Sensex closes 152 pts lower, Nifty at 16,280; IT top gainer; metals, realty drag

By On Aug 10, 2021

Indian indices closed higher on Tuesday. Asian stocks closed higher as recovery optimism dominated fears around rising Delta virus strain covid cases. Chinese markets were buoyed by liquor stocks. All eyes will be on US inflation data due later today.

10 Aug 2021, 03:53:16 PM IST

Rupee falls against US dollar, euro

The Indian rupee depreciated to 74.46 against the US dollar after opening on a weak note at 74.40 against the dollar on Tuesday. The domestic currency fell to 74.46, registering a fall of 20 paise over its previous close. The EUR/INR pair was trading in the range of 87.29-87.31 in Tuesday’s deals. (Read here)

10 Aug 2021, 03:48:32 PM IST

Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The markets climbed well above the 16,300 mark and seemed all poised to close above it too. However there was a sharp and nervous sell off mid day which brought the index close to 16,200. We recovered well but did not close above the 16,300 level. Once we are successful in doing so, we will witness a rally to 16,600 as the next target for the Nifty.”

10 Aug 2021, 03:47:28 PM IST

Market closing

The Sensex closed at 54,554.66, up 151.81 points, or 0.28%, while Nifty was at 16,280.10, down 21.85 points, or 0.13%. Financials gain, PSU banks drag. On the 30-share Sensex, Bharti Airtel Tech Mahindra, HDFC, and 12 other stocks closed in green, while Tata Steel, ITC, PowerGrid, and 12 other stocks closed in red.

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Sensex at close

10 Aug 2021, 03:38:39 PM IST

JSPL Q1 result: Net profit soars 967% to ₹2,516 cr

Jindal Steel and Power registered a staggering ten-fold rise in its consolidated profit during the June quarter of this fiscal. The Indian steelmaker posted consolidated net profit of ₹2,515.71 crore during the quarter under review, as opposed to ₹235.71 crore in the year-ago period.

The June quarter marked exemplary performance by all businesses including steel and overseas mines and minerals businesses, JSPL said in a regulatory filing on Tuesday. (Read here)

10 Aug 2021, 03:28:48 PM IST

RIL, HDFC twins drive gains

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Index contribution

10 Aug 2021, 03:20:54 PM IST

IT top gainer

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Nifty sectoral indices

10 Aug 2021, 03:10:45 PM IST

RBI calls for fuel tax cut: government says watching price situation

The government is monitoring fuel prices in the country while having taken several steps to control inflation, finance minister Nirmala Sitharaman told the Parliament on Tuesday. The minister, in a written reply to a question in Rajya Sabha, acknowledged that the Reserve Bank of India (RBI) monetary policy committee had in June pointed out that the rising trajectory of international commodity prices, especially of crude, together with logistics costs, pose upside risks to the inflation outlook. (Read here)

10 Aug 2021, 03:03:23 PM IST

Coal India Q1 results: Net profit rises 52% to ₹3,170 crore

Coal India on Tuesday reported a Q1 consolidated net profit at ₹3,170 crore, up 52% as compared to ₹2,078 crore in the same quarter last year. The company’s total revenue from operations rose nearly 37% to ₹25,282 crore as against ₹18,487 crore year-on-year (YoY). The miner’s production during the quarter stood at 123.98 million tonnes as compared to 121 mt in the year-ago quarter whereas the offtake stood at 160.44 million tonnes versus 120.8 mt.

10 Aug 2021, 02:46:13 PM IST

Deepak Fertilisers trades lower

Deepak Fertilisers & Petrochemicals’ stock was trading at ₹442.90 each, down 5.00% at 2:45 pm. The company reported consolidated Q1 net profit of ₹1.28 billion compared to ₹1.20 billion a year ago. Q1 revenue stood at ₹19 billion compared to ₹13.82 billion a year ago. Q1 ebitda stood at ₹2.9 billion compared to ₹2.72 billion a year ago.

