Nifty above 17,400; Sensex adds 200pts; breadth turns positive

The key equity indices traded with modest gains in the morning trade. The Nifty traded above the 17,400 mark. Auto, bank and financial shares were in demand while IT, pharma and healthcare stocks corrected.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 200.56 points or 0.34% to 58,588.49. The Nifty 50 index gained 48.65 points or 0.28% to 17,446.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 1,870 shares rose and 1,289 shares fell. A total of 167 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,605.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 495.94 crore in the Indian equity market on 5 August, provisional data showed.

Earnings Today:

Bharti Airtel (down 0.14%), Adani Ports and Special Economic Zone (up 0.78%), Power Grid Corporation of India (up 0.31%), NALCO (up 0.06%), Astrazeneca Pharma India (up 0.74%), Chemcon Speciality Chemicals (down 1.39%), City Union Bank (down 0.06%), Delhivery (down 1.26%), Dhanlaxmi Bank (up 0.98%), Gujarat Narmada Valley Fertilizers & Chemicals (up 0.74%), Housing & Urban Development Corporation (up 1.07%), JK Tyre & Industries (up 0.78%), Vedant Fashions (up 2.85%), Samvardhana Motherson International (up 0.19%), Sequent Scientific (up 1.55%), Sun Pharma Advanced Research Company (down 0.09%), Subex (down 3.53%), Torrent Power (up 0.02%), and Whirlpool of India (up 0.60%) are some of the companies that will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Auto index rose 0.58% to 12,878.05. The index fell 1.09% in the past trading session.

Among the components of the Nifty Auto index, Mahindra & Mahindra (up 2.17%), Ashok Leyland (up 1.55%), Sona BLW Precision Forgings (up 0.99%), Maruti Suzuki India (up 0.8%) and Tata Motors (up 0.71%) were the top gainers.

Among the other gainers were Bharat Forge (up 0.42%), Escorts Kubota (up 0.25%), Hero MotoCorp (up 0.24%), Bajaj Auto (up 0.12%) and Bosch (up 0.01%).

Tata Motors rose 0.71% after the company said that its subsidiary Tata Passenger Electric Mobility (TPEML) and Ford India (FIPL)have signed a unit transfer agreement (UTA) for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat. The agreement includes land and buildings, a vehicle manufacturing plant along with machinery and equipment and transfer of all eligible employees of FIPL's vehicle manufacturing operations at Sanand, for a total consideration, exclusive of taxes, of Rs 725.7 crore.

Stocks in Spotlight:

Power Grid Corporation of India rose 0.11%. The state-owned utility will seek shareholders' approval on 29 August 2022, to raise upto Rs 6,000 crore through the issuance of bonds during the financial year 2023-24. Power Grid Corporation of India is planning to raise funds from domestic sources through private placement of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free bonds in one or more tranches but not exceeding twenty tranches/offers.

State Bank of India (SBI) declined 2.33% after the bank's standalone net profit declined 6.7% to Rs 6,068 crore on a 3% fall in total income to Rs 74,988.57 crore in Q1 FY23 over Q1 FY22. Profit before tax in Q1 FY23 stood at Rs 8,360.18 crore, down by 6.3% from Rs 8,922.86 crore in Q1 FY22. Net Interest Income (NII) increased by 12.87% YoY to Rs 31,196 crore during the quarter. Net Interest Margin (domestic) was at 3.23% in Q1 FY23 as against 3.15% in Q1 FY22.

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