Barometers turn range bound; Nifty hovers above 17,500

10 Aug 2022 , 11:32 AM

The key equity indices traded in a narrow range with minor losses in the mid-morning trade. The Nifty hovered above the 17,500 mark. Healthcare, metal and private bank shares saw buying demand while IT, media and oil & gas stocks corrected. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 104.6 points or 0.18% to 58,748.47. The Nifty 50 index lost 16.75 points or 0.09% to 17,508.35. In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index was up 0.05%. The market breadth was negative. On the BSE, 1,500 shares rose and 1,681 shares fell. A total of 165 shares were unchanged. Buzzing Index: The Nifty Media index fell 0.58% to 2,091.05. The index rose 0.80% in the past trading session. Among the components of the Nifty Media index, Sun TV Network (down 1.37%), Nazara Technologies (down 1.03%), Dish TV India (down 0.87%), PVR (down 0.77%) and TV18 Broadcast (down 0.53%) were the top losers. Among the other losers were Network 18 Media & Investments (down 0.44%), Inox Leisure (down 0.14%), Zee Entertainment Enterprises (down 0.1%). On the other hand, Saregama India (up 0.1%) edged higher. Stocks in Spotlight: Fine Organic Industries surged 15.34% after the companys consolidated net profit surged 345% to Rs 159.80 crore on 109.1% increase in net sales to Rs 747.74 crore in Q1 June 2022 over Q1 June 2021. On a consolidated basis, profit before tax (PBT) soared 369.7% year-on-year to Rs 218.72 crore in Q1 June 2022. Shivalik Bimetal Controls surged 10.24% after the companys consolidated net profit rose 87% to Rs 21.69 crore on 57.6% increase in net sales to Rs 110.78 crore in Q1 June 2022 over Q1 June 2021. On a standalone basis, the companys net profit rose 53% to Rs 17.11 crore on 38.9% increase in net sales to Rs 97.69 crore in Q1 June 2022 over Q1 June 2021. Indraprastha Gas rose 3.08% after the company reported 72% jump in consolidated net profit to Rs 420.86 crore on a 155% rise in net revenue from operations to Rs 3,193.85 crore in Q1 FY23 over Q1 FY22. EBIDTA improved by 62% to Rs 617.51 crore in Q1 FY23 from Rs 380.86 crore in Q1 FY22. EBIDTA margin was 19% in Q1 FY23 as against 30% in Q1 FY22. Global markets: Shares in Asia declined across the board on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report. 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