Indian equity benchmarks ended modestly higher on Friday
led by gains in Telecom, Basic Materials and TECK stocks. Key indices made a positive start and stayed in green for the most part of the day. Reserve Bank of
India
(RBI) raised the benchmark lending rate by 50 basis points to 5.40% to
tame inflation. It has also retained its FY23 gross domestic product (GDP)
growth forecast at 7.2%.

Also Read | Why are KCR and Nitish Kumar missing from PM Modi’s big NITI Aayog meet?

The Nifty50 has formed a small negative candle on the daily
chart with minor upper and lower shadows, reflecting rangebound action in the
market, according to Nagaraj Shetti, Technical Research Analyst at HDFC
Securities. He expects the benchmark to take a breather before regaining
momentum.

Indian Indices

The Sensex rose 81.13 points or 0.15% to 58,387.93 while
the Nifty was up by 15.50 points or 0.09% to 17,397.50 at close of trading on Friday.
The Sensex moved in a high and low band of 58,649.19 and 58,244.86. There were 16
stocks advancing against 14 declining stocks on the index. The Nifty traded in
a range of 17,474.40 and 17,348.75. There were 28 stocks advancing against 22
stocks declining on the index.

Also Read | FTC to review Amazon’s iRobot acquisition for antitrust violations

Broader Indices

The broader indices ended in green with the BSE mid-cap
index increasing 0.09%, while small-cap index was up by 0.23%. The top gaining
sectoral indices on the BSE were Telecom up by 1.34%, Basic Materials up by
0.89%, TECK up by 0.82%, IT up by 0.72% and Bankex up by 0.47%, while Utilities
down by 1.86%, Power down by 1.59%, Auto down by 1.12%, Consumer Durables down
by 0.84% and Consumer Discretionary down by 0.45% were the top losing indices
on BSE.

Also Read | Amazon to acquire Roomba makers for $1.7 billion

India VIX Index

Nifty or India VIX, a gauge of the market’s expectation of
volatility over the near term, fell 1.78% to 18.92 on Friday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the
index in India with a 77 points loss. The Nifty futures were trading at 17,346.50 on the Singaporean Exchange around 06:45 hours IST.

Also Read | How inflation affects RBI’s interest rate policy

Support and Resistance levels

The key support level for the Nifty is placed at 17,339,
followed by 17,281. If the index moves up, the key resistance levels to watch
out for are 17,465 and 17,532, according to pivot charts.

US Markets

The S&P 500 fell 6.75 points, or 0.16%, to 4,145.19.

The Dow Jones Industrial Average rose 76.65 points, or 0.23%,
to 32,803.47.

The Nasdaq fell 63.03 points, or 0.50%, to 12,657.57.

The Russell 2000 index of smaller companies rose 15.37
points, or 0.81%, to 1,921.82.

Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate

Asian Markets

Asian markets ended mostly higher on Friday. The Nikkei 225
rose 0.87%, the Hang Seng rose 0.14%, the KOSPI Composite rose 0.72% and the
Shanghai Composite rose 1.19%.

European Markets

European markets ended mostly lower on Friday. France’s CAC
40 was up by 0.63%, Germany’s DAX was down by 0.55% and London’s FTSE 100 was down
by 0.11%.

Also Read | Why interest rates are being hiked globally?

Major News Headlines

RBI MPC hikes repo rate by 50 bps as
inflationary pressures intensify

The Reserve Bank of India (RBI) Governor Shaktikanta Das on
Friday announced that the Monetary Policy Committee voted unanimously to hike
the benchmark interest rate by 50 basis points (bps) to 5.4% with immediate
effect. The Standing Deposit Facility (SDF) rate is adjusted to 5.15%. The
Marginal Standing Facility (MSF) and bank rate are revised at 5.65%. The RBI
Policy stance is retained at Withdrawal of Accommodation.

RBI Governor Shaktikanta Das while delivering his MPC
statement said, the Indian economy is impacted by global situations. The
globalisation of inflation coincides with de-globalisation of trade, he said.

