Share Market

The capital market regulator has also imposed a penalty of Rs 50 lakh on the the AMC, along with asking the company to refund a part of the investment management and advisory fees collected from the unitholders of the six FMP schemes. The refund would be equivalent to the percentage of exposure to the Zero Coupon Non-Convertible Debentures.

FPIs pulled out $1,535 million from financial stocks last month, according to a report by Kotak Institutional Equities. IT and industrials witnessed an outflow of $465 million and $218 million, respectively, worth of foreign portfolio investments. Net FPI outflow from the equities stood at Rs 11,308 crore in July, as per NSDL data. NSDL data shows that FPI assets under custody increased marginally in July.

Build-up of investors' hopes on faster economic recovery as well as easing Covid restrictions are likely to trigger this trend. However, rotational profit-booking could induce some volatility during the week ahead. "Nifty could rise some more in the coming week in the absence of any major negatives emerging," said HDFC Securities' Retail Research Head Deepak Jasani.

A Motilal Oswal Financial Services report said that in the last 12 months, midcaps have risen by 80 per cent against a 42 per cent rise for the Nifty. In the last five years, midcaps have outperformed by 6 per cent, it said. "In P/E (price to earnings) terms, the Nifty Midcap 100 is trading at a 3 per cent premium to the Nifty," the 'Bulls & Bears (August 2021) India Valuations Handbook' said.

Its shares have been tumbling for the past three days after Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational. Around 11.50 a.m., its shares on the BSE were trading at Rs 5.33, lower by 11.61 per cent from its previous close. It touched a new 52-week low of Rs 4.55 per share.

The BSE Sensex touched a new high of 54,576.64, and the Nifty50 on the National Stock Exchange hit a record 16,294.65 points. Around 10.25 a.m, Sensex was trading at 54,284.73, lower by 85.04, or 0.16 per cent from its previous close of 54,369.77. It opened at 54,576.64 and has so far touched an intra-day low of 54,243.97 points. The Nifty50 on the National Stock Exchange was trading at 16,231.20.

Initially, India's benchmark indices started on a positive note with the global sentiments intact towards positivity, completely ignoring the spread of Delta variant around the world. However, expensive valuations capped gains. In the process, the S&P BSE Sensex hit intra-day record level of 54,440.8 points and the Nifty50 touched a new high of 16,290.2 points.

For the second quarter (Q2), the net sales increased 27 per cent to $113.1 billion, compared with $88.9 billion in the second quarter of 2020, the company said in a statement late on Thursday. It was down from $115.2 billion as estimated by global analysts. Amazon Web Services (AWS) grew its revenue 37 per cent at $14.81 billion in the second quarter.

Accordingly, the gains came on the back of recovery in the Asian markets -- especially the Hongkong and Chinese indices - and a day after US Fed kept its interest rates unchanged. Besides, expectations of healthy quarterly results and encouraging response to metal stocks pushed the markets higher. Around 2.30 p.m., Sensex was trading at 52,682.39, higher by 238.68 points or 0.46 per cent from its previous close.

Besides, high imported commodity prices is expected to subdue the Indian rupee against the US dollar. "Expect rupee to depreciate in the coming week due to Zomato outflows and other IPO money going back," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "Crude can again head towards 75 dollar per barrel mark and concerns over the Delta variant can keep markets nervous."