Key benchmark indices are trading near flat line in early trade amid volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 10.28 points or 0.02% at 54,482.56. The Nifty 50 index was up 13.90 points or 0.09% at 16,308.50. Asian stocks are trading lower.
The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.6%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1696 shares rose and 837 shares fell. A total of 80 shares were unchanged.
RBI Policy:
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to announce its bi-monthly policy review at 10:00 IST today, 6 August 2021 at the end of the three-day meeting held from August 4 to August 6. As per reports, the RBI is likely to maintain the status quo on interest rates. The MPC, a six-member team headed by RBI governor Shaktikanta Das, had left the rates unchanged last time, citing concerns about inflation.
Stocks in news:
Reliance Industries (RIL) slipped 0.22%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL), has invested Rs 20 crore in equity shares of Neolync Solutions (Neolync). A further investment of up to Rs 40 crore, subject to Neolync achieving agreed milestones, is expected to be completed by March 2023. The total investment will translate into 40% of equity share capital in Neolync on a fully paid up and diluted basis. Neolync and its subsidiaries and associate companies are engaged in India based manufacturing of electronic products such as mobile phones, telecom products and computing devices etc.
Cipla dropped 2.6%. Cipla reported 24% rise in consolidated net profit to Rs 715 crore in Q1FY22 against Rs 578 crore in Q1FY21. Total revenue from operations rose 27% to Rs 5504 crore from Rs 4346 crore YoY. EBITDA rose 28% to Rs 1346 crore in Q1 FY22 from Rs 1049 crore in Q1 FY21.
Maruti Suzuki India rose 1.09%. Maruti Suzuki India said that total production rose to 1,70,719 units in July 2021 from 1,07,687 units last year.
Bhagiradha Chemicals & Industries surged 4.54%. Bhagiradha Chemicals & Industries said that the Government of India, the Patent Office has granted patent for 'Process For Preparation of Azoxystrobin in High Yields' to the company for a term of 20 years from September 27, 2016.
GEE advanced 4.81%. GEE said that the meeting of the board of directors of the company will be held on August 11, 2021 to consider the proposal for declaration of bonus equity shares.
B L Kashyap and Sons rose 0.7%. B L Kashyap and Sons was awarded new projects worth Rs 189.85 crore. The project comprises of Concrete & Block Work Package at Bengaluru, Karnataka worth Rs 105.02 crore. The other project consists of Civil & Block Work Package at Bengaluru, Karnataka worth Rs 84.83 crore.
Global Markets:
Asian stocks are 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.
Back home, the main indices rose for fourth consecutive trading session and registered another record closing high on Thursday. The barometer index, the S&P BSE Sensex, gained 123.07 points or 0.23% at 54,492.84. The Nifty 50 index rose 35.8 points or 0.22% at 16,294.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 719.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 731.92 crore in the Indian equity market on 5 August, provisional data showed.
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