Market off days high; Nifty below 16,650

22 Jul 2022 , 10:34 AM

The key equity indices came off the days high and traded with minor gains in the morning trade. The Nifty traded below the 16,650 mark after hitting days high at 16,704.80 in early trade. Banks stocks rose for the sixth day in a row. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 124.75 points or 0.22% to 55,806.70. The Nifty 50 index added 34.65 points or 0.21% to 16,639.90. In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index added 0.18%. The market breadth was positive. On the BSE, 1,757 shares rose and 1,202 shares fell. A total of 174 shares were unchanged. Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed. Earnings Today: Reliance Industries (up 0.42%), UltraTech Cement (up 0.44%), JSW Steel (down 0.73%), HDFC Asset Management Company (down 1.25%), Bandhan Bank (up 0.51%), Coforge (down 0.73%), Crompton Greaves Consumer Electricals (up 1.17%), Finolex Industries (up 0.36%), Atul (up 0.51%), Gokaldas Exports (up 5.83%), Greenpanel Industries (up 1.47%), HFCL (down 1.01%), Huhtamaki India (down 0.51%), Mahindra CIE Automotive (up 0.88%), Meghmani Organics (down 0.21%), Sigachi Industries (up 2.08%), Supreme Petrochem (down 0.40%), Tinplate Company of India (up 0.67%) and Ugro Capital (up 0.29%) will announce their financial results for Q1 FY23 later in the day. Buzzing Index: The Nifty Bank index rose 0.81% to 36,492.80, continuing its gaining streak to the sixth day. The index rose 5.31% in six trading sessions. Among the components of the Nifty Bank index, Kotak Mahindra Bank (up 1.28%), HDFC Bank (up 1.08%), ICICI Bank (up 0.82%), State Bank of India (up 0.72%) and Bank of Baroda (up 0.44%) were the top gainers. Among the other gainers were IDFC First Bank (up 0.42%), Axis Bank (up 0.34%), Federal Bank (up 0.23%), Punjab National Bank (up 0.16%) and Bandhan Bank (up 0.09%). On the other hand, IndusInd Bank (down 0.5%), AU Small Finance Bank (down 0.2%) edged lower. Stocks in Spotlight: Biocon fell 0.35%. The biotechnology major said the US health regulator has issued three observations after inspecting its Telangana-based manufacturing plant. The US Food and Drug Administration (USFDA) concluded a pre-approval inspection for Site 3 located at Hyderabad on 20 July 2022. US FDA concluded a pre-approval inspection for Site 3, Biocon Limited, located at Hyderabad, Telangana on 20 July 2022. IndiaMART InterMESH slipped 3.77% after the company reported 47% drop in consolidated net profit to Rs 47 crore despite a 24% rise in revenue from operations to Rs 225 crore in Q1 FY23 over Q1 FY22. The growth in revenue was primarily driven by 23% increase in number of paying subscription suppliers and addition of Rs 10.53 crore revenue from accounting software services. Consolidated deferred revenue increased by 34% YoY to Rs 961 crore as on 30 June 2022. Coforge fell 0.57%. The IT firms consolidated net profit declined 27.9% to Rs 149.7 crore despite a 5% increase in gross revenues to Rs 1,829.4 crore in Q1 FY23 over Q4 FY22. As compared with Q1 FY22, the companys net profit and gross revenues are higher by 21.1% and 25.2%, respectively. EBITDA contracted by 11.4% to Rs 291.8 crore in Q1 FY23 from Rs 329.3 crore in Q4 FY22. EBITDA margin in Q1 FY22 was 15.9% as against 18.9% in Q4 FY22. Powered by Capital Market – Live News