As per provisional closing data, the barometer index, the S&P BSE Sensex declined 106.62 points or 0.16% to 66,160.20. The Nifty 50 index lost 13.85 points or 0.07% to 19,646.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 0.55% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 1,835 shares rose and 1,688 shares fell. A total of 168 shares were unchanged.

Economy:

The Lok Sabha has passed the Jan Vishwas (Amendment of Provisions) Bill during the monsoon session of the parliament aimed at improving ease of doing business.

The government will consider PLI scheme for the chemicals and petrochemicals industry as it pushes to become a manufacturing hub, the finance minister has reportedly said.

Union Minister Piyush Goyal on Thursday urged countries like Japan and South Korea to consider renegotiating existing free trade agreements to make it more balanced and equitable.

IPO Update:

The IPO of Yatharth Hospital and Trauma Care Services received bids for 54.58 crore shares as against 1.65 crore shares on offer, according to stock exchange data at 15:36 IST on Friday (28 July 2023). The issue was subscribed 33.04 times.

The issue opened for bidding on Wednesday (26 July 2023) and it will close on Friday (28 July 2023). The price band of the IPO is fixed at Rs 285-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Earnings Impact:

Indian Oil Corporation (IOCL) shed 0.42%. The company reported a standalone net profit of Rs 13,750.44 crore in Q1 FY24 as against a net loss of Rs 1,992.53 crore recorded in Q1 FY23. Revenue from operations (excluding excise duty) declined 11.92% to Rs 1,97,526.57 ‬crore in the quarter ended 30 June 2023 from Rs 2,24,249.22 crore posted in Q1 FY23. Domestic sales rose by 1.45% to 23.305 million metric tons (MMT) while export sales dropped 34.21% to 1.102 MMT in Q1 FY24 over Q1 FY23.

Mahindra & Mahindra Financial Services fell 3.43%. The NBFC's net profit surged 58.2% to Rs 352.66 crore on 25.09% jump in total income to Rs 3,125.41 crore in Q1 FY24 over Q1 FY23.

Indus Towers declined 1.08%. The company's consolidated net profit jumped 182% to Rs 1348 crore in Q1 FY24 as against Rs 477 crore posted in Q4 FY23. Revenue rose 3% to Rs 7076 crore in Q1 FY24 from Rs 6897 crore recorded in Q4 FY23.

Trident declined 2.45% after the company's consolidated net profit slipped 29.39% to Rs 91.34 crore on 11.08% decline in revenue from operations to Rs 1,493.71 crore in Q1 FY24 over Q1 FY23.

Bharat Electronics rose 2.08%. The company's consolidated net profit rose to Rs 538.6 crore in Q1 FY24 as against Rs 366.33 crore posted in Q4 FY23. Total income rose to Rs 3673.17 crore in Q1 FY24 from Rs 3140.61 crore recorded in Q4 FY23.

Motilal Oswal Financial Services rose 0.15% after the company's consolidated operating profit after tax rose 28% to Rs 240 crore on 32% increase in revenue to Rs 1264 crore in Q1 June 2023 over Q1 June 2022.

JK Lakshmi Cement slipped 7.05%. The company's consolidated net profit dropped to Rs 79.79 crore in Q1 FY24 as against Rs 115.07 crore posted in Q4 FY23. Net sales rose to Rs 1730.25 crore in Q1 FY24 from Rs 1654.14 crore recorded in Q4 FY23.

Intellect Design Arena was locked in an upper circuit of 20% after the company's consolidated net profit rose 35.92% to Rs 93.47 crore on 18.12% increase in net sales to Rs 639.38 crore in Q1 June 2023 over Q1 June 2022.

Macrotech Developers gained 3.10%. The real estate developer's consolidated net profit dropped 34.1% to Rs 178.40 crore on 39.6% fall in revenue from operations to Rs 1,617.40 crore in Q1 FY24 over Q1 FY23.

Greenlam Industries advanced 1.90%. The company's consolidated net profit rose 33.29% to Rs 32.91 crore on 9.48% increase in net sales to Rs 515.24 crore in Q1 June 2023 over Q1 June 2022.

Global Markets:

Most of the European markets decline while Asian stocks ended mixed ahead of the Bank of Japan's rate decision on Friday. Japan's central bank is expected to keep its benchmark policy rate unchanged at -0.1%, but investors will be keenly watching for any signs of a shift in stance towards its yield curve control policy.

The European Central Bank (ECB) on Thursday increased the key interest rate in the eurozone by 0.25 percentage points to 4.25%. The decision to hike rates for a ninth straight time is part of an ongoing campaign to bring down inflation. ECB President Christine Lagarde told a press conference that the bank will keep an open mind on future rate decisions.

US stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent US yields higher, snapping the longest winning streak for the Dow since 1987.

Second-quarter US gross domestic product (GDP) rose at a 2.4% annual rate, according to the Commerce Department. That was up from a 2% growth rate in the first quarter.

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