Barometers turn rangebound, Nifty above 16,100 level

The domestic equity benchmarks traded in a narrow range with modest gains in the early afternoon trade. The Nifty traded a tad above the 16,100 mark. PSU bank shares extended gains for second consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 361.3 points or 0.67% to 54,112.27. The Nifty 50 index added 111.50 points or 0.70% to 16,101.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.96% while the S&P BSE Small-Cap index gained 1.19%.

The market breadth was strong. On the BSE, 2,225 shares rose and 917 shares fell. A total of 162 shares were unchanged.

Investors continued to assess the minutes from the US Fed`s June meeting which showed the central bank`s determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 0.99% to 20.07. The Nifty 28 July 2022 futures were trading at 16,098.50, at a discount of 2.8 points as compared with the spot at 16,101.30.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 24.6 lakh contracts at the 16,500 strike price. Maximum Put OI of 35.2 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty PSU Bank index rose 2.86% to 2,586.65, extending its two days winning streak. The index added 3.95% in two sessions.

Canara Bank (up 6.38%), Bank of Baroda (up 5.43%), Union Bank of India (up 3.44%), Punjab National Bank (up 3.34%), Indian Bank (up 2.22%), Indian Overseas Bank (up 1.44%), Central Bank of India (up 1.4%), Punjab & Sind Bank (up 1.39%), State Bank of India (up 1.33%) and Bank of Maharashtra (up 1.27%) advanced.

Stocks in Spotlight:

Kalyan Jewellers India rallied 3.76% after the company said that it achieved consolidated revenue growth of over 105% in Q1 FY23 as compared to the same period in the previous financial year. The company said it witnessed continued robust momentum in both footfalls and revenue across all our markets in India and Middle East. The jewellery retailer said it witnessed revenue growth of over 115% for India operations during the recently concluded quarter, as compared to Q1 FY22. The firm continues to see strong operating momentum in India business, driven by the resilience of its category.

Sobha surged 6.92% after the realtor said it achieved highest ever quarterly sales volume of 1.36 million sft in Q1 FY23, up by 51.7% year-on-year (YoY). As compared with Q4 FY22, the company`s sales volume has risen by 1.21%. Total sales value was at Rs 1,145.5 crore in Q1 FY23, up 67.7% YoY and up 3.24% QoQ.

JSW Ispat Special Products rose 1.26%. The company reported 25% YoY decline in crude steel production to 0.11 million tonnes (MT) in Q1 FY23 as against 0.14 MT recorded in Q1 FY22. The company`s crude steel production tumbled 37% as against 0.17 MT produced in Q4 FY22. The crude steel production was lower sequentially due to preponement of certain scheduled shutdowns during the financial year 2022-23, the company stated.

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