Benchmarks at day's high; Sensex adds 465 pts

The benchmark indices traded near the day's high with moderate gains in the afternoon trade. The Nifty traded a tad above the 16,100 mark. All the sectoral indices on the NSE traded in the green. Trading was volatile due to expiry of weekly index options on the NSE today.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 464.67 points or 0.86% to 54,215.64. The Nifty 50 index added 138.60 points or 0.87% to 16,128.40.

The broader market outperformed the domestic equity benchmarks. The S&P BSE Mid-Cap index rose 1% while the S&P BSE Small-Cap index gained 1.26%.

Buyers outnumbered sellers. On the BSE, 2,235 shares rose and 964 shares fell. A total of 152 shares were unchanged.

Investors continued to assess the minutes from the US Fed's June meeting which showed the central bank's determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.

Gainers & Losers:

Titan (up 5.79%), UPL (up 3.11%), Mahindra & Mahindra (up 2.59%), BPCL (up 2.46%) and Indusind Bank (up 2.43%) were major Nifty gainers.

Bajaj Finserv (down 1.05%), Bajaj Finance(down 0.99%), Dr. Reddy's Laboratories (down 0.91%), Reliance Industries (down 0.91%) and Cipla (down 0.73%) were majority Nifty losers.

Q1 Update Impact:

Titan Company rallied 5.79% to Rs 2,129.90 after the firm said that its sales in Q1 FY23 soared 205% year on year (YoY) on a low base and clocked 3-year CAGR of 20.5% over Q1 FY20. The company said Q1FY23 was a near normal first quarter after a gap of two years. The firm said its network expansion and campaigns continued to progress well throughout Q1 FY23, which was the only non-disrupted first quarter in the last three years.

The company's flagship Jewellery division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya (AT) in May month after 2 years of covid induced lockdowns in this period. On a low YoY base, the jewellery division revenues nearly tripled, clocking a growth of 207%. Growth in plain gold jewellery was nearly 3-times whereas studded sales were comparatively higher YoY.

JSW Steel increased 0.36% to Rs 557.15. The Mumbai-based steel making company said that the Group's combined crude steel production for Q1 FY23 was 5.88 million tonnes, registering a growth of 16% YoY. JSW Steel had recorded crude steel production of 5.07million tonnes in Q1 FY22. The crude steel production was lower sequentially by 2%, due to preponement of certain scheduled shutdowns during the financial year 2022-23, the steel maker said.

JSW Ispat Special Products rose 0.84% to Rs 23.95 after the company reported 25% YoY decline in crude steel production to 0.11 million tonnes (MT) in Q1 FY23 as against 0.14 MT recorded in Q1 FY22. The company's crude steel production tumbled 37% as against 0.17 MT produced in Q4 FY22. The crude steel production was lower sequentially due to preponement of certain scheduled shutdowns during the financial year 2022-23, the company stated.

Kalyan Jewellers India rose 3.84% to Rs 63.55 after the company said that it achieved consolidated revenue growth of over 105% in Q1 FY23 as compared to the same period in the previous financial year. The company said it witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East. The jewellery retailer said it witnessed revenue growth of over 115% for India operations during the recently concluded quarter, as compared to Q1 FY22.

Global markets:

The Dow Jones index futures were up 114 points, indicating a positive opening in the US stocks today.

Shares in Europe and Asia rose across the board on Thursday as investors digested the minutes from the Federal Reserve's June 14-15 monetary policy meeting.

The European Central Bank will be publishing the minutes of its last meeting on Thursday while the Group of 20′s foreign ministers meet in Bali.

U.S. stocks moved slightly higher on Wednesday. Federal Reserve officials recognized that a "more restrictive stance" in policy could be suitable if inflation doesn't ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.

"Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis," the document said.

Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May. The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May.

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