The frontline indices were trading with decent gains in early trade on buying demand in index pivotals. The Nifty traded near the 19,850 mark. Barring the Nifty Auto index, all the sectoral indices on the NSE were in the green.
The barometer index, the S&P BSE Sensex, was up 189.74 points or 0.28% to 66,896.94. The Nifty 50 index added 68.65 points or 0.35% to 19,846.95.
In the broader market, the S&P BSE Mid-Cap index advanced 0.61% while the S&P BSE Small-Cap index gained 0.50%.
The market breadth was strong. On the BSE, 1,891 shares rose and 741 shares fell. A total of 120 shares were unchanged.
Trading could be volatile as traders roll over positions in the F&O segment from the near month July series to August series. The July 2023 F&O contracts will expire today, 27 July 2023.
Foreign portfolio investors (FPIs) bought shares worth Rs 922.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 470.10 crore in the Indian equity market on 26 July, provisional data showed.
Economy:
Prime Minister Narendra Modi on Wednesday laid bare his blueprint for a third term of his government, saying India will become the third largest economy in the world with a faster growth rate than now. PM Modi government will complete 10 years in office next May and he is seeking a third term on development plank. He said that India will be one of the top three economies in the world in his third term. The next general elections are due in May 2024.
Stocks in Spotlight:
Axis Bank shed 0.25%. The private lender's net profit surged 40.53% to Rs 5,797.10 crore on 41.5% jump in total income to Rs 30,644.04 crore in Q1 FY23 over Q1 FY23. Net Interest Income (NII) grew 27% YoY to Rs 11,959 crore. Net interest margin (NIM) for Q1 FY24 stood at 4.10%, up 50 basis points (bps) YoY.
Tech Mahindra tumbled 4.31%. The IT major's consolidated net profit tumbled 38.04% to Rs 692.5 crore in Q1 FY24 as against Rs 1,117.7 crore posted in Q4 FY23. Revenue from operations declined 4.08% to Rs 13,159 crore in Q1 FY24 from Rs 13,718.2 crore recorded in Q4 FY23.
Dr Reddy's Laboratories fell 0.69%. The drug major reported 18.1% jump in consolidated net profit to Rs 1,402.5 crore on 29.2% increase in net sales to Rs 6,738.4 crore in Q1 FY24 over Q1 FY23. Consolidated profit before tax stood at Rs 1,846.3 crore in the quarter, up 25.98% from Rs 1,465.5 crore posted in Q1 FY23.
Tata Consumer Products declined 0.96%. The FMCG major's group consolidated net profit jumped 22.04% to Rs 337.71 crore on 12.46% rise in revenue from operations to Rs 3,741.21 crore in Q1 FY24 over Q1 FY23. The rise in the revenue was mainly driven by strong growth of 16% in India business, 3% (constant currency) in International business and 5% (constant currency) in Non-Branded business.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell 0.24% to 7.079 from its previous close of 7.096.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9225, compared with its close of 82.0100 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement rose 0.17% to Rs 59,560.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 100.84.
The United States 10-year bond yield added 0.10% to 3.857.
In the commodities market, Brent crude for September 2023 settlement gained 85 cents or 1.03% to $83.77 a barrel.
Global Markets:
Asian stocks were trading higher Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening.
US stocks ended flat after a choppy trading session on Wednesday, unmoved by the Federal Reserve's latest action to raise benchmark interest rates.
The Federal Reserve raised rates by a quarter-point Wednesday, as was widely expected. The increase pushes the benchmark rate to a range of 5.25%-5.5%, its highest level in more than 22 years. The central bank also said it will ?continue to assess additional information and its implications for monetary policy,? echoing its data-dependent approach to monetary policy.
The European Central Bank and the Bank of Japan are due to announce their own policy moves on Thursday and Friday, respectively.
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