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Barometers trade with decent gains; Pvt bank shares advance

Published on Aug 08, 2022 11:31

The benchmark indices traded with moderate gains in the mid-morning trade. The Nifty traded above the 17,450 mark after hitting intraday low at 17,359.75 in the early trade. Private bank shares rose for the second day in a row.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 257.04 points or 0.44% to 58,644.97. The Nifty 50 index gained 64.20 points or 0.37% to 17,461.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth was positive. On the BSE, 1,928 shares rose and 1,339 shares fell. A total of 184 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index rose 0.82% to 19,409.85, continuing its gaining streak for the second day. The index rose 1.24% in two trading sessions.

Among the components of the Nifty Private Bank index, IDFC First Bank (up 2.76%), RBL Bank (up 2.28%), HDFC Bank (up 2.25%), Axis Bank (up 1.54%) and IndusInd Bank (up 1.52%) Federal Bank (up 0.83%), City Union Bank (up 0.4%), Kotak Mahindra Bank (up 0.28%), Bandhan Bank (up 0.05%) were the gainers.

On the other hand, ICICI Bank (down 0.5%) edged lower.

Stocks in Spotlight:

Marico rose 0.79% after the company reported 3.3% rise in consolidated net profit to Rs 377 crore on a 1.3% increase in revenue from operations to Rs 2,558 crore in Q1 FY23 over Q1 FY22. While revenue from the India business declined by 3.6% to Rs 1,921 crore, the International business revenue improved by 19.5% to Rs 637 crore in Q1 FY23.

NMDC rose 2.16%. The company reported a 54% fall in standalone net profit to Rs 1,469.44 crore in Q1 FY23 as against Rs 3,192.84 crore in Q1 FY22. Net sales was at Rs 4,767.07 crore for the quarter ended 30 June 2022 as against Rs 6,512.21 crore during the same period in the previous year, registering a decline of 26.8%.

Hindustan Petroleum Corporation (HPCL) tumbled 4.75% after the company reported a standalone net loss of Rs 10,196.94 crore in Q1 FY23 as against a net profit of Rs 1,795 crore recorded in Q1 FY22. Net sales (excluding Excise Duty) surged 58.1% to Rs 114,079.76 crore in Q1 FY23 from Rs 72,166.39 crore posted in the corresponding quarter previous year.

Global markets:

Asian stocks traded mixed on Monday, with SoftBank set to report earnings after the market close.

Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18% compared to a year ago. China`s dollar-denominated imports increased 2.3% in July compared to the same period in 2021, lower than the expected 3.7% gain.

US stocks ended mixed on Friday after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation.

Defying anxiety about a possible recession and raging inflation, America`s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. July`s job creation was up from 398,000 in June and the most since February.

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