Indian equity benchmarks snapped their three-day losing streak and closed higher, led by buying in index heavyweights Reliance Industries and Infosys on Friday. The BSE Sensex settled 480.57 points or 0.74 per cent higher at 65,721.25, while the NSE Nifty gained 135.35 points or 0.7 per cent to close at 19,517.
“The market fell for the second week in a row, with the Sensex, Nifty, and Nifty Bank all losing 1%. Midcaps relatively outperformed, with the Midcap Index posting a 1% gain for the week. IT and pharma gain the most, while realty & PSU banks are the top losing indices. This was primarily a normal profit-taking activity, as there were no significant cues to disrupt the market sentiment. However, global markets saw a sharp correction in the last two sessions after a decline was triggered by Fitch’s recent downgrade of the US credit rating,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“The market will also have an eye on the RBI MPC meeting, which will be announced on August 10, 2023. The RBI may reportedly keep the benchmark repo rate unchanged in its upcoming bimonthly policy review,” he added.
Stocks To Watch On 7 August:
The company has sought the approval of shareholders to appoint Mukesh Ambani as chairman and managing director for another five years till 2029. He has opted to draw nil salary during this period. Reliance will hold its Annual General Meeting (AGM) on 28 August 2023. On 21 July, 2023, the board of directors approved the re-appointment of Mukesh Ambani as Managing Director for a period of five years from the expiry of his present term.
The FMCG major of 4 August reported a 35.7 per cent growth in net profit at Rs 455.5 crore in the June quarter compared to Rs 335.74 crore in the year-ago period. The net profit also grew 8.4 per cent to Rs 4,010 crore in reported quarter, compared to Rs 3,700.96 crore in June quarter FY23. Operating profit rose 37.6 per cent at Rs 639 crore from Rs 500 crore. EBITDA margin improved to 17.2 per cent from 13.5 per cent year-on-year.
Bharat Heavy Electricals Ltd (BHEL)
BHEL reported consolidated net loss of Rs 343.9 crore in the June quarter against Rs 188 crore in the year-ago quarter. The company’s revenue grew by 7.1 per cent to Rs 5,003.4 crore to Rs 4,672 crore in corresponding quarter of previous financial year. EBITDA surged by 14.9 per cent YoY at Rs 1,037.4 crore against Rs 902.7 crore. EBITDA margin stood at 20.7 per cent compared to 19.3 per cent in year-ago period.