Stocks in focus:The GIFT Nifty futures traded 18 points or 0.09% lower at 19,720 in early morning trade. Asian markets were trading mostly in green – China’s Shanghai Composite Index jumped 1.45%, South Korea’s KOSPI gained 0.17%, Hong Kong’s Hang Seng surged 3% and Asia Dow rose 0.72% while Japan’s Nikkei 225 fell 0.27%. The US indices ended the overnight session in green – Dow Jones Industrial Average (DJIA) jumped 0.52%, S&P 500 gained 0.4% and the tech-heavy Nasdaq rose 0.19%. On Monday, the Nifty 50 fell 72.65 points or 0.37% to close at 19,672.35 while the Sensex sank as much as 299.48 points or 0.45% to settle at 66,384.78. In sectoral indices, Nifty Bank fell 0.33%, Nifty FMCG slipped 1.72%, Nifty Media fell 0.10% Nifty Metal sank 0.73% and Nifty IT fell 0.09%, while Nifty Auto gained 0.17%, Nifty PSU Bank gained 0.10% and Nifty Pharma rose 0.41%.
“As expectations are getting reset in sync with the first quarter earnings that are underway, we witnessed profit booking post earnings and news flows today in heavyweights as well as financials. Investors need to be mindful of cuts in stock prices if eventual outcomes on earnings fail to match up with expectations. The PSE Index however exhibited keen interest from participants as several of its constituents rose on the back of likely inclusion in the MSCI as well as new clean energy orders,” said S Ranganathan, Head of Research at LKP securities.
Reliance Industries Ltd (RIL)
Mukesh Ambani-led company will invest Rs 378 crore in Mercury Holdings, a 50:50 joint venture between Brookfield Infrastructure and Digital Realty. It also committed to further invest up to Rs 622 crore via equity and debt.
TVS Motor
TVS Motor reported 46% growth in its standalone net profit at Rs 468 crore for the quarter ended June. Revenue from operations during the quarter rose 20% on-year to Rs 7,218 crore.
Maruti Suzuki
The company has recalled 87,599 vehicles of S-Presso and Eeco models due to a possible defect in a part of the steering tie rod. These vehicles were manufactured between July 5, 2021, and February 15, 2023, and the said recall is effective from July 24, 2023, 6.30 pm onwards.
SpiceJet
The Delhi high court (HC) directed budget airline SpiceJet’s managing director, Ajay Singh, to appear in person for a hearing on 5 September. The court also directed the airline to disclose all its assets in response to an application filed by Kal Airways seeking payment from SpiceJet.
IIFL Securities
IIFL Securities’ revenue jumped 40% on-year to Rs 409 crore in the June quarter. Profit for the same period soared 71% to Rs 75 crore.