The benchmark indices further extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, skid 415.58 points or 0.78% at 52,639.18. The Nifty 50 index slipped 133.30 points or 0.84% at 15,746.35.
HDFC Bank (down 1.09%), Reliance Industries (RIL) (down 0.84%) and Infosys (down 0.75%) dragged the indices.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.15%. The S&P BSE Small-Cap index was flat.
Sellers outnumbered buyers. On the BSE, 1,507 shares rose and 1,583 shares fell. A total of 151 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 532.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 231.80 crore in the Indian equity market on 7 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,50,78,882 with 40,01,791 deaths. India reported 4,60,704 active cases of COVID-19 infection and 4,05,028 deaths while 2,98,43,825 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Thursday reported 45,892 new COVID-19 cases in the last 24 hours, according to data from the health ministry. Thursday is the 30th consecutive day when India reported less than one lakh new coronavirus cases. The active cases have now come down below 5 lakh.
Economy:
Fitch Ratings, on Wednesday, 7 July 2021, cut India's growth forecast to 10% for the current fiscal, from 12.8% estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence.
In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280 bp to 10%, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said.
Politics:
Forty three ministers were sworn in to the Union Council of Ministers on Wednesday (7 July 2021) as Prime Minister Narendra Modi inducted many new faces. They include 15 Cabinet Ministers and 28 Ministers of State.
BJP leaders Narayan Rane, Jyotiraditya Scindia, Sarbananda Sonowal, Dr Virendra Kumar, Ashwini Vaishnaw and Bhupendra Yadav and R C P Singh of JD(U) and Pashupati Kumar Paras of LJP were sworn in as Cabinet Ministers. Union Ministers Hardeep Singh Puri, Mansukh Mandaviya, Kiren Rijiju, Raj Kumar Singh, G Kishan Reddy, Parshottam Rupala and Anurag Thakur were also elevated to the rank of Cabinet Ministers.
BJP MPs Pankaj Chaudhury, S P Singh Baghel, Rajeev Chandrasekhar, Sobha Karandlaje, Bhanu Pratap Singh Verma, Darshana Vikram Jardosh, Meenakshi Lekhi, Annapurna Devi, A Narayanaswamy and Kaushal Kishore, Ajay Bhatt, B L Verma, Ajay Kumar, Chauhan Devusinh and Anupriya Patel of Apna Dal were sworn in as the Ministers of State. Besides, BJP leaders Kapil Patil, Subhash Sarkar, Bharati Pawar, Bishweswar Tudu, Shantanu Thakur, John Barala, L Murugan and Nisith Pramanik and others also took oath as Ministers of State.
This is the first Cabinet expansion of the Narendra Modi government in the second tenure.
Gainers & Losers:
Bajaj Auto (up 0.88%), Shree Cements (up 0.75%), NTPC (up 0.68%), IndusInd Bank (up 0.45%) and Tech Mahindra (up 0.36%) were major gainers in Nifty 50 index.
JSW Steel (down 2.18%), Hindalco Industries (down 2.10%), Tata Steel (down 1.65%) and Sun Pharmaceutical Industries (down 1.60%) were major losers in Nifty 50 index.
Nifty Result Today:
IT major Tata Consultancy Services (TCS) (down 0.93%) will announce its quarterly result today.
Stocks in Spotlight:
Macrotech Developers advanced 3.16% after the company said that it has clocked pre-sales of Rs 957 crore in Q1 FY22, up by 88% from Rs 509 crore in Q1 FY21. The company's pre-sales are, however, lower by 62% compared with Rs 2,531 crore in Q4 FY21. Customer collections stood at Rs 1,714 crore in the first quarter of the current financial year, higher by 346% compared with the corresponding period a year before. Sequentially, the collections have declined by 18% from Rs 2,089 crore in Q4 FY21. The real estate firm has reduced consolidated net debt by Rs 3,600 crore during the quarter. Lodha has entered into joint development agreements with two new projects totaling 1.5 million sq ft of saleable area.
Tata Motors declined 2.11%. The auto major said that the Group's global wholesales in Q1 FY22, including Jaguar Land Rover, were at 2,14,250 units., higher by 134%, as compared to Q1 FY21. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q1 FY22 were at 52,470 units., higher by 355%, over Q1 FY21. Global wholesales of all passenger vehicles in Q1 FY22 were at 1,61,780 units., higher by 102% as compared to Q1 FY21. Global wholesales for Jaguar Land Rover were 97,141 vehicles. Jaguar wholesales for the quarter were 21,373 vehicles, while Land Rover wholesales for the quarter were 75,768 vehicles.
Global Markets:
European shares fell across the board while most Asian stocks declined on Thursday, 8 July 2021.
Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced. Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other tech firms, which once again raised concerns over the regulatory outlook.
In the US, the S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.
The US Federal Reserve's minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.
Investors also likely continued to monitor the Covid situation regionally. The Japanese government is set to declare another Covid-19 state of emergency in Tokyo until August 22, as per reports. Meanwhile, Australia's New South Wales state announced Wednesday a week-long extension of Sydney's lockdown.
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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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