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10 Aug 2021, 02:46:14 PM IST

IPO-bound Pine Labs appoints Kunal Shah to its board

Digital payment service provider Pine Labs, which is preparing for its US-listing over the next 18 months, on Tuesday said it has appointed CRED founder Kunal Shah to the board of its company. The appointment comes a month after the startup closed its latest round of funding at $600 million led by private equity majors–Fidelity Management and Research Co, BlackRock, Ishana, Tree Line–taking its valuation to $3 billion. (Read here)

10 Aug 2021, 02:39:48 PM IST

Gold regains some ground as dollar stalls

Gold on Tuesday rebounded from sharp sell-offs in the last two sessions as a dollar rally cooled, although fears of a sooner-than-expected U.S. interest rate hike capped further gains. Spot gold was up 0.4% at $1,736.65 per ounce by 659 GMT, while U.S. gold futures rose 0.6% to $1,737.10. “We are seeing some short-covering taking place right now in the market after correction post-U.S. payrolls data,” said Kunal Shah of commodities trader Nirmal Bang Commodities in Mumbai. (Reuters(

10 Aug 2021, 02:23:32 PM IST

SoftBank’s Vision Fund posts $2 billion profit, share weakness casts shadow

-SoftBank Group Corp’s Vision Fund unit on Tuesday posted a 236 billion yen ($2.14 billion) profit in the first quarter after gains from listing portfolio companies were offset by falling shares in firms like e-retailer Coupang Inc.

The Japanese conglomerate posted record annual profit in May with executives pointing to further upside from Vision Fund investments such as Chinese ride-hailing firm Didi Global Inc and “Uber for trucks” startup Full Truck Alliance Co Ltd. Those companies listed in New York during the quarter but Chinese regulatory action has subsequently hammered valuations, underscoring SoftBank’s China risk even as the group seeks to reduce dependence on its largest asset, a stake in Chinese e-commerce giant Alibaba Group Holding Ltd. (Reuters)

10 Aug 2021, 02:18:52 PM IST

Sensex heatmap

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Tata Steel, PowerGrid, SBI among top drags

10 Aug 2021, 02:12:07 PM IST

Banks show interest in funding stalled projects of Amrapali group: NBCC

State-owned NBCC Ltd on Tuesday said that banks have shown interest in providing funds to complete the stalled projects of defunct Amrapali group.

On July 23, 2019, the Supreme Court ordered cancellation of the registration of Amrapali Group under real estate law RERA. The court had directed NBCC to complete the stalled projects of the group. In a statement, NBCC said that the monitoring committee appointed by the Supreme Court convened a meeting on Monday with nationalised and private banks to discuss the financing for Amrapali Projects. NBCC’s Executive Director was present in the meeting.

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10 Aug 2021, 02:02:40 PM IST

Global crypto assets AUM back at $50 bn, but outflows continue

Total assets under management (AUM) of global digital assets hit the $50 billion level last week, the highest since mid-May, as crypto prices made a sharp recovery. However, despite bullish moves, crypto digital assets logged a fifth straight week of outflows totalling $26 million, according to digital asset manager CoinShares. (Read here)

10 Aug 2021, 02:00:03 PM IST

Motherson Sumi trades lower

Motherson Sumi Systems’ stock was trading at ₹226.30 each, down 1.99% at 2 pm. The auto parts maker reported Q1 consolidated net profit of ₹2.9 billion. Q1 ebitda stood at ₹12.2 billion compared to ₹16.25 billion in the previous quarter. Q1 ebitda margin stood at 7.6% compared to 9.58% in the previous quarter.

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10 Aug 2021, 01:58:26 PM IST

Pegasus issue: SC urges petitioners to refrain from parallel debate on social media

The Supreme Court on Tuesday took exception to “parallel debate” on social media by petitioners who are seeking a court-monitored probe into the reports of the government allegedly using Israeli software Pegasus to spy on politicians, activists, and journalists. A Bench of Chief Justice of India NV Ramana, Justice Vineet Saran and Justice Surya Kant asked the petitioners to refrain from indulging in parallel debates outside the Court on social media platforms and told them to have faith in the system. There has to be some discipline when the court is examining the matter, if they have some points to raise, they can do so by filing an affidavit, the Bench told counsels appearing for petitioners in the case. (ANI)

10 Aug 2021, 01:33:25 PM IST

RIL eyes Deutsche telekom’s Dutch unit

RIL is eyeing a bid for Deutsche Telecom’s Dutch subsidiary, Bloomberg Quint reported citing people familiar with the matter. Deutsche Telekom is seeking around $5.9 billion for the unit.

