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Indices edge higher amid positve global cues

Published on Jul 18, 2022 09:32

The key equity indices traded with modest gains in the early trade amid positive global cues. The Nifty traded above the 16,150 mark. All the sectoral indices on the NSE were in the green.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 372.63 points or 0.69% to 54,133.41. The Nifty 50 index gained 116.70 points or 0.73% to 16,165.90

In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index added 0.93%.

The market breadth was strong. On the BSE, 2,050 shares rose and 544 shares fell. A total of 141 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,649.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,059.46 crore in the Indian equity market on 15 July, provisional data showed.

Earnings Impact:

HDFC Bank fell 0.67%. The private lender`s net profit rose 18.97% to Rs 9,195.99 crore on 13.02% increase in total income to Rs 41,560.27 crore in Q1 FY23 over Q1 FY22.

L&T Technology Services (LTTS) rose 0.23%. LTTS reported a 4.7% rise in consolidated net profit to Rs 274.20 crore on 6.7% increase in revenue to Rs 1,873.70 crore in Q1 FY23 over Q4 FY22.

Oberoi Realty rose 1.14%. The Mumbai-based real estate developer has reported a consolidated net profit of Rs 403.08 crore in Q1 FY23 as against a net profit of Rs 80.63 crore in Q1 FY22. Revenue from operations increased 221.2% YoY to Rs 913.11 crore during the quarter.

Jindal Steel & Power (JSPL) rose 1.04%. JSPL reported a standalone net profit of Rs 6,623.08 crore in Q1 FY23 as compared with a net profit of Rs 2,660.73 crore in Q1 FY22. Net sales during the quarter increased 25.1% to Rs 13,015.21 crore.

Global markets:

Asian stocks advanced across the board on Monday as investors looked ahead to announcements later in the week. Japan`s market was closed for a holiday Monday.Oil drops as China`s rising COVID cases renew fuel demand concerns.

US stocks closed sharply higher on Friday fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.

Finance chiefs at the Group of 20 meeting in Bali "strongly condemned" the war in Ukraine and expressed concern over an "alarming increase of food and energy insecurity." Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russia`s war against Ukraine, which was strongly condemned. Broadly, all G-20 central banks agreed to tackle inflation and calibrate monetary policies that would rein in soaring prices.

Global interest rates will likely keep rising until 2023 when heated prices will begin to cool in response to the actions from central banks, according to Kristalina Georgieva, managing director of the International Monetary Fund. Commodity prices, such as oil, may have leveled out and started sliding in recent months, but Georgieva said that they will do so in response to recession risks and not necessarily because inflation has been tamed.

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