Nifty above 17,250 mark, IDFC First Bank rallies over 8%

The domestic equity barometers marched higher and hit the day's high in the morning trade. The Nifty traded above the 17,250 mark. Auto stocks extended gains for the fourth consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 322.52 points or 0.56% to 57,892.77. The Nifty 50 index gained 105.90 points or 0.62% to 17,264.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index gained 1.07%.

The market breadth was strong. On the BSE, 2,147 shares rose and 977 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,046.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 0.91 crore in the Indian equity market on 29 July, provisional data showed.

Economy:

India's eight core sectors recorded a growth of 12.7% in June, slowing from an upwardly revised 19.3% in May, the commerce ministry said yesterday. Output in seven of the eight core sectors grew in June. Production of coal rose 31.1% year on year in June, and electricity generation rose 15.5%. Refinery products output grew 15.1% while fertilisers production gained 8.2% in June from a year earlier. Cement production rose 19.4% while steel output gained 3.3%in June. Crude oil output declined 1.7% from a year earlier. Natural gas output gained 1.2% in June.

Earnings Today:

ITC (up 0.86%), UPL (up 2.12%), Zomato (down 0.64%), Arvind (up 1.57%), Bajaj Consumer Care (up 2.37%), Barbeque-Nation Hospitality (up 2.78%), Castrol India (up 0.35%), Escorts Kubota (down 0.57%), Eveready Industries India (up 1.37%), Kansai Nerolac Paints (up 1.97%), Max Financial Services (down 0.10%), Prudent Corporate Advisory Services (up 1.48%), Punjab & Sind Bank (up 0.20%), The Ramco Cements (up 1.11%), RateGain Travel Technologies (down 0.02%), Thyrocare Technologies (up %), Triveni Turbine (up 2.80%), and Varun Beverages (up 2.94%) will declare their Q1 FY23 earnings later today.

Buzzing Index:

The Nifty Auto index gained 2.96% to 12,914.80, extending its winning streak for the fourth consecutive session. The index advanced 5.2% in four trading sessions.

Mahindra & Mahindra (M&M) (up 6.12%), Ashok Leyland (up 4.26%), Sona BLW Precision Forgings (up 4.05%), Tata Motors (up 3.58%), TVS Motor Company (up 3.32%), Maruti Suzuki India (up 3.01%), Hero MotoCorp (up 2.58%), Eicher Motors (up 1.83%), Bharat Forge (up 1.71%) and Balkrishna Industries (up 1.69%) jumped.

On the other hand, Tube Investments of India (down 2.21%) and Escorts Kubota (down 0.47%), edged lower.

Earnings Impact:

Bank of Baroda shed 0.73%. On standalone basis, Bank of Baroda's net profit surged 79.39% to Rs 2,168.13 crore on 1.02% rise in total income to Rs 20,119.52 crore in Q1 FY23 over Q1 FY22.

IDFC First Bank jumped 8.52% after the bank reported a net profit of Rs 474 crore in Q1 FY23 as against a net loss of Rs 630 crore in Q1 FY22. Total income during the quarter increased by 17% YoY to Rs 5,777 crore.

Fee and Other Income increased by 100% YoY to Rs 899 crore in Q1 FY23 from Rs 449 crore in Q1 FY22. Of this, share of wealth management & 3rd party distribution was 11% while that of credit card & toll was 16%. The increase on YoY basis was relatively higher on account of low base affect in Q1 FY22 due to lower business volumes caused by COVID impact. AUM of wealth management business has grown 92% YoY to reach Rs 6,693 crore as on 30 June 2022.

DLF declined 0.98%. The realty major's consolidated net profit rose 39.9% to Rs 469.57 crore on a 26.5% increase in net sales to Rs 1,441.63 crore in Q1 FY23 over Q1 FY22.

Nazara Technologies surged 16.19%. Nazara Technologies' consolidated net profit rose 22.2% to Rs 16.50 crore on 70% jump in net sales to Rs 223.10 crore in Q1 FY23 over Q1 FY22.

CreditAccess Grameen fell 0.15%. The company's consolidated net profit surged to Rs 139.56 crore in Q1 FY23 as against Rs 20.29 crore recorded in Q1 FY22. The microfinance lender's total income jumped 23.2% to Rs 760.52 crore in Q1 FY23 from Rs 617.37 crore reported in the corresponding quarter previous year.

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