RIL, financials drag indices; Sensex tanks 667 pts, Nifty settles at 10,900

The broader Nifty50, meanwhile, slipped below the crucial 11,000 level, and was at 10,938 level, down 135 points or 1.22 per cent.
Continuing its losing spree, the domestic stock market ended in the red for the fourth consecutive session on Monday, weighed down by Reliance Industries (RIL) and financial counters. Financial stocks tumbled as investors turned cautious ahead of the Reserve Bank of India (RBI) monetary policy meeting, which starts Tuesday (August 4) with the outcome due on August 6 (Thursday).  

The S&P BSE Sensex today tumbled 667 points or 1.77 per cent to settle at 36,940. Of 30 constituents, 24 ended in the negative territory, and the rest 6 advanced. RIL, HDFC Bank, HDFC, and Infosys contributed the most to the index's loss. 

NSE's Nifty slipped below the crucial 11,000 level to end at 10,900, down 174 points, or 1.57 per dent. Volatility index, India VIX, climbed 3.89 per cent to 25.13 levels, indicating increased volatility in the market.

Sectorally, Nifty Bank tumbled the most - down 505 points or over 2 per cent to 21,135 levels while Nifty Private Bank index slipped nearly 3 per cent to 11,531 levels. Nifty PSU Bank index, on the other hand, gained over 0.5 per cent to 1,419 levels. 

In the broader market, the S&P BSE MidCap index fell 0.31 per cent to 13,717 and the S&P BSE SmallCap index gained over 1 per cent to 13,155. 

Among individual stocks, shares of Bandhan Bank tumbled 12 per cent to Rs 304.2 on the BSE after nearly 21 per cent of the bank's equity changed hand on the NSE and BSE via block deals. READ MORE

Shares of Laurus Labs zoomed over 15 per cent to hit an all-time high of Rs 1,080 on the BSE during the day. The company last week had reported a strong set of numbers for the quarter ended June 2020. The stock ended at Rs 1,006, up nearly 8 per cent. READ MORE 

Global markets

European shares inched higher on Monday as German stocks outperformed on the back of improving Chinese manufacturing data, but a warning from Europe’s biggest lender HSBC over rising bad loans sent banking stocks lower. 

In commodities, gold prices surged to an all-time high on Monday as fears about the economic fallout from rising Covid-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.

Oil prices, on the other hand, fell on fears about the economic fallout from rising Covid-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August.

(With inputs from Reuters)


Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services

Indian benchmark indices closed in the negative with losses, following mixed global cues. As virus cases continued to rise and with the uncertainty regarding rate actions by the RBI, markets succumbed to the momentum slowdown visible in the last couple of trading sessions. Losses were led by financials. Although momentum has slowed down, stock specific action is still happening, dependent mainly on the earnings results and commentary. As long as the markets hold the current range, these downturns could be shortlived and should be utilized to accumulate quality stocks.

Market Snapshot at Close

Sectoral trends on NSE at Close

Sensex Heatmap at Close

Closing Bell

Closing Bell | Sensex ends over 650 pts lower

RIL, others are building their own 5G: What it means for telecom industry?

A silent revolution is sweeping the global telecom industry. For the first time, mobile operators are building their own 5G virtualised networks, breaking the stranglehold of incumbent telecom gear makers such as Ericsson, Nokia or Huawei.
The new networks are based on “open platforms”, are no longer hardware-centric and potentially much cheaper. READ MORE


NEWS ALERT:: Bandhan Bank confirms stake sale of 20.95% by promoter in block deal today

>> Consequent to the above transaction, the shareholding of NOFHC in the Bank has been reduced to 40 per cent of the total paid-up voting equity capital of the Bank which is in compliance with the aforesaid guidelines and the licensing conditions of the Bank.

(Source: BSE filing)


MARKET CHECK:: Top 5 gainers on the BSE at this hour

INDEX GAINER:: Titan Co gains 4%


Investors no longer smiling as Colgate's market share worries weigh

The stock of Colgate-Palmolive India (Colgate), which had risen over 4 per cent on Wednesday after reporting better-than-expected June 2020 quarter (Q1) numbers, lost about 2 per cent in the next two trading sessions. This was due to concerns over toothpaste market share recovery. READ MORE

NEWS ALERT :: Wockhardt announces Covid-19 vaccine partnership with UK govt

>> Co has entered into an agreement with the UK Government to fill finish Covid-19 vaccines

>> As per the terms of the agreement the company has reserved manufacturing capacity to allow for the supply of multiple vaccines to the UK Government in its fight against Covid-19, including AZD1222, the vaccine co-invented by the University of Oxford and its spinout company, Vaccitech and licensed by AstraZeneca.

