Equity indices traded sideways with small gains in morning trade. The Nifty traded above the 15,800 mark. Metal and IT stocks declined while realty stocks advanced.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 38.89 points or 0.07% at 52,900.14. The Nifty 50 index was up 7.65 points or 0.05% at 15,825.25.
In broader market, the S&P BSE Mid-Cap index was flat while the S&P BSE Small-Cap index was up 0.14%.
The market breadth was positive. On the BSE, 1597 shares rose and 1281 shares fell. A total of 133 shares were unchanged.
The media reported that Prime Minister Narendra Modi is expected to announce cabinet reshuffle at around 6 pm on Wednesday (7 July 2021). This will be first cabinet expansion in the second term of PM Modi. The cabinet expansion is set to witness record inductions of members from OBC and scheduled caste communities, reports suggested.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 184,546,448 with 3,991,715 global deaths.
India reported 459,920 active cases of COVID-19 infection and 404,211 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty IT index slipped 0.64% to 28,465.95. The index has lost 1.87% in three days.
Coforge (down 1.34%), Tech Mahindra (down 1.34%), Mindtree (down 1.24%), HCL Tech (down 1.07%), Wipro (down 0.69%) and Infosys (down 0.65%) were top losers in IT space.
Stocks in Spotlight:
Titan Company fell 1.92%. The company recorded revenue growth of about 117% (excluding bullion sales) in Q1'22, with revenue contribution of approximately 50%, 10% and 40% coming from April, May and June months respectively.
During the quarter, the jewellery segment grew by 107% (excluding bullion sales) as compared to last year, primarily due to zero sales in April of last year. Most of the sales of May month was lost in both the years. The watches & wearables division grew 280% over Q1 FY21 as sales were nil in April month of last year and moreover the recovery this year has been faster than that witnessed last year when footfalls in stores were very weak due to higher apprehension of covid. The eye wear division grew 117% over Q1 FY21 as sales were nil in April month of last year and also on back of rapid recovery in walk-ins in May 2021 and June months, compared to last year. Total store operational days were at 71%, 19% and 62% for the April 2021, May 2021 and June month respectively. 90%+ of stores are now open.
RBL Bank added 2.37%. The private sector bank's total deposits jumped 21% to Rs 74,480 crore in the quarter ended 30 June 2021 as against Rs 61,736 crore reported in the quarter ended 30 June 2020. Retail LCR Deposits surged 47% to Rs 29,484 crore. Current Account-Savings Account (CASA) soared 35% to Rs 25,071 crore. CASA ratio stood at 33.7% as on 30 June 2021 as against 30.1% registered on 30 June 2020. Liquidity Coverage Ratio fell to 135% on 30 June 2021 from 164% posted on 30 June 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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