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GM results out, US markets fall from record high, will Nifty sustain ?

Good Morning Everyone,

Yesterday, the Indian market closed at its all-time high again but then formed a weak candle on the daily chart which shows that the strength in the bull has come down. Let's look at how the global markets performed yesterday.

Global Markets:

US markets fell from their record highs yesterday after Genera Motors came up with their results which were much below expectation and the stocks fell to their low since March 2021. The Dow Jones Industrial Average fell 323.73 points, or 0.92%, to 34,792.67, the S&P 500 lost 20.49 points, or 0.46%, to 4,402.66 and the Nasdaq Composite added 19.24 points, or 0.13%, to 14,780.53.

A measure of US services industry activity jumped to a record high in July, boosted by the shift in spending to services from goods, but businesses continued to face rising prices because of supply chain constraints.

The Institute for Supply Management said on Wednesday its non-manufacturing activity index raced to 64.1 last month, the highest reading in the series’ history, from 60.1 in June.

Shares in Asia-Pacific were mixed in Thursday morning trade, following declines overnight on Wall Street. Japan’s Nikkei 225 gained 0.31% in morning trade while the Topix index advanced 0.25%. South Korea’s Kospi stood little changed.

Indian Market:

SBI reported a 55.25 percent year-on-year (YoY) jump in the June quarter net profit at Rs 6,504 crore, up from Rs 4,189.34 crore in the same quarter of the previous year. The profit was higher than Street’s expectations. & we could see SBI share price hitting its all-time high.

Trends on the SGX Nifty indicate a flat start with maybe a small gap up of about 10 points today.

FIIs have been buying for the last 2 days, but today needs to be watched as, Thursday is our weekly expiry and first expiry of the month, which could lead to volatility in the market. So let's lookout for more opportunities to enter the right stocks.

Results Today

GAIL India, Cipla, Adani Power, Aditya Birla Capital, Indiabulls Housing Finance, Accelya Solutions India, Ador Welding, Andhra Petrochemicals, Arvind, Bajaj Consumer Care, Birla Corporation, Brigade Enterprises, Cera Sanitaryware, Edelweiss Financial Services, Escorts, Gujarat Gas, Hikal, Honeywell Automation India, Ipca Laboratories, Jubilant Industries, NCC, Narayana Hrudayalaya, PTC India Financial Services, Prince Pipes and Fittings, Quess Corp, REC, Thermax, and TTK Healthcare.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 2,828.57 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 411.36 crore in the Indian equity market on August 4.

Stock Specific News:

Reliance Industries | The company is doubling its PET recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh.

Vodafone Idea | Kumar Mangalam Birla has stepped down as non-executive director and non-executive chairman of the board. Himanshu Kapania is appointed as non-executive chairman of the board, and Sushil Agarwal, a nominee of Aditya Birla Group, is appointed as additional director.

Titan Company | The company reported a profit of Rs 61 crore in Q1FY22 against a loss of Rs 270 crore in Q1FY21. Revenue rose 74.5 percent to Rs 3,249 crore from Rs 1,862 crore, YoY.

HPCL | The company’s Q1FY22 net profit fell 40.5 percent to Rs 1,795 crore from Rs 3,018 crore, revenue declined 3.2 percent to Rs 72,443.4 crore from Rs 74,843.4 crore, QoQ. The gross refining margin was at $3.31/bbl.

SBI Life Insurance | Carlyle will sell the remaining 1.9 percent stake in the company via a block deal at a price band of Rs 1,130-1,136.85 per share

Dr Reddy’s Laboratories | The company will sell its US and Canada territory rights for ELYXYB (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc. Under the terms of the agreement, Dr Reddy’s will receive $6 million upfront upon closing followed by $9 million one year from closing. Further, Dr Reddy is eligible to receive event-based, sales-based milestones and quarterly earn-out payments.

Zomato | The company has incorporated a wholly-owned subsidiary, Zomato Payments Pvt Ltd, to carry on the business of providing payment aggregator and payment gateway services.

PNB Housing Finance | Competition Commission has approved the proposed investments by Carlyle Group and other investors in PNB Housing Finance.

Adani Total Gas | The company’s Q1FY22 net profit jumped to Rs 138 crore from Rs 46 crore, YoY, while sales volumes doubled to 140 million metric standard cubic meters (mmscm).

Tata Communications | The company’s Q1FY22 net profit rose 15 percent to Rs 296.11 crore from Rs 257.8 crore, while revenue fell 7 percent to Rs 4,103 crore from Rs 4,403 crore, YoY.

Shipping Corporation of India | The company has approved a scheme of arrangement for the demerger of ‘non-core assets.

Apollo Tyres | The company posted a net profit of Rs 127.7 crore in Q1FY22 against a loss of Rs 134.5 crore in Q1FY21. Revenue rose 59.1 percent to Rs 4,584.4 crore from Rs 2,881.7 crore, YoY.

NBCC (India) | The company said SBICAP Ventures Ltd has agreed to provide Rs 650 crore for completing six-stranded projects of erstwhile Amrapali Group in Uttar Pradesh.

Greenply Industries | The company has forayed into the Medium Density Fiber (MDF) boards business and will set up a greenfield manufacturing plant in Vadodara, Gujarat with an estimated cost of Rs 548 crore.

CESC | The company’s wholly-owned subsidiary, Eminent Electricity Distribution Ltd., has emerged as the highest bidder for acquiring a 100 percent stake in the power distribution company for the Union Territory of Chandigarh.

Thomas Cook (India) | The company’s Q1FY22 net loss narrowed to Rs 93.83 crore from Rs 108.62 crore, while revenue rose to Rs 315.71 crore from Rs 130.87 crore, YoY.

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