Markets open flat with positive bias; auto stocks lead
Most Sectoral indices were in the green with Nifty Auto leading the pack. Nifty IT, falling over 0.5% was the only laggard.
Indian benchmark equity indices opened flat on Thursday amid mixed cues from global peers. At 10:00am, Sensex was at 52,493.18, up 10.47 points or 0.02%, while Nifty added 11.15 points or 0.07% at 15,732.65. Market participants will track auto numbers while the weekly options expiry could keep the session volatile.
Bajaj Auto was the top Sensex gainer, followed by M&M, Kotak Bank, Maruti, Sun Pharma and Asian Paints. TechM, IndusInd Bank HCL Tech, Infosys Ultratech Cement were among the laggards on the 30-share index.
Most Sectoral indices were in the green with Nifty Auto leading the pack. Nifty IT, falling over 0.5% was the only laggard.
Economy
The centre’s fiscal deficit for the first two months (April-May) of 2021-22 came in at Rs 1.23 lakh crore, or 8.2% of the full-year target of Rs 15.07 lakh crore, data released by the Controller General of Accounts showed on June 30.
The fiscal deficit for the same period last year had reached 58.6% of the full-year target. The centre’s net tax revenue for April-May 2021 was Rs 2.33 lakh crore, or 15% of the full-year budget estimates, compared with just two per cent for the same period last year.
Stocks in spotlight
Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for June starting from 1 July 2021.
Indian Oil Corporation’s board has accorded “Stage – 1” approval for implementation of India’s first-ever “Styrene Monomer Project’ with a capacity of 387 thousand metric tonnes per annum (TMTPA) at an estimated cost of Rs. 4,495 crore, at IndianOil’s Panipat Refinery & Petrochemical Complex.
Union Bank of India said the bank’s board of directors approved the capital plan of the bank to raise capital funds up to Rs 9,700 crore.
Vodafone Idea reported a consolidated net loss of Rs 7,022.8 crore for the quarter ended March 31, 2021. It had posted a loss of Rs 11,643.50 crore in the corresponding quarter of the previous fiscal. Gross revenue stood at Rs 9,607.6 crore, down 18.26% against Rs 11,754.2 crore registered in the March 2020 quarter.
Agro Tech Foods (ATFL) has completed the purchase of land in Kothur (Telangana) to an extent of 2638.473 Sq Yards (2206.08 Sq meters) on 29th June 2021. This land parcel is adjacent to Company’s existing plant situated in Kothur and amounts to approx. 25% of the current land area of the existing plant and will be utilized for continued expansions of the company’s manufacturing operations.
Vimta Labs has entered into a long term Public-Private Partnership (PPP) Agreement with Food Safety and Standards Authority of India (FSSAI), Government of India, on June 29, 2021, to “Setup, Operate and Transfer”, the National Food Laboratory at JNPT, Navi Mumbai.