(Via BSE filing)

BROKERAGE VIEW:: Centrum Broking on Dabur (India)

Dabur’s Q1FY21 print was better than estimates. Consol. revenue/ EBITDA/ APAT declined at 12.9%/9.0%/10.9% YoY. The domestic business declined 6.9%, while international business (26% of sales) declined 21.6% (CC). Despite 40 days lockdown which impacted HPC portfolio (-14.9%), its healthcare and new product launches in the hygiene segment received good response growing at 29.2%, while the Foods segment declined 34.4%. Management cited its power brand strategy and focus on village coverage met the demand from the migrant population yielding good results in Q1. Further, Project Samriddhi (cost reduction) coupled with a cut in ad-spends helped in improving margins. Considering the sharp focus on Health and hygiene segment we have increased revenue/PAT estimates for FY21E/FY22E by 4.5%/5.8% and 7.4%/8.9%. We retain our Buy rating with DCF-based revised TP of Rs 542, implying 51x FY22E earnings.

Auto sales recovery may not reflect correct picture, say experts

As income levels fall, top-selling models for the month of July and consumer enquiries also reflect that buyers are going for more affordable models. The top-selling models were entry-level models like Alto and Wagon R. In Maruti’s recent analyst call, the company mentioned that the percentage of inquiries for the hatches is around 65 per cent as against 55 per cent in the past. READ MORE

Videocon staring at liquidation as Covid-19 pandemic deters buyers

Once India’s biggest electronics maker, Videocon Industries (VIL) is now staring at liquidation, as bidders worry about the company’s prospects and look to conserve cash in times of Covid.
The company was admitted for debt resolution in June 2018 under the Insolvency and Bankruptcy Code (IBC) after it started defaulting on its Rs 40,000-crore debt. According to a source close to the development, bankers considered sending the company into liquidation at a meeting on July 29. READ MORE

Rupee Closing

Rupee closes weaker at 75.01 per US dollar vs Friday's close of 74.81/$

Laurus Labs in focus, zooms over 15%; stock hits all-time high

For the April-June, 2020 quarter, Laurus Labs posted consolidated revenue of Rs 974 crore, up 77 per cent year-on-year (YoY) while earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 285 crore, up 288 per cent YoY. EBITDA margin came in at 29 per cent while net profit or profit after tax (PAT) zoomed 1047 per cent YoY to Rs 172 crore. READ MORE 

NEWS ALERT | DFS seeks approval for PSB recap worth Rs 1.25 trillion via bonds: Agencies

>> Seeks approval from Cabinet 

Alert: DFS is Department of Financial Services

Weak domestic business to offset gains on JLR front for Tata Motors

Hit by Covid-related lockdowns at both JLR and its domestic operations, Tata Motors reported its second consecutive quarterly loss. Barring the profit in the December quarter last year, this will be the fourth quarterly loss since the start of FY20. READ MORE

RBI monetary policy: As economic contraction looms, majority see rate pause

Opinions are divided about the course of action the Reserve Bank of India (RBI) could possibly take in the upcoming monetary policy review. This is because a contracting economy due to coronavirus (Covid-19) along with lockdowns, rising bond supply and inching up of long-term rates reduce the marginal efficacy of successive rate cuts. READ MORE


Bank stocks tumble; Nifty Private Bank index slips 3%; PSBs buck the trend

Individually, Bandhan Bank skid over 10 per cent per cent to Rs 309 on the BSE on Monday after nearly 21 per cent of the bank's equity changed hand on the NSE and BSE via block deals. Approximately 33 crore shares, representing 20.57 per cent equity of the bank and worth Rs 10,482 crore, changed hands on the counter at around 9:15 am on the BSE and NSE. However, till 12:50 pm, 47.63 crore shares had changed hands on the NSE and BSE. READ MORE 

UPDATE:: Unichem Lab jumps 20%

BROKERAGE VIEW:: Axis Securities on JK Cement


JKCL has expanded its capacity by 33% from 10.47  mn tpa to 13.97 mn tpa and all the extended capacity is ramping up gradually. With the coming up of new capacity the company has the opportunity to capture further market share in its key market of Northern India and also gain in the lucrative central India market. We expect volume CAGR of 8% over FY20-23E which is significantly higher than the industry growth of 4% CAGR over the same period.

