Nifty holds 17,500; Sensex drops 32 pts; breadth turns negative

10 Aug 2022 , 11:01 AM

The benchmark indices slipped into the negative terrain and traded with tiny losses in the morning trade. The Nifty traded above the 17,500 mark. IT stocks decline for the second day. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 32.68 points or 0.06% to 58,820.39. The Nifty 50 index lost 7.45 points or 0.04% to 17,517.65. In the broader market, the S&P BSE Mid-Cap index fell 0.10% while the S&P BSE Small-Cap index was flat. The market breadth was negative. On the BSE, 1,489 shares rose and 1,603 shares fell. A total of 147 shares were unchanged. The domestic stock market remained closed on Tuesday, 9 August 2022 on account of Muharram. Foreign portfolio investors (FPIs) bought shares worth Rs 1,449.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 140.73 crore in the Indian equity market on 8 August, provisional data showed. Earnings Today: Coal India (up 1.62%), Eicher Motors (up 1.18%), Hindalco Industries (down 0.63%), Tata Consumer Products (up 0.22%), IRCTC (up 1.40%), Aarti Industries (up 1.71%), Abbott India (up 0.47%), Arvind Fashions (up 2.89%), Ashoka Buildcon (up 1.93%), CESC (down 0.81%), Cochin Shipyard (up 0.47%), Cummins India (up 0.58%), Endurance Technologies (down 1.23%), General Insurance Corporation of India (down 1.56%), Glenmark Pharmaceuticals (up 0.23%), Indiabulls Housing Finance (up 1.72%), Ipca Laboratories (down 1%), Indian Railway Finance Corporation (down 0.01%), ITI (up 0.43%), Jammu & Kashmir Bank (down 0.16%), Jaiprakash Associates (up 0.85%), Mazagon Dock Shipbuilders (down 0.16%), Medplus Health Services (down 0.77%), Metropolis Healthcare (up 0.33%), NHPC (up 0.43%), Oil India (down 3.45%), Patanjali Foods (down 0.30%), Pidilite Industries (down 0.15%), PB Fintech (up 0.30%), Radico Khaitan (down 0.23%), SAIL (0%), and Zydus Lifesciences (down 0.15%) are some of the companies that will announce their quarterly earnings later in the day. Buzzing Index: The Nifty IT index fell 1.05% to 29,651.70 continuing its falling streak to the second day. The index fell 1.07% in two trading sessions. Among the components of the Nifty IT index, Mphasis (down 2.61%), Wipro (down 1.98%), Larsen & Toubro Infotech (down 1.76%), HCL Technologies (down 1.63%) and Mindtree (down 1.62%) were the top losers. Among the other losers were Infosys (down 1.59%), Coforge (down 1.57%), L&T Technology Services (down 1.25%), Tech Mahindra (down 0.88%) and Tata Consultancy Services (down 0.8%). Stocks in Spotlight: JSW Energy rose 0.83%. JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from Mytrah Energy (India) comprising of 17 SPVs and 1 Ancillary SPV. The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 10,530 crore, after adjusting for net current assets. Mrs. Bectors Food Specialities declined 1.98% after the company reported 4.6% fall in consolidated net profit to Rs 12.73 crore despite a 32.9% rise in net sales to Rs 300.77 crore in Q1 FY23 over Q1 FY22. Total expenditure increased by 36.7% YoY to Rs 269.67 crore during the quarter, primarily due to higher raw material costs (up 32.9% YoY), higher employee expenses (up 13.6% YoY) and higher other expenses (up 67.6% YoY). Tata Chemicals jumped 8.39% after the companys consolidated net profit (from continuing operations) surged 86.26% to Rs 641 crore on 34.2% jump in revenue from operations to Rs 3,995 crore in Q1 FY23 over Q1 FY22. The operating performance reflects improved realisations, efficient cost management and optimum capacity utilization in challenging market conditions, and in the context of rising input and energy costs. Powered by Capital Market - Live News