rs 307 crore this quarter
- International revenue this quarter at Rs 9,497 crore and constituted 45% of total revenue
- Lower revenue, credit provisions in financial services business and under recovery of overheads impacted net profit
- Exceptional gain of comprises of gain from sale of wealth management business of L&T Finance
- New orders down 39% to Rs 23,574 crore, characterised by low interest towards fresh investment and deferment of award decisions
- Consolidated order book up 4% to Rs 3,05,083 crore
- Infrastructure segment revenue down 53% to Rs 6,456 crore
- Hydrocarbon segment revenue down 19% to Rs 3,070.1 crore
- I.T. & Technology services revenue up 57% to Rs 6,043.4 crore
- Financial services revenue down 5% to Rs 3,284.2 crore
- Power segment revenue down 33% to Rs 380 crore
- Heavy Engineering segment revenue down 57% to Rs 425.1 crore
- Defence Engineering revenue down 49% to Rs 476.5 crore
- Lost revenue worth Rs 12,500 crore of revenue in the quarter
- Revenue ramp-up will take a few more quarters to reach normal levels
Shares have fluctuated between gains and losses through the session, currently trading little changed at Rs 919.65.
Stock Reaction: Dilip Buildcon
The company's joint venture with HCC has received the Letter of Acceptance (LoA) from the Narmada Water Resources, Water Supply and Kalpasar Department for an EPC project in Gujarat worth Rs 4,167.7 crore.
The project involves construction of Bhadbhut Barrage, flood protection embankments and associated works across the Narmada river in Gujarat's Bharuch district, the company said in an exchange filing.
The timeline for completion of this project is 48 months and it also has a maintenance period of 10 years.
Shares are at the day's high, gaining as much as 5.8% to Rs 298.40, up for the second straight day.
RBI Seeks Car Loan Probe Details From HDFC Bank
The Reserve Bank of India has asked HDFC Bank to provide details of an internal investigation into allegations of improper lending practices in its vehicle-financing operations, people familiar with the matter told Bloomberg News.
The RBI has also sought information on steps taken by the lender to remedy any issues identified during the investigation.
Based on an internal inquiry findings, appropriate action was taken against a set of employees in the auto loan business segment for their act of personal misconduct.Aditya Puri During HDFC Bank’s Investor Call
The vehicle financing unit had outstanding loans of nearly $16 billion as on June 30.
An HDFC Bank spokesperson declined to comment on the story, saying that the lender has nothing more to add to recent remarks made by Aditya Puri.
An RBI spokesperson did not immediately respond to an e-mail seeking a comment.
Shares of HDFC Bank trade 0.3% lower at Rs 1,122, down for the second straight day.
Earnings Reaction: Heidelberg Cement
- Revenue down 31% to Rs 407.7 crore
- Net profit down 38% to Rs 49 crore
- Ebitda down 31% to Rs 108.3 crore
- Ebitda margin flat at 26.6%
- Sales volumes down 31.9% to 857 KT
- Ebitda per tonne up 1% to Rs 1,264
- Decrease in volumes impact revenue and profitability
- Lower volumes negatively impact operating leverage
- All numbers compared on a year-on-year basis
Shares fell as much as 3.3% to Rs 175.6, snapping a four-day losing streak.
Second Day Of Gains For Nifty Pharma
Markets At 10:30 A.M.
- Benchmark indices consolidate in a range
- Nifty up 0.3% at 11,168
- Sensex up 0.2% at 37,934
- Nifty Bank down 0.2% at 22,850
- Nifty Midcap index up 0.7%
- Nifty Smallcap index up 0.9%
- India Volatility Index down 2.2% to 24.32
- Nifty Media, Nifty Pharma and Nifty Realty gain over 1% each
- Nifty I.T. down 0.4%
- BPCL is the top Nifty gainer; up 4.9%
- Axis Bank is the top Nifty laggard; down 3%
- 1,083 stocks on the NSE trade with gains while 573 decline.