UPDATE:: Top 5 losers on the BSE at this hour


Are the markets entering a consolidation phase? Here's what charts suggest

Markets started the first trading day of August 2020 lower, with the S&B BSE Sensex slipping over 400 points in intra-day deals. The broader Nifty50, on the other hand, slipped below the crucial 11,000-level, and was trading at 10,978 level, down 95 points or 0.86 per cent around noon deals on Monday. Here are the key levels you should keep a tab on as regards the frontline indices. READ MORE 

UPDATE:: HPCL trades 2.6% higher

NEWS ALERT :: RBI board to meet on August 14 to mull a dividend to Govt

>> Reports earlier suggested RBI could transfer Rs 60,000 crore dividend to the govt

(As reported by CNBC TV18)

June Quarter Result :: Bank of India reports profit of Rs 843.6 crore

>> NII is at Rs 3,481 crore

>> Gross NPA at 13.91% from 14.48% QoQ

>> Net NPA at 3.55% from 3.88% QoQ

>> Provision at Rs 1,512 crore

BROKERAGE VIEW:: Edelweiss Securities on Mahindra Holidays

Mahindra Holidays & Resorts (MHRL) saw Covid-19 affect its performance with standalone/HCR revenues down 29%/66% YoY. Even member additions were weak with only 1,270 members added, down ~70% YoY. That said, sharp cost control on the standalone business helped MHRL clock PAT growth but HCR’s losses expanded. Though the situation is improving gradually, given MHRL’s core product/business falls under discretionary consumption, we believe it would take the longest to recover and that a major impact of Covid-19 will continue to be seen over the coming quarters. Hence, we continue to maintain ‘HOLD’ with a TP of Rs 144.

Future Lifestyle Fashions hits 5% lower circuit on Q4 net loss of Rs 149 cr

While its total income rose 4.47 per cent year-on-year (YoY) to Rs 1,442.96 crore during the quarter under review, from Rs 1,381.19 crore in the year-ago quarter, itss total expenses jumped 17.14 per cent YoY to Rs 1,579.55 crore in Q4FY20 as compared to Rs 1,348.39 crore. READ MORE

NEWS ALERT :: Suzuki Plc says can’t provide guidance for FY21 as Covid-19 pandemic is spreading in co’s major market of India

(as reported by CNBC TV18)

Tata Chemicals shares slip 4% after Q1 net profit declines 67% YoY

Shares of Tata Chemicals fell as much as 4 per cent to Rs 293.05 apiece on the BSE on Monday after the company posted a 67.23 per cent drop in its consolidated net profit at Rs 74.15 crore for the June quarter due to poor sales. It had posted a net profit of Rs 226.33 crore in the year-ago quarter. READ MORE 

Auto stocks gain ground

TATA MOTORS 109.85 4.92
ASHOK LEYLAND 49.80 2.36
TATA MOTORS-DVR 38.80 3.60
M & M 607.85 0.22
TVS MOTOR CO. 392.95 1.29
» More

Index watch

BSE SENSEX 37203.52 -403.37 -1.07
BSE 500 14275.55 -70.63 -0.49
BSE MID-CAP 13822.68 63.57 0.46
BSE SMALL-CAP 13152.33 130.57 1.00
S&P BSE LARGECAP 4220.85 -34.80 -0.82
> More on BSE Indices

Vakrangee freezes at 5% upper circuit as Q4 profit grows 4-fold YoY

The specialty retail's revenue from operations stood at Rs 207.39 crore in Q4FY20, as against Rs 101.46 crore for the corresponding quarter last year, registering a growth of 104.32 per cent. Besides, its EBITDA (earnings before interest, tax, depreciation, and amortisation) clocked a 69.87 per cent growth to Rs 31.63 crore compared to Rs 18.62 crore for the corresponding quarter last year. READ MORE

