India’s Sensex Drops for First Time in Three Days

Benchmark BSE S&P Sensex -0.9% to 25,665.27; gauge rose to one-week high yday

  • CNX Nifty -1%; BSE 100 Index -0.9%; BSE 500 Index -0.8%
  • Cigarette maker ITC -2.8%; ICICI Bank -2.7%; Axis -2.5%
  • Tata Motors -2%; Bharti -1.9%; ONGC -2.1%
  • “After RBI’s credit policy yesterday, an interest-rate cut is ruled out this year unless inflation comes under control,” D.K. Aggarwal, chairman of SMC Investments & Advisors, says by phone from New Delhi; “There are no fresh local triggers.”
  • NOTE: RBI Governor Raghuram Rajan left interest rates unchanged and said there was an upside risk to his goal of slowing inflation to 6 percent by January 2016
  • Hero MotoCorp +0.6%; stk -2.3% intraday as 1Q earnings missed est.
  • NOTE: 9 of 17 Sensex cos. that have posted earnings so for June qtr have beaten or matched forecasts; ~60% of cos. posted earnings that topped or matched ests. in March qtr, and ~73% of results beat forecasts in preceding 3 mos.
  • Software exporter Infosys +1.8% as ex-directors seek $1.8b buyback to lift valuation
  • BSE 100 gainers: Godrej Consumer +4.5%, Adani Ent +3.2%, Nestle India +1.6%; Shriram Transport Finance +1.2%
  • BSE 100 losers: IDBI Bank -6.9% as 1Q net missed est.; Jaiprakash Associates -3.5%; HDIL -3.3%
  • Index movers: IT +0.7%, Communications Technology +0.1%, Capital Goods -0.1%; Bankex -1.8%, Realty -1.2%
  • BSE 500 movers: JBCP +15.3%, INOL +7.3%, INFOE +6.6%, NSE +5.4%, WHIRL +5%; BHUS -20%, CMEXP -10%, SAPH -9.4%, INL -8.6%, APTY -7.4%
  • Foreigners bought net $70m of local shrs Aug. 4, taking this year’s total inflow to $11.7b
  • Rupee -1% to 61.48
  • MXAP Index -0.4%
  • NOTE: Sensex YTD +21%
  • Related story: Sensex Profit Tripling as Rates Fall Keeps Reliance Fund Bullish

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