At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 104.72 points or 0.19% at 54,388.56. The Nifty 50 index fell 16.95 points or 0.1% at 16,277.50.
The broader market outperformed and traded with gains. The S&P BSE Mid-Cap index was up 0.45% while the S&P BSE Small-Cap index was up 0.53%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1828 shares rose and 1159 shares fell. A total of 120 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 200,819,674 with 4,266,478 global deaths.
India reported 414,159 active cases of COVID-19 infection and 426,754 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
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RBI MPC Outcome:
The Reserve Bank of India (RBI) kept the policy repo rate unchanged at 4% while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 6 August 2021.
RBI's MPC began its bi-monthly monetary policy deliberations on Wednesday, 4 August 2021. Following the meet, RBI on Friday (6 August 2021) kept the benchmark interest rate unchanged amid COVID-19 uncertainty. Repo rate (lending rate) will continue at 4% and reverse repo rate (RBI's borrowing rate) at 3.35%. The central bank has maintained an accommodative stance.
MPC sees CPI inflation at 5.7% in 2021-22 as against 5.1% projected earlier. The CPI inflation is expected to be 5.9% in Q2 FY22, 5.3% in Q3 FY22, 5.8% in Q4 FY22. The CPI inflation is projected to be at 5.1% in Q1 FY23. GDP growth is projected at 9.5% in Financial Year 2021-22.
The Nifty Bank index was up 0.12% at 35,875.80.
Stocks in Spotlight:
Quess Corp rose 0.36%. The company's net profit soared 22.4% to Rs 44.63 crore on a 24% jump in net sales to Rs 2,986.91 crore in Q1 FY22 over Q1 FY21. Increase in revenues were mainly driven by General Staffing (26%), Conneqt (36%) and Industrials (32%). Consolidated profit before tax surged 47.8% to Rs 80.20 crore in Q1 FY22 as against Rs 54.26 crore in Q1 FY21.
Adani Power gained 0.34%. The company reported a consolidated net profit of Rs 278 crore in Q1 FY22 as against a net loss of Rs 682 crore in Q1 FY21. Consolidated total revenue for Q1 FY22 stood at Rs 7,213 crore, up by 34.7% from Rs 5,356 crore in Q1 FY21. The consolidated revenue for Q1 FY22 includes recognition of prior period net revenue from operations of Rs 125 crore and prior period other income of Rs 532 crore, primarily on account of various regulatory orders and delayed payments by DISCOMs. In comparison, prior period recognition amounted to Rs 8 crore as revenue from operations and a negative other income of Rs 5 crore as in Q1 FY21. Consolidated EBITDA for Q1 FY22 grew higher by 49% to Rs 2,292 crore as compared to Rs 1,541 crore for Q1 FY21. EBITDA for the quarter improved mainly due to higher volumes, improved merchant tariffs, and higher prior period income recognition, which was partially offset by higher import coal prices.
Global Markets:
Asian stocks were trading lower on Friday as investors await the release of a closely watched US jobs report.
The major U.S. equity indexes rose Thursday and the S&P 500 set a new record closing high as energy and travel stocks bounced back ahead of a key labor market report.
The number of Americans filing new claims for unemployment benefits declined further last week. Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 385,000 for the week ended July 31. The claims data was the last reading before the key July jobs report, which will be released on Friday morning. The jobs report is expected to be a key data point for the Federal Reserve as it considers when to tighten monetary policy.
A surge in imports of industrial supplies drove the US trade deficit to a record in June. The trade gap widened by $4.6 billion to $75.7 billion, a nearly 7% increase compared to May, the Commerce Department reported. Imports of goods and services jumped $6 billion, most of which was accounted for by the rise in industrial materials and supplies such as iron, steel and chemicals, as well as a $1.2 billion increase in non-monetary gold.
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