The key equity indices ended with decent gains on Friday, tracking positive global cues. Sustained buying by FPIs and easing crude oil prices also supported buying. The Nifty closed a tad near the 17,700 level, bouncing from the day's low of 17,597.85 in the early trade. Oil & gas, metal and realty shares advanced while media, healthcare and IT shares declined.
The barometer index, the S&P BSE Sensex, rose 130.18 points or 0.22% to 59,462.78. The Nifty 50 index rose 39.15 points or 0.22% to 17,698.15.
NTPC (up 3.26%), Tata Steel (up 3.25%), ICICI Bank (up 1.8%), Reliance Industries (up 1.64%) and SBI (up 1.16%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.39%.
The market breadth was positive. On the BSE, 1,809 shares rose and 1,581 shares fell. A total of 153 shares were unchanged.
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Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 4.07% to 17.61.
The market participants awaited IIP (Index of Industrial Production) and Consumer Price Index (CPI) inflation numbers to be released after market hours on Friday.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.289 as compared with 7.267 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.66, compared with its close of 79.62 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement shed 0.06% to Rs 52,306.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.35% to 105.46.
In the commodities market, Brent crude for October 2022 settlement declined 41 cents or 0.41% at $99.19 a barrel. The contract increased $2.2 or 2.26% to settle at $99.6 a barrel during the previous trading session.
Global Markets:
The Dow Jones futures were up 105 points, indicating a positive opening in the US stock market today.
Shares in Europe and Asia advanced on Friday following strong gains in the previous session as investors digested the U.S. inflation report.
US stocks struggled for direction on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.
US producer prices unexpectedly fell in July amid a drop in the cost for energy products. The producer price index for final demand declined 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said on Thursday. The PPI climbed 1.0% in June. In the 12 months through July, it increased 9.8% after advancing 11.3% in June.
Earnings Impact:
Grasim Industries rose 1.43% after the company's consolidated net profit rose 16% to Rs 1,933 crore on 41% increase in revenue to Rs 28,042 crore in Q1 June 2022 over Q1 June 2021. On a consolidated basis, profit before tax (PBT) rose 11.40% year-on-year to Rs 3,869 crore in Q1 June 2022. EBITDA rose 10% YoY to Rs 5,233 crore in Q1 June 2022. EBITDA margin stood at 19% in Q1 June 2022, lower than 23% in Q1 June 2021.
Gujarat Mineral Development Corporation (GMDC) rallied 3.82% after the company reported a consolidated net profit of Rs 344.95 crore in Q1 FY23, steeply higher than Rs 37.71 crore recorded in Q1 FY22. Revenue from operations zoomed 131.85% to Rs 1,155.37 crore in the quarter ended 30 June 2022 as against Rs 498.33 crore posted in the corresponding quarter previous year.
Divis Laboratories tumbled 5.56%. The pharma major's consolidated net profit jumped 26.01% to Rs 702.01 crore on 14.99% rise in revenue from operations to Rs 2,254.52 crore in Q1 FY23 over Q1 FY22. Total income grew 17.34% to Rs 2,342.91 crore in the quarter ended 30 June 2022 from Rs 1,996.61 crore recorded in the same period a year ago. Consolidated profit before tax stood at Rs 851.30 crore in the first quarter, up 4.52% as against Rs 814.48 crore posted in Q1 FY22.
Godrej Industries rose 0.88% after the company's consolidated net profit surged 47.19% to Rs 203.95 crore on 39.23% jump in revenue from operations to Rs 4024.55 crore in Q1 FY23 over Q1 FY22. Consolidated profit before tax grew 34.06% to Rs 317.94 crore in the quarter ended 30 June 2022 as against Rs 237.17 crore recorded in the same period last year.
Trent gained 3.15%. The Tata Group retail firm reported a consolidated net profit of Rs 130.51 crore in Q1 FY23 as against a net loss of Rs 126.59 crore recorded in Q1 FY22. The company reported revenue from operations of Rs 1,803.15 crore in the first quarter, steeply higher than Rs 491.99 crore posted in the corresponding quarter previous year.
Page Industries rose 0.27%. The company reported a net profit of Rs 207.04 crore in Q1 FY23, steeply higher than Rs 10.95 crore recorded in Q1 FY22. Revenue from operations zoomed 167.4% to Rs 1,341.27 crore in the quarter ended 30 June 2022 as against Rs 501.54 crore posted in the corresponding quarter previous year.
Balaji Amines fell 3.72%. The company's consolidated net profit rose 36% to Rs 122.96 crore on a 48.7% increase in revenue from operations to Rs 670.17 crore in Q1 FY23 over Q1 FY22. Sequentially, consolidated net profit rose 13% and revenue from operations fell 14% in Q1 June 2022 over Q4 March 2022.
Aurobindo Pharma rose 2.95%. The pharmaceutical company reported 32.4% fall in consolidated net profit to Rs 520.5 crore in Q1 FY23 from Rs 770 crore in Q1 FY22. Revenue from operations increased 9.4% YoY to Rs 6,235.9 crore during the period under review. In Q1 FY23, US formulations revenue increased by 10.8% YoY to Rs 2,971.1 crore while Europe formulation revenue stood at Rs 1,548.1 crore, with decrease of 2.2% YoY mainly due to Euro currency depreciation.
The Phoenix Mills climbed 3.49% after the company reported consolidated net profit of Rs 718.70 crore in Q1 June 2022 as against net loss of Rs 26.20 crore in Q1 June 2021. Net sales rose 181.21% to Rs 574.39 crore in Q1 June 2022 over Q1 June 2021. The company's revenue from property & related services surged 159.79% YoY to Rs 478.45 crore. Revenue from hospitality services soared 533.62% to Rs 95.93 crore.
KSB spurted 8.26% after the company's net profit rose 70.67% to Rs 48.30 crore on 47.99% increase in net sales to Rs 448.40 crore in Q2 June 2022 over Q2 June 2021.
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