Indian equity benchmark indices ended in red on Tuesday as investors turned cautious ahead of the RBI’s MPC meeting and the US inflation data, due to be announced later this week. Continuous foreign fund outflows and weak Asian and European markets also pulled the domestic markets down.
The BSE Sensex fell 106.98 points or 0.16 per cent to close at 65,846.50. The NSE Nifty slipped 26.45 points or 0.13 per cent to settle at 19,570.85.
“On the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market. FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks. Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience,” said Vinod Nair, Head of Research at Geojit Financial Services.
“In the near term, the Reserve Bank of India's policy decision holds significant importance, shaping market sentiment. Additionally, the flow of Foreign Institutional Investments (FIIs) remains a pivotal factor, given their recent trend of selling over the past few days,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Top Stocks To Watch On 9 August:
Coal India
Coal India Limited reported a 10 per cent YoY decline in net profit at Rs 7,941 crore during the quarter ending June 2023 down from Rs 8,834 crore reported during the corresponding quarter last year. The net sales grew marginally to Rs 32,497.9 crore during the reported period. The other operating income of Coal India increased 12.1 per cent to Rs 2,910.5 crore from Rs 2,594 crore during the corresponding quarter previous financial year.
NTPC
NTPC Renewable Energy Limited (NTPC REL) has secured the bid for an 80 MW floating solar project at Omkareshwar reservoir in Khandwa, Madhya Pradesh. “The bidding was conducted on 8th August 2023 by Rewa Ultra Mega Solar Limited (RUMSL), the JV Company of Solar Energy Corporation of India (SECI) and MP Urja Vikas Nigam Ltd. The discovered tariff is ₹3.80/kWh and the energy generated from the project shall be used by MP state DISCOMs," the company said in a statement.
Oberoi Hotels
Oberoi Hotels’ parent company has reported a 61 per cent increase in its consolidated net profit to Rs 106 crore for the first quarter of the financial year. The revenue from operations rose 26.7 per cent to Rs 522.6 crore, up from 412.33 crore in the first quarter of last year. EIH’s operating profit for the quarter went up by 53.1 per cent to Rs 180 crore in the quarter under review.
Tata Power
The company has joined hands with the Maharashtra government to commission two pumped hydro storage projects worth Rs 13,000 crore. The two projects will gave a combined capacity of 2,800 megawatts and help the state achieve its goal of becoming a $1 trillion economy by 2028. The two plants will be located in Shirvata, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW). The projects will generate employment for more than 6,000 people.
Adani Enterprises
The flagship company of Adani Group is exploring the opportunity of divesting its interest in the consumer-staple joint venture listed on the Mumbai stock exchange, a collaboration it shares with Wilmar International Ltd. The step aims to release funds that can be utilized for primary business operations, according to a report by MoneyControl. In the past few months, the group has been evaluating the potential sale of its 44 per cent stake in Adani Wilmar Ltd.
