Indices trim gains, Nifty below 17,450 mark

The domestic equity benchmarks pared gains in the morning trade. The Nifty traded below the 17,450 mark. IT shares extended gains for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 115.23 points or 0.20% to 58,465.76. The Nifty 50 index gained 34.65 points or 0.20% to 17,422.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 1,959 shares rose and 1,059 shares fell. A total of 143 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 765.17 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 518.42 crore in the Indian equity market on 3 August, provisional data showed.

Economy:

The Reserve Bank of India`s rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy. The Monetary Policy Committee is scheduled to announce its decision on August 5. While a 25 bps hike is ruled out, market opinions are reportedly split between a 35 bps hike and a 50 bps hike.

Earnings Today:

Britannia Industries (down 0.37%), GAIL (India) (down 0.53%), Adani Enterprises (up 0.79%), LIC Housing Finance (down 0.17%), Dabur India (down 0.22%), Alembic Pharmaceuticals (up 0.73%), Adani Total Gas (up 0.94%), Aptech (up 1.49%), Balkrishna Industries (down 0.79%), Balrampur Chini Mills (up 0.41%), BEML (up 0.64%), Berger Paints India (up 0.92%), Bharat Heavy Electricals (up 0.66%), Blue Star (up 0.77%), Container Corporation of India (down 1.04%), Dalmia Bharat (up 1.55%), Edelweiss Financial Services (up 1.79%), Glenmark Life Sciences (down 0.37%), Gujarat State Petronet (down 0.69%), ICRA (down 0.45%), Kalpataru Power Transmission (up 0.21%), Kalyan Jewellers India (up 3.09%), Krsnaa Diagnostics (up 0.68%), Manappuram Finance (up 0.64%), Praj Industries (up 0.66%), REC (up 0.04%), Spandana Sphoorty Financial (up 0.26%), Suryoday Small Finance Bank (up 1.35%), Ujjivan Financial Services (up 0.66%), Welspun Corp (down 1.14%), and Windlas Biotech (up 0.67%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index gained 1.35% to 29,813. The index advanced 2.72% in the past two trading sessions.

Mphasis Ltd (up 2.62%), Mindtree Ltd (up 2.57%), Larsen & Toubro Infotech Ltd (up 1.97%), Infosys Ltd (up 1.89%), L&T Technology Services Ltd (up 1.85%), Wipro Ltd (up 1.25%), Coforge Ltd (up 1.25%), Tech Mahindra Ltd (up 1.03%), Tata Consultancy Services Ltd (up 0.64%) and HCL Technologies Ltd (up 0.57%) edged higher.

Earnings Impact:

InterGlobe Aviation (IndiGo) declined 0.87% after the company reported a net loss of Rs 1,064.3 crore in Q1 FY23, which is lower as compared with a net loss of Rs 3,174.2 crore recorded in Q1 FY22. The company cited depreciating rupee and higher fuel prices as the reasons for the net loss recorded in the quarter ended June 2022.

Revenue from operations increased by 327.5% to Rs 12,855.3 crore in the first quarter - the company`s highest-ever quarterly revenue. IndiGo had recorded revenue of Rs 3,006.9 crore in the same period last year. The number of passengers in Q1 FY23 rose by 221.9% as compared with Q1 FY22.

Adani Transmission fell 1%. The power transmission company`s consolidated net profit tumbled 61.1% to Rs 168.46 crore despite of 22% jump in revenue to Rs 3,049 crore in Q1 FY23 over Q1 FY22. The company said it is not comparable due to Rs 288 crore one-off income (Rs 238 crore net-off tax) received in Q1FY22 and adverse forex movement of Rs 185 crore in the current quarter. On the segmental front, the operational revenue of the Transmission business was Rs 836 crore (up 10.4% YoY) while the revenue from the Distribution business was Rs 2,213 crore (up 27% YoY).

Transmission business revenue growth was driven by newly commissioned lines over the period. Distribution business revenue increased on account of significant jump in energy demand

Adani Wilmar gained 1.62% after the company reported 10% rise in consolidated net profit to Rs 19.4 crore on a 30% increase in revenue to Rs 1,478.4 crore in Q1 FY23 over Q1 FY22. