Sensex shed 150 pts, Nifty below 17,500 level

10 Aug 2022 , 02:01 PM

The key equity barometers traded with minor cuts in the mid afternoon trade. The Nifty traded a tad below the 17,500 mark. Metal, private bank and healthcare stocks advanced while IT, realty and consumer durables shares were under pressure. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 149.99 or 0.25% to 58,703.08. The Nifty 50 index lost 32.10 points or 0.18% to 17,493. In the broader market, the S&P BSE Mid-Cap index declined 0.31% while the S&P BSE Small-Cap index shed 0.01%. The market breadth was negative. On the BSE, 1,491 shares rose and 1,831 shares fell. A total of 130 shares were unchanged. Apollo Hospitals Enterprise (up 2.19%), UPL (up 1.96%), Larsen & Toubro (L&T) (up 1.88%), ICICI Bank (up 1.56%) and Bharti Airtel (up 1.46%) were major Nifty gainers. Bajaj Finance (down 2.41%), ONGC (down 1.87%), Wipro (down 1.74%), Infosys (down 1.64%) and HCL Technologies (down 1.48%) were majority Nifty losers. Bharti Airtel rose 1.46%. The telecom majors consolidated net profit surged to Rs 1,606.9 crore in Q1 FY23 compared with Rs 283.5 crore in Q1 FY22. On a consolidated basis, revenue from operations jumped 22.16% to Rs 32,804.6 crore in Q1 FY23 as against Rs 26,853.6 crore posted in the corresponding quarter previous year. The company said that that rise in revenue was backed by strong and consistent performance delivery across the portfolio. India revenues for Q1 FY23 stood at Rs 23,319 crore, increased by 23.8% YoY. Average revenue per user (ARPU) jumped 25.34% to Rs 183 in Q1 FY23 compared with Rs 146 in Q1 FY22. Mobile revenues grew by 27.4% YoY on account of increase in ARPU and strong 4G customer additions during the year. Stocks in Spotlight: ABB India advanced 2.19% after the company reported 116% rise in standalone net profit to Rs 147 crore on a 44% increase in revenues to Rs 2,053 crore in Q2 2022 over Q2 2021. Tata Chemicals jumped 13.04% 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. Indian Hotels Company (IHCL) declined 1.07% after the company reported a consolidated net profit of Rs 170.05 crore in Q1 FY23 as against a net loss of Rs 277.34 crore in Q1 FY22. The company reported revenue form operations fo Rs 1,266.07 crore in the quarter ended June 2022, steeply higher than Rs 344.55 crore recorded in the corresponding quarter previous year. Global Markets: Shares in European markets were trading mixed while Asian stocks slumped on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report. German final July consumer price inflation came in at 7.5% year on year and 0.9% monthly, official figures revealed on Wednesday, roughly in line with expectations. Chinas consumer inflation edged up last month to the highest level in two years, data released on Wednesday showed, but producer prices continued to ease. Chinas consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation. The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates. Powered by Capital Market - Live News