Indices open with minor gains; breadth strong
Published on Aug 08, 2022 09:32
The key equity barometers are trading with tiny gains in the early trade, amid mixed Asian stocks. The Nifty traded above the 17,400 mark. Auto, metal and consumer durables shares were in demand while bank and IT stocks corrected.
At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 49.94 points or 0.09% to 58,437.87. The Nifty 50 index gained 14.85 points or 0.08% to 17,412.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index gained 0.33%.
The market breadth was strong. On the BSE, 1,680 shares rose and 964 shares fell. A total of 137 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,605.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 495.94 crore in the Indian equity market on 5 August, provisional data showed.
State Bank of India (SBI) fell 2.95%. SBI`s net profit fell 6.7% to Rs 6068 crore on 10.85% rise in interest income to Rs 7,676 crore in Q1 FY23 over Q1 FY22.
Hindustan Petroleum Corporation (HPCL) declined 5.40%. HPCL posted a consolidated net loss of Rs 8557.12 crore in Q1 FY23 as against net profit of Rs 2003.90 crore in Q1 FY22. Total income rose to Rs 121829.51 crore from Rs 78204.72 crore.
Bharat Petroleum Corporation (BPCL) fell 4.34%. BPCL posted a consolidated net loss of Rs 6147.94 crore in Q1 FY23 as against net profit of Rs 3214.16 crore in Q1 FY22. Total income rose to Rs 138753.77 crore from Rs 90131.33 crore.
Marico rose 1.05%. Marico posted consolidated net profit of Rs 377 crore in Q1 FY23 as against net profit of Rs 365 crore in Q1 FY22. Total income rose to Rs 2575 crore from Rs 2552 crore.
Asian stocks were trading mixed on Monday, with SoftBank set to report earnings after the market close.
Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18% compared to a year ago. China`s dollar-denominated imports increased 2.3% in July compared to the same period in 2021, lower than the expected 3.7% gain.
US stocks ended mixed on Friday after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation.
Defying anxiety about a possible recession and raging inflation, America`s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. July`s job creation was up from 398,000 in June and the most since February.
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