The domestic equity barometers ended the volatile session with small gains on Tuesday. After hitting record high levels in mid morning trade, the benchmarks reversed trend and briefly slipped into the red in mid afternoon trade. The key indices, however, bounced back in the late trade. The Nifty closed above the 16,250 mark. IT and healthcare stocks bucked broader market weakness.
As per provisional closing data, the barometer index, the S&P BSE Sensex, added 151.81 points or 0.28% to 54,554.66. The Nifty 50 index advanced 10.70 points or 0.07% to 16,268.95.
The Sensex hit a record high of 54,779.66 while the Nifty hit a record high of 16,359.25 in mid-morning trade.
The broader market tumbled. The S&P BSE Mid-Cap index shed 0.85%. The S&P BSE Small-Cap index lost 2.05%.
Sellers outnumbered buyers. On the BSE, 771 shares rose and 2488 shares fell. A total of 115 shares were unchanged.
Monsoon Session of the Parliament:
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Amid the continued ruckus by Opposition MPs, the Rajya Sabha was adjourned for 30 minutes till 3:03 pm. The Opposition MPs protested against the government on issues including farmers & protests, Pegasus spyware, COVID-19 and inflation when the House met at 3:07 pm after 15 minutes break, following which Rajya Sabha was adjourned for the fourth time in the day.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 20,33,91,279 with 43,03,090 deaths. India reported 3,88,508 active cases of COVID-19 infection and 4,28,682 deaths while 3,11,80,968 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Primary Market:
The initial public offer of Aptus Value Housing Finance received bids for 73.07 lakh shares as against 5.51 crore shares on Tuesday (10 August 2021), according to stock exchange data at 15:20 IST. The issue was subscribed 0.13 times.
The initial public offer (IPO) of Chemplast Sanmar received bids for 51.67 lakh shares as against 3.99 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 15:20 IST. The issue was subscribed 0.13 times.
These two IPO opened for bidding today (10 August 2021) and will close on Thursday (12 August 2021).
Meanwhile, IPO of CarTrade Tech received bids for 92 lakh shares as against 1.29 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 15:20 IST. The issue was subscribed 0.71 times.
IPO of Nuvoco Vistas Corporation received bids for 1.65 crore shares as against 6.25 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 15:20 IST. The issue was subscribed 0.27 times.
These two IPO opened for bidding on Monday (9 August 2021) and will close on Wednesday (11 August 2021).
Buzzing Index:
The Nifty IT index rose 0.83% to 31,701.90, extending gains for the fourth day. The index has added 2.34% in four sessions.
Tech Mahindra (up 2.89%), HCL Tech (up 1.41%), Wipro (up 1.16%), Oracle (up 0.94%), Infosys (up 0.87%), Larsen & Toubro Infotech (up 0.84%) and TCS (up 0.25%) advanced.
Stocks in Spotlight:
Shree Cement fell 4.13% to Rs 27119.85. On a consolidated basis, the cement company's net profit surged 90.97% to Rs 630.89 crore on a 46.16% jump in net revenue from operations to Rs 3,634.83 crore in Q1 June 2021 over Q1 June 2020.
Bombay Dyeing & Manufacturing Company tumbled 5.50% to Rs 92.70. On a consolidated basis, the company's net loss (from continued operations) stood at Rs 107.91 crore in Q1 June 2021 lower than net loss of Rs 129.13 crore in Q1 June 2020. Revenue from operations soared 317.73% YoY to Rs 380.85 crore in Q1 FY22.
Laxmi Organic Industries rose 2.83% to Rs 280.25. The company posted a 379% rise in consolidated net profit to Rs 102 crore on 82.4% jump in net sales to Rs 736 crore in Q1 FY22 over Q1 FY21.
Max Financial Services (MFSL) declined 3.93% to Rs 1024.40. The private insurer posted an 80% fall in net profit to Rs 36 crore in Q1 FY22 from Rs 181.53 crore registered in Q1 FY21. MFSL's sole operating subsidiary, Max Life, registered a 28% increase in total revenues at Rs 4,626 crore in the period under review.
Coal India shed 0.94% to Rs 141.95. On a consolidated basis, the state-run coal major's net profit jumped 52% to Rs 3,169.65 crore on 36.76% increase in sales to Rs 25,282 crore in Q1 FY22 over Q1 FY21. Consolidated coal production (raw coal) rose by 2.43% to 123.98 million tonnes (MT) while offtake (raw coal) jumped by 32.8% to 160.44 MT in Q1 FY22 over Q1 FY21.
Separately, the PSU miner announced that the mines at Tikak, Tipong and Tirap were temporarily suspended from 3 June 2020 due to non- availability of forest and other statutory clearances. North Eastern Coalfields mines are managed directly by Coal India.
Reliance Industries (RIL) added 0.37% to Rs 2085. RIL, along with strategic investors Paulson & Co. Inc. and Bill Gates and a few other investors, has announced an investment of $144 million in Ambri Inc, an energy storage company based in Massachusetts, USA.
The investment, which is being done by RIL's wholly owned subsidiary Reliance New Energy Solar (RNESL), will help Ambri commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri.
JSW Steel slipped 3.68% to Rs 719.90. The company's crude steel production grew 11% to 13.82 lakh tonnes in July 2021 as against 12.46 lakh tonnes in July 2020. While the production of flat rolled products declined 1% to 9.34 lakh tonnes, production of long rolled products surged 28% to 3.06 lakh tonnes in July 2021 over July 2020.
Hinduja Global Solutions (HGS) hit an upper circuit of 5% at Rs 3235.85 after the company said that it has entered into definitive agreements to divest its healthcare services business to funds affiliated with Baring Private Equity Asia (BPEA). The transaction based on enterprise value of $1,200 million, subject to closing adjustments, is expected to complete within 90 days, subject to shareholder and other regulatory approvals.
Separately, Hinduja Global Solutions reported 137.7% increase in consolidated net profit to Rs 117 crore in Q1 FY22 as against Rs 49.22 crore in Q1 FY21. Revenues from operations increased by 25.5% YoY to Rs 1550.5 crore during the quarter. As compared with Q4 FY21, the company's net profit and revenue have declined by 10.2% and 0.8% respectively.
Global Markets:
Most shares in Europe and Asia advanced on Tuesday, attempting to break out from a cautious approach seen globally at the start of the week.
Worries about the impact of COVID on global growth continued to weigh on investor sentiment, with countries grappling with the spread of the highly transmissible delta variant of the virus.
In US, the S&P 500 dipped on Monday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising U.S. Treasury yields lifted financials stocks, keeping Wall Street's benchmark index near record levels.
Two Federal Reserve officials said on Monday that the U.S. economy is growing rapidly and that while the labor market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.
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