The tech-heavy Nasdaq Composite gained 153.66 points, or 1.45%, to 10,741.47 at the opening bell. The Dow Jones Industrial Average rose 95.68 points, or 0.36%, at the open to 26,409.33, while the S&P 500 opened higher by 24.23 points, or 0.75%, at 3,270.45.
The company reported a net loss of Rs 8,437.99 crore for the quarter ended June, compared with a loss of Rs 3,698.34 crore in the corresponding quarter last year. An ET Now poll had expected the auto major to post a Rs 7,700 crore loss for the quarter.
Analysts said the index is in the overbought zone and its upside looks largely capped. A breach of the 11,000 level could trigger a near-term correction, they warned.
Top Sensex drags: RIL, HDFC twins, Kotak Bank
CLOSING BELL: Sensex slips for 3rd day, down 129 points; Nifty below 11,100; Sun Pharma climbs 5%, SBI 2% on Q1 results
Sebi says upfront margin collection norm in cash segment effective from Sept 1: Agencies
IndiGo rises 4%, SpiceJet falls
Price as on 31 Jul, 2020 03:07 PM, Click on company names for their live prices.
SBI stock jumps 4% post Q1 earnings
SBI Q1 PAT at Rs 4,189 crore vs ET NOW poll of Rs 4,000 crore
BSE Energy biggest sectoral loser as fall in RIL weighs
What led to a blockbuster quarter for Laurus Labs
BSE Healthcare best sectoral performer; Laurab Lab zooms 16% to emerge top gainer
These 4 realty stocks are trading in the green
Price as on 31 Jul, 2020 12:54 PM, Click on company names for their live prices.
Torrent Pharma shares zoom 13% after Q1 earnings
Shares of Torrent Pharmaceuticals rallied 13 per cent on Friday after the company reported a 48.61 per cent rise in its consolidated net profit for the quarter ended June 30, 2020. The scrip jumped 13.05 per cent to Rs 2,754.90 -- its one-year high level -- on the BSE. On the NSE, the stock surged 13.03 per cent to it 52-week high of Rs 2,755.40.
PNB to infuse up to Rs 600 crore capital in PNB Housing Finance: Agencies
Price as on 31 Jul, 2020 12:09 PM, Click on company names for their live prices.
The Reserve Bank of India is likely to leave repo rate unchanged in the upcoming policy review meeting and the Monetary Policy Committee may look for "unconventional policy measures" to ensure financial stability, says a report. The Monetary Policy Committee (MPC), headed by RBI Governor, is scheduled to meet for three days beginning August 4 and will announce its decision on August 6.
Stake sale in arm SBI Life may help State Bank of India (SBI) report a healthy jump in its net profit for the June quarter on a single-digit rise in net interest income (NII). Net interest margin is expected to expand both sequentially and on a year-on-year basis. The bank is seen reporting a fall in the loan under moratorium. All eyes would be on whether the bank utilises treasury gains to create buffer provisions.
There is no case for MPC to cut rates next week: Sabharwal
There is no case for #RBI #MPC to cut rates next week Banks have hardly passed on the previous cuts to borrowers w… https://t.co/7kmNXfcsg3
Auto stocks mixed in morning session; Escorts biggest gainer, TaMo worst loser
Price as on 31 Jul, 2020 11:16 AM, Click on company names for their live prices.
Tata Motors loss likely to widen in Q1
An assessment by Emkay Global Financial Services projects a net loss of Rs 6,951 crore in Q1FY21 for the auto major against net loss of Rs 3,452 crore in the corresponding quarter last year. The brokerage also sees around 51.70 per cent YoY drop in net sales during the same period.
Edelweiss Securities sees a net loss of Rs 8,713 for Tata Motors in Q1FY21. “We expect consolidated revenue to fall around 62 per cent YoY due to weakness across India and JLR,” Edelweiss said in a report.
