Nifty above 16,750 level; strong market breadth

28 Jul 2022 , 09:26 AM

The domestic equity benchmarks traded with strong gains amid across the board buying in early trade. The Nifty traded tad above the 16,750 mark. Barring pharma, shares across sectors advanced.

Stocks in Spotlight: Tata Motors fell 2.09%. The auto major reported consolidated net loss of Rs 5,006.60 crore in Q1 FY23 as against a net loss of Rs 4,450.92 crore in Q1 FY22. Revenue from operations increased 8.3% YoY to Rs 71,935 crore during the quarter ended 30 June 2022. EBITDA stood at Rs 5,307 crore in Q1 FY23. EBITDA margin in Q1 FY22 was 7.4%, down 90 bps. Biocon tumbled 4.57%. On a consolidated basis, Biocons net profit jumped 71% to Rs 144 crore on 23% increase in revenue to Rs 2217 crore in Q1 FY23 over Q1 FY22. Hindustan Aeronautics (HAL) rose 0.30%. HAL signed a contract worth over US$100 million for supply and manufacture of 88 TPE331-12B engines/kits along with maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40). Exide Industries gained 0.26%. Exide Energy Solutions (EESL), wholly owned subsidiary of Exide Industries has executed the lease cum sale agreement for procuring land parcel admeasuring 80 acres at Hitech, Defence & Aerospace Park, Phase-2, Bengaluru with Karnataka Industrial Areas Development Board (KIADB). Global Markets: Asian stocks are mostly higher on Thursday following the U.S. Federal Reserves decision to raise rates by 75 basis points to fight inflation, a move that was widely expected. US stocks rallied Wednesday after the Federal Reserve announced its much anticipated rate increase to fight inflation, but hinted that it could slow the pace of its hiking campaign at some point. The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 2.25%-2.5%. The increase takes the funds rate to its highest level since December 2018. Powell said in a press conference that the Fed could hike by 0.75 percentage point again in September, but that it would be dependent on the data. ?As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,? he said. Powered by Capital Market – Live News