The domestic equity barometers traded with modest gains in the morning trade. The Nifty traded above the key 16,000 level after regaining that level in early trade. Pharma shares extended gains for the second trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 184.66 points or 0.35% to 53,698.81. The Nifty 50 index gained 55.95 points or 0.35% to 16,022.60
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index added 0.10%.
The market breadth was positive. On the BSE, 1,569 shares rose and 1,321 shares fell. A total of 148 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,839.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,799.22 crore in the Indian equity market on 13 July, provisional data showed.
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Earnings Today:
ACC (down 0.67%), Larsen & Toubro Infotech (down 2.61%), Angel One (down 0.21%), Tata Elxsi (up 0.63%), Tata Steel Long Products (down 0.93%), Bombay Burmah Trading Corporation (up 0.83%), Butterfly Gandhimathi Appliances (up 3.16%), GTPL Hathway (up 0.10%) and Shakti Pumps (India) (up 1.63%), will announce their financial results for Q1 FY23 later in the day.
Buzzing Index:
The Nifty Pharma index added 1.71% to 12,838.20, extending its winning run to second trading session. The index gained 3.11% in the past two trading sessions.
Natco Pharma (up 4.19%), Strides Pharma Science (up 4.16%), Ipca Laboratories (up 3.2%), Laurus Labs (up 3%) and Granules India (up 2.87%), Torrent Pharmaceuticals (up 2.85%), Zydus Lifesciences (up 2.01%), Glenmark Pharmaceuticals (up 1.89%), Sun Pharmaceuticals Industries (up 1.7%) and Cipla (up 1.35%) edged higher.
Stocks in Spotlight:
MindTree fell 2.74% after the company reported 0.3% decline in net profit to Rs 471.6 crore despite a 7.7% rise in revenue to Rs 3,121.1 crore in Q1 FY23 over Q4 FY22. As compared with Q1 FY22, the company's net profit and revenue are higher by 37.3% and 36.2%, respectively. Employee benefits expense in Q1 FY23 was Rs 1,853.6 crore, up 5.9% QoQ and up 35.6% YoY. The company had a healthy order book of $570 million, up 13.1% in Q1 FY23.
Tata Metaliks tumbled 5.30% after the company's net profit dropped 98.7% to Rs 1.22 crore on 10.5% increase in net sales to Rs 666.37 crore in Q1 FY23 over Q1 FY22.
Hindustan Zinc rallied 4.84% after the board of directors of the company has approved interim dividend of Rs 21 per equity share i.e. 1050% on face value of Rs 2 per share for the Financial Year 2022-23 amounting to Rs 8873.17 crore. The record date for the purpose of payment of interim is 21 July 2022.
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