Majority of stocks in the tourism & hospitality space trade lower
Price as on 31 Jul, 2020 10:31 AM, Click on company names for their live prices.
Sensex slips back into the red; RIL, HDFC duo top drags
Sensex erases losses, jumps 100 points
SBI, Sun Pharma, Tata Motors gain ahead of Q1 numbers
Price as on 31 Jul, 2020 09:51 AM, Click on company names for their live prices.
Tata Capital picks up 0.85% stake in Biocon Biologics for $30 million
Tata Capital will invest Rs 225 crore or $30 million for a 0.85% stake in Biocon's biosimilar business Biocon Biologics, valuing the company at $3.5 billion, the pharma major said on Friday. The transaction is subject to standard condition precedents and approvals. Post the completion of this transaction, Biocon will hold 95.25% stake in Biocon Biologics.
Voda Idea, YES Bank, RIL among most active stocks on NSE
Price as on 31 Jul, 2020 09:22 AM, Click on company names for their live prices.
OPENING BELL: Sensex declines 100 pts, Nifty at 11,075; UltraTech Cement drops 4%; HCL Tech, Titan gain 2% each
India on Thursday imposed restrictions on the import of colour TV sets, bringing back curbs it had lifted almost two decades ago, in a measure to encourage domestic production. Imports of TVs in certain categories will now require a licence from the government. “Import policy of colour television sets... is amended from ‘free’ to ‘restricted’,” the DGFT said in a notification. The curbs are applicable to TV sets included in the ‘other colour’ category that covers LCD TVs among the goods.
Minus BP deal, RIL Q1 profit would shrink 41%
Reliance Industries saw its first quarter profit rise 31% to Rs 13,248 crore on the back of a gain it made from the sale of its 49% stake in the petro retail venture to BP. If this gain of Rs 4,966 crore is excluded, then RIL’s profit before tax is lower by 41% to Rs 8,542 crore for Q1 of fiscal 2021. The company’s revenue declined 41% to Rs 91,238 crore as operations were impacted by the Covid-19 pandemic. Operating profit, too, fell 12% to Rs 21,585 crore in the April through June period.
US gets a feel of Great Depression
The US economy contracted at its steepest pace since the Great Depression in the second quarter as the pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of the coronavirus. US stock futures, Treasury yields and the dollar slipped on Thursday after the commerce department said GDP collapsed at a 32.9% annualised rate last quarter, the deepest decline in output since the government started keeping records in 1947.
RBI asks govt to cut PSU bank stake
The government should cut its stake in PSU banks to 26% and give their chiefs a long-enough tenure so that these can be run more professionally, RBI has said in a presentation to PM Narendra Modi, people with knowledge of the matter said. The government’s holding in state-run banks currently exceeds 50%. It was also suggested that the government should retain significant control over the banks. Lowering it to 26% might require a fresh legislation
Maruti Q1 nos fail to impress brokers
Brokerages have a mixed view on Maruti Suzuki India after the carmaker reported a net loss of ₹249.4 crore for the June quarter — its first loss in 17 years. Antique, CLSA, and Kotak Institutional Equities maintained sell rating on Maruti, while Investec downgraded the stock to sell. Nomura has maintained hold recommendation. Emkay Global and Jefferies have maintained buy and Morgan Stanley has an overweight recommendation.
Traders less bullish on market now
Traders carried forward fewer bullish bets to the August derivatives series on expiry of July contracts on Thursday on growing worries about fatigue in the market after the near 50% uninterrupted rally since late March. Analysts said bullish positions in heavyweights such as RIL and large-cap technology companies could push the Nifty higher while banks could put a cap on gains. Provisionally, Nifty futures rollovers stood at 72%, lower than the three-month average of 75.3% and June rollover figure of 79%.
