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A total of 15,381 shares changed hands on the counter till 10:10AM (IST)

“Market now looks willing to take the bad news in its stride and usually that will be a good sign for trend reversal. In the last seven, eight months, we have seen that the market was not only ignoring good news, but bad news was being thrashed like anything. This is giving us the first sign that probably things are going to be turning better from here.”

Godfrey Phillips India Ltd., incorporated in the year 1936, is a Mid Cap company (having a market cap of Rs 6035.19 Crore) operating in Tobacco sector.

Markets digested US House of Representatives Speaker Nancy Pelosi’s visit to Taiwan on August 2, 2022, which caused many investors to stay away from risky assets amid potential US-China tensions.

"The dollar weakened last week after the (policy setting) Federal Open Market Committee meeting because the market wanted to believe that the Fed was pivoting in a dovish manner because of slowing growth," said Sim Moh Siong, currency strategist at Bank of Singapore.

Stocks that were in focus include names like New India Assurance closed with gains of over 6 per cent, Ashok Leyland which closed flat with a negative bias, and Vodafone Idea which was down by over 3 per cent.

Shares of Saven Technologies (Re 1 per share), Symphony (Rs 2 per share) and Rites (Rs 4 per share) had announced their interim dividends while shares of Pudumjee Paper Products (Re 0.2 per share) and Bata India (Rs 50.5 per share) had announced their special dividends.

"Rather than taking calls for the next 6 months, we would encourage investors to look at possibilities for the next 3 years. When we take this context, we believe that India’s nominal GDP is likely to grow at 10-12% CAGR and in turn corporate earnings are expected to grow at 12-14% CAGR. Thus, the underlying asset class of equities is likely to compound money in double digit over 3 years, as per our opinion."

“Near term, there are headwinds, coal and diesel prices continue to be high and there are cost headwinds. There is also a risk of price war in cement with a new entrant. In the near term, the cement sector may go through some more correction. But coming to long-term capex cycle thesis, cement will participate in that rally too.”

IRB Infrastructure Developers Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 14641.56 Crore) operating in Infrastructure sector.