Gift Nifty Up 140 Points | Bharti Airtel Q1 Results | IndiGo Gets Premium Upgrade | Top Buzzing Stocks Today

Tue, 6 Aug Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Indian bourses retreated heavily on Monday tracking losses in the global peers. The Sensex plunged to a low of 78,296, and the Nifty hit a low of 23,894.

At the closing bell on Monday, the BSE Sensex stood lower by 2,222 points (down 2.7%).

Meanwhile, the NSE Nifty closed lower by 662 points (down 2.7%).

HUL, Nestle and HDFC Life were among the top gainers.

Tata Motors, Adani ports and Tata Steel on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day negative. The BSE Mid Cap ended 3.6% lower and the BSE Small Cap index ended 4.2% lower.

Sectoral indices are trading on negative note with stocks in metal sector, realty sector, power sector and oil & gas sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 69,696 at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading 140 points higher at 24,283 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

Top buzzing stocks today

Marico share price will be in focus today.

Marico Ltd on August 5 reported a consolidated net profit of Rs 4.6 bn for the June quarter of FY25, registering a growth of 9% from Rs 4.3 bn in the same quarter of the previous financial year.

The total revenue of the company is Rs 26.4 bn, an increase of 6.7% from Rs 24.8 bn in the year-ago quarter, the company said in a regulatory filing.

Ashoka Buildcon will also be a top buzzing stock.

Shares of Ashoka Buidcon Limited tanked 5% to Rs 240 in morning trade on August 5 despite being the lowest bidder for two projects of the Mumbai Metropolitan Region Development Authority (MMRDA) for around Rs 12.8 bn.

This comes after the market crashed, plunging almost 3%, as global cues and recessionary fears dented sentiment.

IndiGo Gets Premium Upgrade

India's largest airline IndiGo launched 'IndiGo Stretch' business class in mid-November for 12 routes, including Chennai, Bengaluru and Hyderabad, CEO Pieter Elbers said on Monday, marking a shift from being the 'no-frill airline' to cater to the lot of premium fliers.

According to the IndiGo CEO, who was speaking at an event in Delhi to mark IndiGo's 18 years of flying, business class bookings will be open from 6 August, in the Delhi-Mumbai sector. Further, the airline plans to have business class in all metro cities from Delhi.

The latest addition to IndiGo's services, the premium class, will be available at an introductory price of Rs 18,018.

Earlier in May, IndiGo had announced a shift in business strategy after declaring a profit of Rs 81.7 bn in FY 24.

IndiGo Stretch boasts to be a tailor-made business product for India's busiest and business routes.

The interior includes a coupe-style, 2-seat wide bay along with healthy meal options from Oberoi Catering Services. Other top features include premium seats with a spacious pitch of 38 inches, a width of 21.3 inches and a six-way adjustable headrest with neck support along with a 5" deep recline.

The newly announced business class seat will have an electronic device holder, a 60-watt USB-Type C power supply and a three-pin universal power outlet.

Why PSU Stocks are Falling

Shares of the PSU pack - a recent investor favourite - were hit hard in the market selloff, with RVNL, IRFC, Mazagon Dock, and NBCC witnessing up to 8% on August 5.

The BSE PSU and CPSE indices plummeted by up to 4%, in-line with the fall in Sensex and Nifty, with all components trading in the red.

The correction was primarily driven by weak global cues as disappointing US job data has caused worries about a potential recession in the US, while there are fears of a reverse carry trade in Yen after a rate hike by the Bank of Japan.

While the near-term market sentiment may be negative, the long-term outlook on India's growth trajectory remains positive, backed by strong macroeconomic fundamentals, said Atul Parakh, CEO, of Bigul.

Rail Vikas Nigam Ltd (RVNL) is the biggest loser in the PSU pack, falling nearly 8%. Indian Railway Finance Corporation Ltd and IRCON International Ltd were down 7% each, while RailTel Corporation plunged nearly 7% during trade on August 5.

Shares of Mazagon Dock Shipbuilders fell over 6.5%, in line with the sell-off in other state-run entities and the broader markets.

Shares of Cochin Shipyard, Shipping Corporation of India, and Garden Reach Shipbuilders Ltd. were locked in a lower circuit of 5% each. Great Eastern Shipping Company stock also fell nearly 5%.

Defence PSU stocks including Bharat Dynamics, Bharat Electronics, Hindustan Aeronautics and BEML also fell up to 6%.

Bharti Airtel Q1 Results

Bharti Airtel on August 5 reported its Q1 FY25 net profit swelled 158% year-on-year to Rs 41.6 bn from Rs 16.1 bn in the corresponding quarter previous year, beating Street expectations, mainly helped by exceptional items.

Consolidated net profit before exceptional items for the first quarter was at Rs 29.3 bn.

The telecom major's revenue for the April-June quarter rose 2.8% on-year to Rs 385.1 bn from Rs 374.4 bn, which the company said was limited due to currency devaluation in Africa.

The average revenue per user (ARPU) per month, an important metric used by telecom companies to measure revenue generation, increased 5.5% year-on-year to Rs 211, from Rs 200 a year ago.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter were at Rs 199.4 bn, up 1% YoY.

EBITDA margin came in at 51.8%, shrinking by 0.9% on-year. EBIT was at Rs 93.5 bn, down 7.2% on-year.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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