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SGX Nifty Indicates Flat Opening; Shree Cement, Gujarat State Petronet to Announce Results Today


Posted Date: August 09 2021 | Reading Time: 5 Minutes
At 8:15 am IST, SGX Nifty Futures was trading at 16,263, compared with Nifty’s Friday close of 16,238.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Three

Global stock markets: Dow 30, +0.4%; Nasdaq, -0.4%; S&P 500, +0.2%; Nikkei, +0.3%, Kospi, +0..03%; Shanghai Composite, +0.8%

Following a flat start, Nifty was volatile in the first hour of Friday’s session as market participants awaited the outcome of the Reserve Bank of India’s bi-monthly Monetary Policy Committee (MPC) meeting. After the announcement, the index fell 100 points and closed near the day’s low. Overall, it was a very strong week for long-term investors as Nifty surpassed the 16,000 level in style after consolidating for two months. Last week, all sectoral indices, barring Nifty Media (-4.5%), closed higher. Financial-related sectors were the major advancers.

Currently, the distribution day count stands at three, and Nifty is trading at an all-time high. We will continue to follow the action of leaders and look for constructive behavior and potential entry points to develop. If the index adds a couple of distribution days, stages a reversal, or breaches key moving averages, we may change the market status to an Uptrend Under Pressure. We continue to recommend a selective approach to increase risk. Focus on quality ideas emerging from sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Companies Announcing Results Today: Shree CementGujarat State PetronetAstrazeneca Pharma India, and others.

Key News

Bank Of Baroda’s Q1 FY22 PAT advanced to Rs 1,281 crore from a loss of Rs 864.3 crore in Q1 FY21. NII grew 15.8%  y/y to Rs 7,891.9 crore. GNPA was up to 8.9% versus 8.8% in Q4 FY21.

Amber Enterprises India’s Q1 FY22 PAT advanced to Rs 11.2 crore from a loss of Rs 23.9 crore in Q1 FY21. Revenue grew  33.7%  y/y to Rs 707.9 crore.

Affle (India)’s Q1 FY22 PAT stood at Rs 35.9 crore against a profit of Rs 18.8 crore in Q1 FY21. Revenue advanced 69% y/y to Rs 152.5 crore.

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