Indices hit day's low; broader market trades firm

Equity indices reversed initial gains and hit fresh intraday low in morning trade. At 10:26 IST, the barometer index, the S&P BSE Sensex, declined 142.56 points or 0.27% at 52,912.99. The Nifty 50 index was down 42.25 points or 0.27% at 15,837.75.

The broader market outperformed. The S&P BSE Mid-Cap index was up 0.47% while the S&P BSE Small-Cap index was up 0.58%.

The market breadth is strong. On the BSE, 1864 shares rose and 1017 shares fell. A total of 130 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 185,024,418 with 4,000,767 global deaths.

India reported 460,704 active cases of COVID-19 infection and 405,028 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

 

Results Today:

IT major TCS was up 0.32% ahead of its first quarter results today.

Shyam Metalics and Energy was up 1.23%. The company will announce its fourth quarter and year ended results for 31 March 2021 today. The company entered the bourses on 24 June 2021.

Buzzing Index:

The Nifty Realty index rose 0.75% to 362.40, rising for fifth consecutive trading session. The index has surged nearly 6% in five days.

Brigade Enterprises (up 6.5%), Sobha (up 2.04%), Indiabulls Real Estate (up 1.84%), Sunteck Realty (up 1.3%), Mahindra Lifespace Developers (up 1.22%), Oberoi Realty (up 0.69%) and Prestige Estates Projects (up 0.66%) climbed.

Stocks in Spotlight:

Kalyan Jewellers India rose 1.68% to Rs 78.80 after the company's revenue achievement in India for Q1 FY22 was higher by approximately 190% when compared to Q1 FY21. The company said that overall revenue achievement in India for the recently concluded quarter was approximately 55% of Q1 FY 2020. A significant portion of the company's revenue for Q1 FY 2022 was booked during the month of April, during which many of the showrooms in non-south markets either remained closed or were operating with restrictions resulting in a higher share of business accruing from south markets, as well as from the gold division. Partly as a result of this phenomenon as well as the continuing impact of the customs duty cut, gross margin in India remained muted and below our historical levels.

RailTel Corporation of India rose 1.72% to Rs 144.85 after the company received a five-year deal worth Rs 23.43 crore from Sagar Cable Network for providing multicast drop and carry with 1.5G capacity at 66 locations.

Politics:

Forty three ministers were sworn in to the Union Council of Ministers on Wednesday (7 July 2021) as Prime Minister Narendra Modi inducted many new faces. They include 15 Cabinet Ministers and 28 Ministers of State.

BJP leaders Narayan Rane, Jyotiraditya Scindia, Sarbananda Sonowal, Dr Virendra Kumar, Ashwini Vaishnaw and Bhupendra Yadav and R C P Singh of JD(U) and Pashupati Kumar Paras of LJP were sworn in as Cabinet Ministers. Union Ministers Hardeep Singh Puri, Mansukh Mandaviya, Kiren Rijiju, Raj Kumar Singh, G Kishan Reddy, Parshottam Rupala and Anurag Thakur were also elevated to the rank of Cabinet Ministers.

BJP MPs Pankaj Chaudhury, S P Singh Baghel, Rajeev Chandrasekhar, Sobha Karandlaje, Bhanu Pratap Singh Verma, Darshana Vikram Jardosh, Meenakshi Lekhi, Annapurna Devi, A Narayanaswamy and Kaushal Kishore, Ajay Bhatt, B L Verma, Ajay Kumar, Chauhan Devusinh and Anupriya Patel of Apna Dal were sworn in as the Ministers of State. Besides, BJP leaders Kapil Patil, Subhash Sarkar, Bharati Pawar, Bishweswar Tudu, Shantanu Thakur, John Barala, L Murugan and Nisith Pramanik and others also took oath as Ministers of State.

This is the first Cabinet expansion of the Narendra Modi government in the second tenure.

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