Nifty reclaims 17,000 level; strong market breadth

29 Jul 2022 , 09:27 AM

The key equity indices traded with strong gain in early trade, amid heavy buying in index pivotals. The Nifty traded above the 17,000 mark. Barring pharma and PSU banks, shares across sectors recorded significant buying demand with metals, IT and autos gaining the most.

Stocks in Spotlight: Vedanta rose 0.12%. On consolidated basis, Vedantas net profit rose 6% to Rs 5,592 crore on 36% increase in net sales to Rs 38,251 crore in Q1 FY23 over Q1 FY22. The mining company said that the increase in revenue was supported by higher sales volume across businesses, commodity prices and strategic hedging gains. Dr. Reddys Laboratories slipped 3.97%. On consolidated basis, Dr. Reddys Laboratories net profit rose 108% to Rs 1188 crore on 6% increase in revenue to Rs 5215 crore in Q1 FY23 over Q1 FY22. TVS Motor Company jumped 8.21%. The company reported a standalone net profit of Rs 321 crore in Q1 FY23 as against a net profit of Rs 53 crore in Q1 FY22. The company recorded operating revenue of Rs 6,009 crore for the quarter ended June 2022 as against Rs 3,934 crore reported in the quarter ended June 2021, up 52.7% YoY. Global Markets: Asian stocks are mostly higher on Thursday following the U.S. Federal Reserves decision to raise rates Asian stocks are trading mixed Friday after a rally on Wall Street. That followed a negative US gross domestic product report, which suggests the Fed would be less aggressive in its tightening cycle. Japans industrial output jumped 8.9% in June from the previous month, the ministry of economy, trade and industry said Friday. The print surprised to the upside after falling in May. US stocks on Thursday rallied for a second day, with all three major indices ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared. The US economy shrank from April through June for a second straight quarter. U.S. economic growth fell 0.9% in the second quarter, the Bureau of Economic Analysis reported Thursday. First-quarter GDP declined by 1.6%. President Joe Biden insisted Thursday that the US economy was on the right path, with solid job growth, despite a second straight quarter of contraction that has deepened fears of a recession. Powered by Capital Market – Live News