Stock Market Today: GIFT Nifty indicates a bearish start; Zydus Lifesciences, HCL Tech in focus

Stock Market Today: Futures on GIFT Nifty in the Dalal Street got off to a bad start when the Nifty traded 29.5 points, or 0.15%, lower at 19,450. Asian stocks had a difficult day on Monday ahead of China data that is anticipated to strengthen the case for significant stimulus even as Beijing looks unresponsive to the calls. Following a 2% decline last week, MSCI's largest index of Asia-Pacific shares outside of Japan declined an additional 1.1%. Early on Friday, the rupee lost 8 paisas to 82.74 US cents against the US dollar, following a strong US dollar against key international rivals.

Oil eases on stronger dollar, China demand concerns

After seven weeks in a row of increases driven by OPEC+ output curbs, oil prices dipped on Monday as worries about China's sluggish economic rebound and a stronger dollar weighed. Brent crude futures were down 29 cents, or 0.3%, to $86.52 per barrel, while U.S. West Texas Intermediate crude was down 24 cents, or 0.3%, to $82.95 per barrel.

Despite anticipation that the Federal Reserve is nearing the end of raising interest rates, prices declined on Monday as the U.S. dollar index extended gains following a somewhat larger increase in producer prices in the country in July increased Treasury yields.

Glenmark Pharma Q1 net profit falls 18%

The June 2023 quarter's consolidated net profit for Glenmark Pharma fell by 18% to Rs 1.7 billion as a result of increasing costs. In the same quarter of the prior fiscal year, the company had a combined net profit of Rs 2.1 billion.

Comparing the current quarter to the same quarter last year, the consolidated total revenue from operations was Rs 34 billion. In comparison to the same quarter a year prior, total expenses increased to Rs 30.4 billion from Rs 25.5 billion.

Stock Market Today: Top stocks of the day

The share price of Zydus Lifesciences will be discussed today. For the April–June quarter of the fiscal year 2023–2024, the company recorded a 109% increase in consolidated net profit at Rs 10.9 billion. The pharmaceutical company had previously declared a net profit of Rs 5.2 billion. The top buzzing stock will also be HCL Tech. After announcing a partnership with Verizon Business, the firm experienced one of the finest days for shareholders in the past 14 months, with intraday gains reaching a high of Rs 1,186.95. With the US telecom giant, HCL Tech said that it has signed a $2.1 billion contract.

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