Auto stocks advance post encouraging July sales numbers; pare gains later

Among individual stocks, Tata Motors was trading nearly 4 per cent higher at Rs 108.7 and was the top gainer on the S&P BSE Auto index. Next on the list were Amara Raja Batteries, Ashok Leyland, Eicher Motors, and Motherson Sumi. Maruti shares advanced as much as 2.76 per cent to Rs 6,433.85 during the day. However, at the time of writing of this report, the stock was trading over 0.4 per cent lower at Rs 6,234.20. READ MORE 

Bandhan Bank to IDBI Bank: 5 bank stocks that investors are betting on

Apart from being mid-cap banking stocks, the common link between Bandhan Bank, IDBI Bank, IDFC First Bank, Federal Bank, and CSB Bank is that they have undergone a sea change in the past two years. While for IDBI Bank and IDFC First, their new managements have forced them to course correct, in the case of CSB, the need to reinvent may have been for existential reasons. READ MORE

Indian Oil slips 3% as June quarter profit declines 47% YoY to Rs 1,911 cr

"The company's sales during the month of April 2020 were impacted significantly by the nationwide lockdown and consequently capacity utilization of the plants was lower. However, the same has come back close to normal levels by the month of June 2020," it said. READ MORE

Tata Motors rallies 8% after June quarter nos

Shares of Tata Motors rallied over 8 per cent on the BSE on Monday after the company on Friday released its June quarter numbers for the fiscal year 2020-21 (Q1FY21). Analysts at Citi believe there are multiple drivers for JLR’s volume improvement, which should boost profits, due to operating leverage. It has a "BUY" rating on the stock with the target price of Rs 155.  READ MORE

ALERT | IHS Markit India Manufacturing PMI

At 46.0 in July, the seasonally adjusted IHS Markit India Manufacturing PMI fell from 47.2 in June, and pointed to a marked deterioration in business conditions across the Indian manufacturing sector.
The downturn was partially driven by a further contraction in output. Although far softer than recorded in April and May, the rate of reduction accelerated from June and was sharp overall. Anecdotal evidence indicated that firms pared back production in line with weaker demand conditions. 

Nifty Private Bank index dips 2%

STOCK ALERT :: Divis Labs hits record high in a weak market

Rupee Opening

Rupee opens lower at 74.90 per US dollar vs Friday's close of 74.81

Anand Rathi on Navin Fluorine

We expect revenue, EBITDA and PAT to register 18%, 22% and 25% CAGRs over FY20-22, supported by the rising share of high-margin products, strong performance in specialty chemicals, higher revenue from CRAMS on a pick-up in utilisation at the CGMP3 plant and revenue from a high-performance product expected to be commissioned in Q4 FY22. We expect a challenging FY21 for its refrigerant and inorganic fluorides businesses due to lower demand from end-user industries, expected to be normal from H2. We maintain a Hold rating on the stock, with a revised target of Rs 1,950 (PEs of 36x FY22e, 24.5x FY22e EV/EBITDA). We are satisfied about the company?s confidence in its high-margin businesses and the announced HPP capex. Risks: Lower CRAMS utilisation, refrigerant-gas phase-out, capex delays

HDFC Securities on Hexaware

While business dynamics exhibit protracted recovery, stock price performance will trail developments around the delisting proposal. The shareholder approval for delisting (10- Aug) and the subsequent developments on offer price are likely to drive the near-term stock performance. Our target price of Rs 360, 14x Jun-22E EPS, follows ~3% EPS estimate increase for CY21E.

Nomura on HDFC

Nomura on Tata Motors

We set our target EV/EBITDA multiple for JLR to 1.5x in-line with peers (from 1.7x) as we roll forward valuation to avg FY22F- FY23F and 10x for the standalone business. We value investments at Rs 38/share. We maintain our Reduce rating and prefer M&M (MM IN, Buy) as our top pick in the sector.

INTERVIEW :: Krishna Karwa, MD, Emkay Global

Retail investors have been actively participating in the recent rally. Do you see this trend sustaining?
There  has been a massive increase in retail participation in the last three months as can be seen in the number of demat accounts opened. The share of retail participation in the cash market has also surged to almost 75 per cent now from 55 per cent during normal times. This retail surge is more from the day traders. Once the economy fully reopens, some of these enhanced volumes will subside; however, in the medium-term, we are very optimistic that retail volumes will continue to trend upwards. Extremely competitive brokerage structures and technology-driven brokerage platforms will continue to attract new tech-savvy traders. READ THE FULL INTERVIEW HERE

Krishna Kumar Karwa

ICICI Securities on Relaxo Footwears

Given the dominant presence in non-metro cities and being the market leader in value priced segment (in terms of volumes), Relaxo is well placed to further consolidate its market share. Over the years, Relaxo Footwear has maintained balance sheet prudence with controlled working capital cycle (NWC days: 65 days), healthy asset turns of 2.5x and generating RoCE of 20%+.

