The domestic equity benchmarks ended near the flat line after a volatile session on Friday. The Nifty closed below the 17,550 mark after the hitting the day's high of 17,643.85 in the early trade.
The barometer index, the S&P BSE Sensex, rose 36.74 points or 0.06% to 58,803.33. The Nifty 50 index lost 3.35 points or 0.02% to 17,539.45.
In the broader market, the S&P BSE Mid-Cap index declined 0.35% while the S&P BSE Small-Cap index rose 0.04%.
The market breadth was positive. On the BSE, 1715 shares rose and 1723 shares fell. A total of 129 shares were unchanged.
Among the sectoral indices on the NSE, the Nifty Financial Services index (up 0.51%), the Nifty Media index (up 0.50%) and the Nifty FMCG index (up 0.39%) outperformed the Nifty50 index.
Meanwhile, the Nifty Oil & Gas index (down 1.03%), the Nifty PSU Bank index (down 0.67%) and the Nifty Consumer Durables index (down 0.42%) underperformed the Nifty50 index.
Economy:
The Reserve Bank of India released the monthly data on India's international trade in services for July 2022 today. According to the data, India's services exports jumped by 20.2% on an annual basis to $23.26 billion in July 2022. The July number is lower compared to that in June 2022. A month ago, services exports had come in a higher $25.29 billion.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.235 as compared with 7.215 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.87, compared with its close of 79.5650 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement gained 0.48% to Rs 50,310.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.40% to 109.26.
In the commodities market, Brent crude for November 2022 settlement rose $1.83 or 1.98% at $94.19 a barrel.
Global Markets:
Shares in Europe advanced while most Asian stocks declined on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve's next interest rate decision later this month.
Investors in Europe are faced with additional downward pressures from the growing prospect of recessions in the euro zone and the U.K., with energy shortages arising from Russia's war in Ukraine fueling cost of living crises and soaring inflation.
The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday.
US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia's war in Ukraine and China's zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020.
Stocks in Spotlight:
Shares of Adani Enterprises advanced 3.84% while those of Shree Cement declined 2.37%. Adani Enterprises will replace Shree Cement in the 50-share benchmark NIFTY 50 index effective 30 September 2022.
Adani Ports and Special Economic Zone rose 1.64%. The company's handled cargo volume increased by 18% YoY to 29.3 MMT in August 2022. Of the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review.
Eicher Motors added 0.33%. The company's total motorcycles (Royal Enfield) sales soared 53% to 70,112 units in August 2022 as against 45,860 units sold in the same period last year.
Hero MotoCorp declined 1.75%. The two-wheeler major's total sales rose 1.92% to 462,608 units in August 2022 as against 453,879 units sold in August 2021. Sequentially, this translates into a growth of 3.82% over the month of July 2022, when the company had sold 445,580 units.
Birla Corporation declined 0.73%. The company said that it has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon w.e.f. 1st September, 2022. The company said that there is no binding agreement entered for sale of the Unit-Auto Trim Division, Gurgaon.
IndusInd Bank shed 0.90%. The private lender on Friday (2 September 2022) announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India.
Aurobindo Pharma slipped 0.83%. The board of directors of 100% subsidiary company, CuraTeO Biologics Pvt. Ltd. (CuraTeQ) decided to expand its operations by establishing another mammalian cell culture manufacturing facility of higher capacity to cater to the future requirements. The board also decided to enter into contract manufacturing operations (CMO) for biologicals for effective utilization of capacities and augmenting the business prospects in this area.
HBL Power Systems zoomed 10.07% to Rs 88 after the company bagged multiple orders from various divisions of the Indian Railways worth more than Rs 600 crore.
Natco Pharma slipped 0.97%. The company said that its board has approved a proposal to sell the investment of 15% of shareholding in joint limited liability company (JLLC) Nativita for 3.45 lakh euros to Pharmasyntez-Nord Joint Stock Company.
Further, the drug maker's board has approved a proposal to assign the leasehold land wherein the company's pharma division is situated at Dehradun, Uttarakhand, and sell the buildings, plant, machinery and fixtures constructed and/or installed there to Odon Lifesciences for Rs 15.73 crore.
SIS lost 0.63%. The company announced that its subsidiary, SIS Australia Group Pty has signed share purchase agreement for acquisition of 85% shareholding in Safety Direct Solutions Pty for a cash consideration of AUD 5 million.
Tanla Platforms added 2.81%. The company said that its board will consider proposal for buyback of equity shares on Thursday, 8 September 2022.
Confidence Petroleum India jumped 7.24%. The company said that its board will meet on Tuesday, 06 September 2022, to consider a proposal of fund raising through issue of shares /share warrants on the basis of preferential allotment.
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