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Indices open on firm note; Nifty above 17,650; breadth strong

Published on Aug 11, 2022 09:33

The key equity barometers are trading with strong gains in the early trade. The Nifty traded above the 17,650 mark. Positive global cues boosted the sentiments. All the sectoral indices on the NSE traded in the green.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 555.24 points or 0.94% to 59,372.53. The Nifty 50 index gained 150 points or 0.86% to 17,684.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 1,779 shares rose and 669 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,061.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.45 crore in the Indian equity market on 10 August, provisional data showed.

Earnings Impact:

Coal India rose 0.59%. Coal India`s consolidated net profit jumped to Rs 8834.22 crore in Q1 FY23 as compared with net profit of Rs 3174.15 crore in Q1 FY22. Net sales rose to Rs 32497.98 crore from Rs 23293.65 crore.

Eicher Motors rose 0.70%. Eicher Motors` total revenue from operations was Rs. 3,397 crores in the quarter ended 30 June 2022, up 72% as compared to Rs. 1,974 crores in the quarter ended 30 June 2021. Profit after tax was Rs. 611 crores as compared to a profit Rs. 237 crores during the same period last year.

Tata Consumer Products fell 1.78%. The FMCG major`s consolidated net profit grew 14.9% to Rs 276.51 crore on 10.58% rise in revenue from operations to Rs 3,326.83 in Q1 FY23 over Q1 FY22.

Oil India rose 0.48%. The company has reported 206% increase in Profit After Tax (PAT) during Q1 FY23 at Rs.1,555.49 crore from Rs.507.94 crore in Q1 FY22. Total income increased by 96.36% to Rs.6,029.86 crore during Q1FY23 from Rs.3,070.78 crore in Q1 FY22.

IRCTC fell 0.76%. The company`s net profit jumped to Rs 245.52 crore in Q1 FY23 as compared with net profit of Rs 82.52 crore in Q1 FY22. Total income rose to Rs 877 crore from Rs 257.94 crore.

PB Fintech rose 1.05%. The company posted consolidated net loss of Rs 204.33 crore in Q1 FY23 from net loss of Rs 110.84 crore in Q1 FY22. Total income increased to Rs 552.66 crore from Rs 258.17 crore.

Global markets:

Asian stocks were trading higher on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japan`s market is closed for a holiday Thursday.

Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.

The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.

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