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EQUITY - MARKET SCREENER

Indices hover near day's high; Nifty re-claims 15,800
29-Jul-21   13:34 Hrs IST

The key benchmark indices traded near intraday high during afternoon trade. The Nifty index regained the 15,800 level. The July 2021 F&O contracts will expire today, 29 July 2021.

At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 287.97 points or 0.55% at 52,731.68. The Nifty 50 index spurted 93.60 points or 0.60% at 15,803.

Reliance Industries (RIL) (up 1.03%), Tata Steel (up 5.49%) and State Bank of India (SBI) (up 2.64%) boosted the market.

Broader markets were almost at par with the benchmark indices. The S&P BSE Mid-Cap index rose 0.32%. The S&P BSE Small-Cap index gained 0.93%.

Buyers outnumbered the sellers. On the BSE, 2,003 shares rose and 1,118 shares fell. A total of 145 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,274.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 921.45 crore in the Indian equity market on 28 July 2021, provisional data showed.

Investors cheered after US Fed decided to keep the key policy rates unchanged. Fed Chair Jerome Powell said the U.S. job market still had ”some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic's economic shocks.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 19,59,72,235 with 41,87,446 deaths. India reported 4,03,840 active cases of COVID-19 infection and 4,22,662 deaths while 3,07,01,612 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India has reported 43,509 fresh infections, 38,465 and 640 deaths in the last 24 hours. The country has 4,03,840 active cases.

Politics:

The Union Cabinet on Wednesday, 28 July 2021 held a press conference with Finance Minister Nirmala Sitharaman and I&B Minister Anurag Thakur and Minister of State L Murugan in New Delhi. During the press briefing, the Cabinet cleared Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill and Limited Liability Partnership Amendment Bill.

The Finance Minister (FM) said that as per the DICGC bill, depositors of troubled banks would get back amounts below Rs 5 lakh within 90 days, even if a bank is put under moratorium by the Reserve Bank of India (RBI). The FM further added that the bill increases deposit insurance coverage and reduces the time taken for depositors to recover sums if a bank comes under financial stress.

Gainers & Losers:

Hindalco Industries (up 10.26%), Tata Steel (up 5.49%), JSW Steel (up 3.75%), Bajaj Finserv (up 3.39%) and Tata Motors (up 2.76%) were major gainers in Nifty 50 index.

Maruti Suzuki India (down 2.01%), Power Grid Corporation of India (down 1.23%), Nestle India (down 1.14%), Coal India (down 0.73%) and Hindustan Unilever (HUL) (down 0.70%) were major losers in Nifty 50 index.

Nifty Result Today:

Tech Mahindra (up 0.45%) will announce its quarterly result today.

Earnings Impact:

Route Mobile dropped 4.28%. The company's consolidated net profit jumped 27.4% to Rs 34.32 crore on a 21.9% increase in net sales to Rs 377.52 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). Consolidated profit before tax surged 29% to Rs 42.93 crore in Q1 FY22 as against Rs 33.29 crore in Q1 FY21.

Wabco India rose 0.40%. The firm's standalone net profit stood at Rs 21.38 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 31.36 crore in Q1 June 2020 (Q1 FY21). Standalone net sales soared 196.40% to Rs 491.92 crore in Q1 FY22 from Rs 165.97 crore in Q1 FY21. Pre-tax profit was at Rs 30.85 crore in Q1 FY22 as against a pre-tax loss of Rs 38.95 crore in Q1 FY21.

Global Markets:

European market and Asian stocks, both rallied across the board on Thursday, 29 July 2021 after the U.S. Federal Reserve left its benchmark interest rate near zero. Meanwhile, shares in Hong Kong witnessed a rebound from a two-day slump earlier in the week.

Meanwhile, England scrapped its quarantine requirements for fully-vaccinated EU and U.S. visitors after 2 August 2021, offering a boost to European travel and airline stocks. However, France has been excluded.

U.S. stocks slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.

The Federal Open Committee ended its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Fed Chairman Jerome Powell said the U.S. central bank is nowhere near considering a rate hike despite the optimism over the U.S. economy.

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