Tata Group claims good growth under Chandra
Tata Group companies, under Tata Sons chairman N Chandrasekaran, have seen annual incremental revenue growth of around Rs 70,000 crore between 2017 and 2019. Further, return on equity on funds infused by shareholders has risen to 46%, excluding impairment. This was stated by Tata Sons in an affidavit filed in the Supreme Court on Thursday in response to earlier submissions by Cyrus Investments and other Shapoorji Pallonji Group companies.
Parekh bullish about economy rebound
HDFC chairman Deepak Parekh on Thursday said a host of economic indicators are showing improvement and growth would return to the economy if there are no more lengthy and complete lockdowns. “My view is that one should not be too perturbed with forecasts of negative GDP growth rates,” he told shareholders at the company's AGM via videoconferencing. “Most believe India’s GDP growth will contract by about 5% this year. But recovery will happen assuming no further lengthy and complete lockdowns in future.”
Guarantee-based loans to small biz soon
Amid complaints of exclusion, the government is looking to expand the coverage of the guarantee-based loans for small businesses. The sanctioned limit is proposed to be doubled to up to Rs 50 crore and annual turnover eligibility may be increased to Rs 200 crore. The finance and MSME ministries are working on the changes following discussions at the highest level, amid concerns that several businesses were not getting funds meant to help them navigate the coronavirus crisis.
Big-ticket direct tax reforms in the works
The government is working on big-ticket direct tax reforms and improve ease of compliance to complement the sharp reduction in the rates to make the regime more attractive for investors. Under the new regime that is in advance stage of preparation there will be zero physical interface between taxpayers and officials, cutting discretion of officers, government officials said
Big Tech Quartet beats Street with earnings
The Big Tech quartet reported quarterly earnings on the same day for the first time ever, all topping Wall Street estimates. Facebook beat analysts’ estimates and forecast similar growth ahead. Apple delivered blowout quarterly results, reporting revenue gains across every category and in every geography. Amazon.com posted the biggest profit in its 26-year history, as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic. Alphabet reported $38.3 billion revenues, down 2% — a first — from $38.94 billion in Q2 of 2019, with operating income at $6.38 billion
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 38 points, or 0.34 per cent higher at 11,139, in signs that Dalal Street was headed for a positive start on Friday.
Market-wide rolls 91%, Nifty at 78%
Market-wide rollovers of F&O contracts stood at 91 per cent. Nifty futures rollovers stood at 78 per cent, which were higher than the average rollovers of 75 per cent last three series. Stock futures rollovers at 93 per cent were in line with the average rollovers seen in the last three series.
Tech View: Nifty forms bearish candle
With Thursday's fall, the index has closed near its eight-day support at 11,080, which remains an important level to watch out for, said Rajesh Palviya of Axis Securities. The 11,150-11,200 zone will act as a key resistance, he said.
Asian markets mixed in early trade lower
Japan's Nikkei 225 index was down 0.20 per cent or 44.18 points at 22,295.05 in early trade. Hong Kong's Hang Seng added 0.15 per cent, or 36.70 points, to 24,747.29. But the benchmark Shanghai Composite index dipped 0.18 per cent, or 6.03 points, to 3,280.80.
US economy contracts 33% in Q2
The 32.9 percent GDP contraction, though slightly better than expected, was the worst experienced by the world's largest economy since at least 1947 and underscored the severity of the rapidly unfolding crisis, which has already destroyed tens of millions of jobs, AFP reported
Jobless claims in US rise
After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to 1.43 million in the week ended July 25, the US Labor Department said on Thursday.
US stocks fall as GDP shrinks
Wall Street's major averages closed mostly lower after data showed the US economy contracted massively in the second quarter. On Thursday, the Dow Jones Industrial Average decreased 225.92 points, or 0.85 per cent, to end at 26,313.65, after dropping more than 500 points earlier in the session. The S&P500 index fell 12.22 points, or 0.38 per cent, to 3,246.22. The Nasdaq Composite Index increased 44.87 points, or 0.43 per cent, to 10,587.81.
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