Earnings Reaction: Rallis India
- Revenue up 6% to Rs 662.7 crore
- Net profit up 52% to Rs 91.9 crore
- Ebitda up 35% to Rs 128.3 crore
- Ebitda margin at 19.4% from 15.2%
- All numbers are consolidated and compared on a year-on-year basis
- Raw material cost as % of sales at 60.3% from 62.6%
- Lower raw material costs and other expenses aid margins
- Expect domestic demand to remain buoyant for crop care products
- Exports likely to pick-up gradually
- Metribuzin 500 MTPA commissioned in July, although production may be low due to market softness.
- New formulation plant is to be commissioned in phases in December 2020 and March 2021
Shares gained as much as 6% to Rs 324.6, and are up for the fifth straight day.
Stock Reaction: SpiceJet
The airline has informed the exchanges that it has been designated as the Indian scheduled carrier to the United States of America.
This is as per the terms of the Air Services Agreement between the governments of both the countries, the exchange filing said.
The carrier will operate on agreed services between India and the U.S.
Shares gained as much as 3.6% to Rs 49.1.
Money Market Update
The currency opened stronger after snapping a three-day gaining streak on Wednesday.
The rupee opened at 74.64 against the U.S. Dollar as compared to Wednesday's close of 74.76.
Yields on the 10-year government bonds opened at 5.813% as compared to Wednesday's close of 5.814%.
Within the Bond Markets today, traders are looking forward to Friday's government debt auction worth Rs 30,000 crore.
UCO Bank believes that the 10-year yields will be capped at ~5.85% over the medium-term before the Monetary Policy Committee meeting in early August.
Stock Reaction: Cadila Healthcare
Zydus received approval from the U.S. FDA to initiate clinical trials of Desidustat in cancer patients receiving chemotherapy, the company said in an exchange filing.
The said drug is undergoing Phase III clinical development for treating Anemia in patients with Chronic Kidney Disease and phase II (b) studies for management of Covid-19 patients.
Desidustat has been specifically designed to improve haemoglobin, reduce hepcidin and thereby treat anemia.Pankaj Patel, Chairman, Zydus Cadila
Shares gained as much as 1.1% to Rs 370.8 and are up for the second straight day.
Stock Reaction: Future Retail
The retail chain informed the exchanges on Wednesday evening that it has defaulted on the payment of interest on its 5.6% senior, secured U.S. Dollar notes, listed on the Singapore Stock Exchange.
The company cited the Covid-19 related lockdown and its consequent impact on business operations and liquidity position as the factors behind the default.
The terms of the issuance of the notes provides for an additional period of 30 days for payment of interest from the due date.
We are proposing to make payment of the interest within 30 days from the interest due date on the USD Notes. We are in the process of ensuring that payment of such interest is made within this additional time period.Statement From Future Retail
Shares fell as much as 4.3% to Rs 101.15, and are the worst performers on the Nifty Midcap index.
Coronavirus India Update
- India reports biggest single-day spike in new cases
- 45,720 cases reported in the last 24 hours
- Total number of cases now at 12,38,635
- Active cases now at 4,26,167
- Patients cured / discharged / migrated at 7,82,607
- Death toll rises to 29,861
- 1,129 deaths reported in the last 24 hours
- Record single-day surge in patient recovery
- 29,557 recoveries reported in last 24 hours
Earnings Reaction: ICICI Securities
- Revenue up 36% to Rs 546.4 crore
- Net profit up 70% to Rs 193 crore
- Ebitda up 41% to Rs 295.7 crore
- Ebitda margin at 54.1% from 52.1%
- Treasury segment revenue more than triples to Rs 21 crore
- Broking and distribution revenue up 38% to Rs 503.1 crore
- Issuer Services & Advisory revenue up 34% to Rs 22.2 crore
- Private Wealth Management revenue up 36% to Rs 77 crore
- Distribution revenue down 19% to Rs 80 crore
- 1.5 million+ active clients; 80,000 clients added this quarter
- Equity market share up 260 basis points to 10.7%
- Derivative market share up 150 basis points to 8.9%
- All numbers are consolidated and compared on a year-on-year business
Brokerage firm CLSA has raised its price target on the stock to Rs 625 from Rs 450 to factor in a strong quarterly performance. It has maintained its buy rating on the stock.
