Sensex regains 53,000 in early trade; breadth strong

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 149.34 points or 0.28% at 53,001.61. The Nifty 50 index was up 50.65 points or 0.32% at 15,875.10. The Sensex was trading a tad above the psychological 53,000 mark after regaining that level in early trade. Asian stocks are trading higher.

The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.88%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1874 shares rose and 521 shares fell. A total of 74 shares were unchanged.

Stocks in news:

Larsen & Toubro (L&T) rose 0.16%. L&T reported 287% rise in consolidated profit after tax to Rs 1174 crore on a 38% increase in revenue to Rs 29335 crore in Q1 FY22 over Q1 FY21. The company bagged orders worth Rs 26,557 crore at the group level during the quarter ended June 30, 2021 registering a growth of 13% over corresponding period of the previous year.

Tata Motors rose 0.7%. Tata Motors` consolidated net loss contracted to Rs 4,450.92 crore in Q1 June 2021 as compared to a net loss of Rs 8,437.99 crore in Q1 June 2020. Total revenue from operations soared 107.63% to Rs 66,406.45 crore in Q1 FY22 from Rs 31,983.06 crore in Q1 FY21. EBITDA margins improved by 570 bps to 8.3% in Q1 FY22 over Q1 FY21.

Axis Bank slipped 0.25%. Axis Bank`s net profit grew 94% from to Rs 2,160 crore in Q1FY22 from Rs 1,112 crore in Q1FY21. Net Interest Income (NII) grew 11% YOY to Rs 7,760 crore from Rs 6,985 crore in Q1FY21. The bank`s operating profit for the quarter grew 10% YOY to Rs 6,416 crore while the core operating profit grew 13% to Rs 5,896 crore.

DLF rose 0.09%. DLF reported consolidated net profit at Rs 337.17 crore in Q1FY22 against loss of Rs 71.52 crore in Q1FY21. Revenue jumped 92% to to Rs 1243 crore.

Biocon rose 0.9%. Biocon Biologics, a fully integrated biosimilars company and a subsidiary of Biocon, announced that U.S. based Adagio Therapeutics has granted an exclusive license to Biocon Biologics to manufacture and commercialize an antibody treatment based on ADG20 for India and select emerging markets.

Prataap Snacks rose 0.03%. Prataap Snacks informed that the commercial production at newly set up unit situated at Plot No. 5511, 5512 and 5513, Mouza - New Kolorah, District - Howrah, West Bengal has commenced yesterday, 26th July, 2021. The unit has been set up for production of extruded snacks, pellets and other snacks with a capacity of about 6,000 MT per annum.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday even as several major Chinese tech stocks in Hong Kong remained under pressure following a Monday tumble.

All three major US stock indexes eked out record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check.

Investors will be watching the Federal Reserve`s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday, the Commerce Department will report second-quarter gross domestic product data.

Meanwhile, on the data front, sales of new U.S. single-family homes dropped unexpectedly in June, falling 6.6% to a seasonally adjusted annual rate of 676,000 units, the Commerce Department said on Monday.

Back home, the domestic equity barometers ended a volatile session with modest losses on Monday. The barometer index, the S&P BSE Sensex, fell 123.53 points or 0.23% to 52,852.27. The Nifty 50 index lost 31.60 points or 0.20% to 15,824.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,376.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,551.27 crore in the Indian equity market on 26 July, provisional data showed.

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