Relaxo, through its strong balance sheet and brand patronage, is expected to tide over the current situation better than small peers. We largely maintain our estimates and bake in revenue & EPS CAGR of 10% & 18%, respectively, in FY20-22E. Given the recent correction in stock price (~20%), we upgrade the stock from HOLD to BUY and maintain our target price of Rs 715 (56.0x FY22E EPS)

ICICI Securities on Tata Communications

The consistent performance of the data segment is impressive with step up in margins led by scale & cost initiatives. The rising internet traffic and work from home (WFH) are structurally positive for the company. We revise our EBITDA estimates upwards by ~20% and ~14% for FY21 and FY22, respectively. The company’s strategic growth plan, focused approach and consistent improvement in data segment warrant a multiple re-rating, a part of which is visible in the price run up. We believe continued performance and deleveraging possibilities bode well for the company. Thus, we upgrade to BUY (vs. HOLD earlier) with a revised SoTP target price of Rs 880/share

Edelweiss on Sun Pharma

Sun Pharmaceuticals’ (SUNP) Q1FY21 earnings, adjusted for a one-time settlement charge, beat estimate ~15%. Better-than-expected growth in branded domestic business and APIs partly offset the ~18% QoQ decline in ex-Taro US sales. Global specialty sales were muted at USD78mn (USD126mn in Q4FY20), despite full quarter of Absorica LD (only four weeks in Q4FY20), primarily due to clinic closures, which significantly impacted Ilumya and Levulan. One of the most important monitorables–conversion of Absorica to Absorica LD–was slower than expected.

The other key monitorable–uptake in Ilumya and its conversion from the Early Access Programme (EAP) to paying patients–remains to be seen. Given the sustained strength in branded domestic, we align SUNP’s target multiple to our sector average of 22.0x (previously 20.5x). However, we remain cautious on US growth, which depends on Halol OAI resolution and specialty execution. Maintain ‘REDUCE’ with revised TP of Rs 450 (earlier Rs 410)

Edelweiss on Dr Lal Pathlabs

Covid-19 exacted a heavy toll on Dr. Lal’s (DLPL) Q1FY21 numbers. The 21% YoY decline in revenues led to significant operating deleverage. The maximum impact came from closure of OPDs and IPDs, only partially offset by incremental volumes from covid-19 testing, which are margin-dilutive. Management commented there is no disruption in network availability and its non-covid-19 tests were at about 90% of normal levels in June and July.

Besides, covid-19 has made people more focused on healthcare, which will give a boost to the diagnostic industry over medium to long term. Given the structural tailwind around increased consumer awareness of health and a robust long-term outlook, wherein customers are likely to prefer established quality brands, we are raising the target multiple to 45x (from 40x earlier).  Maintain ‘HOLD’ with a revised target price of Rs 1,800 (Rs 1,600 earlier)


UPL trades 5% lower after June quarter nos

IndusInd Bank trades around 3% lower

BUZZING STOCK:: Tata Motors up 5.5% after June quarter nos

BLOCK DEAL:: Bandhan Bank slips nearly 9% after 20.57% equity changes hands

SECTOR WATCH:: Nifty Auto trades over 1.6% higher

Top gainers and losers on the S&P BSE Sensex


At 09:16 am, the S&P BSE Sensex was trading 205 points or 0.55 per cent lower at 37,402 while NSE's Nifty was quoting 63 points or 0.57 per cent lower at 11,010 levels.

