Nifty above 16,140 mark, broader market outperforms

The domestic equity benchmarks traded with moderate losses in the morning trade.The Nifty traded above the 16,140 mark. Shares of PSU bank, oil & gas and healthcare were in the green while metal, financial services and FMCG stocks corrected.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 188.17 points or 0.35% to 54,207.06. The Nifty 50 index shed 62.70 points or 0.39% to 16,153.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.22% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was positive. On the BSE, 1,698 shares rose and 1,191 shares fell. A total of 169 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 170.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 296.99 crore in the Indian equity market on 11 July, provisional data showed.

Earnings Today:

HCL Technologies (down 1.10%), Delta Corp (down 1.77%), Anand Rathi Wealth (up 0.96%), Sterling and Wilson Renewable Energy (up 1.45%), Goa Carbon (up 0.08%) and Swiss Military Consumer Goods (up 6.72%) to report their financial results for Q1 FY23 later in the day.

Buzzing Index:

The Nifty Metal index fell 1.47% to 4,822.15. The index rose 1.97% in the past trading session.

NMDC (down 4.36%), Hindalco Industries (down 2.86%), National Aluminium Company (down 1.9%), APL Apollo Tubes (down 1.72%), JSW Steel (down 1.37%), Welspun Corp (down 1.17%), Tata Steel (down 1.16%), Hindustan Copper (down 0.93%), Jindal Steel & Power (down 0.88%) and Steel Authority of India (down 0.83%) edged lower.

Stocks in Spotlight:

Borosil Renewables gained 1.55% after the company said that its board is scheduled to meet on Thursday, 14 July 2022, to consider fund raising by the company. The funds would be raised either via further public offer, issuance of American depository receipts or global depository receipts, issuance of foreign currency convertible bonds, qualified institutions placement or through a combination thereof.

Suryoday Small Finance Bank advanced 3.97% after the bank's gross advances increased by 28% YoY to Rs 5,136 crore in Q1 FY23. Gross advances in Q1 FY22 aggregated to Rs 4,004 crore. Total deposits for Q1 FY23 amounted to Rs 4,020 crore, which is higher by 21% as compared with Rs 3,317 crore in Q1 FY22. CASA was at 21% in Q1 FY23 as against 16.2% in Q1 FY22.

Mishtann Foods rose 0.87% after the company's standalone net profit surged 216% to Rs 11.03 crore in Q1 FY23 as against Rs 3.49 crore recorded in Q1 FY22. Revenue from operations soared by 118.7% to Rs 158.27 crore in Q1 FY23 from Rs 72.36 crore posted in Q1 FY22. Profit before tax jumped 235.6% to Rs 16.95 crore in Q1 FY23 from Rs 5.05 crore reported in Q1 FY22.

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