The benchmark indices extended gains in morning trade. The Nifty marched above the 19,800 level. Oil & gas shares advanced for second consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 494.02 points or 0.74% to 66,849.73. The Nifty 50 index added 127.95 points or 0.65% to 19,808.55.
In the broader market, the S&P BSE Mid-Cap index advanced 0.31% while the S&P BSE Small-Cap index gained 0.48%.
The market breadth was strong. On the BSE, 2,033 shares rose and 1,171 shares fell. A total of 176 shares were unchanged.
Earnings Today:
Axis Bank (up 0.57%), Tata Consumer Products (up 1.22%), Bharat Petroleum Corporation (up 1.228%), Dr Reddy's Laboratories (up 0.26%), Tech Mahindra (up 0.69%), Bajaj Finance (up 0.81%), Cipla (down 0.27%), are the Nifty 50 companies that will announce their results today.
Colgate-Palmolive (India) (down 0.61%), Deepak Fertilisers & Petrochemicals Corporation (up 0.61%), Punjab National Bank (up 2.01%), Shree Cement (up 1.30%), Aditya Birla Sun Life AMC (up 0.49%), Aegis Logistics (down 0.08%), Glaxosmithkline Pharmaceuticals (down 0.10%), Godfrey Phillips India (up 1.64%), HFCL (up 0.51%), Indian Metals & Ferro Alloys (up 3.72%), Ion Exchange (India) (down 2.83%), Jindal Stainless (up 1.37%), Jubilant Ingrevia (down 0.29%), Kajaria Ceramics (up 0.11%), Mahindra Lifespace Developers (up 0.46%), Oracle Financial Services Software (down 0.81%), Omax Autos (up 2.75%), Praj Industries (up 0.75%), REC (down 0.35%), Schaeffler India (down 0.07%), Syngene International (down 1.64%), TeamLease Services (up 0.90%) are some of the other companies that will announce their results today.
Buzzing Index:
The Nifty Oil & Gas index added 1% to 8,140.55. The index advanced 1.69% in two trading sessions.
Reliance Industries (up 2.11%), Hindustan Petroleum Corporation (up 1.38%), Oil India (up 1.31%), Bharat Petroleum Corporation (up 1.01%), Indian Oil Corporation (up 0.86%), GAIL (India) (up 0.69%), Gujarat State Petronet (up 0.48%), Adani Total Gas (up 0.4%), Petronet LNG (up 0.27%) and Aegis Logistics (up 0.08%) advanced.
On the other hand, Mahanagar Gas (down 0.64%), Castrol India (down 0.51%) and Oil & Natural Gas Corpn (down 0.23%) edged lower.
Stocks in Spotlight:
Orient Electric added 0.39%. The company said that has completed the sale of land parcels admeasuring a total of 23 acres situated in Dusakal Village Secretariat and Mekaguda Gram Panchyat, Hyderabad, Telangana, for a total consideration of Rs 35 crore.
Man Infraconstruction declined 0.79%. The company reported a net profit of Rs 82 crore in Q1 FY34, which is higher by 112% as compared with Rs 39 crore in Q1 FY23. Revenue increased by 45% YoY to Rs 510 crore in the first quarter of FY24.
Delta Corp gained 1.24%. The gaming and casino firm's consolidated net profit grew by 18.9% to Rs 67.91 crore on 9% increase in revenue to Rs 272.80
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell 0.04% to 7.097 from its previous close of 7.100.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9450, compared with its close of 81.8850 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement rose 0.12% to Rs 59,260.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.33.
The United States 10-year bond yield slipped 0.59% to 3.892.
In the commodities market, Brent crude for September 2023 settlement shed 37 cents or 0.44% to $83.27a barrel.
Global Markets:
Asian stocks are largely trading lower as investors brace for the U.S. Federal Reserve's rate decision on Wednesday.
On Wall Street, the three main indices closed higher on Tuesday, led by gains in shares of technology, materials and communication services companies.
Global central bank meetings are in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.
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