Indices trade with strong gains; Nifty hovers at 17,650

The benchmark indices continued to trade with modest gains in the mid-morning trade. The Nifty hovered near the 17,650 mark. Positive global cues boosted the sentiments. Barring the Nifty FMCG index, all the other sectoral indices on the NSE traded in the green.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 552.25 points or 0.94% to 59,369.54. The Nifty 50 index gained 111.70 points or 0.64% to 17,646.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% while the S&P BSE Small-Cap index gained 0.55%.

The market breadth was strong. On the BSE, 1,903 shares rose and 1,274 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 1.78% to 30,228.55. The index fell 0.92% in two trading sessions.

Among the components of the Nifty IT index, Mindtree (up 3.26%), Larsen & Toubro Infotech (up 3.12%), Tech Mahindra (up 2.49%), Wipro (up 2.03%) and Mphasis (up 1.72%) were the top gainers.

Among the other gainers were Tata Consultancy Services (up 1.45%), HCL Technologies (up 1.23%), Infosys (up 1.1%), Coforge (up 1.09%) and L&T Technology Services (up 0.69%).

Stocks in Spotlight:

Coal India fell 0.43%. The state-run coal major's consolidated net profit climbed 178.7% to Rs 8,832.86 crore on 39.5% jump in revenue from operations to Rs 32,497.98 crore in Q1 FY23 over Q1 FY22. The company's profit before tax stood at Rs 12,077.38 crore in the first quarter, up 178.6% to Rs 4,335.56 crore recorded in the corresponding quarter previous year.

Eicher Motors rose 0.86% after the company's consolidated net profit increased to Rs 611 crore in Q1 FY23 from Rs 237 crore in Q1 FY22. Total revenue from operations was recorded at Rs 3,397 crore, up 72% as compared to Rs 1,974 crore in the corresponding quarter of FY 2021-22. EBITDA was Rs 831 crore as compared to Rs 363 crore in the same quarter of the previous financial year.

HEG gained 3.86% after the company's consolidated net profit surged 180.1% to Rs 159 crore on 74.5% increase in net sales to Rs 721.95 crore in Q1 June 2022 over Q1 June 2021. On a consolidated basis, the company's PAT rose 23% and net sales increased 7.26% in Q1 June 2022 over Q4 March 2022.

Global markets:

Asian stocks advanced on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japan's market is closed for a holiday Thursday.

Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.

The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.

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