Stock Market LIVE Updates: Sensex around 58,000, Nifty around 17,300; Energy, oil and gas shine; Auto drags; Zomato tanks 2%, SpiceJet rises 3%

Market LIVE Updates: Indian stock markets opened slightly higher on Wednesday, with metal, energy and information technology stocks gaining, as investors eye the central bank’s policy meeting outcome expected later this week. The NSE Nifty 50 index was up 0.16% at 17,372.85, as of 0352 GMT, and the S&P BSE Sensex rose 0.21% to 58,256.39. Market participants will turn focus to the Reserve Bank of India’s (RBI) three-day monetary policy meeting which begins on Wednesday. In domestic trading, the Nifty’s metal index, energy index and IT index rose between 0.4% and 0.5%.

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“The upcoming RBI policy is expected to resonate the rate increase action taken by peer central bankers with the consensus between 35-50 bps hike getting acknowledged across the yield curve. Monetary policies are swayed by macro data where inflation and growth are tracked with few high frequency indicators. Few advanced economies have fallen pray to conflicting indicators and facing tough task of collaborating them together. Domestically, the cooling of commodities along with crude, good GST numbers, rise in PMI, firm power consumption points towards resilience of the economy and have provided RBI with a clear guidance to focus on price stability (inflation). Equity markets seem to have discounted a 35-50 bps rise and hence a corresponding rate hike may not result in a big shock specially on the back of good earnings and economic momentum.”

– Srikanth Subramanian, CEO-Designate, Kotak Cherry

Auto components major Bosch reported a 28 per cent increase in its consolidated net profit at Rs 334 crore in the April-June quarter of FY23 amid overall recovery in the automotive segment. The company had posted a net profit of Rs 260 crore in the same quarter of last financial year.

Price as on 03 Aug, 2022 10:09 AM, Click on company names for their live prices.

IT scripts a swift recovery? Check here

Price as on 03 Aug, 2022 10:01 AM, Click on company names for their live prices.

Adani Green Energy posted a fall of over 2 per cent in consolidated net profit at Rs 214 crore in the April-June quarter of FY23, due to higher expenses. The consolidated net profit of the company in the year-ago period was at Rs 219 crore.

Price as on 03 Aug, 2022 09:51 AM, Click on company names for their live prices.

FIIs turning buyers, short covering by the bears and active retail participation have led to 14 % recovery in Nifty from the June lows. This has pushed the market to overbought territory but continuation of FII buying may impart resilience to the market. However, investors should exercise caution since global growth slowdown is serious and this has the potential to impact exports from emerging markets like India. This is already visible in the July trade data. Additionally, the new tensions arising from Nancy Pelosis’s visit to Taiwan and China’s sharp reaction to that has emerged as an irritant. So, investors have to be cautious. After the deserved run up in financials, segments like automobiles, particularly the PV and CV space, capital goods and segments in FMCG are now attracting informed buying due to their improving prospects.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Buy or Sell: Stock ideas by experts for Aug 03, 2022

Nifty Auto in a sea of red; what’s ailing the sector?

Price as on 03 Aug, 2022 09:44 AM, Click on company names for their live prices.

ITC said it has exited from lifestyle retailing business following a strategic review of the business portfolio. The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a range of apparel including formal, casual, evening and designer wear under the brand.

Price as on 03 Aug, 2022 09:41 AM, Click on company names for their live prices.

Rupee flat at open as dollar climbs

The Indian rupee was little changed on Wednesday after opening slightly higher versus the dollar as a strengthening greenback countered gains from portfolio inflows to local markets. The currency was trading at 78.7125 by 0335 GMT, which was at the same level as its close on Tuesday. It did however pop to a 78.68 at the open. (Source: Reuters)

Benchmark 10-year bond yield at 7.245% in early trade, up 5 bps on day

Indian government bond yields rose on Wednesday, tracking a spike in U.S. Treasury yields, while traders awaited the Reserve Bank of India’s monetary policy decision due on Friday for further cues. The 10-year bond yield was trading at 7.2404%, as of 0340 GMT, after rising to as high as 7.2526% in early trade. It had ended at 7.1962% on Tuesday.

Shares of Zomato dropped as much as 10 per cent during the early trade on Wednesday following a block deal on the counter. The stock, however, recouped most losses as the session progressed. Ride-hailing app Uber likely to offload its its entire holding (7.8 per cent or 61 crore shares) in food delivery company Zomato for at least $373 million (Rs 2,939 crore) through a block deal of shares, merchant banking sources said. The deal can be undertaken in the range of Rs 48-54 each.

Price as on 03 Aug, 2022 09:34 AM, Click on company names for their live prices.

Stocks in focus: Thermax, Indus Towers and more

YES Bank, Tata Power top movers in opening deals

Price as on 03 Aug, 2022 09:28 AM, Click on company names for their live prices.

Opening Bell: Sensex gains 130 points, Nifty above 17,350; Zomato tanks 4%, SpiceJet rises 3%

STOCK IN FOCUS: SPICEJET

JUST IN: Zomato has at least 211 mn shares change hands in over 30 trades

Asian stocks trade higher

Japan’s Nikkei gained 0.5%, rebounding from Tuesday’s two-week closing low, while Chinese blue chips jumped 0.86% and Hong Kong’s Hang Seng gained 0.76%.

Tokyo shares open higher with eyes on US-China tension

Tokyo stocks opened higher Wednesday as investors bought shares with strong corporate earnings while monitoring the impact of US House Speaker Nancy Pelosi’s visit to Taiwan on US-China tensions. The benchmark Nikkei 225 index added 0.34 percent, or 94.72 points, to 27,689.45 in early trade, while the broader Topix index rose 0.17 percent, or 3.26 points, to 1,928.75.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 34 points, or 0.20 per cent, higher at 17,360, signaling that Dalal Street was headed for a positive start on Wednesday.

Quarterly earnings today

Adani Transmission, Adani Power, Adani Wilmar, Godrej Consumer Products, Interglobe Aviation, PI Industries, Vodafone Idea, Lupin, Birlasoft and Inox Leisure are among companies that will announce their quarterly earnings today.

Tech View: Nifty50 bulls tired, upside capped at 17,500

Nifty50 on Tuesday ended higher for the fifth session but formed an indecisive candle on the daily chart suggesting indecisiveness among traders ahead of the RBI policy review. Analysts see upside capped at 17,500. They see support around the 17,200 level.

Oil falls on demand worries, stronger US dollar

Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session’s gain.

Wall Street dips on economic, geopolitical concerns

U.S. stocks ended a choppy session lower on Tuesday, while the dollar rallied as risk appetite was dampened by economic uncertainties and escalating U.S.-China tensions.

Rupee jumps 53 paise to breach 78 level, closes at 1-month high on FII inflows

The rupee rallied 53 paise — its best single-day gain in over 11 months — to close at an over one-month high of 78.53 against the US dollar on Tuesday.

Sensex, Nifty on Tuesday

BSE Sensex swung between gains and losses in the final hour to end the day just 21 points or 0.04 per cent higher at 58,136. Its NSE counterpart, Nifty50, added merely 5 points or 0.03 per cent to close at Rs 17,345.

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