Opening Bell:
Gift Nifty is up by 14.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets fell as investors look ahead to China’s inflation figures and trade balance later this week. China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues to the country’s recovery trajectory. Japan’s Nikkei 225 slumped 1% on its open, while the Topix fell 0.52%. Japan’s central bank will release its summary of opinions for its July 28 meeting, where it adjusted its stance on its yield curve control policy. In Australia, the S&P/ASX 200 slid 0.25%, while South Korea’s Kospi was down 0.16% and the Kosdaq dropped 0.78%. Hong Kong’s Hang Seng index is also set to fall, with futures at 19,470, compared to the HSI’s close of 19,539.46.
Stock futures rose modestly on Sunday night as investors readied for a week with more corporate earnings and key inflation readings. Futures tied to the Dow Jones Industrial Average added 35 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures advanced around 0.2% and 0.3%, respectively. The moves follow a losing week on Wall Street. The Nasdaq Composite and S&P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week about 1.1% lower.
Stocks News:
👉Britannia Industries: Bakery foods company has reported consolidated profit at Rs 455.45 crore for the quarter ended June FY24, rising 35.65% over a year-ago period backed by healthy operating numbers. Revenue from operations grew by 8.4% year-on-year to Rs 4,010.7 crore for the quarter, while EBITDA surged 37.6% to Rs 688.9 crore with margin expansion of 370 bps at 17.2% compared to year-ago period.
👉Bank of Baroda: The public sector lender has registered a massive 88% year-on-year growth in profit at Rs 4,070 crore for quarter ended June FY24 despite higher provisions, supported by healthy operating income growth of 423% YoY. Net interest income during the quarter increased by 24% to Rs 10,997 crore compared to year-ago period, with 25 bps YoY increase in net interest margin at 3.27% for Q1FY24, while global advances grew by 18% and deposits increased by 16%.
👉Punjab & Sind Bank: The public sector lender has reported profit at Rs 153 crore in the first quarter of financial year FY24, falling 25.4% compared to year-ago period impacted by higher provisions (up 121% YoY), and tepid growth in operating income. Net interest income grew by 4% year-on-year to Rs 738 crore, with gross advances rising 10.4% and deposit increasing 12.5% during the same period, while operating profit rose by 2% to Rs 257 crore in Q1FY24. On the asset quality front, gross non-performing assets fell 17 bps QoQ to 6.80%, but net NPA increased 11 bps to 1.95% during the quarter.
👉Delhivery: The logistics company has narrowed its net loss significantly to Rs 89.5 crore for the quarter ended June FY24, against loss of Rs 399.3 crore in year-ago period as operating loss also reduced sharply. Consolidated revenue from operations jumped 10.5% year-on-year to Rs 1,930 crore during the quarter.
👉Foreign institutional investors (FII) sold shares worth Rs 556.32 crore, whereas domestic institutional investors (DII) bought Rs 366.61 crore worth of stocks on August 4, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28, latest data by Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves fell by $1.9 billion, dragging the reserves to $607.03 billion for the week ended on July 21.
- Foreign portfolio investors (FPIs) bought Indian shares worth 466.18 billion rupees ($5.63 billion) on a net basis in July, data from (NSDL) showed on Friday. This is slightly less than inflows of 471.5 billion rupees in June 2023, the highest monthly FPI inflow since August 2022. Sustained FPI inflows have powered the uptick in the blue-chip Nifty 50 and S&P BSE Sensex, driving the benchmarks to record highs. The Nifty 50 rose 2.94% in July.
- Oil prices rose more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while the U.S. West Texas Intermediate crude gained $1.27, or 1.6%, to close at $82.82 a barrel. Both benchmarks hit their highest levels since mid-April on Friday.
- Gold prices rose on Friday after a slightly weaker-than-expected U.S. jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion which was still on track for its worst week in six. Spot gold was up 0.3% to $1,938.69 per ounce by 11:08 a.m. EDT (1508 GMT). Bullion, however, was down 1% so far this week. U.S. gold futures gained 0.3% to $1,974.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,539 | 0.6 % |
| Shanghai Composite | 3,288 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,066 | (0.4) % |
| DAX | 15,952 | 0.4 % |
| FTSE 100 | 7,564 | 0.5 % |
| Nikkei | 32,193 | 0.1 % |
| Straits Times | 3,292 | (0.4) % |
