As per closing provisional data, the barometer index, the S&P BSE Sensex, was up 480.57 points or 0.74% to 65,721.25. The Nifty 50 index added 135.35 points or 0.70% to 19,517. The Sensex declined 1.93% while the Nifty 50 fell 1.88% in the past three trading sessions.

In the broader market, the S&P BSE Mid-Cap index gained 0.65% while the S&P BSE Small-Cap index advanced 0.66%.

The market breadth was strong. On the BSE, 2,234 shares rose and 1,332 shares fell. A total of 154 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 5.47% to 10.57.

Economy:

E-way bills issuances inched up to 87.95 million in July, up from 86 million in June, suggesting continued momentum in economic activity despite heavy rains disrupting mobility in parts of North India.

Stainless steel consumption in India grew by nearly 10% in FY23, reaching 4 million tonne, as per the Indian Stainless Steel Development Association.

Primary Market:

The initial public offer (IPO) of Concord Biotech received bids for 69.95 lakh shares as against 1.46 crore shares on offer, according to stock exchange data at 16:21 IST on Friday (4 August 2023). The issue was subscribed 0.48 times.

The issue opened for bidding on Friday (04 August 2023) and it will close on Tuesday (08 August 2023). The price band of the IPO is fixed at Rs 705-741 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

The IPO will be complete offer for sale of 2,09,25,652 equity shares by existing shareholder Helix Investment Holdings.

The initial public offer (IPO) of SBFC Finance received bids for 82.42 crore shares as against 13.35 crore shares on offer, according to stock exchange data at 16:21 IST on Friday (4 August 2023). The issue was subscribed 6.17 times.

The issue opened for bidding on Thursday (03 August 2023) and it will close on Monday (07 August 2023). The price band of the IPO is fixed at Rs 54-57 per share. An investor can bid for a minimum of 260 equity shares and in multiples thereof.

The IPO comprises of fresh issue of equity shares worth up to Rs 600 crore and an offer for sale (OFS) aggregating up to Rs 425 crore by existing shareholders.

Buzzing Index:

The Nifty IT index advanced 1.55% to 30,436.10. The index declined 1.05% in past two trading sessions.

Tech Mahindra (up 2.68%), Coforge (up 2.62%), Wipro (up 2.45%), Persistent Systems (up 1.97%) and HCL Technologies (up 1.6%) were the top gainers.

Among the other gainers were LTIMindtree (up 1.41%), Mphasis (up 1.34%), Tata Consultancy Services (up 1.33%), Infosys (up 1.08%) and L&T Technology Services (up 0.15%).

Earnings Impact:

Bharti Airtel rose 1.94%. The telecom major's consolidated net profit rose marginally to Rs 1,612.5 crore in Q1 FY24 as against Rs 1,606.9 crore reported in Q1 FY23. Revenue from operations grew by 14.13% to Rs 37,440 crore in the quarter ended 30 June 2023. The rise in revenue was backed by strong and consistent performance delivery across the portfolio.

Eicher Motors shed 0.59%. The auto major's consolidated net profit jumped to Rs 918.34 crore in Q1 FY24 as against Rs 610.66 crore reported in Q1 FY23. Total income rose to Rs 4,229.58 crore in the quarter ended 30 June 2023 from Rs 3,446.12 crore clocked in the quarter ended 30 June 2022.

State Bank of India declined 2.98%. The largest PSU bank's standalone net profit zoomed 178.25% to Rs 16,884.29 crore in Q1 FY24 as against Rs 6,068.08 crore in Q1 FY23. Total income grew 44.07% year on year (YoY) to Rs 1,08,038.83 crore in the quarter ended 30 June 2023.

Hindalco Industries rose 0.64%. The company's wholly-owned subsidiary, Novelis Inc, reported a 49% slump in net income to $156 million for the quarter ended 30 June 2023. Novelis Inc had posted a net income of $307 million in the corresponding period of the previous fiscal.

Mahindra & Mahindra slipped 0.49%. The auto major's standalone net profit zoomed 98% to Rs 2,774 crore in Q1 FY24 as against Rs 1,404 crore recorded in Q1 FY23. Revenue from operations jumped 23% year on year to Rs 24,368 crore in the quarter ended 30 June 2023.

LIC Housing Finance rallied 8.15%. The company's standalone net profit surged 43% to Rs 1,323.66 crore on 27.5% rise in total income to Rs 6,746.55 crore in Q1 FY24 over Q1 FY23.

Devyani International declined 2.68% after the company's consolidated net profit tumbled 84.08% to Rs 11.75 crore in Q1 FY24 as compared with Rs 73.84 crore in Q1 FY23. Revenue from operations jumped 20.14% to Rs 846.63 crore during the quarter as compared with Rs 704.72 crore posted in same quarter last year.

Radico khaitan tumbled 4.42%. The liquor maker's standalone net profit grew 8.5% to Rs 63.25 crore in Q1 FY24 as against Rs 58.29 crore recorded in Q1 FY23. Net revenue from operations was at Rs 953.92 crore during the quarter, registering a growth of 25.9% from Rs 757.43 crore reported in Q1 FY23.

Mahanagar Gas slipped 5.86%. The natural gas distribution company's net profit soared 98.92% to Rs 368.40 crore in Q1 FY24 as compared with Rs 185.20 crore in Q1 FY23. Revenue from operations increased 6.09% to Rs 1,690.18 crore in Q1 FY23 from Rs 1,593.18 crore in Q1 FY23.

Deepak Nitrite rose 0.70%. The company's consolidated net profit declined 36 % to Rs 149.90 crore in Q1 FY24 as compared with Rs 234.62 crore in Q1 FY23. Revenue from operations fell 14.07% year on year to Rs 1,768.34 crore during the quarter.

Global Markets:

Markets in Europe edged higher while Asian stocks mostly traded lower on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.

US stocks fell marginally on Thursday on surge in treasury yields after the release of latest economic data.

In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.

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