The domestic equity barometers traded with strong gains in early trade as trading resumed after a long weekend. The Nifty hovered near the 17,800 mark. FMCG, auto and bank stocks led the gains. Positive global cues boosted sentiment in early trade.
At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 382.70 points or 0.64% to 59,845.48. The Nifty 50 index added 98.25 points or 0.56% to 17,796.40.
In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index, both advanced 0.48%.
The market breadth was strong. On the BSE, 1,780 shares rose and 944 shares fell. A total of 163 shares were unchanged.
Economy:
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.
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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.
Stocks in Spotlight:
Hero MotoCorp rose 1.14%. 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.
Oil and Natural Gas Corporation fell 2.19%. 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 3.01%. 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.
Zee Entertainment Enterprises (ZEE) gained 0.39%. The company reported 50.1% drop in consolidated net profit to Rs 106.6 crore despite a 4% increase in operating revenue to Rs 1845.7 crore in Q1 FY23 over Q1 FY22.
Global Markets:
Asian stocks are 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.
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