Benchmarks extend gains; FMCG shares in demand

16 Aug 2022 , 10:23 AM

The key equity benchmarks extended gains and hit fresh intraday highs in morning trade. The Nifty traded above the 17,800 mark. FMCG shares witnessed some bit of value buying after declining in the past three sessions. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 424.79 points or 0.71% to 59,887.57. The Nifty 50 index added 126.35 points or 0.71% to 17,824.50. In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index advanced 0.70%. The market breadth was strong. On the BSE, 1,931 shares rose and 1,263 shares fell. A total of 188 shares were unchanged. Economy: Indias retail inflation based on the Consumer Price Index (CPI) eased to 6.71% in July 2022 compared with 7.01% in preceding month. Inflation eased mainly due to easing prices in the food & beverages section. Indias factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 12.3% in June 2022. Industrial production grew 19.6% in May 2022. IIP growth in June 2021 was 13.8%, the data showed. Indias overall exports including merchandise and services exhibited growth last month. Exports registered growth of 11.51% over the same period of last year and estimated to be $61.18 billion. Overall imports also exhibited a growth of 42.90% in comparison to the corresponding period of last year. The countrys imports in the last month are estimated to be $82.22 billion. Buzzing Index: The Nifty FMCG index rose 1.34% to 43,025.55. The index had declined 1.21% in the past three sessions. Godrej Consumer Products (up 6.98%), Varun Beverages (up 4.63%), Tata Consumer Products (up 1.39%), Nestle India (up 1.39%) and Hindustan Unilever (up 1.18%) were the top gainers. Among the other gainers were Colgate-Palmolive (India) (up 0.94%), United Breweries (up 0.89%), ITC (up 0.86%), Marico (up 0.85%) and Britannia Industries (up 0.74%). Stocks in Spotlight: Sun TV Network gained 2.22%. The companys consolidated net profit surged to Rs 493.99 crore in Q1 FY23 from Rs 365.03 crore posed in Q1 FY22. Income from operations rose to Rs 1219.14 crore in the quarter ended 30 June 2022 as against Rs 818.87 crore in the quarter ended 30 June 2021. Astral slipped 3.03%. The companys consolidated net profit rose 20.3% to Rs 88.90 crore on a 73.1% rise in net sales to Rs 1,212.90 crore in Q1 FY23 over Q1 FY22. Apollo Tyres jumped 6.53%. The tyre makers consolidated net profit surged 49.2% to Rs 190.68 crore on 29.6% jump in net sales to Rs 5,942 crore in Q1 FY23 over Q1 FY22. Muthoot Finance slumped 12.55%. On standalone basis, Muthoot Finances net profit dropped 17.4% to Rs 802.01 crore on 7.6% decline in total income to Rs 2,509.27 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News