Auto sales up, HDFC results today, Can Nifty sustain upmove?

Good Morning Everyone to the start of another new week and also a new month.

After our meeting Saturday meeting, I am sure all of you are ready with our new watchlist for this week. Let us look at the market sentiment as of today.

Global Markets:

As discussed, US markets were down on Friday after Amazon results were not great. The Dow Jones Industrial Average fell 149.06 points, or 0.42%, to 34,935.47, the S&P 500 lost 23.89 points, or 0.54%, to 4,395.26 and the Nasdaq Composite dropped 105.59 points, or 0.71%, to 14,672.68.

Asian markets are cautious as a survey in China showed that factory activity grew at the slowest pace in 17 months amid rising costs and extreme weather. Japan’s Nikkei bounced back 1.1%, but that was from its lowest since January.

Indian Market:

Trends on SGX nifty suggest a gap up opening by almost 100 points for the Nifty but still may open slightly lower than 15900, which we know has been a major resistance. We could see some profit booking initially, but then we need to see if the markets can sustain that.

Mumbai-based Fino Payments Bank which is backed by numerous marquee investors including BPCL, ICICI Group, Blackstone, IFC, and Intel Capital has filed its DRHP with market regulator Sebi to raise around Rs 1300 crores via an initial public offer.

Results Today

HDFC, Punjab National Bank, Emami, Ajmera Realty & Infra, Balaji Amines, Carborundum Universal, Castrol India, CG Power, and Industrial Solutions, Nahar Spinning Mills, Orient Cement, RBL Bank, Shree Renuka Sugars, and Varun Beverages will release quarterly earnings on August 2.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,848.31 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2,956.68 crore in the Indian equity market on July 30

Stock Specific News:

Maruti Suzuki | The company sold 162,462 units in July 2021 as compared to 108,064 units in July 2020.

Tata Motors | The company’s sales in the domestic and international market for July 2021 jumped to 54,119 vehicles from 27,711 units during July 2020.

Hero MotoCorp | The company’s total sales in July 2021 fell 13 percent to 454,398 units from 520,104 units in July 2020. The company has started retail sales in Mexico.

Britannia Industries | The company’s Q1FY22 net profit fell 28.7 percent to Rs 387 crore from Rs 542.7 crore and revenue declined 0.5 percent to Rs 3,403.5 crore from Rs 3,421 crore, YoY. Domestic Volume grew 1 percent.

State Bank of India | The bank announced a 100 percent waiver on processing fees on home loans till August 31, 2021.

UPL | The company reported a higher net profit at Rs 749 crore in Q1FY22 as compared to Rs 653 crore in Q1FY21. Revenue rose to Rs 8,515 crore from Rs 7,833 crore, YoY.

Coal India | The company’s coal production in July 2021 rose 14.1 percent to 42.6 million tonnes (MT) from 37.3 MT and coal offtake increased 16.7 percent to 50.5 MT from 43.3 MT, YoY.

Bandhan Bank | The bank’s Q1FY22 net profit fell 32.1 percent to Rs 373.1 crore from Rs 549.8 crore, while net interest income rose 18.7 percent to Rs 2,150.6 crore from Rs 1,811.5 crore, YoY.

Eicher Motors | Total VE Commercial Vehicles (VECV) sales in July 2021 jumped 95.6 percent to 4,271 units from 2,184 units, YoY. Royal Enfield reported a 9 percent rise in total sales at 44,038 units for July 2021 from 40,334 units, YoY.

Equitas Small Finance Bank | The bank’s Q1FY22 net profit plunged 79 percent to Rs 12 crore from Rs 58 crore, while net interest income increased 14 percent to Rs 461 crore from Rs 404 crore, YoY.

Cholamandalam Investment | The company’s board approved raising up to Rs 28,000 crore via non-convertible debentures. The company reported a lower standalone profit at Rs 326.80 crore in Q1FY22 against Rs 430.93 crore in Q1FY21, revenue from operations increased to Rs 2,466.89 crore from Rs 2,113.63 crore, YoY.

IRCTC | The company’s board will consider a stock split on August 12.