The benchmark indices trimmed gains in early afternoon trade. The Nifty index held 15,800 mark. All the sectoral indices on the NSE were in the green.
At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 297.58 points or 0.57% at 52,782.25. The Nifty 50 index gained 86.20 points or 0.55% at 15,808.40.
In the broader market, the S&P BSE Mid-Cap index added 0.22% while the S&P BSE Small-Cap index rose 0.86%.
The market breadth was strong. On the BSE, 2,226 shares rose and 969 shares fell. A total of 170 shares were unchanged.
Economy:
The seasonally adjusted India Services Business Activity Index (India Services PMI) stood at 41.2 in June 2021, highlighting a further contraction in output. Moreover, falling from 46.4 in May, the latest reading pointed to the fastest rate of reduction since July 2020. Monitored companies commonly indicated that the intensification of the COVID-19 crisis and tight restrictions curbed demand for services. Subdued demand conditions resulted in a second successive monthly drop in new business received by services firms. The pace of contraction was sharp and the quickest since July 2020.
Meanwhile, India's merchandise exports in June 2021 was $32.46 billion, an increase of 47.34% over $22.03 billion in June 2020 and an increase of 29.7% over $25.03 billion in June 2019. Merchandise imports in June 2021 was $41.86 billion, an increase of 96.33% over $21.32 billion in June 2020 and an increase of 2.03% over $41.03 billion in June 2019.
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Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 18,37,84,967 with 39,77,060 deaths. India reported 4,82,071 active cases of COVID-19 infection and 4,02,728 deaths while 2,97,00,430 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.33% to 12.3725. The Nifty 29 July 2021 futures were trading at 15,853.45, at a premium of 45.05 points as compared with the spot at 15,808.40.
The Nifty option chain for 29 July 2021 expiry showed maximum Call OI of 29.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 33 lakh contracts was seen at 15,500 strike price.
Buzzing Index:
The Nifty Financial Services index rose 0.74% to 16,560.40. The index added 1.12% in the past two sessions.
Muthoot Finance (up 2.27%), Bajaj Finserv (up 1.28%), Bajaj Finance (up 1.24%), HDFC Bank (up 1.13%) and Piramal Enterprises (PEL) (up 1.03%) were the top gainers in Financial Services segment.
HDFC Bank's advances aggregated to approximately Rs 11,47,500 crore as of 30 June 2021, rising around 14.4% over Rs 10,03,300 crore as of 30 June 2020. The bank's advances grew around 1.3% as of 30 June 2021 from Rs 11,32,800 crore as of 31 March 2021. As per the Basel 2 segment classification among the bank's advances, the domestic retail loans as of 30 June 2021 grew by around 10.5% over 30 June 2020 and remained at a level similar to that as of 31 March 2021.
The domestic wholesale loans as of 30 June 2021 grew by around 17% over 30 June 2020 and around 2% over 31 March 2021. Among loan categories, the retail loans grew by around 9% over 30 June 2020 and were lower by around 1% as compared to 31 March 2021. The commercial & rural banking loans grew by around 25% over 30 June 2020 and around 4% over 31 March 2021; and other wholesale loans grew by around 10.5% over 30 June 2020 and around 1.5% over 31 March 2021.
Retail disbursements (including home loans sourced under the arrangement with Housing Development Finance Corporation), during the quarter ending 30 June 2021 were approximately Rs 43,600 crore, registering a growth of around 202% over Rs 14,400 crore disbursed during the corresponding period of the prior year, and around 30% lower than Rs 62,500 crore disbursed during the previous quarter.
The bank's deposits aggregated to approximately Rs 13,46,000 crore as of 30 June 2021, recording a growth of around 13.2% over Rs 11,89,400 crore as of 30 June 2020 and a growth of around 0.8% over Rs 13,35,100 crore as of 31 March 2021. Retail deposits grew by around 16.5% over 30 June 2020 and around 3.5% over 31 March 2021. Wholesale deposits remained stable as compared to 30 June 2020, and were lower by around 10% as compared to 31 March 2021.
Stocks in Spotlight:
Housing Development Finance Corporation (HDFC) rose 0.41%. The private lender said that the profit on sale of investments was Rs 263 crore in Q1 FY22 as compared with Rs 1,241 crore in Q1 FY21. The profit on sale of investments was on account of the corporation's entire stake sale in its associate company, Good Host Spaces (Rs 54 crore) and part stake sale of HDFC ERGO General Insurance Company (Rs 209 crore). Gross income from dividend for the quarter ended 30 June 2021 was Rs 16 crore as against Rs 298 crore in the corresponding quarter last fiscal.
Angel Broking advanced 2.04% after the stock broking firm reported strong business update for the month of June 2021. The company's client base jumped 145.4% year on year to 5.29 million clients in June 2021 over June 2020. On a sequential basis, client base grew by 9.3% last month from 4.84 million clients in May 2021. Gross client acquisition stood at 0.46 million in June 2021, up 221% over 0.14 million in June 2020. On a sequential basis, gross client acquisition grew 8.2% in June 2021 over May 2021. Number of trades in June 2021 stood at 88.97 million, up 71.1% over 52 million trades in June 2020. The figure was up 2.9% over May 2021.
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