Market Wrap Podcast, August 6: All that happened in the markets today

A historic week for the benchmark indices came to an anti-climactic end as Reliance Industries single-handedly knocked benchmark Sensex and Nifty off their all-time high levels. A Supreme Court order in favour of Amazon stalled Reliance Retail's Rs 24,000 crore deal with Future Retail, pushing RIL 2 per cent lower.

Further, while RBI along expected lines kept the repo rate unchanged at 4 per cent in the August policy outcome and reiterated its intent to focus on growth, investors could not ignore some concerns on the inflation front. The 5:1 vote on maintaining accommodative stance and rise in CPI projection for FY22 to 5.7 per cent from 5.1 per cent earlier indicated that debate on inflation is gaining centre stage.

The domestic benchmark indices snapped their four-session winning run. The 30-pack Sensex closed the day at 54,278, down 215 points or 0.39 per cent. Meanwhile, NSE Nifty settled the day 56 points or 0.35 per cent at 16,238. Overall, for the five days ended Friday, Nifty ended the week above the 16,000 mark for the first time, up 2 per cent, and also snapped its two-week losing run.

IndusInd Bank, Tech Mahindra, Bharti Airtel, Maruti were the top gainers in the 30-pack Sensex while Reliance Industries, Ultratech Cement, Tata Steel, HCL Tech were the top losers.  

The broader markets outperformed, with the Nifty Midcap index rising 0.06 per cent and the Nifty Smallcap 0.04 per cent. Sectorally, Nifty Realty and Nifty Media were the top losers while Nifty IT was the best performer.

In stock-specific action, shares of Vodafone Idea rallied 20 per cent, bouncing off 57 per cent from its 52-week low level hit on Thursday after the government introduced a Bill in Parliament to nullify the provision of retrospective tax in the Income Tax Act.

On the other hand, shares of Future Group companies fell like a deck of cards. All five group stocks ended 9 per cent down following the apex court order that allowed the appeal filed by Amazon against a Delhi High Court order staying attachment of properties of Future Group companies and Kishore Biyani in relation to the Reliance deal.

M&M shares ended the day marginally lower at Rs 758.40 per share reported a consolidated net loss after tax from continuing and discontinued operations at Rs 331.74 crore in the first quarter ended June 30 as against Rs 54.64 crore in the first quarter last fiscal.

Glenmark Life Sciences shares kicked off its debut day on a quiet note as it listed at 4 per cent premium at Rs 751 per share on BSE against the issue price of Rs 720 per share. Later, the scrip declined a bit more to end the day at Rs 748.20.

Meanwhile, in the primary market, the IPO by Devyani International gathered the maximum response by the end of Day 3 as it was subscribed 116 times while that of Krsnaa Diagnostics garnered 64 times bids. Windlas Biotech and Exxaro Tiles, meanwhile, received 22 times subscription.

Now, going into trade next week, macro data, quarterly earnings and global cues will be key triggers. On the economic front, Industrial production for June and July retail inflation are slated to be out on Thursday, August 12. 

Meanwhile, it will be an earnings heavy week, with Coal India, Tata Steel, Eicher Motors, IRCTC, ONGC, Zomato, India Cements, HEG, IDFC, AstraZeneca, Chemcon, Indian Hotels, Jet Airways, MRF, CAMS, Deepak Fertilisers, Heranba, Jindal Steel, Siemens, Trent, Bharat Forge, HUDCO, IndoStar, Mazagon Dock Shipbuilders, NMDC and Oil India among hundreds of firm slated to post their numbers for June quarter next week.

Lastly, three new IPOs will open for subscription next week. Car Trade IPO will open on August 9 while Chemplast Sanmar and Aptus Value Housing Finance will launch their IPOs on August 10. Lastly, shares of Rolex Rings will list on bourses on Monday.