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10 Aug 2021, 01:20:41 PM IST

Mahindra to recall nearly 30,000 vehicles over fluid pipe issues

Indian automaker Mahindra and Mahindra said on Tuesday it was inspecting and replacing fluid pipes in some of its pickup trucks made between January 2020 and February 2021 for suspicion of improper assembly. The inspection and replacement is limited to 29,878 vehicles. (Read here)

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10 Aug 2021, 01:08:33 PM IST

JLL enters secondary residential market, ties up with Zapkey

JLL, India’s largest real estate consultancy firm, on Monday announced its entry into the country’s secondary residential market via a strategic partnership with Zapkey, a Propstack subsidiary. With this first-of-its-kind association, JLL aims to reach out to customers struggling to make a buy-side or a sell-side transaction in the rather unorganised secondary, or resale, residential market. (Read here)

10 Aug 2021, 12:54:49 PM IST

After Q1, Indian Hotels’ investors need faster pace of normalisation

Hotels companies have been suffering since the covid-19 pandemic began and understandably so, considering that occupancies took a sharp beating. The second wave halted recovery and this shows in The Indian Hotels Co. Ltd’s June quarter results (Q1FY22). Consolidated revenues more than doubled, rising 140% year-on-year to ₹345 crore, but were 44% lower vis-à-vis March quarter. (Read here)

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10 Aug 2021, 12:40:46 PM IST

Sona Comstar gains

Sona Comstar’s stock was trading at ₹546.55 each, up 13.85% at 12:40 pm. The company gained 36.70% from around ₹60 crore in the fourth quarter of the last fiscal year. However, revenue from operations during the quarter declined by 7% to ₹501 crore from ₹539 crore in the January-March quarter.

10 Aug 2021, 12:38:47 PM IST

Kotak Mahindra Bank drives gains

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Nifty Private Bank index

10 Aug 2021, 12:21:24 PM IST

Bharti Airtel, Tech Mahindra top gainers

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Sensex heatmap

10 Aug 2021, 12:19:11 PM IST

Ashok Leyland shares an outperformer among auto stocks. ICICI Securities sees more upside in coming months

Ashok Leyland share price has been an outperformer among auto stocks with the stock up nearly 160% in a year from trading around the ₹52 level in August last year to currently trading around ₹133. Ashok Leyland has a well-diversified portfolio across the automobile industry and is among the leading players in India’s commercial vehicle (CV) industry. (Read here)

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10 Aug 2021, 11:58:10 AM IST

CarTrade IPO guidance: Amarjeet Maurya – AVP – Mid Caps, Angel Broking Ltd

“On its first day, CarTrade Tech Ltd’s IPO was subscribed -0.41x (5 pm as per BSE website). As per our expectation, going ahead the company will fully subscribe mainly due to strong brand, better technology platforms, a profitable & scalable business model. Further, in terms of valuations, the post-issue FY2021 PE works out 73.4x to (at the upper end of the issue price band). There are no listed peers for comparison. However, the company is doing better compared to its unlisted peers in terms of financial.”

10 Aug 2021, 11:46:23 AM IST

Indian and ASEAN banks to face asset risks on covid-19 shock

For banks in the ASEAN and India, coronavirus outbreaks triggering strict containment steps will impede economic recovery and erode borrowers’ debt repayment capacity, increasing their asset risks, Moody’s Investors Service said on Tuesday. However, strong loss-absorbing buffers, policy support and the virus impact focused on a few segments will keep their credit strength intact, it said. The report is the first of a series covering the impact of fresh coronavirus waves on banks in ASEAN and India. (Read here)

