Nifty, Sensex may head higher, if global markets don't wilt – Weekly closing report
Moneylife Digital Team 23 July 2021
We had mentioned in previous week’s closing report that Nifty, Sensex were on an uptrend. The major indices suffered a correction during the week,  recovered slightly and ended with minor losses.
 
The trend of the major indices in the week is given in the table:
 
 
On Monday, the indices suffered a major correction. On the NSE, there were 938 advances, 1,048 declines and 330 unchanged.
 
HDFC Bank reported consolidated profit of Rs 7,922 crore during the April-June 2021 quarter compared to Rs 6,927 crore reported in the corresponding quarter of the previous financial year. Net interest income came in at Rs 18,035 crore compared to Rs 16,743 crore in the previous year. 
 
Adani Group stocks took a hit after the Minister of State for Finance Pankaj Chaudhary told Parliament that several Adani group companies remained under the scanner of market regulator the Securities and Exchange Board of India and the government's Directorate of Revenue Intelligence.
 
HDFC Life Insurance reported net premium growth of 31.5% at Rs 7,540 crore compared to Rs 5,733.7 crore earned in the same quarter in the previous year. Net profit slumped 40.2% year-on-year to Rs 269.6 crore.
 
On Tuesday, the indices continued to fall. On the NSE, there were 478 advances, 1,511 declines and 59 unchanged.
 
Asian Paints net profit for the April-June 2021 quarter more than doubled to Rs 574.3 crore against Rs 219.6 crore in the corresponding quarter of the previous financial year. Revenue almost doubled to Rs 5,585.4 crore from Rs 2,922.7 crore in the same period last year.
 
ACC consolidated net profit more than doubled to Rs 569.45 crore from Rs 271 crore in the year ago quarter. Sales grew 49% to Rs 3,885 crore from Rs 2,602 crore in the previous year.
 
Bajaj Finance net profit for the June 2021 quarter grew 4% to Rs 1,002.4 crore from Rs 962.3 crore in the corresponding quarter of the previous year. Net interest income grew 8% to Rs 4,489 crore from Rs 4,152 crore in the year ago quarter.
 
HCL Tech consolidated net profit for the quarter ended 30 June 2021 rose 9% to Rs 3,205 crore from Rs 2,931 crore in the same period last year. Revenue grew by 12.48% to Rs 20,068 crore, from Rs 17,842 crore in the previous year. 
 
The equity markets were closed on Wednesday on account of Bakri Eid.
 
On Thursday, the indices opened higher and closed with major gains. On the NSE, there were 1,369 advances, 638 declines and 49 unchanged.
 
Digital payments and financial services platform Paytm filed for a Rs 16,600 crore initial public offer. 
 
IDFC received permission from the RBI to exit as promoter of IDFC First Bank where it holds 36.56% stake.
 
DB Corp offices in several cities underwent search by the income tax department over alleged tax evasion.
 
UltraTech Cement reported consolidated profit of Rs 1,700.03 crore compared to Rs 793.08 crore in the year ago period. Revenue rose to Rs 11,830 crore from Rs 7,671 in the previous year.
 
On Friday, the indices opened higher and closed with major gains. On the NSE, there were 1,369 advances, 638 declines and 49 unchanged.
 
Zomato made an impressive debut on its listing day and closed up 66% from IPO price. 
 
Shares of Vodafone Idea plunged after the Supreme Court dismissed the plea by telecom operators to correct the alleged errors in Adjusted Gross Revenue (AGR) calculation.
 
Tata Consultancy Services (TCS) announced plans to invest Rs 600 crore at the Kinfra Electronic and Manufacturing Cluster at Kalamassery near Kerala's Kochi.
 
Magma Fincorp has been renamed to Poonawalla Fincorp after Adar Poonawalla-led Rising Sun Holdings acquired a controlling stake in the company.
 
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