Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Mumbai, 31st July 2020: Marker indices traded lower for the third consecutive day dragged down by heavyweight stocks.
Nifty went down by 0.26% or 28.70 points and closed at 11,073.45, while S&P BSE Sensex went down by 0.34% or 129.18 points and closed at 37,606.89.
Around 1407 shares declined, 1221 shares advanced, while 168 shares remained unchanged.
Cipla (5.11%), Grasim Industries (4.98%), Sun Pharma (5.46%), SBI (2.41%), and UPL (2.84%) were among top Nifty gainers while Eicher Motors (2.74%), Reliance Industries (1.84%), HDFC Bank (1.66%), Asian Paints (1.34%), and Bajaj Auto (1.61%) were among top Nifty losers.
Pharma sector outperformed the other sectoral indices. FMCG, IT and metal too traded green. BSE Midcap and BSE Smallcap however ended positive.
Torrent Pharma Limited
Torrent Pharma company reported strong numbers for the first quarter of the FY21 amid the challenging scenario. The firm remained in focus for developing COVID-19 treatments. The stocks of the company went up by 9.18% and traded at Rs.2,661.40.
The stock price of the largest public sector bank went up by 2.41% and traded at Rs.191.05 after the company reported a rise of 16% in its net interest income for the the first quarter of the FY21.
The company reported a net loss of Rs.1,655.6 crore for the first quarter of the FY21. The company’s revenue for the first June-quarter stood at Rs.7,585.3 crore. Despite this, the stocks of the company went up by 5.46%% and traded at Rs.537.80.
Reliance Industries Limited
Stocks of Reliance Industries Limited went down by 1.84% and traded at Rs.2,070.00 after the company reported a decline in its consolidated net profit for the June-quarter. However, the YoY net profit of the company rose by 31%.
Dabur India Limited
The company reported better than expected earnings for the first quarter FY21. The stocks went up by 4.24% and traded higher at Rs. 512.75 in today’s trading session.
Dixon Technologies (India) Limited
Stocks of Dixon Technologies went up by 8.92% and traded at Rs.7,680.00 after the domestic contract appliance manufacturer’s inventory levels went up by 6.36%. The government recently imposed restrictions on the import of television sets to cut the inbound shipments of non-essential items.
Jet Airways (India) Limited
Jet Airways acquired six Boeing aircraft and their engines against a lump sum payment of $13,000,000. The stocks of the company went up by 4.97% and traded at Rs.29.55.
Indian rupee ended higher at Rs.74.81 against the US Dollar amid volatile domestic equity markets.
The prices of the yellow metal went up in India on the MCX. Gold traded higher in the domestic market following gains in the international spot prices. Global economic slowdown amid the rising covid cases and a weak US Dollar favored the growth.
Mixed Global Market Cues
Global markets projected a mixed trade session amid worrying economic picture. Nasdaq went up by 0.43%, while FTSE MIB surged by 1.10%. On the other hand, FTSE 100 declined by 0.03%, Nikkei 225 went down by 2.82%, and Hang Seng tripped by 0.47%.
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