10 Aug 2021, 11:36:43 AM IST

Thermax’s order inflows triple in Q1, but offer little comfort to investors

A key takeaway from the June quarter (Q1 FY22) earnings of Thermax Ltd was the improvement in its order inflows. Aided by a favourable base, order inflows almost tripled to Rs1,700 crore in Q1FY22 compared to the same quarter a year ago. On a sequential basis, the rise was 13% with robust orders from refinery, cement, and steel sectors. Consequently, at the end of the June quarter, its order book stood at Rs6,100 crore, up 17% y-o-y and the highest since December 2018. Its book-to-bill ratio was at 1.2 times. (Read here)

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10 Aug 2021, 11:21:39 AM IST

RIL, HDFC twins drive gains

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Index contribution

10 Aug 2021, 11:10:18 AM IST

IRCTC gains

IRCTC’s stock was trading at ₹2,681.55 each, up 1.30% at 11:07 am. Answering a question in Rajya Sabha on Friday, minister of railways Ashwini Vaishnaw said that the speeding up of trains on the Indian Railways is an ongoing exercise.

“The trains are charted keeping in view the speed potential of the rolling stock used and also the Maximum Permissible Speed of the concerned section. It is also dependent on factors like availability/up-gradation of the track, doubling of the section, up-gradation of rolling stock, etc. In its endeavour to speed up trains, IR during 2018-19 and 2019-20 have speeded up 140 and 70 train services respectively,” the minister said.

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10 Aug 2021, 11:01:36 AM IST

MPhasis, Tech Mahindra drive gains

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Nifty IT index

10 Aug 2021, 10:57:25 AM IST

Vodafone, Cairn in talks to settle tax dispute with India: report

India is in talks with Vodafone Group Plc and Cairn Energy Plc to settle long-running tax disputes with them, a top government official told Bloomberg. It comes after Finance Minister Nirmala Sitharaman last week tabled a bill in the Lok Sabha to nullify the tax claims raised based on retrospective use of an anti-evasion tax law amendment introduced in 2012. (Read here)

10 Aug 2021, 10:48:37 AM IST

Future group stocks surge

Future Consumer’s stock sruged 17.57% to ₹7.83 each at 10:47 pm, while Future Retail’s scrip was trading at ₹52.00 apiece, up 9.94%. Amazon.com Inc. is preparing a bailout plan for cash-strapped Future Retail if the Singapore International Arbitration Centre (SIAC) rules against a planned takeover of the Indian retail chain by Reliance Industries Ltd (RIL), two people aware of the internal discussions at Amazon said. SIAC is expected to give its final verdict in the matter later this month after holding several rounds of hearings since August last year.

10 Aug 2021, 10:40:32 AM IST

Covid-19: India records lowest daily count in 147 days

India logged 28,204 new coronavirus infections, the lowest in 147 days, taking the total tally of cases to 3,19,98,158, while the active cases fell to 3,88,508, the lowest in 139 days, according to the Union Health Ministry data updated on Tuesday. The national COVID-19 recovery rate has increased to 97.45%, which is the highest ever recovery rate achieved, the ministry said. The death toll has climbed to 4,28,682 with 373 fresh fatalities, the data updated at 8 am showed. The active cases comprise 1.21% of the total infections, the lowest since March 2020, the ministry said. (PTI)

10 Aug 2021, 10:38:11 AM IST

Shree Cement stock down 4% on poor operating performance in Q1

June quarter earnings of Shree Cement Ltd were a mixed bag. While realisations were better-than-expected, increased operating cost was a dampener, offsetting benefits of improved realisations. So ebitda/tonne of ₹1,482 lower than analysts’ estimate of ₹1,553/tonne. Ebitda is short for earnings before interest, tax, depreciation and amortization. (Read here)

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10 Aug 2021, 10:21:41 AM IST

Rupee falls 19 paise to 74.45 against US dollar in early trade

10 Aug 2021, 10:17:58 AM IST

Dixon Tech gains

Dixon Tech’s stock was trading at ₹4,331.05, up 1.05% at 10:17 pm. The company will enter into a has signed a joint venture with Rexxam Co. to apply for government of India’s production linked incentive Scheme for the manufacturing of printed circuit boards for air-conditioners for the domestic and international market.