July Auto Sales :: Bajaj Auto sales decline 33% YoY

Commodity heatmap :: Gold hits fresh record high on MCX


Maintains 'Buy', Target price: Rs 230

>> Strong operational performance 

>> Banks should be able to navigate current cycle well

>> Overall, core PPoP/Asset and a weak capital position are a concern

>> Current valuation look undemanding despite weak RoE trajectory 

BROKERAGE VIEW :: Morgan Stanley on SBI

Maintains 'Equal Weight', Target price: Rs 215

>> Good Q1 on better-than-expected margin, higher deposits, low moratorium

>> Macro climate is tough and will weigh on margin, asset quality in H2

>> Raise FY21/22/23 EPS estimates by 10%/5%/5%


Upgrades to 'Buy', Target price: Rs 135

>> Q1 beat driven by aggressive cost reduction measure

>> Both JLR and India surprised on EBITDA and FCF despite volume decline

>> Management has guided for positive FCF in Q2-Q4FY21 and FY22

>> Raise FY21-22 EBITDA forecast by 4-6%, FCF forecast from Rs 3000 cr to Rs 4000 cr

BROKERAGE VIEW :: Morgan Stanley on JSPL

Maintains 'Overweight', Target price: Rs 215

>> Guali Mine would help company in securing captive supply

>> High bid premium will lead to material increase in iron ore cost

>> We believe company will reduce logistics costs

BROKERAGE VIEW :: CLSA on telecom sector

>> ARPU to rise to Rs 200 in coming quarters

>> After Q1FY21, Bharti Airtel has fully provided for AGR dues

>> Jio underlined its $20 billion fund raising, besides its digital services ramp-up

>> Bharti Infratel-IndusTower merger looks inevitable

>> Positive on Airtel, Jio, Bharti Infratel

>> Voda Idea will lose share but ARPU will rise


Maintains 'Buy', Target price: Rs 660

>> Remain confident of specialty product ramp-up

>> Adjusted profit ahead of estimate due to strong core profitability

>> US lockdown affected specialty sales


Maintains 'Sell', Target price: Rs 65

>> Standalone profit missed estimates by 59%

>> Core refining margin slumped to record low of (-)$8.3/bbl

>> Inventory gains helped EBITDA stay in the green

>> Weal global oil demand keeps its refining outlook subdued

Stock picks by Angel Broking

For the early part of the week, 11,200-11,250 should be considered as an immediate resistance zone. The banking space has been the weakest link and the way it is placed, the directional move in benchmark would mainly be triggered by the banking stocks only. Hence, all eyes would be on it. Apart from this, the entire Pharma space has been once again on a roll after a brief pause and there were some other sectoral movers also, that kept buzzing and bucking the trend. So, the pragmatic approach would be to focus on individual stocks until the time market remains in the above-mentioned range. READ MORE

Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

BUY MOTHERSON SUMI | CMP: Rs 94.90 | TARGET: Rs 110-118 | STOP LOSS: Rs 90
The stock has been maintaining a strong base near 90 levels and has started picking momentum to indicate a positive bias. It has got strength and has potential to rise further in the coming days. The RSI also has indicated a trend reversal to signal a buy and with the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of Rs 110-118, keeping the stop loss of Rs 90. READ MORE

Bulk deals on BSE as on Friday

Bulk deals on NSE as on Friday

FII/FPI & DII trading activity on NSE, BSE and MSEI

NEWS ALERT :: China factory activity expands at fastest pace in nearly a decade

>> China’s factory activity expanded at the fastest pace in nearly a decade in July as domestic demand continued to improve after the coronavirus crisis, though export orders and employment remained weak, a private business survey showed on Monday.

>> The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) rose to 52.8 last month from June’s 51.2, marking the sector’s third consecutive month of growth and the biggest jump since January 2011.
>> It also beat analysts’ forecasts for a more modest improvement of 51.3. The 50-mark separates growth from contraction on a monthly basis.

(Source: Reuters)

NEWS ALERT :: Japan first-quarter GDP unchanged at (-) 2.2%

>> Japan’s economy shrank an annualised 2.2% in January-March, unchanged after a second revision, data from the Cabinet Office showed on Monday.

>> The additional revision for gross domestic product (GDP) compared with economists’ median forecast for a 2.8% contraction in a Reuters poll.
>> On a quarter-on-quarter basis GDP shrank 0.6%, also unchanged from the second preliminary reading and compared with a median forecast for a 0.7% fall.

(Source: Reuters)

SGX Nifty hints at weak start for August

>> At 8:11 am, the index was at 11,035.20 level, down 69.70 points or 0.63 per cent.

Wall Street on Friday :: Nasdaq surges on megacap earnings

Source: Reuters

Asia stocks off to cautious start

Source: Reuters

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