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The domestic equity barometers managed to pare all losses and traded in the green in morning trade. The Nifty traded above the 19,650 mark. FMCG witnessed some bit of selling pressure.
The barometer index, the S&P BSE Sensex, was up 85.70 points or 0.13% to 66,245.90. The Nifty 50 index added 27.95 points or 0.14% to 19,674.
In the broader market, the S&P BSE Mid-Cap index advanced 0.50% while the S&P BSE Small-Cap index gained 1.10%.
The market breadth remained strong. On the BSE, 2213 shares rose and 1132 shares fell. A total of 167 shares were unchanged.
Earnings Today:
Maruti Suzuki India (up 0.18%), UPL (up 0.73%), Gail India (up 2.93%), Go Fashion (India) (up 0.85%), HIL (up 3.04%), IRB Infrastructure Developers (down 0.19%), Kaynes Technology India (up 0.98%), Kei Industries (up 0.91%), Navin Fluorine International (up 1.02%), Nocil (up 2.87%) and Oberoi Realty (down 0.73%) are some of the major results that are slated for release today.
Buzzing Index:
The Nifty FMCG index fell 0.51% to 52,694.10. The index had advanced 0.88% to end at 52,964.05 on Friday.
Marico (down 2.05%), Britannia Industries (down 1.72%), United Breweries (down 1.38%), Dabur India (down 0.98%) and Hindustan Unilever (down 0.51%) were the top losers.
Among the other losers were ITC (down 0.47%), Varun Beverages (down 0.41%), United Spirits (down 0.34%), Colgate-Palmolive (India) (down 0.32%) and Godrej Consumer Products (down 0.28%).
On the other hand, Emami (up 1.68%), Radico Khaitan (up 1.19%) and Procter & Gamble Hygiene and Health Care (up 0.5%) moved up.
Stocks in Spotlight:
Shree Cement rose 0.41%. The company's wholly owned subsidiary Shree Cement East Pvt. Ltd has started commercial production at its clinker grinding unit at village Digha & Parbatpur in Purulia district of West Bengal with cement capacity of 3.0 MTPA.
SBI Cards and Payment Services fell 1.91%. The company reported 5% fall in net profit to Rs 593 crore despite a 24% increase in total revenue to Rs 4,046 crore in Q1 FY24 as compared with Q1 FY23.
United Breweries declined 1.63%. The company reported 16% decline in consolidated net profit to Rs 136.21 crore as compared with Rs 162.09 crore in corresponding quarter last year. Net sales fell 6.7% to Rs 2,274.79 crore during the quarter of FY24 as against Rs 2,438.71 crore in Q1 FY23.
Equitas Small Finance Bank (SFB) added 0.19%. The bank reported 97% jump in net profit to Rs 191.20 crore on a 32.8% increase in total income to Rs 1,425.33 crore in Q1 FY24 as compared with Q1 FY23.
NTPC rose 2.38%. The company's consolidated net profit rose to Rs 4907.13 crore in Q1 FY24 as against Rs 3977.77 crore posted in Q1 FY23. Total income fell to Rs 43075.09 crore in Q1 FY24 from Rs 43177.14 crore recorded in Q1 FY23.
Power Grid Corporation of India gained 1.16%. The company has been declared as successful bidder under Tariff Based Competitive Bidding for two inter-state transmission system projects under build, own operate and transfer (BOOT) basis.
Marico fell 1.10%. The company reported 15% increase in consolidated net profit to Rs 427 crore in Q1 FY24 as compared with Rs 371 crore in Q1 FY23. Revenue from operations fell 3.2% in Q1 FY24 as against Rs 2477 crore posted in corresponding quarter last year.
Global markets:
Asian stocks are trading higher on Monday, extending last week's rally as optimism over more Chinese stimulus measures largely offset data showing business activity in the country deteriorated further in July.
Hopes of fewer U.S. interest rate hikes also aided regional markets, after data on Friday showed that the Federal Reserve's preferred inflation gauge eased in June.
China's factory activity for July remained in contraction territory for the fourth straight month. The official manufacturing purchasing managers index came in at 49.3, higher than June's figure of 49.0, according to the national bureau of statistics. The PMI for non-manufacturing activity came in at 51.5, a slower rate of expansion compared to the 53.2 in June.
Chinese markets firmed on Monday as the State Council outlined more measures to boost domestic consumption and economic growth.
The Council unveiled measures aimed chiefly at increasing retail discretionary spending, as well as supporting the real estate and automobile markets.
US stocks rose Friday as a measure of inflation closely watched by the Federal Reserve came in at its lowest in nearly two years.
June data for the personal consumption expenditures price index continued to show easing inflation. The gauge showed core PCE gained 0.2% month-over-month. Core PCE rose 4.1% from the year-ago period.
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