Market turns range bound; Sensex adds 442 pts

The benchmark indices continued to trade in a narrow range with modest gains in the morning trade. Positive global cues boosted the sentiments. The Nifty hovered near the 16,200 mark. IT stocks snapped its five days losing streak.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 442.13 points or 0.82% to 54,202.91. The Nifty 50 index gained 140.15 points or 0.87% to 16,189.35

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index added 1.18%.

The market breadth was strong. On the BSE, 2,257 shares rose and 819 shares fell. A total of 168 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,649.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,059.46 crore in the Indian equity market on 15 July, provisional data showed.

Earnings Today:

HeidelbergCement India (up 0.96%), Nelco (up 1.08%), Bank of Maharashtra (up 0.93%), Bhansali Engineering Polymers (down 2.05%), Alok Industries (up 1.45%), Ganesh Housing Corporation (up 0.87%), Onward Technologies (down 0.20%) and Tanfac Industries (up 0.22%) will announce their quarterly earnings today

Buzzing Index:

The Nifty IT index advanced 2.83% to 27,234.10, snapping its five days losing streak. The index lost 6.25% in the past five trading sessions.

Among the components of the Nifty IT index, Tech Mahindra (up 4.38%), Larsen & Toubro Infotech (up 3.95%), Infosys (up 3.61%), Coforge (up 2.8%) and Wipro (up 2.59%) were the top gainers.

Among the other gainers were Mindtree (up 2.51%), Mphasis (up 2.18%), HCL Technologies (up 2.15%), L&T Technology Services (up 2.14%) and Tata Consultancy Services (up 1.92%).

Stocks in Spotlight:

Hindalco Industries gained 3.57%. Aditya Birla Group's metals flagship has signed an MoU with Israel-based Phinergy and IOC Phinergy (IOP). Israel-based Phinergy is a pioneer in metal-air battery technology. IOP is a joint venture between Phinergy and India's leading energy PSU Indian Oil Corporation. As per the MoU, Phinergy and IOP will partner exclusively with Hindalco in India, on R&D and pilot production of aluminium plates for Aluminium-Air batteries, and recycling of aluminium, after usage in these batteries.

Mrs. Bectors Food Specialities advanced 2.65% after the company said that a new production line of biscuits at Rajpura has started its commercial production with an installed capacity of 12,000 tons per annum. The new line had commenced its commercial production w.e.f. 15 July 2022. The company said that the installation of the new production line of biscuits at Rajpura is part of the overall Rajura Expansion Project, which also includes building and civil works for the manufacturing facilities.

Oberoi Realty rose 0.55% after the real estate developer's consolidated net profit surged to Rs 403.08 crore in Q1 FY23 from Rs 80.63 crore in Q1 FY22. Revenue from operations increased 221.2% YoY to Rs 913.11 crore during the quarter. As compared with Q4 FY22, the company's net profit and revenue are higher by 73.5% and 10.9%, respectively. EBITDA was at Rs 513.87 crore for Q1 FY23 as compared with Rs 135.39 crore for Q1 FY22. Operating margin was 53.90% in Q1 FY23 as against 43.93% in Q1 FY22.

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