MARKET WRAP: Indices end flat, Nifty settles at 11,214; Asian Paints up 4%

All that happened in the markets today

4:15 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

The unrelenting pace of virus infections and other uncertainties led to the benchmark indices ending flat today with volatile trades. Global cues were also mostly negative, after Asian markets ended in losses following US actions on popular Chinese apps, and anticipating retaliatory action from China.

 

However, on a weekly basis, Indian benchmark indices ended up by around 1 per cent, following gains in the latter half of this week, on expectations of RBI policy easing to support the economic revival.

 

Week Ahead

 

Global markets will be definitely impacted by the heightened US-China tensions and imminent Chinese reaction. Heightened Chinese aggression could have a negative impact on our markets in the near term. However, there could be a silver lining for Indian markets in the long term, with global investors hesitating to invest in Chinese companies. For lack of options, some of this money could find its way into Indian companies, provided the right ecosystem is built. Earnings specific action will likely continue next week, with indices searching for direction in the near term. Accumulation continues the best strategy.

3:42 PM

SECTOR WATCH:: IT, pharma stocks decline

3:41 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 38,041, up 15 points, or 0.04 per cent while NSE's Nifty settled above 11,200 levels at 11,214, up 14 points or 0.12 per cent.

3:25 PM

INDEX GAINER:: Asian Paints trades 4.5% higher

3:15 PM

MARKET CHECK:: RBL Bank up 10%

3:03 PM

June Quarter Result :: Adani Transmission posts profit of Rs 355 cr vs Rs 213 cr YoY

>> Revenue at Rs 2,446 cr vs Rs 2,585 cr YoY

2:54 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
GMM PFAUDLER	4300.00	4995.00	4926.80	14.58
VODAFONE IDEA	7.64	8.88	8.73	14.27
HONEYWELL AUTO	27655.00	31100.00	30799.95	11.37
GUJARAT FLUOROCH	439.25	498.60	486.00	10.64
OMAXE	65.25	72.05	72.05	10.42

2:49 PM

CG Power approves securities subscription agreement with Tube Invt; stk up

Shares of CG Power and Industrial Solutions hit a 5 per cent upper circuit limit of Rs 10.99 apiece on the BSE on Friday after the company informed that its board has approved the execution of a securities subscription agreement (SSA) with Tube Investments of India for the issuance and allotment of securities to it on a preferential basis. READ MORE

2:44 PM

Oil check :: Motilal Oswal Financial Services

2:42 PM

Asian Markets Wrap :: Motilal Oswal Financial Services

2:39 PM

MARKET UPDATE:: Sensex turns green

2:34 PM

Gold ETFs clock 8th consecutive month of positive flows, says WGC

Global holdings have once again reached a new all-time high of 3,785 tonnes and the price of gold hit a record high of 1,976 dollars per ounce by the July-end, leaving global AUMs standing at 239 billion.

 

Global net inflows of 899 tonnes (49.1 billion dollars) to date are considerably higher than previous annual highs, and the trend of inflows has continued in the first few trading days of August as the price of gold has breached 2,000 dollars per ounce. READ MORE

2:34 PM

BUZZING STOCK:: Asian Paints up 4%; top Sensex gainer at this hour

2:24 PM

Expert View :: Yash Gupta , Equity Research Associate at Angel Broking on Mindspace REIT

Post listing as the stock is trading ~10% above the issue price, traders and short term investors can look to book profits at current levels and lock in the listing gains. From a long term perspective it is one of the good assets class to be invested for similar or better post tax yield as compared to fixed Income with good opportunity for capital appreciation. However given the increasing trend of work from home there are some concerns about the company and the commercial real estate segment in the short to medium term as absorption may remain low in the near future

2:16 PM

Reliance Broadcast defaults to debt schemes of Franklin Templeton MF

Franklin Corporate Debt Fund and Franklin Short Term Income Fund had exposure to these NCDs. Of these, Short Term Income Fund is being wound-up by FT MF.

 

In a note to investors, FT MF said that it was in the process of initiating appropriate enforcement action to recover dues from the issuer and other connected parties. READ MORE

2:07 PM

Rupee at Close

1:58 PM

June Quarter Result :: Alkem Lab's Q1 profit grows to Rs 426.1 cr vs Rs 210.6 cr YoY

>>  Revenue from operations stood at Rs 1,550.8 cr vs Rs 1,498.5 cr YoY
 

1:54 PM

Mahindra & Mahindra's consolidated profit drops 97% YoY to Rs 68 cr in Q1

Mahindra & Mahindra reported a 97 per cent year-on-year (YoY) decline in consolidated net profit at Rs 67.79 crore for the June quarter of FY21 (Q1FY21). The company had reported a profit of Rs 2,259.74 crore in Q1FY20. READ MORE

1:45 PM

NEWS ALERT :: RBI sets up KV Kamath committee for loan restructuring

>>  The Expert Committee shall also undertake the process validation for the resolution plans to be implemented under this framework, without going into the commercial aspects, in respect of all accounts with aggregate exposure of Rs 1500 crore and above at the time of invocation

>> The Committee shall submit its recommendations on the financial parameters to the Reserve Bank which, in turn, shall notify the same along with modifications, if any, in 30 days.

>> The Indian Banks’ Association shall function as the Secretariat to the Committee and the Committee shall be fully empowered to consult or invite any person/s it deems fit.

1:41 PM

Pidilite Industries jumps 4% on better-than-expected June quarter results

Pidilite Industries' shares surged up to 4.4 per cent to Rs 1,391 on the BSE on Friday after the company's June quarter result, released post market hours on Thursday, came beat Street expectations. The company reported consolidated net profit of Rs 15.82 crore for the quarter under review, as against profit of Rs 294.39 crore in Q1FY20. READ MORE

1:31 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour

1:20 PM

Price breakout suggests more upside for cement stocks

ACC Ltd (ACC): As the price approaches the 200-weekly moving average (WMA), which is at Rs 1,474 levels, the counter has started witnessing profit booking. The 200-WMA has become an immediate resistance and the next breakout appears to be above Rs 1,474 levels. READ MORE

1:09 PM

June Quarter Result :: M&M posts consolidated profit of Rs 67.8 crore

>> Consolidated revenue came in at Rs 5,589.4 crore

>> EBITDA at Rs 573.1 crore

>> EBITDA margin at 10.2%

Alert: All numbers are for M&M + MVML

1:08 PM

MARKET WATCH:: RBL Bank surges over 7%

1:06 PM

BUZZING STOCK:: Bajaj Finance rises 3%

1:00 PM

NEWS ALERT | Indian Overseas Bank to cut lending rates by 10 bps across tenures from Monday: Exchange filing

12:57 PM

NEWS ALERT :: Dilip Buildcon declared as lowest bidder for a new HAM project in Karnataka worth Rs 1,278 cr

Source: BSE filing

12:52 PM

Trump admin proposes delisting of Chinese firms failing to meet audit norms

The Trump administration is considering a proposal to crackdown on Chinese companies that are listed in the US and do not follow American audit requirements, according to a media report. As per the proposal, as reported by The Wall Street Journal, the Chinese companies listed on American stock exchanges like New York Stock Exchange and NASDAQ be subject to audit by US regulators or else they would be delisted. READ MORE

12:45 PM

June Quarter Result :: Sobha reports consolidated profit of Rs 6.6 cr vs Rs 91 cr YoY

>> Consolidated revenue at Rs 350 crore vs Rs 1,177 cr YoY