Barometers extend gains; bank stocks rise for 2nd day
Published on Jul 28, 2022 10:34
The key equity indices extended their rally and hit fresh intraday high in morning trade. The Nifty hovered near the 16,850 mark. Bank stocks extended gains for second consecutive session.
In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index added 0.65%.
The market breadth was strong. On the BSE, 2004 shares rose and 956 shares fell. A total of 162 shares were unchanged.
Investors cheered after the US Fed hinted at slowing down rate hikes going forward and rejected the speculation that the US economy is in recession.
Vedanta (up 0.57%), TVS Motor (up 0.68%), Shree Cement (up 1.30%), Nestle India (up 0.41%), Dr Reddy`s Laboratories (down 0.96%), Bajaj Finserv (up 7.84%) and SBI Life Insurance Company (down 0.04%) are the major results that will be announced today.
Further, Bajaj Holdings & Investments (up 5.49%), SBI Cards and Payment Services (up 0.47%), Nippon Life India Asset Management (up 1.62%), Dr. Lal Path Labs (down 0.04%), Mahindra & Mahindra Financial Services (up 2.74%), Motilal Oswal (down 0.60%), Sona BLW Precision Forgings (up 0.75%), Ajanta Pharma (down 0.17%), Aavas Financiers (up 1.80%), Mangalore Refinery and Petrochemicals (up 0.82%), K.P.R. Mill (up 0.23%), Jubilant FoodWorks (up 1.60%), Intellect Design Arena (up 1.77%), Westlife Development (up 0.49%), TTK Prestige (up 0.28%), Shriram Transport Finance (up 1.74%) are some of the companies that will also announce their quarterly earnings today.
The Nifty Bank index rose 1.38% to 37,291.35. The index has added 2.42% in two sessions.
IndusInd Bank (up 3.01%), IDFC First Bank (up 2.1%), Axis Bank (up 1.9%), Kotak Mahindra Bank (up 1.64%) and Punjab National Bank (up 1.25%) were the top index gainers.
Among the other gainers were Bandhan Bank (up 1.21%), ICICI Bank (up 1.09%), Federal Bank (up 1.02%), HDFC Bank (up 0.85%) and State Bank of India (up 0.83%).
Stocks in Spotlight:
Home First Finance Company India advanced 2.77%. On a consolidated basis, the company`s net profit jumped 46% to Rs 51 crore on 19.4% increase in total income to Rs 169 crore in Q1 FY23 over Q1 FY22.
Poonawalla Fincorp was up 0.37%. The company reported consolidated net profit of Rs 141 crore in Q1 FY23 as against a net profit of Rs 65 crore in Q1 FY22. Net interest income rose to Rs 398 crore in Q1 FY23 from Rs 284 crore in Q1 FY22.
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