At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 227.47 points or 0.38% to 59,690.25. The Nifty 50 index added 76.45 points or 0.43% to 17,774.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index advanced 0.70%.
The market breadth was positive. On the BSE, 1,854 shares rose and 1,619 shares fell. A total of 161 shares were unchanged.
Economy:
India's inflation based on wholesale price index (WPI) stood at 13.93% in July 2022 compared with 11.57% in July 2021. The WPI grew 15.18% in June 2022, while the figure for May was 15.88%. WPI for the month of August 2022 will release on 14 September 2022.
India's retail inflation based on the Consumer Price Index (CPI) eased to 6.71% in July 2022 compared with 7.01% in preceding month. Inflation eased mainly due to easing prices in the food & beverages section.
Also Read
India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 12.3% in June 2022. Industrial production grew 19.6% in May 2022. IIP growth in June 2021 was 13.8%, the data showed.
India's overall exports including merchandise and services exhibited growth last month. Exports registered growth of 11.51% over the same period of last year and estimated to be $61.18 billion. Overall imports also exhibited a growth of 42.90% in comparison to the corresponding period of last year. The country's imports in the last month are estimated to be $82.22 billion.
Gainers & Losers:
HDFC Life Insurance Company (up 4.16%), Adani Ports and Special Economic Zone (up 3.44%), Eicher Motors (up 3.39%), Bharat Petroleum Corporation (up 3.07%) and Hero MotoCorp(up 2.43%) were major Nifty gainers.
Hindalco Industries (down 2.10%), Grasim Industries (down 2%), Bharti Airtel (down 1.09%), State Bank of India (down 0.91%) and JSW Steel (down 0.81%) were majority Nifty losers.
Hero MotoCorp rose 2.43%. The two-wheeler maker recorded 71% jump in standalone net profit to Rs 625 crore in Q1 FY23 from Rs 365 crore in Q1 FY22. Revenue from operations for the first quarter stood at Rs 8,393 crore, a growth of 53% over the corresponding quarter in the previous fiscal.
Stocks in Spotlight:
Oil and Natural Gas Corporation fell 0.43%. The corporation reported a standalone net profit of Rs 15,206 crore in Q1 FY23, steeply higher than Rs 4,335 crore recorded in Q1 FY22. Net revenue increased 83.8% YoY to Rs 42320.72 crore during the quarter.
Life Insurance Corporation of India (LIC) added 2.17%. LIC reported a standalone net profit of Rs 682.89 crore in Q1 FY23, steeply higher than Rs 2.94 crore recorded in Q1 FY22. The insurer's total premium income surged 20.35% to Rs 98,351.76 crore in the quarter ended 30 June 2022 as against Rs 81,721.42 crore posted in the corresponding quarter previous year.
Muthoot Finance slumped 12.63%. On standalone basis, Muthoot Finance's net profit dropped 17.4% to Rs 802.01 crore on 7.6% decline in total income to Rs 2,509.27 crore in Q1 FY23 over Q1 FY22.
Global Markets:
Shares in Europe advanced while most of the Asian stocks were trading higher on Tuesday as another round of weak US data provided a little hope that the Federal Reserve will temper its pace of interest rate hikes.
US stocks rose on Monday with mega-cap growth shares, extending the market's recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content