Indices drop in early trade; breadth positive
Published on Jul 11, 2022 09:34
The key equity indices are trading with modest losses in early trade on selling pressure in index pivotals. Subdued global cues weighed on sentiment in early trade. Shares of bank, auto and financial services advanced while IT, healthcare and pharma stocks declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 312.76 points or 0.57% to 54,169.08. The Nifty 50 index shed 83.65 points or 0.52% to 16,136.95.
In the broader market, the S&P BSE Mid-Cap index fell 0.06% while the S&P BSE Small-Cap index shed 0.19%.
The market breadth was positive. On the BSE, 1,372 shares rose and 1,236 shares fell. A total of 132 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 109.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 34.61 crore in the Indian equity market on 8 July, provisional data showed.
Stocks in Spotlight:
Tata Consultancy Services (TCS) declined 2.97%. TCS reported 4.5% fall in consolidated net profit to Rs 9,478 crore despite a 4.3% rise in revenue from operations to Rs 52,758 crore in Q1 FY23 over Q4 FY22.
Power Grid Corporation of India rose 0.91% after the company has been declared as the successful bidder under Tariff based competitive bidding to establish Inter-State transmission system for "Transmission System for Evacuation of Power from Neemuch SEZ" on build, own operate and transfer (BOOT) basis.
Avenue Supermarts gained 2.82%. On a consolidated basis, total revenue for the quarter ended 30 June 2022 stood at Rs.10,038 crore, as compared to Rs.5,183 crore in the same period last year. Net profit stood at Rs.643 crore for Q1FY23, as compared to Rs.95 crore in the corresponding quarter of last year.
Dr. Reddy`s Laboratories added 0.31% after the company along with its subsidiaries announced the launch of Dr. Reddy`s Fesoterodine Fumarate Extended-Release Tablets, a therapeutic generic equivalent to Toviaz (fesoterodine fumarate) Extended-Release Tablets in the U.S. market following the approval by the U.S. Food and Drug Administration (USFDA).
Most of the Asian stocks are trading lower on Monday as investors braced for a U.S. inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure.
Hong Kong`s Hang Seng index fell more than 2% after reports that China has imposed fines on heavyweights Tencent and Alibaba. China imposed fines on several companies, including tech giants Alibaba and Tencent, for not complying with anti-monopoly rules on disclosure of transactions, as per reports.
However, Tokyo stocks are trading higher on Monday after Japan`s ruling bloc secured a strong win in Sunday`s upper house election, held just days after the assassination of former premier Shinzo Abe.
U.S. stocks closed mixed Friday, with the technology-heavy Nasdaq Composite ending higher as the Dow Jones Industrial Average and S&P 500 index slipped, after a stronger-than-expected June jobs report.
The U.S. saw stronger than expected job growth in June, as the economy added 372,000 jobs, according to data released by the Bureau of Labor Statistics on Friday. June`s gains marked a slight deceleration from the downwardly revised 384,000 in May. April`s count was revised down to 368,000. The unemployment rate was 3.6%, unchanged from May and in line with estimates.
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