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10 Aug 2021, 10:12:15 AM IST

Banks, financials drive gains

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Nifty sectoral indices

10 Aug 2021, 10:01:47 AM IST

PM Modi to launch Ujjwala scheme 2.0 today

Prime Minister Narendra Modi will launch Ujjwala 2.0 (Pradhan Mantri Ujjwala Yojana – PMUY) by handing over LPG connections, at Mahoba Uttar Pradesh on Tuesday at 12:30 PM via video conferencing. During the event, the Prime Minister will interact with beneficiaries of the Ujjwala and will also address the nation, informed the official release from the Prime Minister’s Office. (Read here)

10 Aug 2021, 09:41:34 AM IST

Indian Hotels gains

Tata group hospitality arm Indian Hotels Co. Ltd’s (IHCL) stock was trading at ₹144.30 each, up 0.63% on Monday. The company reported narrowing of its consolidated net loss to ₹301.58 crore for the quarter ended 30 June 2021.

The company had posted a net loss of ₹312.60 crore for the corresponding period of the previous financial year, IHCL said in a regulatory filing.

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10 Aug 2021, 09:26:18 AM IST

RIL invests in battery maker firm Ambri

RIL unit Reliance New Energy Solar led a $144 million funding round in US-based Ambri Inc. to ‘commercialize and grow its daily cycling, long-duration system technology, and to build a domestic manufacturing facility,’ the US based battery maker said. The proceeds will be used to design and construct high-volume manufacturing facilities in the US. Reliance New Energy Solar will develop and manufacture Ambri’s batteries in India, according to the deal terms.

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10 Aug 2021, 09:21:44 AM IST

Market opening

The Sensex opened at 54,461.31, up 58.46 points or 0.11%, while the Nifty was at 16,274.80, up 16.55 points or 0.10%.Pharma, PSU banking stocks were top gainers. On the 30-share Sensex, Titan, UltraTech, M&M, and 21 other stocks opened in green, while HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, and three other stocks closed in red.

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Sensex at open

10 Aug 2021, 09:11:37 AM IST

IITian-founded exchange is India’s first cryptocurrency unicorn

CoinDCX became India’s first cryptocurrency unicorn after the exchange raised 6.70 billion rupees ($90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group. The latest funding round values the firm at $1.1 billion, Chief Executive Officer and co-founder Sumit Gupta said in an interview Tuesday. Other investors include existing partners Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. (Read here)

10 Aug 2021, 09:10:50 AM IST

Cryptocurrency prices today surge, Bitcoin above $46,000; ether, dogecoin also jump

In cryptocurrencies, Bitcoin prices today continued to trade above $46,000, after hitting an 11-week high above $46,000 on Monday. As per CoinDesk, the world’s largest cryptocurrency by market capitalization was up 6% to $46,060. The rally is a continuation of recent momentum as the digital coin is up over 17% over the past week. (Read here)

10 Aug 2021, 09:09:40 AM IST

Aptus Value Housing Finance IPO: Things to know before you subscribe

Aptus Value Housing Finance’s public issue, with a price band of ₹346-353 per share, will open for public subscription today and conclude on August 12. The initial public offering (IPO) comprises fresh issue of equity shares aggregating to ₹500 crore and an offer for sale (OFS) of up to 6,45,90,695 equity shares by promoters and existing shareholders. (Read here)

10 Aug 2021, 09:09:40 AM IST

Market pre-opening commentaru: Gaurav Udani, CEO and founder, ThincRedBlu Securities

“Nifty is expected to open slightly negative, down by 10 points since yesterday’s close. Yesterday nifty took support at 16,180 level. 16,150-16,200 will act as a strong support range and as long as Nifty is holding above it , we can expect 16,350 and 16,400 in the coming sessions. Trend in Nifty will remain bullish as long as it holds 15,900 level.”

10 Aug 2021, 09:04:39 AM IST

Market pre-opening

The Sensex was at 54,567.77, up 164.92 points or 0.30% at market pre opening, while the Nifty was at 16,258.25, up 20.05 points, or 0.12%

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Sensex at pre-open

10 Aug 2021, 08:58:02 AM IST

Hinduja Global Solutions to sell healthcare services division to Barings PE

Hinduja Global Solutions has agreed to sell its healthcare services business to Barings Private Equity Asia for $1.2 billion.

