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Market LIVE Updates: Indices open marginally lower amid weak global cues; ITC, Zomato in focus – Moneycontrol

August 02, 2022 / 09:35 AM IST

ITC shares gained nearly 2 percent to touch a 52-week high of Rs 314.05 in early trade on August 2, a day after the company reported better numbers for the quarter ended June 2022.Diversified conglomerate ITC on August 1 said its net profit on a consolidated basis for the quarter (Q1FY23) came in at Rs 4,462.25 crore, up 33.46 percent, as against Rs 3,343.44 crore registered a year back.

August 02, 2022 / 09:33 AM IST

Food delivery platform Zomato on August 1 reported a consolidated loss of Rs 186 crore for the quarter ended June (Q1FY23), which was nearly half of the loss of Rs 359 crore reported in the same period last year. Its revenue from operations came in at Rs 1,413.9 crore, up 67.44 percent against Rs 844.4 crore logged in the year-ago quarter.

Food delivery platform Zomato on August 1 reported a consolidated loss of Rs 186 crore for the quarter ended June (Q1FY23), which was nearly half of the loss of Rs 359 crore reported in the same period last year. Its revenue from operations came in at Rs 1,413.9 crore, up 67.44 percent against Rs 844.4 crore logged in the year-ago quarter.

August 02, 2022 / 09:32 AM IST

Gold Prices Today: Weak global economic data fuelling recession fears to lend support to precious metals

Gold Prices Today: Weak global economic data fuelling recession fears to lend support to precious metals

Rahul Kalantri, VP Commodities, Mehta Equities, expects both precious metals to remain volatile this week ahead of the OPEC+ meeting and geo-political tensions between the US and China.

August 02, 2022 / 09:30 AM IST

Nifty Metal index shed 1 percent dragged by the NALCO, Vedanta, Hindalco Industries

Nifty Metal index shed 1 percent dragged by the NALCO, Vedanta, Hindalco Industries

August 02, 2022 / 09:27 AM IST

BSE Fast Moving Consumer Goods index added 1 percent supported by the Venky’s, Parag Milk Foods, Bajaj Hindusthan Sugar

BSE Fast Moving Consumer Goods index added 1 percent supported by the Venky's, Parag Milk Foods, Bajaj Hindusthan Sugar

August 02, 2022 / 09:27 AM IST

BSE Fast Moving Consumer Goods index added 1 percent supported by the Venky’s, Parag Milk Foods, Bajaj Hindusthan Sugar

BSE Fast Moving Consumer Goods index added 1 percent supported by the Venky's, Parag Milk Foods, Bajaj Hindusthan Sugar

August 02, 2022 / 09:25 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

The market message from the sharp decline in the US 10-year bond yield to 2.57% from the recent high of 3.27% is that the Fed is nearing the end of its tightening cycle with only one more large hike in September and small hikes thereafter taking the terminal rate to around 3.5%.

This has facilitated the rally in global markets with India emerging as one of the best performers. There is a consensus that India will be the fastest growing large economy in the world this year and next with the least vulnerability to a global growth slowdown. 

This, and the dollar index dipping to below 106 from the recent high of above 109, have paved the way for the return of FIIs who have turned consistent buyers now. The 2100 point rally in Nifty from the June lows has pushed the market into overbought territory with rising valuations. Markets are likely to consolidate in the near-term. Capital goods and autos (the PV and CV segments) are on a strong wicket.

August 02, 2022 / 09:22 AM IST

Gainers and Losers on the BSE Sensex in the early trade:

Gainers and Losers on the BSE Sensex in the early trade:

August 02, 2022 / 09:17 AM IST

Market Opens: Indian indices opened marginally lower on August 2 with Nifty below 17300.

At 09:16 IST, the Sensex was down 171.83 points or 0.30% at 57943.67, and the Nifty was down 68.50 points or 0.40% at 17271.50. About 1036 shares have advanced, 874 shares declined, and 91 shares are unchanged.

UPL, Eicher Motors, Hindalco Industries, Tata Steel, ONGC were among major losers on the Nifty, while gainers were ITC, HUL, BPCL, Asian Paints and Power Grid Corp.

August 02, 2022 / 09:16 AM IST

Reliance Industries, Adani Power, NTPC in fray to acquire bankrupt SKS Power

Reliance Industries, Adani Power, NTPC in fray to acquire bankrupt SKS Power

SKS Power Generation is undergoing a corporate insolvency and resolution process since April 2022

August 02, 2022 / 09:11 AM IST

Castrol India profit rises 47% to Rs 206 crore in June quarter

Lubes maker Castrol India on Monday reported a 47 percent growth in profit after tax at Rs 206.26 crore in the June quarter. The company had recorded a Profit After Tax (PAT) at Rs 140 crore the second quarter of 2021, Castrol India said in a statement.

Castrol India follows January-December as its financial year. The revenue from operations rose 40 percent to Rs 1,241.71 crore in the June quarter. In the year-ago period, it stood at Rs 890 crore.

August 02, 2022 / 09:10 AM IST

Canada’s $421 billion state pension turns attention to stocks in hunt for value

Canada’s $421 billion state pension turns attention to stocks in hunt for value

With rates rising instead of falling and China’s economy maturing, the “great beta trade” of the past two decades won’t work as well, said CEO John Graham. “We believe it’s going to be an investors’…