Indices drift lower in early trade; Nifty above 16,500
Published on Jul 21, 2022 09:32
The benchmark indices traded with small losses in the early trade amid mixed global cues. The Nifty traded above the 16,500 mark. Media, realty and FMCG stocks advanced while IT, consumer durables and financial services shares corrected.
At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 48.21 points or 0.09% to 55,349.32. The Nifty 50 index lost 11.90 points or 0.07% to 16,508.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index added 0.40%.
The market breadth was strong. On the BSE, 1,611 shares rose and 815 shares fell. A total of 108 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,780.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 230.22 crore in the Indian equity market on 20 July, provisional data showed.
Stocks in Spotlight:
Wipro fell 1.08%. The IT major`s consolidated net profit dropped 16.96% to Rs 2,563.6 crore in Q1 FY23 as against Rs 3,087.3 crore in Q4 FY22. Revenue from operations increased 3.21% quarter on quarter (QoQ) to Rs 21,528.6 in Q1 FY23 over Q4 FY22. On a year on year (YoY) basis, the IT firm`s net profit tumbled 20.68% while revenue jumped 17.95% in Q1 FY23. In dollar terms, Wipro`s gross revenue was $2.7 billion, registering a growth of 17.9% YoY. IT Services segment revenue stood at $2,735.5 million, an increase of 0.51% QoQ and 13.3% YoY.
State Bank of India (SBI) fell 0.19%. The central board of the bank has approved raising of capital by way of issuance of Basel III compliant debt instrument in USD/INR and/or any other convertible currency, during FY23. The bank will raising fresh additional Tier 1 (AT1) capital of Rs 7,000 crore, and fresh Tier 2 capital of Rs 4,000 crore.
Tata Communications rose 4.55%. The company reported consolidated net profit to Rs 544.82 crore in Q1 FY23 from Rs 296.90 crore in Q1 FY22. Total income stood at Rs 4,544.51 crore in Q1 FY23 from Rs 4,116.14 crore in Q1 FY22.
Asian stocks were trading mixed on Thursday as investors look ahead to the Bank of Japan rate decision. The Bank of Japan is expected to keep rates at ultra-low levels Thursday, as per reports.
US stocks ended higher on Wednesday on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.
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 the likelihood of a recession over the next year rises to 40%, as per reports.
U.S. President Joe Biden said he expects to speak with Chinese President Xi Jinping by the end of the month, as per reports. He did not elaborate on reasons for the call or planned topics of discussion.
The European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, as per reports.
Powered by Capital Market - Live News