Opening Bell:
Gift Nifty is up by 45.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets were mixed as investors look to China’s inflation figures for July, with the consumer price index predicted to enter deflationary territory for the first time since February 2021. Economists polled by Reuters expect China’s inflation rate to fall 0.4% on-year. The country’s producer price index — which measures the change in selling prices received by domestic producers for their output — is also expected to fall 4.1%. Futures for Hong Kong’s Hang Seng index stood at 19,084, pointing to a stronger open compared to compared to the HSI’s close of 19,184.17. Japan’s Nikkei 225 slid 0.24% in early morning trade, while the Topix fell 0.3%. In contrast, South Korea’s Kospi climbed 0.88%, while the Kosdaq was up 1%. Australia’s S&P/ASX 200 was trading close to the flatline.
US stock futures changed little on Tuesday night, following a selloff for the major averages. Dow Jones Industrial Average futures fell by 0.08%. S&P 500 futures and Nasdaq 100 futures declined 0.06% each. Overnight in the US, all three major indexes saw a selloff after Moody’s downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios. The Dow Jones Industrial Average was down 0.45%, while the S&P 500 dipped 0.42% and the Nasdaq Composite pulled back by 0.79%.
Stocks News:
👉Coal India: The state-owned coal miner has recorded better-than-expected earnings for Q1FY24, though its consolidated profit fell 10.1% on-year to Rs 7,941.4 crore, impacted by weak operating numbers, but supported by higher other income. Revenue from operations grew 2.5% year-on-year to Rs 35,983 crore in the June quarter, with production of raw coal increasing 9.8% YoY to 175.47 million tonnes and offtake of raw coal rising 5.3% to 186.95 million tonnes. EBITDA fell 14.2% YoY to Rs 10,514 crore with margin declined 570 bps to 29.2% in Q1FY24.
👉Oil India: The state-run oil and gas exploration company has registered a standalone profit of Rs 1,613.4 crore for the quarter ended June FY24, falling 9.78% from the corresponding period last fiscal, impacted by lower topline and weak operating numbers. Revenue from operations for the quarter (net of excise duty) came in at Rs 4,531.2 crore, declining 16% YoY, while EBITDA dropped 0.8% YoY to Rs 2,329 crore with margin down 790 bps at 51.4% for June FY24 quarter.
👉EIH: The hospitality company has recorded healthy earnings performance for quarter ended June FY24, with profit climbing 65.2% YoY to Rs 103.76 crore on strong operating numbers as well as topline. Consolidated revenue from operations stood at Rs 498.1 crore for the quarter, rising 26.3% over a year-ago period.
👉Aarti Industries: The speciality chemicals manufacturer has reported a 48.5% year-on-year decline in consolidated profit at Rs 70 crore for the quarter ended June FY24, impacted by dismal topline and operating performance. Revenue from operations for the quarter at Rs 1,414 crore fell by 12.2% compared to corresponding quarter of previous fiscal.
👉Foreign institutional investors (FII) offloaded shares worth Rs 711.34 crore, whereas domestic institutional investors (DII) bought Rs 537.31 crore worth of stocks on August 8, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- Unclaimed deposits worth Rs 48,461.44 crore pertaining to 16,79,32,112 accounts have been transferred by the banks to Depositor Education & Awareness Fund as on March 31, 2023, Parliament was informed on Tuesday. Ministry of Corporate Affairs has informed that the amount lying with Investor Education and Protection Fund, as on March 31, 2023, is Rs 5,714.51 crore, Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. ED has further informed that as on August 2, 2023, proceeds of crime of fugitive economic offenders, amounting to Rs 34,118.53 crore have been attached, out of which assets amounting to Rs 15,838.91 crore have been confiscated and assets amounting to Rs 15,113.02 crore have been resituated to the public sector banks, he said.
- Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. “As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively,” Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.
- Oil prices edged lower on Tuesday after data showed China’s crude imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer. Brent crude futures were down 48 cents, or 0.41 percent, at $84.93 a barrel. U.S. West Texas Intermediate crude dropped 50 cents, or about 0.62 percent, to $81.43. Both contracts fell by $2 earlier in the session.
- Gold hit a four-week low on Tuesday as the dollar climbed after weaker-than-expected Chinese trade data, while caution in the run-up to U.S. inflation readings this week also kept appetite for zero-yield bullion subdued. Spot gold was down 0.55 percent to $1,925.69 per ounce after hitting its lowest since July 11. US gold futures fell 0.5 percent to $1,960.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,184 | (1.8) % |
| Shanghai Composite | 3,261 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,314 | (0.5) % |
| DAX | 15,775 | (1.1) % |
| FTSE 100 | 7,527 | (0.4) % |
| Nikkei | 32,377 | 0.4 % |
| Straits Times | 3,314 | 0.1 % |