Also Read | In times of turbulence, Indian economy is island of stability: RBI Governor

State Bank of India Q1 Results: Net profit falls
6.7% to Rs 6,068 crore

The country’s largest lender posted a 6.7% year-on-year
decline in profit at Rs 6,068 crore for the quarter ended June 30, 2022,
impacted by lower operating profit and other income, though supported by lower
provisions. Net interest income during the April-June period rose 12.87%
year-on-year to Rs 31,196 crore. However, operating profit declined 32.8%
year-on-year to Rs 12,753 crore and other income plunged 80% year-on-year to Rs
2,312 crore for the reported quarter. Loan loss provisions declined 15.14% to
Rs 4,268 crore.

Also Read | Explained: Changes in repo rates and their impact on stock market

Bharat Petroleum Corporation Q1 Results: Consolidated
loss widens to Rs 6,291 crore

The oil marketing company reported a standalone loss of Rs
6.290.80 crore for the quarter ended June 30, 2022, compared to a profit of Rs
3,192.58 crore in the same quarter of previous financial year, impacted by an
increase in input cost. Revenue from operating surged by 54% year-on-year to Rs
1.38 lakh crore for the April-June quarter. The average gross refining margin
(GRM) of the Corporation for the quarter was $27.51 per barrel against $4.12
per barrel in first quarter as the supressed marketing margins of certain
petroleum products have offset the benefit of higher GRM.

Also Read | Explained: Impact of RBI’s repo rate hike on deposits, loans

FSN E-Commerce Ventures Q1 Results: Consolidated
profit grows 42% to Rs 5 crore

The parent of Nykaa posted a 42.24% year-on-year increase
in consolidated profit at Rs 5.01 crore for the quarter ended June 30, 2022,
aided by better topline and operating performance of the cosmetics-to-fashion
retailer. Revenue from operations for the period came in at Rs 1,148.4 crore,
reporting a 40.56% growth compared to the same quarter of previous financial
year. The consolidated gross merchandise value (GMV) has been quite strong, and
has grown 47% year-on-year to Rs 2,155.8 crore for the reported quarter.

Also Read | Why is Meta making a bond offering now?

Bulk Deal data

Nakshatra Garments Private Limited bought 2,12,290 shares
in Arihant Superstructures Limited at Rs 176.15 per share on the Nse.

Macritchie Investments Pte Limited sold 202,50,000 shares
in Crompton Greaves Consumer Electrical Limited at Rs 370.74 per share on the
Nse.

Eriska Investment Fund Ltd bought 75,000 shares in Dev
Information Technology Limited at Rs 199.95 per share on the Nse.

Samalkha Shares Consultants LLP bought 25,00,000 shares in
Integra Essentia Limited at Rs 6.65 per share on the Nse.

Also Read | SoundCloud lays off 20% of its global workforce

Company Shivaay Trading bought 2,55,000 shares in Indbank
Merchant Banking Services Limited at Rs 24.74 per share on the Nse.

Mangalam Laboratories Private Limited sold 71,810 shares in
IMP Powers Limited at Rs 8.26 per share on the Nse.

Shaibal Ghosh bought 1,00,939 shares in Kshitij Polyline
Limited at Rs 44.41 per share on the Nse.

Reliance Mutual Fund sold 746,81,276 shares in NMDC Limited
at Rs 110.81 per share on the Nse.

Also Read | RBI monetary policy committee meet: Key highlights

DII and FII data

Foreign institutional investors (FIIs) have bought
shares worth a net Rs 1,605.81 crore, whereas domestic institutional investors (DIIs)
net sold shares worth Rs 495.94 crore on August 5, as per provisional data
available on the NSE.

NSE F&O Ban

Balrampur Chini Mills, Escorts and Delta Corp are the
stocks/securities that have been placed under the F&O ban for August 8.
Securities in the ban period under the F&O segment include companies in
which the security has crossed 95% of the market-wide position limit.