Indian equity indices ended with modest losses on Friday, sliding for the second consecutive trading session. The Nifty closed below the 19,450 mark after hitting the day's high of 19,557.75 in early trade. PSU Bank and consumer durables shares were in demand while media, pharma and healthcare stocks witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 365.53 points or 0.56% to 65,322.65. The Nifty 50 index lost 114.80 points or 0.59% to 19,428.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index fell 0.31%.

The market breadth was negative. On the BSE, 1,529 shares rose and 2,046 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 1.07% to 11.52.

IPO Update:

The initial public offer (IPO) of TVS Supply Chain Solutions received bids for 2.24 crore shares as against 2.51 crore shares on offer, according to stock exchange data at 15:24 IST on Friday (11 August 2023). The issue was subscribed 0.89 times.

The issue opened for bidding on Thursday (10 August 2023) and it will close on Monday (14 August 2023). The price band of the IPO is fixed at Rs 187-197 per share. An investor can bid for a minimum of 76 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index rose 1.25% to 4,555.75. The index declined 0.91% in the past two trading sessions.

Indian Overseas Bank (up 13.91%), Central Bank of India (up 6.96%), UCO Bank (up 5.05%), Punjab & Sind Bank (up 4.06%), Bank of Maharashtra (up 3.01%), Punjab National Bank (up 2.2%), Union Bank of India (up 1.73%), Indian Bank (up 1.62%), Bank of India (up 1.1%) and Bank of Baroda (up 0.63%) edged higher.

Stocks in Spotlight:

HCL Technologies gained 2.86%. Verizon Business announced a strategic global partnership making HCLTech its primary Managed Network Services (MNS) collaborator in all networking deployments for global enterprise customers, bringing together two global leaders in enterprise networking.

?We expect this deal to have a positive revenue impact over the next six years beginning in November 2023 with an estimated new total contract value of US$ 2.1 billion over the term,? HCL Technologies said.

Hero MotoCorp fell 1.31%. The company reported consolidated net profit of Rs 700.54 crore in Q1 FY24 as against a net profit of Rs 585.58 crore in Q1 FY23. Total income rose to Rs 9076.55 crore in the June quarter from Rs 8503.07 crore recorded in Q1 FY23.

Life Insurance Corporation of India gained 2.77% after the state-run life insurer reported a standalone net profit of Rs 9,543.71 crore in Q1 FY24, steeply higher than Rs 682.89 crore recorded in Q1 FY23. Total premium income rose marginally to Rs 98,362.75 crore in the quarter ended 30 June 2023 as against Rs 98,351.76 crore posted in corresponding quarter last year.

Apollo Hospitals Enterprise shed 0.49%. The healthcare major's consolidated net profit slipped 47.48% to Rs 166.6 crore in Q1 FY24 as compared to Rs 317.2 crore in Q1 FY23. However, revenue from operations stood at Rs 4,417.8 crore during the quarter, up 16.39% from Rs 3,795.6 crore recorded in the same period last fiscal.

Info Edge (India) slipped 4.39%. The company reported 34.69% increase in standalone net profit to Rs 199.90 crore in Q1 FY24 as compared with Rs 148.42 crore recorded in Q1 FY23. Revenue from operations jumped 15.1% to Rs 584.29 crore during the quarter as compared with Rs 507.65 crore posted in corresponding quarter last year.

Biocon skid 1.93%. The company reported a consolidated net profit of Rs 101 crore in Q1 FY24, down by 30% from Rs 144 crore in Q1 FY23. Consolidated revenues for Q1 FY24 grew 59% year-on-year (YoY) to Rs 3,516 crore. On the segmental front, income from Generics was Rs 700 crore (up 15% YoY), Biosimilars income was Rs 2,015 crore (up 106% YoY) and Research services income was Rs 808 crore (up 25% YoY).

Steel Authority of India (SAIL) fell 2.08% after the company reported 80.7% fall in standalone net profit to Rs 149.83 crore in Q1 FY24 as compared with Rs 776.33 crore in Q1 FY23. Revenue from operations rose 1.4% to Rs 24,357.58 crore in Q1 FY24 as compared with Rs 24,028.59 crore in Q1 FY23.

Mtar Technologies slipped 3.20%. The company reported 25.4% jump in consolidated net profit to Rs 20.34 crore on 67.6% increase in net sales to Rs 152.56 crore posted in corresponding quarter last year.

Zydus Lifesciences declined 1.09%. The company reported 109.7% surge in net profit to Rs 1,086.9 crore in Q1 FY24 as compared with Rs 518.3 crore posted in Q1 FY23. Revenue from operations jumped 29.6% to Rs 5,139.6 crore during the quarter, was up 29.6% as compared with Rs 3,964.4 crore recorded in same quarter last year.

Torrent Power tumbled 4.47%. The company reported 3% rise in consolidated net profit to Rs 517.27 crore in Q1 FY24 as against Rs 502.11 crore posted in Q1 FY23. Revenue from operations grew by 12.6% year on year to Rs 7,327.62 crore in the quarter ended 30 June 2023.

Mazagon Dock Shipbuilders fell 3.10%. The company's standalone net profit surged 32.07% to Rs 286.62 crore in Q1 FY24 as against Rs 217.02 crore posted in Q1 FY23. Revenue from operations jumped 32.26% year on year (YoY) to Rs 2,172.76 crore in the quarter ended 30 June 2023.

Suryoday Small Finance Bank jumped 4.08%. The company reported consolidated net profit of Rs 47.6 crore in Q1 FY24 as against a net profit of Rs 7.8 crore in Q1 FY23. Net total income rose to Rs 275.8 crore in the June quarter from Rs 190.2 crore recorded in Q1 FY23.

Global Markets:

Markets in Europe and Asia declined on Friday as investors continue to digest earnings and the latest U.S. inflation data.

Meanwhile, core inflation in France was at 5% for July, down from 5.7% in June, while food prices also slowed down. Food costs rose 12.7% in July, down from the 13.7% uptick in June. Numbers have been falling since March, when food inflation reached 15.9%. Year-on-year energy prices dropped by 3.7% in July, after a 3% decline in June.

US stocks ended higher on Thursday on the softer inflation print. The July US consumer price index rose 3.2% from a year ago and 0.2% month-on-month, new data from the Bureau of Labor Statistics showed on Thursday. Core CPI, which excludes volatile food and energy prices, also gained 0.2% month-on-month for a 4.7% year-on-year increase.

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