Morning Cuppa 9-Aug
Morning Cuppa 9-Aug
MORNING CUPPA
Aug 9, 2024
Equity :
• Nifty closed @24,117.00 (−180.50) and Sensex @ 78,886.22 (−581.79) on Thursday. GIFT Nifty was
trading at 24390 (as of 7.30 a.m.)
• FIIs net sold equities in cash to the tune of Rs 2,627 cr whereas DIIs bought equities in cash worth Rs
577 cr on August 08, 2024
• LIC reported standalone net profit rose 9.61% y/y in the June quarter to ₹10,461 crore
• Page Industries Q1FY25 net profit rises 4.3% YoY to Rs 165.22 crore
• Stricter F&O rules likely to shift volumes to offshore Gift City, says CEO
• Bharat Forge said its consolidated net profit declined 18% to Rs 175 crore in Q1FY25
• Aadhar Housing Finance Q1FY25 PAT jumps 37% YoY to Rs Rs 200 crore
• India Shelter Finance Corporation reported a 77% YoY growth in PAT to Rs 84 crore for Q1FY25
• Cochin Shipyard Ltd reported a 76.5% YoY jump in net profit at ₹174.2 crore Q1FY25
• Biocon Ltd reported a 550.59% YoY jump in net profit at ₹659.7 crore Q1FY25
• (SAIL) reported a 61.5% YoY decline in net profit at ₹81.8 crore for Q1FY25 due to lower net sales
realisation (NSR) and adjustments related to exceptional items
• Vedanta puts $2.5 bn steel business sale on hold
• Fortis Health to acquire PE stake in diagnostics arm for Rs. 1,780 cr
• Bangladesh crises may be a speed bump for Indian 2W majors who together hold more than 50%
market share
• Sobha Ltd. consolidated net profit sank 50% to Rs 6.06 crore in Q1FY25
• Indian ADRs: Dr Reddy's (+1.4%), HDFC Bank (+1.35%) and ICICI Bank (+1.3%)
Debt:
• 10yr G-sec yield rose by 2 bps to 6.88% on Thursday
• RBI’s MPC decided to keep repo rate unchanged at 6.5% with a 4:2 vote in its Aug’24 meeting. It
maintained “withdrawal of accommodation” policy stance citing food inflation risks
• RBI kept its growth and inflation forecast unchanged for FY25 with real GDP growth at 7.2% and CPI
inflation at 4.5%
• RBI Governor said monetary policy can’t afford to overlook sustained increase in food prices even if
core inflation is declining since households are more affected by food prices
• As per RBI, some banks and NBFCs are not following norms on top up loans pertaining to loan to value
(LTV) ratio and monitoring of end use of funds
Commodities:
• Brent crude was up by 0.82% to $78.97/barrel after U.S. jobs data eased demand concerns and war in
the Middle East helped prices recover
• Gold futures settled higher driven by strong safe-haven demand and growing expectations for a
sizeable interest rate cut from the U.S. Federal Reserve in September. Spot gold was up by 1.67% to
$2,424.7/oz on Thursday
• India’s fuel consumption rose by more than 7% y/y to 19.653 million metric tons in July, driven by
increased air travel and overall economic growth
• Reliance Industries plans to use naphtha supplies as partial payment for crude purchases from
Venezuela after obtaining U.S. approval last month to resume oil trade with the sanctioned producer
Currency:
• Rupee depreciated by 1 paise and settled at 83.96 against the US dollar on Thursday, as global
risk appetite remained shaky and dollar sales by state-run banks
• US Dollar Index (DXY) increased by 0.09% to end at 103.29 on Thursday, as Markets continued to
underestimate the Fed and are confident that it will rush to cut
• CHF/USD fell by 0.88% to end at 1.15 on Thursday, as geopolitical risks draw investors to safe-
haven Swiss Franc
• USD/AUD fell by 1.13% to end at 1.517 on Wednesday, after RBA doubled down on its hawkish
rhetoric
International Markets:
• U.S. markets rallied on Thursday with the Dow Jones, S&P 500 and Nasdaq up by 1.76%, 2.30%
and 2.87% respectively. All 3 major futures indices are trading down by 3-7 bps at the time of
writing the report
• U.S. initial unemployment claims fell by 17,000 to 233,000 for the week ended 03-Aug.
Economists polled by Reuters had forecast 240,000 claims for the latest week
• China CPI increased by 0.5% MoM in Jul-24 vs. a decline of 0.2% MoM in Jun-24 and was ahead
of expectations of a 0.3% MoM increase. On a YoY basis CPI increased by 0.5% YoY in Jul-24 as
compared to 0.2% YoY increase in Jun-24
Change (%)
Last Traded Price 1D MTD YTD 1Y
Sensex 78,886 -0.7% -3.49% 9.2% 19.8%
Nifty 50 24,117 -0.7% -3.34% 11.0% 23.2%
S&P BSE Mid Cap 46,626 -0.4% -4.13% 26.6% 53.5%
S&P BSE Small Cap 53,193 -0.2% -3.87% 24.6% 50.9%
Dow Jones 39,446 1.8% -3.42% 4.7% 11.7%
Nasdaq 16,660 2.9% -5.34% 11.0% 20.0%
Hang Seng 17,127 1.4% -1.25% 0.5% -10.7%