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10 Aug 2021, 08:49:18 AM IST

Windlas Biotech IPO: GMP, allotment date and how to check application status

Windlas Biotech IPO: After the closure of Windlas Biotech IPO subscription, bidders are anxiously waiting for the share allotment date, which is 11th August 2021. According to market observers, the public issue received reasonable response as it got subscribed little over 22 times. They went on to add that grey market too is expecting reasonable gains as Windlas Biotech IPO GMP today is ₹80, which is around 17 per cent higher from its issue price band of ₹448 to ₹460. Bidders can check Windlas Biotech IPO allotment status online by logging in at BSE or at the official registrar Link Intime India website. (Read here)

10 Aug 2021, 08:41:32 AM IST

Stocks to Watch

Aviation stocks, PNB Housing, Future Retail, Tata group, among other stocks may be in focus today. (Read here)

10 Aug 2021, 08:19:18 AM IST

Market outlook

Markets are likely to be under pressure on Tuesday while SGX Nifty trends suggest a negative opening. On Monday, thee BSE Sensex ended at 54,402.85, up 125.13 points or 0.23%. The Nifty was at 16,258.25, up 20.05 points or 0.12%.

10 Aug 2021, 08:10:36 AM IST

Devyani International IPO: GMP, allotment date and how to check application status

Devyani International IPO: After the closure of subscription last week, bidders are anxiously waiting for the Devyani International IPO allotment date, which is most likely on 11th August 2021. Devyani International IPO got subscribed 116.70 times, which is enough to understand the high expectations of the bidders from this public issue, said market observers. As per the market observers, grey market is also looking bullish on this public issue as Devyani International IPO GMP today is ₹53, which is around 60 per cent up from its price band of ₹86 to ₹90. Devyani International IPO bidders can check their share allotment status online by logging in at the BSE website or at the official registrar (Link Intime) website. (Read here)

10 Aug 2021, 07:53:50 AM IST

India’s July fuel demand recovers to 3-month peak

Fuel demand in India rose in July to its highest since April as pandemic restrictions and lockdowns were unwound in most states, boosting industrial activity and mobility. Fuel consumption, a proxy for oil demand, totalled 16.83 million tonnes, up 2.9% from June and 7.9% from the same period a year ago, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Monday. (Read here)

10 Aug 2021, 07:44:56 AM IST

Asian stocks adrift

Asia stocks drifted Tuesday and commodity markets steadied after Monday’s selloff as investors weighed talk of stimulus withdrawal and a resurgence in the delta virus variant. Equities rose in Japan, which reopened after a holiday. Stocks in Hong Kong saw modest gains, while those in China and South Korea dipped. U.S. futures fluctuated. Earlier, the S&P 500 closed little changed, while the Nasdaq 100 ticked up. The dollar and Treasury yields held overnight gains. Crude oil pared a decline after it touched the lowest in three weeks on concern the delta strain will hamper demand growth.

Gold was steady after Monday’s volatility and Bitcoin traded back around $46,000.

S&P 500 futures were flat as of 10:35 a.m. in Tokyo. The S&P 500 was little changed

Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.2%

Topix index rose 1%

Australia’s S&P/ASX 200 Index rose 0.2%

Kospi index fell 0.6%

Hang Seng Index added 0.2%

Shanghai Composite Index fell 0.2%

10 Aug 2021, 07:33:41 AM IST

Wall Street sees mixed closing

The S&P 500 dipped on Monday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising U.S. Treasury yields lifted financial stocks, keeping Wall Street’s benchmark index near record levels.

Energy shares were the worst performing of the 11 major S&P sectors, down 1.48% along with crude prices as mounting coronavirus cases and the potential for restrictions, particularly in China, raised worries about the fuel demand outlook. The Dow Jones Industrial Average fell 106.66 points, or 0.3%, to 35,101.85, the S&P 500 lost 4.17 points, or 0.09%, to 4,432.35 and the Nasdaq Composite added 24.42 points, or 0.16%, to 14,860.18.

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