Barometers trades sideways; Nifty re-claims 17,500

The benchmark indices traded sideways near the flat line in the mid-afternoon trade. The Nifty traded near the 17,500 mark. Metal, private bank and healthcare stocks advanced while IT, realty and consumer durables shares declined.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 21.09 or 0.04% to 58,831.98. The Nifty 50 index rose 7.65 points or 0.04% to 17,532.75.

In the broader market, the S&P BSE Mid-Cap index declined 0.20% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was negative. On the BSE, 1,525 shares rose and 1,824 shares fell. A total of 127 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.319 as compared with 7.348 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.49, compared with its close of 79.63 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement fell 0.24% to Rs 52,365.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, lost 0.13 % to 106.24.

In the commodities market, Brent crude for October 2022 settlement fell 46 cents or 0.48% at $95.85 a barrel.

Buzzing Index:

The Nifty Consumer durables index declined 0.67% to 25,997.95. The index rose 0.6% in past trading session.

Among the components of the Nifty Consumer Durables index, Amber Enterprises India (down 3.7%), Rajesh Exports (down 3.14%), TTK Prestige (down 1.63%), Bata India (down 1.32%), Crompton Greaves Consumer Electricals (down 1.2%), Kajaria Ceramics (down 1.2%), Whirlpool of India (down 1.09%), Titan Company (down 0.91%), V-Guard Industries (down 0.75%) and Orient Electric (down 0.65%) were the losers.

On the other hand, Dixon Technologies (India) (up 1.49%) ,Relaxo Footwears (up 0.45%) and Havells India (up 0.39%) advanced.

Earnings Impact:

Zydus Lifesciences rose 0.62%. The company`s consolidated net profit fell 11.7% to Rs 518.3 crore on a 1.8% increase in total income from operations to Rs 4,072.7 crore in Q1 FY23 over Q1 FY22. EBITDA decliend by 14.3% to Rs 833 crore in Q1 FY23 from Rs 971.9 crore in Q1 FY22. EBITDA margin de-grew to 20.5% in Q1 FY23 as against 24.3% in Q1 FY22.

Cummins India declined 2.34% after the company reported 19.8% fall in consolidated net profit to Rs 198.13 crore on a 41.9% increase in revenue from operations to Rs 1,695.92 crore in Q1 FY23 over Q1 FY22. On the segmental front, revenue from Engine sales was Rs 1,666.11 crore (up 41.5% YoY) while that from the sales of Lubes was Rs 514.71 crore (up 65% YoY) in the first quarter.

Fairchem Organics surged 14.97% after the company`s standalone net profit rose 21.2% to Rs 27.03 crore on 61.9% increase in net sales to Rs 224.94 crore in Q1 June 2022 over Q1 June 2021. The company PAT surged 140.48% and net sales rose 26.82% in Q1 June 2022 over Q4 March 2022

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