Indices hold firm; HDFC, TCS advance

The benchmark indices continued to trade on firm note in afternoon trade on steady buying demand in index pivotals. The Sensex hit fresh record high above the 53,500 level. European markets opened in positive zone.

At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 544.97 points or 1.03% at 53,495.60. The Nifty 50 index soared 148.70 points or 0.94% at 16,033.85. The S&P BSE Sensex scaled a new all-time high of 53,537.89 while the Nifty 50 index hit 16,043.45 during intraday trade.

Housing Development Finance Corporation (HDFC) (up 3.06%), Tata Consultancy Services (TCS) (up 1.83%) and Infosys (up 0.97%) boosted the market.

Broader markets underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.01%. The S&P BSE Small-Cap index gained 0.28%.

Buyers outnumbered the sellers. On the BSE, 1,763 shares rose and 1,391 shares fell. A total of 135 shares were unchanged.

Gainers & Losers:

Titan Company (up 3.84%), Housing Development Finance Corporation (HDFC) (up 3.06%), Sun Pharmaceutical Industries (up 2.88%) and IndusInd Bank (up 2.06%) were major gainers in Nifty 50 index.

Grasim Industries (down 1.74%), Shree Cements (down 0.97%), Bajaj Auto (down 0.81%), JSW Steel (down 0.76%) and UPL (down 0.58%) were major losers in Nifty 50 index.

Nifty Results Today:

Bharti Airtel (up 2.35%) and Adani Ports and Special Economic Zone (APSEZ) (up 1.53%) will announce their quarterly results today.

Earnings Impact:

Shree Renuka Sugars hit a lower circuit of 5% at Rs 31.95 after the company reported a consolidated net loss of Rs 240.4 crore in Q1 FY22 as against a net loss of Rs 34.9 crore in Q1 FY21. Revenue from operations declined by 36.7% Y-o-Y to Rs 829.5 crore during the quarter. During the period under revenue, Distillery revenue rose to Rs 190.9 (up 44.4% Y-o-Y), revenue from Co-generation improved to Rs 32.5 crore (up 4.8% Y-o-Y) and Engineering revenue increased to Rs 13.3 crore (up 44.6% Y-o-Y).

CG Power & Industrial Solutions was locked in 5% upper-circuit at Rs 83.40 after consolidated net profit (from continuing operations) stood at Rs 48.29 crore in Q1 June 2021 (Q1 FY22) over a net loss of Rs 262.86 crore in Q1 June 2020 (Q1 FY21). Consolidated revenue from operations surged 189.48% to Rs 1,050.04 crore in Q1 FY22 from Rs 362.73 crore in Q1 FY21. Pre-tax profit was at Rs 71.35 crore in Q1 FY22 as against a pre-tax loss of Rs 237.37 crore in Q1 FY21. EBITDA for Q1 FY22 stood at Rs 120 crore as compared to an EBITDA loss of Rs (41) crore in Q1 FY21.

Global Markets:

European markets rally across the board on Tuesday, 3 August 2021 despite rising COVID-19 cases, Chinese tech regulation and U.S. growth worries.

Asian stocks mostly edged lower as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.

U.S. stocks gave up early gains and turned negative for the session on Monday as concerns about COVID variants and peaking economic growth weighed against strong earnings results.

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