Nifty above 17,700 level, Europe opens higher

The key equity indices traded near the day high with decent gains in the afternoon trade. Positive opening in the European stock markets boosted the investors sentiment. The Nifty traded above the 17,700 level after hitting the day`s low of 17,597.85 in the morning trade. Oil & gas, metal and realty stocks were in demand while healthcare, IT and pharma shares were under pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 152.1 points or 0.26% to 59,484.70. The Nifty 50 index rose 45.55 points or 0.26% to 17,704.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.58%.

The market breadth was positive. On the BSE, 1,909 shares rose and 1,397 shares fell. A total of 158 shares were unchanged.

Oil and Natural Gas Corporation (ONGC) (up 4.67%), Tata Steel (up 3.02%), NTPC (up 2.90%), UPL (up 2.15%) and SBI Life Insurance Company (up 1.95%) were major Nifty gainers.

Divi`s Laboratories (down 4.49%), Apollo Hospitals Enterprise (down 3.23%), Infosys (down 1.43%), Tata Consumer Products (down 1.21%) and Maruti Suzuki India (down 1.14%) were majority Nifty losers.

Apollo Hospitals Enterprise skid 3.23% after the company reported 35.2% drop in consolidated net profit to Rs 317.11 crore in Q1 FY23 from Rs 489.28 crore in Q1 FY22. Revenue from operations rose by 0.9% YoY to Rs 3795.60 crore during the quarter.

Divi`s Laboratories slipped 4.49. The pharma major`s consolidated net profit jumped 26.01% to Rs 702.01 crore on 14.99% rise in revenue from operations to Rs 2,254.52 crore in Q1 FY23 over Q1 FY22. Total income grew 17.34% to Rs 2,342.91 crore in the quarter ended 30 June 2022 from Rs 1,996.61 crore recorded in the same period a year ago.

Stocks in Spotlight:

Adani Enterprises added 0.72%. The Adani Group will invest Rs 57,575 crore in the state of Odisha. The high-level clearance authority (HLCA) of the Govt of Odisha approved the Adani Group`s proposal to set up two projects - a 4 MMTPA integrated alumina refinery and a 30 MMTPA iron ore (value addition) project.

Trent gained 2.38%. The Tata Group retail firm reported a consolidated net profit of Rs 130.51 crore in Q1 FY23 as against a net loss of Rs 126.59 crore recorded in Q1 FY22. The company reported revenue from operations of Rs 1,803.15 crore in the first quarter, steeply higher than Rs 491.99 crore posted in the corresponding quarter previous year.

Aurobindo Pharma advanced 2.21%. The pharmaceutical company reported 32.4% fall in consolidated net profit to Rs 520.5 crore in Q1 FY23 from Rs 770 crore in Q1 FY22. Revenue from operations increased by 9.4% YoY to Rs 6,235.9 crore during the period under review. In Q1 FY23, US formulations revenue increased by 10.8% YoY to Rs 2,971.1 crore while Europe formulation revenue stood at Rs 1,548.1 crore, with decrease of 2.2% YoY mainly due to Euro currency depreciation.

Page Industries shed 0.24% after the company reported a net profit of Rs 207.04 crore in Q1 FY23, steeply higher than Rs 10.95 crore recorded in Q1 FY22. Revenue from operations zoomed 167.4% to Rs 1,341.27 crore in the quarter ended 30 June 2022 as against Rs 501.54 crore posted in the corresponding quarter previous year.

Global Markets:

Shares in Europe advanced while Asian stocks traded mixed on Friday following strong gains in the previous session as investors digested the U.S. inflation report.

US stocks struggled for direction on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.

US producer prices unexpectedly fell in July amid a drop in the cost for energy products. The producer price index for final demand declined 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said on Thursday. The PPI climbed 1.0% in June. In the 12 months through July, it increased 9.8% after advancing 11.3% in June.

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