Barometers trade with minor cuts; breadth positive

The key equity barometers are trading with minor losses in the early trade amid mixed Asian cues. The Nifty traded above the 17,600 mark. Realty, metal and oil & gas shares saw buying demand while healthcare, pharma and IT stocks corrected.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 166.09 points or 0.28% to 59,166.51. The Nifty 50 index declined 48.30 points or 0.27% to 17,610.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was positive. On the BSE, 1,440 shares rose and 1,010 shares fell. A total of 111 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,298.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 729.56 crore in the Indian equity market on 11 August, provisional data showed.

Earnings Impact:

Aurobindo Pharma rose 0.20%. The company's consolidated net profit dropped 32.4% to Rs 520.50 crore on 9.4% rise in total income to Rs 6235.9 crore in Q1 FY23 over Q1 FY22.

Apollo Hospitals Enterprise fell 2.15%. The company's consolidated net profit dropped to Rs 323.78 crore in Q1 FY23 as compared with net profit of Rs 500.68 crore in Q1 FY22. Total income rose to Rs 3811.66 crore from Rs 3784.85 crore.

Aster DM Healthcare slumped 7.44%. The company's consolidated net profit rose 54% to Rs 69 crore on 12% rise in revenue to Rs 2662 crore in Q1 FY23 over Q1 FY22.

Sunteck Realty rose 0.51%. The company's consolidated net profit rose 724% to Rs 25 crore on 66% rise in revenue from operations to Rs 144 crore in Q1 FY23 over Q1 FY22.

Global markets:

Asian stocks were trading mixed on Friday following strong gains in the previous session as investors digested the U.S. inflation report.

US stocks struggled for direction on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.

US producer prices unexpectedly fell in July amid a drop in the cost for energy products. The producer price index for final demand declined 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said on Thursday. The PPI climbed 1.0% in June. In the 12 months through July, it increased 9.8% after advancing 11.3% in June.

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