Barometers turn range bound; Nifty hovers above 16,500

The key equity indices traded in a narrow range with major gains in the morning trade. Strong global cues boosted the sentiments. The Nifty hovered above the 16,500 mark. IT stocks advanced for the third straight day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 691.52 points or 1.26% to 55,459.14. The Nifty 50 index gained 197.10 points or 1.21% to 16,537.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index added 0.88%.

The market breadth was strong. On the BSE, 2,235 shares rose and 802 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 976.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 100.73 crore in the Indian equity market on 19 July, provisional data showed.

Earnings Today:

Wipro (up 0.70%), IndusInd Bank (up 1.67%), Havells India (down 0.48%), Ceat (rose 0.14%), Century Plyboards (down 0.95%), Gland Pharma (up 1.41%), Syngene International (down 0.41%), Tata Communications (down 0.87%), Hathway Cable & Datacom (up 0.60%), JSW Ispat Special Products (up 2.38%), Lloyds Steels Industries (up 1.55%), Mastek (up 1.28%), Newgen Software Technologies (up 2.11%), Oracle Financial Services Software (up 0.47%) and Sagar Cements (up 1.61%) will announce their financial results for Q1 FY23 later in the day.

Buzzing Index:

The Nifty IT index rose 1.85% to 27,852.05, extending its gaining run to the third trading session. The index gained 5.16% in three trading sessions.

Among the components of the Nifty IT index, Mphasis (up 2.88%), Tech Mahindra (up 2.43%), Infosys (up 1.69%), Coforge (up 1.65%) and Larsen & Toubro Infotech (up 1.53%) were the top gainers.

Among the other gainers were Mindtree (up 1.41%), Tata Consultancy Services (up 1.4%), HCL Technologies (up 1.39%), L&T Technology Services (up 1.34%) and Wipro (up 0.57%).

Stocks in Spotlight:

Canara Bank rose 0.11%. The state owned lender said it has raised Rs 2,000 crore by issuing Basel III compliant additional tier I bonds. The bank came out with the issuance of Rs 2,000 crore of additional tier-I bonds on 15 July 2022. The bank said it received total bid amount of Rs 5719 crore, out of which full issuance of Rs 2000 crore was accepted at 8.24%.

Grasim Industries rose 0.87%. The cement company said that its board approved a foray into B2B e-commerce platform for the building materials segment with an investment of approximately Rs 2,000 crore over the next 5 years. This investment adds a new high-growth engine with clear adjacencies within Grasim`s standalone businesses as also that of its subsidiaries and associate companies.

Krsnaa Diagnostics fell 1.04%. The company said it emerged as lowest (L-1) bidder for supply, installation, operation and maintenance of CT Scan Center at Raj - MES Medical College in Rajasthan. Rajasthan Medical Education Society (Directorate of Medical Education), Government of Rajasthan has awarded a tender to Krsnaa Diagnostics for supply, installation, operation and maintenance of CT Scan Center at Raj - MES Medical College located at Churu, a city in Rajasthan on public private partnership (PPP) basis.

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