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Will the consolidation in Nifty continue today while US markets are at record highs.

Good Morning Everyone to yet another brand new week!

As we discussed in our weekly meet on Saturday, I am expecting minor correction before Nifty scale new heights. Also we will look out for the inflation data keenly to understand how the market can turn in the coming days.

Global Markets:

As I told you in the meet, US markets again closed with record highs on Friday night.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.1 percent amid holidays in Tokyo and Singapore. Nikkei futures traded just below Friday's close. Nasdaq futures fell 0.5% and S&P 500 futures 0.3 percent.

Indian Markets:

Trends on the SGX Nifty indicate a flat start to the week on Nifty. Infact it was down in the morning and has slightly recovered close to Friday's close.

Another thing to track in Asia has been the Delta variant which has started to spread havoc in some countries and forced more restrictions. Since India was the first to face the wrath of this variant and has already seen the worst impact, our market has been relatively unfazed by this threat of late. In fact, big states like Maharashtra are gradually relaxing restrictions which is good news for the economy and market.

Results Today:

Shree Cement, Astrazeneca Pharma India, Balrampur Chini Mills, Birla Tyres, Bombay Dyeing, Chemcon Speciality Chemicals, Clean Science and Technology, Gati, Gujarat State Petronet, Indian Hotels, Laxmi Organic Industries, MRF, Nilkamal, Reliance Power, Satin Creditcare Network, Shalby, Shankara Building Products, Subex, Suven Life Sciences, Timken India, and Venky's (India) will release quarterly earnings on August 9.

FII & DII Data:

Foreign institutional investors (FIIs) net sold shares worth Rs 69.37 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 631 crore in the Indian equity market on August 6.

Stock Specific News:

Rolex Rings | The company will list its equity shares on the bourses today.

Bank of Baroda | The bank reported a net profit of Rs 1,280.6 crore in Q1FY22 against a loss of Rs 864.3 crore in Q1FY21. Net interest income rose to Rs 7,891.9 crore from Rs 6,816.1 crore, YoY.

Divi’s Laboratories | The company posted a 13 percent YoY rise in Q1FY22 consolidated net profit at Rs 557 crore, while total income rose to Rs 1,997 crore from Rs 1,748 crore, YoY.

SAIL | The company reported consolidated profit at Rs 3,897.4 crore in Q1FY22 against a loss of Rs 1,226.5 crore, YoY. Revenue increased to Rs 20,643 crore from Rs 9,067 crore, YoY.

Jindal Steel & Power | The company’s board has accepted the revised offer of Rs 7,401 crore from Worldone Pvt Ltd for divestment of its subsidiary company Jindal Power Ltd.

Tata Power Company | The company’s Q1FY22 net profit rose 73.7 percent to Rs 465.7 crore from Rs 268.1 crore and revenue rose 54.5 percent to Rs 9,968 crore from Rs 6,453 crore, YoY.

Adani Enterprises | The company has incorporated a wholly-owned subsidiary for the data centres business.

Ujjivan Small Finance Bank | The bank reported Q1FY22 net loss at Rs 233.5 crore versus a profit of Rs 54.7 crore, YoY. Net interest income fell 16.1 percent to Rs 384.4 crore from Rs 458 crore, YoY.

ZEEL | The company reported a sharply higher Q1FY22 net profit at Rs 208.8 crore versus Rs 29.3 crore, while revenue rose 35.3 percent to Rs 1,775 crore from Rs 1,312 crore, YoY.

Karnataka Bank | The bank has been empanelled by the Reserve Bank of India to act as an “Agency Bank” to facilitate transactions related to government businesses.

McLeod Russel | The National Company Law Tribunal (NCLT) has admitted bankruptcy proceedings filed by Techno Electric & Engineering Company against the company under the Insolvency and Bankruptcy Code, 2016 (IBC) claiming it has defaulted on Rs 100 crore dues owed to it.

Amber Enterprises India | The company reported profit at Rs 11.2 crore in Q1FY22 against a loss of Rs 23.9 crore in Q1FY21, while revenue jumped to Rs 707.9 crore from Rs 259.5 crore, YoY.

NALCO | The company’s Q1FY22 net profit rose to Rs 347.7 crore from Rs 16.6 crore in Q1FY21 and revenue increased to Rs 2,474.5 crore from Rs 1,380.6 crore, YoY.

Affle India | The company reported a sharply higher profit at Rs 35.9 crore in Q1FY22 against Rs 18.8 crore in Q1FY21. Revenue rose to Rs 152.5 crore from Rs 89.8 crore, YoY.


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