Key benchmark indices reversed direction in early trade after scaling record highs. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 72.82 points or 0.13% at 54,296.95. The Nifty 50 index was down 26.25 points or 0.16% at 16,232.55. The Sensex retreated after scaling record high of 54,576.64 in opening trade. The Nifty retreated after scaling record high of 16,294.65 in early trade. Asian stocks are trading mixed.

The S&P BSE Mid-Cap index was down 0.43%. The S&P BSE Small-Cap index was down 0.93%.

The market breadth, indicating the overall health of the market, is weak. On the BSE, 690 shares rose and 1885 shares fell. A total of 79 shares were unchanged.

Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to announce its bi-monthly policy review on August 6 at the end of the three-day meeting held from August 4 to August 6. As per reports, the RBI is likely to maintain the status quo on interest rates. The MPC, a six-member team headed by RBI governor Shaktikanta Das, had left the rates unchanged last time, citing concerns about inflation.

Stocks in news:

Reliance Industries (RIL) rose 0.71%. RIL is doubling its PET recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh. The move is part of RIL's commitment to lead the industry on circular economy, enhance its sustainability quotient and bolster the entire polyester and polymer value chain.

Titan Company fell 0.61%. On a consolidated basis, Titan Company's net profit stood at Rs 18 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 297 crore in Q1 June 2020 (Q1 FY21). Consolidated revenue from operations soared 119.59% to Rs 3,004 crore in Q1 FY22 from Rs 1,368 crore in Q1 FY21.

HPCL dropped 2.52%. HPCL reported consolidated net profit at Rs 2,003.90 crore in Q1FY22 against Rs 2,252.65 crore in Q1FY21. Total income rose to Rs 77980.15 crore from Rs 46702.09 crore YoY.

Vodafone Idea tumbled 14.93%. Vodafone Idea said that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman of the board with effect from August 4. Himanshu Kapania is appointed as non-executive chairman of board, and Sushil Agarwal, a nominee of Aditya Birla Group, is appointed as additional director.

Greenply Industries lost 3.94%. Greenply Industries has announced its foray into the Medium Density Fiber (MDF) boards business. The greenfield manufacturing plant would be setup in Vadodara, Gujarat with an estimated cost of Rs 548 crore.

Time Technoplast surged 4.59%. Time Technoplast said that the company has received trial orders for 30,000 cylinders (appx) for various destinations in India.

Global Markets:

Overseas, Asian stocks are trading mixed on Thursday, following declines overnight on Wall Street.

U.S. stocks closed mostly lower on Wednesday, with the S&P 500 falling from a record high after data signaled a slowdown in jobs growth in July, and General Motors tracked its worst day since early March.

Shares of General Motors dropped sharply, weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.

Vice Chairman Richard Clarida said the Fed is on track for a liftoff in interest rates in 2023 and an announcement later this year on paring bond purchases. Clarida painted an upbeat picture of the outlook while acknowledging that the rapid spread of the delta virus strain poses a downside risk.

A measure of US services industry activity jumped to a record high in July. The Institute for Supply Management said on Wednesday its non-manufacturing activity index raced to 64.1 last month, the highest reading in the series' history, from 60.1 in June.

The ADP private payroll survey showed a gain of 330,000 jobs for July. The Labor Department's official jobs report, which typically has more impact with investors, will be released on Friday.

Back home, benchmark indices registered gains for the third consecutive day. The barometer index, the S&P BSE Sensex, was up 546.41 points or 1.02% to end at 54,369.77. The Nifty 50 index gained 128.05 points or 0.79% at 16,258.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,828.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 411.36 crore in the Indian equity market on 4 August, provisional data showed.

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