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Broader market outperforms; positive market breadth

Published on Jul 25, 2022 09:25

The key equity barometers traded with minor cuts in early trade amid some selling in key index pivotals. The Nifty traded below the 16,700 mark. Barring banks, metals and IT, shares across sectors declined.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 84.09 points or 0.15% to 55,988.14. The Nifty 50 index lost 22.80 points or 0.14% to 16,696.65.

Among the Nifty 50 stocks, ONGC (down 1.81%), Ultratech Cement (down 1.48%), BPCL (down 1.23%), Sun Pharma (down 0.99%) and Shree Cement (down 0.96%) were the top Nifty losers.

However, Apollo Hospitals (up 2.30%), UPL (up 1.10%), Tata Steel (up 0.87%), Bharti Airtel (up 0.67%) and Tata Consumer (up 0.63%) managed to outperform.

Meanwhile, the NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 4.59% to 17.42.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,419 shares rose and 1,098 shares fell. A total of 165 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) fell 3.08%. The Mukesh Ambani-led diversified company reported 40.8% increase in consolidated net profit to Rs 19,443 crore on 56.7% increase in net sales to Rs 2,19,304 crore in Q1 June 2022 over Q1 June 2021. EBITDA jumped 45.8% YoY to Rs 40,179 crore during the quarter, driven by strong contribution from O2C business, even as other businesses contributed positively to growth.

Infosys declined 1.18%. The IT major`s consolidated net profit dropped 5.7% to Rs 5360 crore on 6.8% rise in revenue to Rs 34470 crore in Q1 FY23 over Q4 FY22.

ICICI Bank rose 1.93%. The bank reported standalone net profit of Rs 6905 crore in Q1 June 2022 as against a net profit of Rs 4616 crore in Q1 June 2021. Net interest income rose to Rs 13210 crore from Rs 10936 crore.

Kotak Mahindra Bank advanced 0.74%. The bank reported 26% rise in standalone net profit to Rs 2071 crore on 19% rise in net interest income to Rs 4697 crore in Q1 June 2022 over in Q1 June 2021.

GAIL (India) gained 1.62%. A meeting of the board of directors of the company is scheduled on 27 July 2022, to consider and approve issuance of bonus shares.

Global Markets:

Asian stocks are trading lower on Monday ahead of an important week in the U.S.

US stocks ended lower on Friday as disappointing earnings from Snap spooked investors and shares in social media and ad-tech firms dropped, offsetting gains from card issuer American Express following an upbeat forecast.

Later this week, all eyes will be on the Fed rate decision and the release of second quarter gross domestic product data in the U.S. The US Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation, as per reports.

Over the weekend, the World Health Organization declared monkeypox a global health emergency. The organization`s emergency committee was unable to reach a consensus, but WHO chief Tedros Adhanom Ghebreyesus made the decision to issue the highest alert, though he said it is unlikely to disrupt global trade or travel at the moment.

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