The domestic equity benchmarks are trading with modest gains in the early trade on buying demand in index pivotals. The Sensex climbed above the 54,000 level. Positive Asian stocks boosted sentiment. Barring the Nifty IT index all the sectoral indices on the NSE were currently trading in the green.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 208.96 points or 0.39% to 54,095.57. The Nifty 50 index gained 58.35 points or 0.36% to 16,116.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index grew 0.60%.
The market breadth was strong. On the BSE, 1,893 shares rose and 612 shares fell. A total of 130 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.68 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 140.71 crore in the Indian equity market on 12 July, provisional data showed.
Economy:
India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 19.6% in May 2022. IIP grew 7.1% in April 2022. The manufacturing sector recorded a growth of 20.6% in May. The mining sector rose by 10.9% and the electricity sector climbed 23.5%.
India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), stood at 7.01% in June 2022 from 7.04% in May 2022, data released on 12 July 2022 by the Ministry of Statistics and Programme Implementation showed.
Stocks in Spotlight:
HCL Technologies fell 1.53% after IT company reported 8.6% fall in consolidated net income to Rs 3,283 crore despite a 3.8% rise in revenue to Rs 23,464 crore in Q1 FY23 over Q4 FY22. The board of directors has declared an interim dividend of Rs 10/- per share.
Delta Corp shed 0.53%. The company reported consolidated net profit of Rs 57.13 crore in Q1 FY23 compared with a net loss of Rs 28.93 crore in Q1 FY22. Total income surged to Rs 256.33 crore in Q1 FY23 from Rs 82.72 crore in Q1 FY22.
Anand Rathi Wealth rose 1.84% after the company reported 33.6% growth in consolidated net profit to Rs 39.70 crore on 35.7% rise in total income to Rs 133.50 crore in Q1 FY23 over Q1 FY22.
CARE Ratings rallied 7.56%. The board of directors of the company at its meeting scheduled to be held on 20 July 2022 will consider a proposal for buyback of equity shares of the company.
Shilpa Medicare advanced 4.77%. The company's newly commissioned facility for manufacture and testing of Orodispersible films and Transdermal systems situated at Dabaspet, Bengaluru, Karnataka State, has been issued good manufacturing practice (GMP) Certificate by UK Medicines and Healthcare products Regulatory Agency (MHRA). The facility was inspected by MHRA from 18 April 2022 to 20 April 2022.
Global Markets:
Asian stocks advanced across the board on Wednesday as China releases trade data, and the Bank of Korea and Reserve Bank of New Zealand hike rates. Thailand's stock exchange is closed for a holiday Wednesday.
The Bank of Korea raised rates by 50 basis points for the first time, bringing the rate to 2.25%. That's in line with analyst expectations.
The Reserve Bank of New Zealand also increased rates by 50 basis points to 2.5%.
U.S. stocks dropped on Tuesday as worries over global economic growth dented investor appetite for risk assets. PepsiCo kicked off the corporate earnings season on Tuesday, reporting a better-than-expected quarterly profit and revenue and raising its revenue outlook for the year.
The U.S. will report consumer price index data later Wednesday, and markets are expecting hot inflation, which would keep the Fed firmly on its hiking path.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) forecast that world oil demand will rise further next year, but at a slightly slower rate than in 2022, with consumption supported by better containment of the COVID-19 pandemic and still-robust global economic growth.
In a monthly report, the OPEC said it expects world oil demand to rise by 2.7 million barrels per day (bpd) in 2023. This year's growth forecast was left unchanged at 3.36 million bpd.
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