Shares gained as much as 7.1% to Rs 568.
Opening Bell: A Flat Open
Indian markets have opened nearly unchanged on the weekly options expiry session, tracking muted cues from across Asia and after a strong rally that has seen benchmark indices gain between 550-2,000 points over the last five sessions.
The S&P BSE Sensex opened 0.1% lower at 37,814 while the NSE Nifty 50 index opened unchanged at 11,135.
All sectoral indices too have opened little changed. The Pharma index has opened 0.6% higher while the FMCG index has gained 0.4%.
Broader markets are subdued. Both midcap and smallcap indices have opened with gains of 0.3%.
Market breadth has started off in favour of the advances. 854 stocks on the NSE trade with gains while 506 opened with losses.
Latest On The Coronavirus
- Global cases reach 15 million
- Death toll rises to 6.19 lakh
- U.S., Brazil, India account for nearly half of all the globally confirmed cases and more than 40% of the fatalities
- South Korea shrinks into recession with GDP contraction of 3.3%
- Brazil reported a record 67,860 cases on Wednesday, 20% above the previous record
- 197 deaths reported in Texas, taking the toll to 4,348
- South Africa reports a record 572 deaths on Wednesay
- Total cases in the U.S. rise to 3.93 million
- 12,807 new cases reported in California on Wednesday
Top Reads On BloombergQuint.com
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- Larsen & Toubro: Q1 revenue down 28.3% while net profit falls nearly 80% compared to the previous year. Exceptional gain of Rs 224.7 crore and deferred tax reversal of Rs 307 crore this quarter. International business formed 45% of total revenue. New orders down 39% while consolidated order book up 4%. All segments other than I.T. and technology services see revenue de-growth. Lost revenue worth Rs 12,500 crore of revenue in the quarter, according to management.
- ICICI Securities: Revenue up 36% while net profit rises 70% from last year. Broking and distribution revenue up 38%. Added 80,000 new clients during the quarter.
- Vodafone Idea: Bloomberg News reports that the Supreme Court has rejected a petition by the Income Tax Department, which had challenged a lower court's verdict asking it to refund Rs 833 crore to the company.
- Glenmark: Phase-3 trial of Favipiravir demonstrates statistically significant faster time to clinical improvement with Favipiravir treatment in mild to moderate Covid-19 patients compared to control. It said that the medicine has a 40% faster clinical cure.
- eClerx Services: Has closed its buyback, after buying back 20.93 lakh shares at Rs 522.97 per share worth Rs 109.5 crore. The entire amount has been utilized, and the shares will be extinguished.
- Future Retail: Missed payment due on U.S. dollar bonds. Company said that Covid-19 has impacted the company’s liquidity position and it missed service of payment of interest due on the said notes on July 22. Terms of issuance allows for another 30 days for payment of interest and company proposes to make payment of interest within the 30 day period.
- Non-Nifty Earnings Today: Mphasis, Biocon, PNB Housing, Radico Khaitan, Dish TV, ABB India, AU Small Finance Bank, HDFC AMC, Sterlite Tech, Tube Investments, Zensar Tech, Repco Home Finance
For all that you need to know going into trade today, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Another Day Of Consolidation?
Good Morning!
Indian equities snapped a five-day gaining streak on Wednesday as the benchmarks ended with modest losses in a volatile session.
The weekly options of Nifty and Nifty Bank contracts are set to expire on Thursday.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.1% to 11,122 as of 8:15 a.m.
A host of companies from the broader markets such as Biocon, Mphasis, Radico Khaitan, ABB India and HDFC Asset Management Company, among others, will report their earnings for the quarter ended June on Thursday. Markets are also expected to factor in Larsen & Toubro Ltd.'s results announced after market hours on Wednesday.
Asian stocks are mixed in Thursday's session, with China and South Korea declining and those in Australia advancing. Japanese indices are shut for two days due to a holiday.
Futures on the Dow Jones are little changed. The index ended 0.6% higher overnight.
The U.S. dollar fell to a four-month low, while West Texas Intermediate crude was flat at $41.93 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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