The key equity indices are trading with modest gains in the early trade on buying demand in index pivotals. Barring the Nifty Metal index, all the sectoral indices on the NSE were trading in the green.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 183.8 points or 0.34% to 53,599.95. The Nifty 50 index gained 46.80 points or 0.29% to 15,985.45
In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.18%.
The market breadth was strong. On the BSE, 1,535 shares rose and 847 shares fell. A total of 108 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 309.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 556.40 crore in the Indian equity market on 14 July, provisional data showed.
Also Read
Economy:
India's merchandise exports in June 2022 were $40.13 billion, as compared to $32.49 billion in June 2021, exhibiting a positive growth of 23.52%. Merchandise imports in June 2022 were $66.31 billion, which is an increase of 57.55% over imports of $42.09 billion in June 2021.The merchandise trade deficit in June 2022 was estimated at $26.18 billion as against $9.60 billion in June 2021, which is an increase of 172.72%.
Earnings Impact:
ACC declined 1.58% after the cement maker reported 60% fall in consolidated net profit to Rs 227 crore despite a 15% rise in net sales to Rs 4,393 crore in Q2 June 2022 as compared with Q2 June 2021. Cement sales volume stood at 7.56 million tonnes (up 10.5% YoY) while the sales volume of Ready Mix Concrete was 0.83 million cubic meters (up 43.1% YoY) in the Apr-Jun 2022 quarter.
Larsen & Toubro Infotech (LTI) gained 1.73%. LTI recorded 0.5% fall in consolidated net profit to Rs 634.4 crore on a 5.1% rise in revenue to Rs 4,522.8 crore in Q1 FY23 over Q4 FY22. As compared with Q1 FY22, the company's net income and revenue have increased by 27.7% and 30.6%, respectively.
Tata Elxsi rose 1.41% after the company reported 15.4% rise in net profit to Rs 184.70 crore on a 6.5% rise in revenue from operations to Rs 725.90 crore in Q1 FY23 over Q4 FY22.
Angel One fell 1.29%. On a consolidated basis, total revenue for the quarter ended 30 June 2022 rose to Rs 669.80 crore, as compared to Rs 462.70 crore in the same period last year. Net profit surged to Rs 181.60 crore for Q1FY23, as compared to Rs 121.40 crore in the corresponding quarter of last year.
Global Markets:
Asian stocks were trading mixed and hit a two-year low on Friday as a fresh slew of rate hikes around the world deepened worry about the outlook for global economic growth.
China's second-quarter GDP missed expectations. China's GDP grew 0.4% in the second quarter, compared with 4.8% in the first quarter. The second-quarter report is China's weakest GDP print since the first quarter of 2020 when the Covid pandemic first hit.
Wall Street indexes fell after weaker-than-expected earnings from JPMorgan Chase & Co and Morgan Stanley fanned fears of a sharp economic downturn.
Fed Governor Christopher Waller and St. Louis Fed President James Bullard on Thursday said they favored another 75-basis-point interest rate increase at the U.S. central bank's policy meeting this month.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
