.png)
The Indian equity barometers ended with minor gains on Thursday. The Nifty settled above the 19,400 level. IT, realty and financial services advanced while PSU bank, media and oil & gas declined. Trading was volatile due to expiry of weekly index options on the NSE.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 164.99 points or 0.25% to 65,558.89. The Nifty 50 index added 29.45 points or 0.15% to 19,413.75.
The Nifty and the Sensex hit all-time highs in afternoon trade at 19,567 and 66,064.21, respectively.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 0.64% while the S&P BSE Small-Cap index lost 0.54%.
The market breadth turned weak. On the BSE, 1,332 shares rose and 2,117 shares fell. A total of 140 shares were unchanged.
Investor sentiment was upbeat after weaker-than-expected U.S. inflation data fueled expectations that the Federal Reserve was close to hitting peak interest rates.
While June's consumer price index (CPI) inflation reading pointed to easing overall inflation in the country, core CPI, which ignores volatile food and fuel prices, still remained relatively sticky. This saw investors pricing in an at least 25 basis point rate hike by the Fed in a late-July meeting, with several Fed officials also warning that rates will need to rise further in order to curb sticky inflation.
Back home, the National Stock Exchange of India (NSE) on Wednesday announced a revision on the expiry day of Bank Nifty (BANKNIFTY) index options. Effective from 4 September 2023, the expiry day of Bank Nifty weekly contracts will shift from Thursday to Wednesday. The first Wednesday weekly expiry will be on 6 September 2023.
Economy:
India's retail inflation snapped a four-month decline and grew 4.81% in June as food prices surged, showed government data on Wednesday. CPI inflation was 4.31% in May. Inflation based on the Consumer Price Index (CPI) stood at 4.31% (revised upward from 4.25%) in May and 7% in June 2022.
India's industrial production rose to 5.2% in May from 4.5% in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7% in May 2022.
IPO Updates:
The IPO of Utkarsh Small Finance Bank received bids for 167.17 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 15:36 IST on Thursday (13 July 2023). The issue was subscribed 13.87 times.
The issue opened for bidding on Wednesday (12 July 2023) and it will close on Friday (14 July 2023). The price band of the IPO is fixed at Rs 23-25 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index advanced 1.75% to 29,628.20. The index declined 0.71% in the past trading session.
Infosys (up 2.53%), Tata Consultancy Services (up 2.47%), Coforge (up 2.27%), Tech Mahindra (up 1.9%) and LTIMindtree (up 1.6%) were the top gainers.
Among the other gainers were Persistent Systems (up 1.39%), Mphasis (up 0.96%), L&T Technology Services (up 0.88%), Wipro (up 0.63%).
Earnings Impact:
Federal Bank declined 5.33%.The private bank's standalone net profit jumped 42.13% to Rs 853.74 crore on 41.05% increase in total income to Rs 5,756.94 in Q1 FY24 over Q1 FY23.
TCS rallied 2.57% The IT major's consolidated net profit declined 2.79% to Rs 11,074 crore in Q1 FY24 as against Rs 11,392 crore reported in Q4 FY23.
5paisa Capital shed 0.94%. The company's consolidated net profit surged 96.8% to Rs 14.54 crore in Q1 FY24 from Rs 7.39 crore reported in Q1 FY23.
HCL Technologies rose 0.09%. The IT major reported 11.27% fall in consolidated net profit to Rs 3,534 crore on 1.17% decline in revenue from operations to Rs 26,296 crore in Q1 FY24 over Q4 FY23.
Anand Rathi Wealth soared 7.82% after the company's consolidated net profit jumped 33.65% to Rs 53.06 crore on 33% increase in net sales to Rs 175.02 crore in Q1 FY24 over Q1 FY23.
Stocks in Spotlight:
Ultratech Cement added 0.50% after the cement major announced the commissioning of 1.3 million tonnes per annum (mtpa) brownfield cement capacity at Sonar Bangla in West Bengal, taking the Unit's capacity to 3.3 mtpa.
Dr. Reddy's Laboratories fell 0.81%. The drug maker announced that the biologics license application (BLA) for its proposed biosimilar rituximab candidate DRL_RI has been accepted for a substantive review by the U.S. Food and Drug Administration (USFDA). DRL's rituximab biosimilar has already been approved for marketing in India and over 25 emerging markets.
Adani Green Energy rose 0.84% after the company's sale of energy for solar portfolio increased 6% YoY at 2,925 million units in Q1 FY24 as against 2,751 million units in Q1 FY23.
Hindalco Industries gained 2.64% after the company said that its board has approved a proposal to sell a land at Kalwa, Maharashtra, for Rs 595 crore. The land will be sold to Birla Estates, a subsidiary of Century Textiles and Industries for a total sum of Rs 595 crore, which is to be received in multiple tranches over a period of time.
The Ramco Cements rose 0.80% after the company's board has approved the execution of share subscription and purchase agreement to sale its entire shareholding in Lynks Logistics to Bundl Technologies (Swiggy).
Granules India declined 1.94%. The company informed that the US drug regulator issued an establishment inspection report (EIR) for Gagillapur facility of the company located in Hyderabad.
Godrej Properties rose 2.01% after the firm emerged as the highest bidder and secured letter of intent (LoI) to develop two group housing plots through e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).
Global Markets:
Markets in Europe and Asia were trading higher on Thursday after the U.S. inflation rate for June came in lower than expected.
South Korea's central bank held its benchmark interest rate unchanged at 3.5%, the fourth straight meeting the Bank of Korea has done so after last hiking rates in January. The BOK also forecasted that inflation will rise to around 3% after August, and added the need for an additional hike will be judged ?while assessing the changes in domestic and external policy conditions.?
Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign.
Headline and core inflation in the U.S. rose at a slower-than-expected pace in June. The Bureau of Labor Statistics' closely watched consumer price index increased by 3.0% annually, down from 4.0% in May. Meanwhile, core CPI, which strips out more volatile items like food and energy, cooled to 4.8% yearly and 0.2% monthly.
No comments:
Post a Comment