Indian equity indices ended a volatile session with significant losses on Monday, sliding for the second day in a row. The Nifty closed below the 19,700 level after hitting the day's high of 19,782.75 in mid-morning trade. Pharma, healthcare and realty stocks advanced while FMCG, metal and oil & gas shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 299.48 points or 0.45% to 66,384.78. The Nifty 50 index lost 72.65 points or 0.37% to 19,672.35. In two consecutive sessions, the Sensex fell 1.76% while the Nifty declined 1.54%.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.30% while the S&P BSE Small-Cap index added 0.07%.

The market breadth was negative. On the BSE, 1,763 shares rose and 1,938 shares fell. A total of 154 shares were unchanged.

Economy:

India's forex reserves have swelled by $12.743 billion to $609.022 billion in the week ended July 14, making it one of the strongest weekly surges in the kitty in recent times, the Reserve Bank of India said.

For the week ended July 14, the foreign currency assets, a major component of the reserves, increased by $11.198 billion to $540.166 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

Gold reserves were up by $1.137 billion to $45.197 billion, the RBI said. The Special Drawing Rights (SDRs) were up by $250 million to $18.484 billion, the apex bank said.

The country's reserve position with the IMF was up by $158 million to $5.175 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty FMCG index fell 1.72% to 52,771.70. The index slipped 2.71% in two trading sessions.

United Spirits (down 5.92%), ITC (down 4.21%), Godrej Consumer Products (down 2.02%), Procter & Gamble Hygiene and Health Care (down 1.95%), United Breweries (down 1.84%), Britannia Industries (down 1.6%), Hindustan Unilever (down 0.92%), Marico (down 0.86%), Nestle India (down 0.75%) and Dabur India (down 0.12%) tumbled.

On the other hand, Colgate-Palmolive (India) (up 3.19%), Varun Beverages (up 2.17%) and Tata Consumer Products (up 1.19%) edged higher.

Earnings Impact:

Reliance Industries added 0.12%. The Mukesh Ambani-led diversified company reported 5.9% decrease in consolidated nerofit to Rs 18,258 crore in Q1 FY24 as against Rs 19,405 crore posted in Q1 FY23. The company said that its net profit declined due to higher finance cost and increased depreciation. Gross revenue declined 4.7% year on year (YoY) to Rs 231,132 crore in the quarter ended 30 June 2023.

Kotak Mahindra Bank slipped 3.91%. The private lender's standalone net profit surged 66.69% to Rs 3,452.30 crore on 55.93% jump in total income to Rs 13,183.26 crore in Q1 FY24 over Q1 FY23.

ICICI Bank shed 0.46%. The private lender's standalone net profit surged 39.73% to Rs 9,648.20 crore on 36.79% jump in total income to Rs 38,762.86 crore in Q1 FY24 over Q1 FY23.

Vedanta fell 2.46%. On consolidated basis, Vedanta's net profit tumbled 40.8% to Rs 3,308 crore in Q1 FY24 on 12.8% decline in revenue from operations to Rs 33,342 crore in Q1 FY24 over Q1 FY23. The mining company said that the decline in revenue was on account of steep reduction in output commodity prices, partially offset by favourable movement in exchange rate.

Yes Bank dropped 4.04%. The private lender's standalone net profit rose 10.27% to Rs 342.52 crore on 29.07% jump in total income to Rs 7,584.34 crore in Q1 FY24 over Q1 FY23.

One 97 Communications (Paytm) tumbled 4.10%. Paytm reported a consolidated net loss of Rs 357 crore in Q1 FY24 as against a net loss of Rs 644.40 crore posted in Q1 FY23. Revenue from operations jumped 39.4% to Rs 2,341.60 crore in the quarter ended 30 June 2023 from Rs 1,679.60 crore recorded in the same period last year.

DLF declined 0.99%. The realty major's consolidated net profit grew 12.23% to Rs 527 crore in Q1 FY24 as against Rs 469.57 crore recorded in Q1 FY23. Revenue from operations declined 1.28% year on year to Rs 1,423.23 crore in the quarter ended 30 June 2023.

Aarti Drugs surged 18.34% after the company announced strong Q1 results and a plan to buyback equity shares. The company's board on 21 July 2023 approved a plan to buyback upto 6,65,000 fully paid-up equity shares (0.72% equity) at Rs 900 per equity share, aggregating upto Rs 59.85 crore.

The company also announced its Q1 results on 21 July 2023. On a consolidated basis, Aarti Drugs' profit after tax jumped 38% to Rs 48 crore on 6% increase in revenue to Rs 661.7 crore in Q1 FY24 over Q1 FY23.

HDFC Asset Management Company shed 0.01%. The asset management company reported 51.98% jump in net profit to Rs 477.51 crore on 37.47% increase in total income to Rs 732.57 crore in Q1 FY24 over Q1 FY23.

TVS Motor Company skid 2.80%. The 2-wheeler maker's standalone net profit surged 45.9% to Rs 467.67 crore on 20.12% rise in revenue from operations to Rs 7,217.91 crore in Q1 FY24 over Q1 FY23.

Canara Bank added 0.58% after the banks standalone net profit surged 74.82% to Rs 3,534.84 crore on 27.71% jump in total income to Rs 29,823.08 crore in Q1 FY24 over Q1 FY23.

Indraprastha Gas slipped 4.93%. The city gas distributor has reported 4% increase in net profit to Rs 438.40 crore on a 7% rise in net revenue from operations to Rs 3406.98 crore in Q1 FY24 as compared with Q1 FY23.

Tejas Networks slumped 8.53% after the company reported net loss of Rs 26.29 crore in Q1 FY24 as compared with Rs 6.64 crore in Q1 FY23. Net sales jumped 49.4% to Rs 187.89 crore in Q1 FY24 as compared with Rs 125.76 crore posted in corresponding quarter last year.

CreditAccess Grameen rallied 4.67%. The company's net profit surged 151.5% to Rs 348.46 crore in Q1 FY24 as compared with Rs 138.55 crore in Q1 FY23. Total income jumped 53.9% to Rs 1,170.72 crore in Q1 FY24 as compared with Rs 760.52 crore in corresponding quarter last year.

Sportking India tumbled 8.30%. The company reported 78% drop in net profit to Rs 18 crore in Q1 FY24 from Rs 83 crore in Q1 FY23. Total operational revenues fell by 11% to Rs 539 crore in the first quarter from Rs 606 crore in the same period last year.

Kriti Industries (India) slumped 13.04%. The company reported a consolidated net profit of Rs 7.86 crore in Q1 FY24 as against a net loss of Rs 9.11 crore in Q1 FY23. Net sales increased by 52.3% YoY to Rs 279.55 in the first quarter of FY24.

Global Markets:

Most of the European markets edged higher while Asian stocks ended mixed on Monday ahead of key economic data and a busy week of earnings and central bank meetings.

The European Central Bank meets on Thursday, when policymakers are likely to announce a 25 basis point rate hike and offer guidance for the final stages of their inflation-fighting efforts.

Japan's manufacturing activity extended declines in July, as the au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) fell to 49.4 in July from 49.8 in June.

Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve and European Central Bank later this week and possibly the end of the tightening cycle in both. Meanwhile, the Bank of Japan on Friday will likely keep its super-loose policy intact.

U.S. stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.

Powered by Capital Market - Live News