Nifty hovers above 17,650; Fin. services shares rises

11 Aug 2022 , 02:31 PM

The key equity indices continued to trade with moderate gains in the mid-afternoon trade. Positive global cues boosted the sentiments after better-than-expected inflation report in the US could ease the growing concerns about aggressive rate hikes. The Nifty traded above the 17,650 level. Financial services stocks gained for the fourth day in a row. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 511.57 points or 0.87% to 59,328.86. The Nifty 50 index gained 129.50 points or 0.74% to 17,664.25. In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index gained 0.48%. The market breadth was positive. On the BSE, 1,782 shares rose and 1,536 shares fell. A total of 162 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper fell to 7.257 as compared with 7.310 at close in the previous trading session. In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.4625, compared with its close of 79.255 during the previous trading session. MCX Gold futures for 5 October 2022 settlement fell 0.11% to Rs 52,181. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, lost 0.17 % to 105.02. In the commodities market, Brent crude for October 2022 settlement rose 33 cents or 0.34% at $97.73 a barrel. Buzzing Index: The Nifty Financial services index jumped 1.48% to 17,961.20, continuing its gaining streak for the fourth day. The index rose 2.8% in four trading sessions. Among the components of the Nifty Financial Services index, SBI Cards & Payment Services (up 3.65%), Axis Bank (up 2.63%), Housing Development Finance Corporation (up 2.41%), Muthoot Finance (up 2.27%), HDFC Asset Management Company (up 2%) Bajaj Finance (up 1.98%), HDFC Bank (up 1.47%), Kotak Mahindra Bank (up 1.39%), ICICI Bank (up 1.3%) and State Bank of India (up 1.14%) were the gainers. On the other hand, ICICI Prudential Life Insurance Company (down 1.14%), SBI Life Insurance Company (down 0.72%) and Indian Energy Exchange (down 0.7%) edged lower. Earnings Impact: PB Fintech jumped 5.06%. The parent firm of online insurance broker Policybazaar, reported net loss of Rs 204.33 crore in Q1 FY23, higher than net loss of Rs 110.84 crore in Q1 FY22. Revenue from operations jumped 112.51% year on year to Rs 505.19 crore in the quarter ended 30 June 2022. Steel Authority of India (SAIL) slipped 1.06% after the companys net profit declined 79.8% to Rs 776 crore in Q1 FY23 from Rs 3850 crore in Q1 FY22. Revenue from operations rose by 16.4% YoY to Rs 24,029 crore during the quarter. Radico Khaitan rose 4.24%. The companys net profit shed 2.6% to Rs 58.29 crore on 26.74% jump in net revenue from operations to Rs 757.43 crore in Q1 FY23 over Q1 FY22. Total Indian Made Foreign Liquor (IMFL) volume growth was 21.5% year on year (YoY) led by Prestige & Above category volume growth of 29.1%. Powered by Capital Market – Live News