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Delta variant scare rises again! Asian markets negative, will Nifty withhold?

Good Morning Everyone, the second day of the first trading week as we continue to be positive on our sentiment of Nifty touching 16000. Let us understand how the markets fared to help enter the market confidently today.

Global Markets:

US markets reversed direction last evening due to declining oil & treasury prices which gives a worry on the speed of growth of the economy.

Something strange in the markets is that whenever there is a down move, every analyst gives out the reason as the Delta variant, but one thing that I believe is that Asian markets are the ones that can be more prone to Delta variant as the number of vaccinations done is still not enough to cover the population, and hence the huge selling in Asian markets by the FIIs and moving funds to US market that have been hitting record highs.

The Dow Jones Industrial Average fell 97.31 points, or 0.28%, to 34,838.16, and the Nasdaq Composite added 8.39 points, or 0.06%, to 14,681.07.

Asian markets were also down this morning after the Delta variant scare continued to evade the market whenever there is no strong positive news in the market.

Indian Markets:

Trends on the SGX Nifty hints at a small gap-down opening today and this could lead to an initial up move, what happens then is what we need to watch out for. However, Use every opportunity of upmove in the Nifty to clear out unwanted stocks in your portfolio, and let's lookout for opportunities to enter good stocks at the right price like we always do.

Owing to an uptick in global orders, India's merchandise exports shot up in July, rising by a major 47.9 percent as compared to July 2020. Impressively, exports also rose by 34.06 percent as compared to July 2019, before the pandemic struck.

Data released by the Commerce and Industry Ministry on August 2 showed outbound trade rose to $35.17 billion in July, up from $23.78 billion in July 2020. Cumulatively, exports have grown by 73.86 percent to $130.56 billion in the April-July period of FY22 (2021-22) as compared to the same period of 2o20. Compared to 2019, exports have gone up by 21.85 percent over the same period ($ 107.15 billion), the Ministry said.

The sale of government stake in public sector undertaking (PSU) banks has been postponed to next financial year, a report citing sources said on August 2. The disinvestment programme has been deferred as the Centre would require more time to seek the Parliament's nod on changes in the law that would clear the privatisation of the selected state-run banks.

FMCG company Adani Wilmar, which makes popular edible oil brand ‘Fortune’ and was set up in 1999 as a joint venture between Gautam Adani led Adani group and Singapore based Wilmar, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for a big-bang IPO, multiple industry sources with knowledge of the matter told Moneycontrol.

Results Today

Bharti Airtel, Adani Enterprises, Adani Ports and Special Economic Zone, Bajaj Healthcare, Bank of India, Barbeque-Nation Hospitality, CARE Ratings, Dabur India, Dhampur Sugar Mills, Prataap Snacks, ELGI Equipments, Everest Industries, Godrej Properties, IIFL Wealth Management, Inox Leisure, Indian Overseas Bank, Kajaria Ceramics, Kalpataru Power Transmission, Munjal Showa, Neuland Laboratories, NOCIL, Shipping Corporation of India, Simplex Realty, Tata Consumer Products, Transport Corporation of India, and TRF will release their quarterly earnings on August 3.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,539.88 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,505.82 crore in the Indian equity market on August 2.

Stock Specific News:

Reliance Industries | The company has incorporated a new wholly-owned subsidiary Reliance New Solar Energy Ltd to undertake activities relating to solar energy.

Adani Enterprises | Adani Wilmar, a 50:50 joint venture company between the Adani group and the Wilmar group, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a Rs 4,500 crore IPO.

Tata Motors | The company has increased the prices of its passenger vehicles by 0.8 percent depending on the variant and model with effect from August 3.

Punjab National Bank | The bank’s Q1FY22 net profit jumped to Rs 1,023.5 crore from Rs 308.5 crore, while net interest income rose 6.6 percent to Rs 7,226 crore from Rs 6,781.5 crore, YoY.

RBL Bank | The bank reported a net loss of Rs 459 crore in Q1FY22 as against a profit of Rs 141 crore, YoY. Net interest income declined 7 percent to Rs 970 crore from Rs 1,041 crore, YoY.

Tejas Networks | Tata Sons' arm Panatone Finvest picked up an 8 percent stake in the company for over Rs 193 crore through an open market transaction. Cascade Capital Management Mauritius has sold a 15.49 percent stake in the company.

VA Tech WABAG | The company has bagged an engineering and procurement order worth $165 million (about Rs 1,230 crore) from Russia-based Amur Gas Chemical Complex LLC.

Ajmera Realty & Infra | The company reported a five-fold jump in consolidated net profit at Rs 10.26 crore in Q1FY22 from Rs 2.10 crore, YoY. Total income rose to Rs 135.27 crore from Rs 40.16 crore, YoY.

CG Power and Industrial Solutions | The company posted a consolidated net profit of Rs 48 crore in Q1FY22 against a net loss of Rs 262.88 crore, YoY. Total income rose to Rs 1,062.24 crore from Rs 434.84 crore, YoY.

Mangalore Chemicals and Fertilizers | The company’s Q1FY22 net profit jumped to Rs 24.32 crore from Rs 11.01 crore, while revenue increased 29.70 percent to Rs 687.19 crore from Rs 529.79 crore, YoY.

Balaji Amines | The company reported consolidated profit at Rs 97.39 crore in Q1FY22 against Rs 31.58 crore in Q1FY21, revenue jumped to Rs 450.68 crore from Rs 222.91 crore, YoY.


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