In the previous week’s closing report, we had mentioned that the Nifty and Sensex are on an uptrend.
The major indices opened higher this week and closed with gain.
On Monday, the indices opened up with a gap and ended with gains. On the National Stock Exchange (NSE), advance decline ratio was at 2.53, indicating major strength in broader markets.
On NSE, 74 scrips advanced and closed at a new 52-week high, whereas 20 stocks sunk to close at their new 52-week lows. In sectorial indices, Nifty Auto and Nifty Media were the biggest gainers, whereas Nifty Pharma was the biggest loser. The broader market indices outperformed their larger peers after continued underperformance. BSE Midcap and BSE Small cap gained 1.51% and 1.47% higher.
Indian Bank is set to hike marginal cost of funds-based lending rate (MCLR) by 10-20 basis points (bps) across loan tenures from 3rd August. Bandhan Bank has hiked lending rates by 18 to 88bps across tenures. Bank of India has hiked lending rates by 10bps across tenures. ICICI raised lending rates by 15bps. Indiabulls Housing Finance has hiked lending rates by 25bps.
In July auto sales, Eicher Motors reported 39.8% rise in total trucks and buses sales. SML Isuzu total sales up 85% at 1,020 units. TVS total sales were up 2.8%. Maruti Suzuki total sales were up by 8.3% at 175,000 units. Tata Motors total sales were up 51% to 81,790 units.
Atul Auto’s sales unit more than doubled to 7,105 units as compared to 3,044 units. Ashok Leyland’s total sales were up 58% at 13,625 units. M&M’s July total sales were up by 30.6% at 56,148 units. Bajaj Auto sales were down by 5% at 315,000 units.
On Tuesday, the indices opened a little down and ended flat. On the NSE, the advance-decline ratio was at 1.23, indicating positive closing of more stocks.
On NSE, 69 securities advanced and closed at a new 52-week high, whereas only 10 sank to close at their new 52-week lows. In sectorial indices, Nifty PSU Bank and Nifty FMCG were the biggest gainers, whereas Nifty Realty and Nifty IT were the biggest losers. The broader market indices outperformed their larger peers, with BSE Midcap and BSE Small cap ending 0.5% and 0.34% higher.
Rupee closed at 78.71 per US dollar as compared to 79.02 a US dollar yesterday. The Competition Commission of India (CCI) has approved the disinvestment of IDFC Asset Management Company (AMC).
ITC has exited its lifestyle retailing business segment following ‘strategic review of business portfolio’.
Godrej Properties has declared its succession plan as Mohit Malhotra resigned from 31 December 2022. Gaurav Pandey, who is currently the chief executive officer (CEO) of the company’s north zone region will take over the role of CEO and managing director (MD) from January 2023.
On Wednesday, the indices opened flat and ended with gain. On the NSE, the advance- decline ratio was at 0.58, indicating negative closing of most of the stocks.
On NSE, 48 securities advanced and closed at a new 52-week high, whereas 13 securities sank to close at their new 52-week lows. In sectoral indices, Nifty Auto and Nifty Pharma were the biggest losers, while Nifty IT and Nifty Financial Services were the biggest gainers. The broader market indices again underperformed their larger peers after two days of outperformance.
The Indian rupee fell sharply after a record trade deficit. It closed at 79.16 per US dollar compared to 78.71 a dollar on Tuesday. Eurozone’s July Services PMI was at 51.2 as compared to composite PMI at 49.9. India’s July Services PMI was declined to 55.5 as compared to 59.2 in June 2022 and the composite PMI was at 56.6 as compared to 58.2 m-o-m.
On Thursday, the indices opened gap up, and ended almost flat. On the NSE, the advance-decline ratio was at 0.85, indicating negative closing of more stocks and a slightly cautious attitude of investors.
On NSE, 54 securities advanced and closed at a new 52-week high, whereas 16 securities sank to close at their new 52-week lows. Among the sectorial indices, Nifty PSU Bank and Nifty Realty were the biggest losers while Nifty Pharma and Nifty Healthcare were the top gainers. The broader market indices emerged stronger in Thursday’s volatile market, with BSE Midcap and BSE Small cap gaining 0.29% and 0.25% higher, respectively.
Bank of England has hiked interest rates by 50 bps (largest increase since 1995). This sixth consecutive hike has taken borrowing costs to 1.75%.
Tata Motors JLR UK sales were up 34.5% at 6,089 units in July 2022 compared to 4,528 units in July 2021. According to FADA, July vehicle registration fell 8% due to rain and inflationary impact on demand.
On Friday, the indices opened higher and closed in green. On the NSE, the advance-decline ratio was at 1.26.
On NSE, 53 securities advanced and closed at a new 52-week high whereas 18 securities sank to close at their new 52-week lows. In sectorial indices, Nifty Auto and Nifty Consumer Durables were the biggest losers while Nifty IT and Nifty Bank were the biggest gainers.
The monetary policy committee (MPC) of Reserve Bank of India (RBI) hiked repo rate by 50bps to 5.4%. This is the highest rate since August 2019. The Indian rupee ended at 79.24 a US dollar compared to 79.47 per dollar.
HDFC has received SEBI approval for change in control of HDFC AMC.
Aditya Birla Fashion’s first quarter (Q1) FY22-23 revenues grew multifold to Rs2,874 crore and the profit was at Rs97.5 crore compared to a loss of Rs347 crore a year ago.
Motherson Sumi Wiring’s Q1FY22-23 revenues was up 50% to Rs1,663 crore and the profit was up 59.8% to Rs126 crore.