Benchmark equity indices reversed five consecutive sessions of gains to settle sharply lower on Friday. The indices also break a weekly gaining streak of eight weeks to end at their lowest closing since July 25.
The BSE Sensex fell 885.60 points or 1.08 per cent to close at 80,981. The NSE nifty 50 tanked 293.20 points or 1.17 per cent to settle at 24,717.70. India's VIX rose by 11 per cent at 14.41 levels, indicating increased nervousness in the market. Barring Pharma, all sectors ended in red.
“Global markets witnessed selling pressure after US Manufacturing PMI data showed contraction and a rise in initial jobless claims to an 11-month high, sparking concerns of a slowdown in the US. Additionally, weak earnings outlooks from a few large tech companies have contributed to the negative sentiment. Domestic equities too witnessed a sell-off after achieving historical milestones. Nifty is expected to sustain its positive momentum next week as the overall market trends remain strong,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on August 5:
State Bank of India: The country’s biggest lender reported an almost flat standalone net profit of Rs 17,035 crore for the first quarter of FY25 compared to Rs 16,884 crore in the year-ago period. The bank’s total income increased to Rs 1,22,688 crore in the June quarter against Rs 1,08,039 crore in the corresponding quarter of the previous fiscal. The gross non-performing assets (NPA) of the total advances declined to 2.21 per cent and net NPAs also eased to 0.57 per cent in June 2024.
Britannia Industries: The Indian biscuit maker reported a consolidated net profit of Rs 524 crore in the June 2024 quarter, up 14.5 per cent from Rs 458 crore in the year-ago quarter. The company’s revenue grew 4 per cent to Rs 4,130 crore compared to Rs 4,010.70 crore in the same quarter of the previous financial year.
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Infosys: India’s second-largest IT services company said on Saturday it has got a communication from the Directorate General of GST Intelligence (DCGI), closing the pre-show cause notice proceedings for 2017-18 that amounted to Rs 3,898 crore.
Titan Company: The jewellery and watchmaker reported a 5.4 per cent decline in consolidated net profit for the April-June quarter to Rs 715 crore compared to Rs 756 crore in the year-ago period. The company reported a 12.6 per cent increase in sales to Rs 12,223 crore as against 10,851 in the corresponding quarter of the previous fiscal. Total income for the quarter increased 11.4 per cent to Rs 13,386 crore.
Ambuja Cement: The Adani Group-owned company has announced an investment of Rs 1,600 crore to establish a new cement grinding unit in Warisaliganj, Bihar. This development marks a significant milestone in the company’s expansion efforts, aiming to boost the local economy and create several job opportunities. The project will be implemented in three phases with the first phase of 2.4 MTPA at an investment of Rs 1,100 crore and expected to be commissioned by December 2025.
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