– SC to pronounce verdict on Future-Reliance deal today
– RBI MPC likely to leave interest rates unchanged
– Vodafone Idea unlikely to file for bankruptcy
– FPIs cut exposure to banking and financial stocks
Now lemme give you a quick glance on the state of the markets.
Dalal Street is set for a positive start this morning. Nifty futures on the Singapore Exchange traded some 20 points higher at 7:30 hours (IST). Asian peers were trading lower as traders weighed the spread of the delta coronavirus strain against a record Wall Street close while awaiting key US payrolls data. The Dow rose 271.58 points or 0.78%.
Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.23%. Dollar drifted higher as markets await jobs data for Fed clues. Bitcoin was back above $40,000. US crude oil futures were set for biggest weekly loss since October as top consumers impose travel restrictions. WTI crude was unmoved at $69.09 a barrel.
That said, here’s what is making news.
Banking stocks are likely to see a revision in weightage in the Bank Nifty after an index rebalancing exercise by NSE scheduled on Friday. HDFC Bank, IndusInd Bank and AU Small Finance Bank are likely to see the highest fund inflows on account of the increase in weightage, said IIFL Alternative Research and Edelweiss Alternative Research.
Retail ownership of companies listed on the National Stock Exchange (NSE) reached an all-time high in the June quarter, with participation of individual investors in India’s capital markets surging through a period of sustained gains for the broadest benchmark indices. The share of retail investors in NSE-listed companies as of June 30 was 7.18%, compared with 6.96% in March, or 6.89% five years ago, showed data from primeinfobase.com.
Brokerages have maintained a bullish view on Bharti Airtel even as the telecom company reported a 62.7% sequential fall in consolidated net profit to Rs 284 crore for the quarter ended June, which was below market expectations. Edelweiss, IIFL, CLSA, Kotak Institutional Equities, Jefferies and Emkay have maintained a buy rating. Brokerages said the telecom industry is moving towards a duopoly amid Vodafone Idea’s financial woes, which could benefit Bharti.
LASTLY,
Foreign portfolio investors (FPIs) pruned exposure to banking and financial services stocks in July on worries of a spike in slippages in the first quarter of FY22, showed data from NSDL. Foreign investors sold $1.5 billion (Rs 10,998 crore) worth of these stocks, which also equalled the overall FPI outflow during the month. The monthly outflow from banking and finance stocks in July 2021 was the highest since the market meltdown in March 2020.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
The Supreme Court is scheduled to pronounce on Friday the verdict on ecommerce giant Amazon’s pleas against the merger of Future Retail Ltd (FRL) with Reliance Retail.
Aditya Birla Capital on Thursday reported its highest ever consolidated net profit of Rs 302 crore, a 52% jump, for the first quarter ended June 30.
Adani Transmission posted nearly 22% rise in its consolidated net profit at Rs 433.24 crore in the June quarter this year, mainly on the back of higher revenues.
Adani Power posted a consolidated net profit of Rs 278.22 crore in the June 2021 quarter, mainly on the back of higher revenues. The company had reported a consolidated net loss of Rs 682.46 crore in the quarter ended on June 30, 2020.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
