The Indian stock market's benchmark indices traded firmly higher by midday on August 3, with the Nifty hovering around 24,595 level and Sensex near 78,739, as buying interest returned across sectors after a volatile previous week. Gift Nifty, as of 7.43 AM, was up 176 points or 0.72% at 24,625, signalling a gap-up start to Dalal Street. This positive momentum comes after US stocks closed in the green on Friday, with Dow Jones Industrial Average rising 0.53%, S&P 500 gaining 0.70%, and NASDAQ Composite adding 1%. However, Asian peers traded on a sombre mood, led by losses in South Korea's KOSPI index that shed 3.55%.
Several major stocks are expected to remain in focus today due to quarterly results announcements. As reported by Business Standard, companies including Maruti Suzuki India, ITC, ZEEL, Vodafone Idea, CAMS, DLF, Escorts Kabuta, Inox India, Mobikwik, Nazara Technologies, IREDA, Torrent Power, and Sun Pharmaceutical Industries will declare Q1 results 2026 today. The earnings season continues to provide market direction amid mixed global cues and domestic policy developments.
Maruti Suzuki reported a 9.11% decline in Q1 consolidated net profit to ₹3,446.9 crore, hit by higher expenses, especially material costs, despite total revenue from operations rising 35.9% year-on-year to ₹52,469.8 crore. The automaker produced a record 2,48,845 vehicles during July, up 33% from a year earlier, with management saying dealer inventory remained at just 16 days with pending bookings of around 1.6 lakh units. ITC Limited posted a 27% year-on-year fall in quarterly profit to ₹3,759 crore, as fresh cigarette tax hikes this year squeezed margins and price hikes weighed on demand for pricier brands. However, ITC shares advanced around 4% by midday after global brokerages turned positive on the company's June-quarter earnings, with Nomura noting that cigarette volume decline was lower than expected.
GAIL (India) shares declined around 5% by midday despite reporting strong June-quarter performance, as investors booked profits after the recent run-up. Standalone net profit surged 127% year-on-year to ₹4,292.33 crore and jumped 240% sequentially from ₹1,262.18 crore, while revenue from operations increased 12% quarter-on-quarter to ₹38,981.63 crore. HFCL shares gained nearly 3% after securing export orders worth $54.81 million (equivalent to ₹522.73 crore) for optical fibre cables, with contracts scheduled to be executed by January 2027. Urban Company surged around 17% after reporting improved June-quarter operating performance, with consolidated revenue increasing 44% year-on-year to ₹528.34 crore and InstaHelp crossing 100,000 delivered orders in a single day.
Bharat Electronics Limited (BEL) has secured additional orders worth ₹847 crore since the last disclosure on July 13. Muthoot Finance reported a 43% increase in consolidated profit to ₹2,825 crore for the first quarter ended June 2026, with the board recommending the appointment of Alexander George as managing director effective October 1, 2026. Redington shares surged around 8% after reporting record quarterly revenue and profit for the June quarter, supported by broad-based growth across India, the Middle East and Africa. Astra Microwave Products announced receiving an order worth ₹2,205.23 crore from Hindustan Aeronautics Limited (HAL) to supply equipment for the Uttam Radar programme.
The positive market sentiment is supported by Brent crude oil prices declining more than 6% to $82.4 per barrel following US President Donald Trump's call to call off an imminent attack on Iran to reach a deal to reopen the Strait of Hormuz. ZEEL faces regulatory challenges with Sebi imposing penalties totalling ₹1.48 crore on CEO Punit Goenka and Founder-Chairman Emeritus Subhash Chandra for securities law violations, barring them from securities market for one year. Vodafone Idea received a notice from DoT to pay liquidated damages of ₹26.83 crore for alleged default in compliance of minimum rollout obligations for spectrum allocated under 2022 auction. According to Ajit Mishra – SVP, Research, Religare Broking, markets continue to trade in a volatile yet narrow range with stability in the rupee and stock specific buying supporting recovery.
