At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 293.35 points or 0.53% to 55,975.30. The Nifty 50 index added 95.20 points or 0.57% to 16,700.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.51% while the S&P BSE Small-Cap index added 0.59%.
The market breadth was strong. On the BSE, 1,838 shares rose and 649 shares fell. A total of 114 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed.
Economy:
The Reserve Bank of India (RBI) on 21 July 2022 said that the rate setting Monetary Policy Committee's (MPC) meeting next month is rescheduled due to administrative exigencies. The MPC will now meet on August 3-5, from previously scheduled August 2-4, said the RBI.
National Democratic Alliance (NDA) candidate Droupadi Murmu was elected the 15th President of India. She was declared elected on Thursday after four rounds of counting, posting an unassailable lead over her rival and the Opposition's candidate Yashwant Sinha, who conceded the election thereafter. The President-elect will take oath on July 25.
Stocks in Spotlight:
RBL Bank fell 0.84%. The bank reported standalone net profit of Rs 201.16 crore as against a net loss of Rs 459.47 crore in Q1 FY23 over Q1 FY22. Total income rose marginally to Rs 2,702.91 crore in Q1 FY23 from Rs 2,679.19 crore in Q1 FY22.
Emami rose 1.48%. The company announced acquiring 30% stake in a pet-care start-up "Cannis Lupus Services India Private Limited". The extensive knowledge and experience of pet care and pet training acquired by Cannis Lupus over the years would be helpful in developing and scaling up the business soon.
Welspun Corp rose 0.85%. The iron and steel company announced the commissioning of its Blast Furnace and Sinter plant, and TMT Bars manufacturing facility at Anjar, Gujarat through its wholly owned subsidiaries.
Global markets:
Asian stocks are trading mixed on Friday as investors digest Japan's inflation data. Official data released Friday showed that prices in Japan rose 2.2% in June compared to a year ago. It followed rises of 2.1% in May and April.
The Asian Development Bank has cut the growth forecast for China due to concerns over the country's zero-Covid approach and strict lockdowns, which have also impacted its troubled property market. Gross domestic product growth for the world's second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday.
Wall Street's main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla.
The European Central Bank raised interest rates by more than expected on Thursday. The ECB raised its benchmark deposit rate by 50 basis points to zero percent, as it joined global peers in jacking up borrowing costs. It was the euro zone central bank's first rate hike for 11 years. Ending an eight-year experiment with negative interest rates, the ECB also increased its main refinancing rate to 0.50 percent and promised further rate hikes possibly as soon as its next meeting on September 8.
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