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Indices trade with minor gains; Sensex adds 90 pts

Published on Jul 22, 2022 11:25

The key equity indices traded with small gains in the mid-morning trade. The Nifty traded below the 16,650 mark after hitting day`s high at 16,704.80 in early trade. Financial Services shares rose for the sixth day in a row.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 89.64 points or 0.16% to 55,771.59. The Nifty 50 index added 32.75 points or 0.20% to 16,638.

In the broader market, the S&P BSE Mid-Cap index fell 0.04% while the S&P BSE Small-Cap index added 0.15%.

The market breadth was positive. On the BSE, 1,684 shares rose and 1,415 shares fell. A total of 158 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed.

Economy:

The Reserve Bank of India (RBI) on 21 July 2022 said that the rate setting Monetary Policy Committee`s (MPC) meeting next month is rescheduled due to administrative exigencies. The MPC will now meet on August 3-5, from previously scheduled August 2-4, said the RBI.

Politics:

National Democratic Alliance (NDA) candidate Droupadi Murmu was elected the 15th President of India. She was declared elected on Thursday after four rounds of counting, posting an unassailable lead over her rival and the Opposition`s candidate Yashwant Sinha, who conceded the election thereafter. The President-elect will take oath on July 25.

Buzzing Index:

The Nifty Financial Services index rose 0.78% to 16,729.80, continuing its gaining streak to the sixth day. The index rose 4.56% in six trading sessions.

Among the components of the Nifty Financial Services index, Kotak Mahindra Bank (up 1.67%), Piramal Enterprises (up 1.41%), Housing Development Finance Corporation (up 1.07%), HDFC Bank (up 1.02%) and Cholamandalam Investment & Finance Company (up 0.9%) were the top gainers.

Among the other gainers were ICICI Bank (up 0.78%), Shriram Transport Finance Company (up 0.77%), State Bank of India (up 0.72%), Axis Bank (up 0.52%) and HDFC Life Insurance Company (up 0.21%).

On the other hand, HDFC Asset Management Company (down 2.12%), SBI Cards & Payment Services (down 1.41%) and ICICI Lombard General Insurance Company (down 1.07%) edged lower.

Stocks in Spotlight:

Cyient declined 2.27% after the IT company consolidated net profit slipped 24.71% to Rs 116.10 crore while net sales rose 5.83% to Rs 1,250.10 crore in Q1 FY23 over Q4 FY22. On year on year (YoY) basis, the company`s consolidated net profit rose 1% while revenue from operations surged 18.1% in Q1 FY23 over Q1 FY22. Profit before tax stood at Rs 159.50 crore in Q1 FY23, down 23.5 quarter on quarter (QoQ) and up 3.9% YoY.

Gujarat State Fertilizers & Chemicals (GSFC) surged 13.95% after the company`s consolidated net profit soared to Rs 345.81 crore in Q1 FY23 as against Rs 136.11 crore in Q1 FY22. Net sales soared 63.1% to Rs 3,018.15 crore in the quarter ended 30 June 2022 as against Rs 1,850.91 crore in the corresponding quarter previous year. The company reported profit before tax of Rs 508.84 crore in Q1 FY23, steeply higher than Rs 176.40 crore in in Q1 FY22.

Global markets:

Most Asian stocks declined on Friday as investors digest Japan`s inflation data. Official data released Friday showed that prices in Japan rose 2.2% in June compared to a year ago. It followed rises of 2.1% in May and April.

The Asian Development Bank has cut the growth forecast for China due to concerns over the country`s zero-Covid approach and strict lockdowns, which have also impacted its troubled property market. Gross domestic product growth for the world`s second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday.

Wall Street`s main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla.

The European Central Bank raised interest rates by more than expected on Thursday. The ECB raised its benchmark deposit rate by 50 basis points to zero percent, as it joined global peers in jacking up borrowing costs. It was the euro zone central bank`s first rate hike for 11 years. Ending an eight-year experiment with negative interest rates, the ECB also increased its main refinancing rate to 0.50 percent and promised further rate hikes possibly as soon as its next meeting on September 8.

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