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The benchmarks indices continued to trade with strong gains in morning trade. The Nifty traded above the 19,450 mark. IT shares witnessed some bit of value buying.
The barometer index, the S&P BSE Sensex, was up 290.60 points or 0.45% to 65,531.28. The Nifty 50 index added 83.55 points or 0.43% to 19,465.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.81%.
The market breadth was strong. On the BSE, 2205 shares rose and 1042 shares fell. A total of 152 shares were unchanged.
Earnings Today:
State Bank of India (up 0.31%), Mahindra & Mahindra (up 0.45%), Bharat Heavy Electricals (down 0.15%), Fortis Healthcare (up 1.80%), Bharat Dynamics (down 0.38%), Gujarat State Petronet (up 0.24%), Alembic Pharmaceuticals (up 0.19%), Century Plyboards India (up 0.45%), Computer Age Management Services (down 0.02%), CE Info Systems (up 0.68%), TCI Express (down 0.73%), Tatva Chintan Pharma Chem (up 0.56%), Kolte-Patil Developers (down 0.59%) and I G Petrochemicals (up 1.60%) are some of the companies that will announce their quarterly earnings today.
Buzzing Index:
The Nifty IT index rose 1.83% to 30,520.60. The index had declined 1.05% in the past two sessions.
Wipro (up 2.33%), Coforge (up 2.24%), HCL Technologies (up 2.17%), Persistent Systems (up 1.98%) and LTIMindtree (up 1.97%) were the top gainers.
Among the other gainers were L&T Technology Services (up 1.92%), Tech Mahindra (up 1.87%), Mphasis (up 1.71%), Tata Consultancy Services (up 1.59%) and Infosys (up 1.21%).
Buzzing Index:
The Nifty Pharma index rose 0.50% to 15,175.05. The index has added _ % in two sessions.
Cipla (up 4.19%), Natco Pharma (up 2.2%), Torrent Pharmaceuticals (up 1.81%), Zydus Lifesciences (up 1.7%) and Lupin (up 0.98%) were the top gainers.
Among the other gainers were Gland Pharma (up 0.79%), Divis Laboratories (up 0.7%), Glenmark Pharmaceuticals (up 0.64%), Sanofi India (up 0.53%) and Alkem Laboratories (up 0.5%).
On the other hand, Abbott India (down 1.92%), Sun Pharmaceuticals Industries (down 0.53%) and Ipca Laboratories (down 0.14%) turned lower.
Stocks in Spotlight:
Hindalco Industries rose 0.39%. The company's wholly-owned subsidiary, Novelis Inc, reported a 49% slump in net income to $156 million for the quarter ended 30 June 2023. Novelis Inc had posted a net income of $307 million in the corresponding period of the previous fiscal.
Lupin added 0.79%. The drug major reported consolidated net profit of Rs 452.26 crore in Q1 FY24 as compared with net loss of Rs 89.08 crore in Q1 FY23. Revenue from operations jumped 31.58% to Rs 4,742.12 crore in Q1 FY24 from Rs 3,603.96 crore posted in corresponding quarter last year.
Deepak Nitrite rose 0.75%. The company's consolidated net profit declined 36 % to Rs 149.90 crore in Q1 FY24 as compared with Rs 234.62 crore in Q1 FY23. Revenue from operations fell 14.07% year on year to Rs 1,768.34 crore during the quarter.
Venus Pipes & Tubes rose 2.99%. The company's net profit surged 91.11% to Rs 17.41 crore on 58.11% increase in net sales to Rs 179.61 crore in Q1 June 2023 over Q1 June 2022.
LIC Housing Finance jumped 5.81%. The company's standalone net profit surged 43% to Rs 1,323.66 crore on 27.5% rise in total income to Rs 6,746.55 crore in Q1 FY24 over Q1 FY23.
Sterling and Wilson Renewable Energy (SWRE) gained 3.55%. SWRE announced that it has won orders worth Rs 826 crore in the first four months of FY 2023-24. The orders aggregate to around 1 GWp.
Global markets:
Asian stocks are trading mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.
US stocks fell marginally on Thursday on surge in treasury yields after the release of latest economic data.
In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.
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