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Market LIVE Updates: Nifty around 17,250, Sensex falls; IndusInd Bank, SBI top gainers – Moneycontrol

August 02, 2022 / 01:16 PM IST

Today’s Stock Market Action

August 02, 2022 / 01:13 PM IST

Rajani Sinha, Chief Economist, CareEdge

With the softening of many commodity prices, CPI inflation seems to have broadly peaked at the current levels and expected to witness a downward movement to below 6% by Q4FY23. However, domestic inflation is still high and so is the global commodity prices, we expect RBI to continue with front-loading of rate hiking cycle. 

We expect 50 bps of repo rate hike in the upcoming policy and another 50-bps rate hike post that taking the terminal repo rate to 5.90% by the end of the fiscal year.

August 02, 2022 / 01:10 PM IST

Goldman Sachs View on ZomatoThe foreign brokerage firm has maintained a buy rating on the stock with a target at Rs 100 per share as the GMV/revenue was in line and profitability improved.The food delivery segment is narrowing losses and acquired firm Blinkit is scaling up at a robust pace, CNBC TV18 reported.

Goldman Sachs View on Zomato     The foreign brokerage firm has maintained a buy rating on the stock with a target at Rs 100 per share as the GMV/revenue was in line and profitability improved.    The food delivery segment is narrowing losses and acquired firm Blinkit is scaling up at a robust pace, CNBC TV18 reported.

August 02, 2022 / 01:04 PM IST

Market at 1 PMBenchmark indices were trading lower in the afternoon session with Nifty around 17250.The Sensex was down 246.34 points or 0.42% at 57869.16, and the Nifty was down 82.30 points or 0.47% at 17257.70. About 1736 shares have advanced, 1343 shares declined, and 110 shares are unchanged.

Market at 1 PM     Benchmark indices were trading lower in the afternoon session with Nifty around 17250.    The Sensex was down 246.34 points or 0.42% at 57869.16, and the Nifty was down 82.30 points or 0.47% at 17257.70. About 1736 shares have advanced, 1343 shares declined, and 110 shares are unchanged.

August 02, 2022 / 12:59 PM IST

Adani Ports handles cargo of 31.23 mt in July, up 13% YoY

Adani Ports and Special Economic Zone (APSEZ) handled 31.23 MMT of cargo in July ’22, implying a 13% y-o-y increase.

In the initial four months of FY23, the company managed 122.12 MMT of cargo, which is a 9% y-o-y growth over a strong April-July 21, that saw the post COVID volume surge. 

Adani Ports and Special Economic Zone was quoting at Rs 805.10, up Rs 3.95, or 0.49 percent on the BSE.

August 02, 2022 / 12:57 PM IST

Tata Power collaborates with JLL India

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the realty space. With the real estate sector contributing nearly 40% of all greenhouse gas emissions, it is time to think green and to lead the realty sector towards green energy adoption. 

Tata Power Company was quoting at Rs 229.05, down Rs 1.30, or 0.56 percent on the BSE.

August 02, 2022 / 12:54 PM IST

Morgan Stanley View on Zomato

The broking house has kept an overweight rating on the stock with a target price of Rs 80.

Morgan Stanley see results as a good quality beat, driven by a healthy increase in MTUs and sees steady to improving AOVs and better monetisation.

The company is break-even at the segment level for food delivery, while sustained and steady execution over coming quarters will be key for re-rating, CNBC TV18 reported.

August 02, 2022 / 12:50 PM IST

Sterlite Technologies launches optical suite for India’s 5G ReadinessSterlite Technologies launched a comprehensive suite of optical connectivity solutions to empower India’s 5G readiness. With initial rounds of spectrum auctions taking place, India is at a key point in its 5G connectivity and is expected to have ~200mn 5G subscribers by 2025. The industry requires state-of-the-art optical products that can make 5G deployment quick, easy and cost-effective.

Sterlite Technologies launches optical suite for India’s 5G Readiness     Sterlite Technologies launched a comprehensive suite of optical connectivity solutions to empower India’s 5G readiness. With initial rounds of spectrum auctions taking place, India is at a key point in its 5G connectivity and is expected to have ~200mn 5G subscribers by 2025. The industry requires state-of-the-art optical products that can make 5G deployment quick, easy and cost-effective.

August 02, 2022 / 12:41 PM IST

Indian rupee rises to 1-month highThe rupee appreciated 12 paise to 78.94 against the US Dollar in opening trade on August 2, supported by foreign fund inflows and a weak greenback against key rivals overseas. Besides, softening crude oil prices strengthened domestic forex market sentiment, dealers said.Notably, the INR has appreciated 2 percent from the record low of 80.06 which it hit on July 21. The rupee is now down 5.4 percent against the US Dollar over the past 24 hours and down -7.5 percent against USD over the past week.

Indian rupee rises to 1-month high     The rupee appreciated 12 paise to 78.94 against the US Dollar in opening trade on August 2, supported by foreign fund inflows and a weak greenback against key rivals overseas. Besides, softening crude oil prices strengthened domestic forex market sentiment, dealers said.    Notably, the INR has appreciated 2 percent from the record low of 80.06 which it hit on July 21. The rupee is now down 5.4 percent against the US Dollar over the past 24 hours and down -7.5 percent against USD over the past week.

August 02, 2022 / 12:38 PM IST

Nifty Realty index shed 1 percent dragged by the Godrej Properties, Sunteck Realty, Macrotech Developers

Nifty Realty index shed 1 percent dragged by the Godrej Properties, Sunteck Realty, Macrotech Developers

August 02, 2022 / 12:27 PM IST

CLSA View on ITC

Brokerage house CLSA has maintained ‘outperform’ rating on the stock and raised the target price to Rs 330 per share.

The recovery in mobility helps strong recovery in revenue and margin, while the cigarettes business registered 25 percent volume growth with margin stable at 74 percent.

The other FMCG staged healthy growth and stable margin, while non-FMCG stages sharp recovery, said CLSA.

It is preferred pick of CLSA and it raises FY23-24 earnings estimates by 8% to capture recovery, reported CNBC-TV18.

August 02, 2022 / 12:21 PM IST

Global slowdown, monetary tightening to weigh on India’s rapid recovery, economists say

Global slowdown, monetary tightening to weigh on India's rapid recovery, economists say

While the government has said that there is zero chance of a recession, the Reserve Bank of India’s tightening is expected to curb activities.