Nifty 50 Dips, Dow Jones Hits Record High Amid F&O Expiry & US Earnings
By Market Desk
Indian markets, including Nifty 50, declined ahead of RBI policy. US stocks surged to a new Dow Jones record, boosted by corporate earnings and geopolitical optimism.
Indian benchmark indices concluded Tuesday’s trading session lower, influenced by volatility surrounding the F&O expiry and investor caution ahead of the Reserve Bank of India’s monetary policy decision.
Conversely, US stocks opened significantly higher, with the Dow Jones Industrial Average reaching a new record, fueled by optimism for a breakthrough in talks to reopen the Strait of Hormuz and positive corporate earnings.
Indian Market Performance
The Nifty 50 closed down, while the Sensex also recorded a decline by the session’s end. This movement reflected broader market sentiment impacted by upcoming economic policy decisions.
- Nifty 50: Down 159.40 points (0.64%) to 24,614.90
- Sensex: Down 210.08 points (0.27%) to 78,428.95
US Market Rally
The US market demonstrated robust gains, driven by both geopolitical developments and strong corporate results. The Dow Jones Industrial Average led this upward trend, achieving a new all-time high.
- Dow Jones Industrial Average: Up 758.29 points (1.43%) to 53,936.70
Key Quarterly Earnings
Several companies announced their quarterly results, showcasing varied performance across sectors. Noteworthy increases in net profit and revenue were observed for multiple firms.
- Castrol India: Q2 net profit up 43.6% to Rs 348 crore; revenue up 21.1%.
- Marico: Q1 net profit grew 25% to Rs 630 crore; revenue increased 22.9%.
- Bharti Airtel: Q1 net profit rose 11.5% to Rs 8,167 crore; revenue up 5.7%.
- Kalyan Jewellers: Q1 net profit rose 32%; revenue increased 45.7%.
- ONGC: Q1 net profit soared to Rs 17,034 crore (from Rs 6,650 crore in previous quarter); revenue up 29.3%.
- NHPC: Q1 net profit increased by 2.9% to Rs 1,096 crore.
- Metro Brands: Q1 net profit down 4.8%.
- PTC India: Q1 net profit fell by 49.8%.
Corporate Developments & Deals
Significant corporate actions and strategic announcements marked the day, ranging from ratings upgrades and new facility groundbreakings to acquisitions and expansion plans. These activities reflect ongoing growth and restructuring efforts within various industries.
- ITI: Received a positive outlook on its bank loan ratings from India Ratings.
- Escorts Kubota: Announced a groundbreaking ceremony for a new manufacturing facility.
- Nykaa: Acquired a 51% stake in Aminu Wellness Pvt. Ltd.
- LIC: Government-exercised oversubscription option increased OFS offer size to 6.5% of paid-up equity share capital.
- HFCL: Approved a Rs 400 crore expansion of optical fiber manufacturing.
- Deepak Nitrite: Appointed a new CEO for its Advanced Intermediates Business and approved a large BPA project.
Trading Activity and IPOs
The market also saw notable bulk and block deals across several companies, indicating significant institutional or large-investor activity. Additionally, the IPO segment remained active with new offerings and recent listings.
- Bulk/Block Deals: Observed in Adani Power, Bajaj Auto, Meesho, Paytm, Poonawalla Fincorp, and Sudeep Pharma.
- Upcoming Board Meetings: SIS and Tips Music to discuss buybacks; Pearl Global Industries to consider bonus and stock split.
- IPO Updates: Ardee Industries’ IPO is opening; Manipal Health Enterprises’ IPO listed, subscribed 5.12 times.
- F&O Cues: Nifty Aug Futures down 0.39%; LIC currently under F&O ban.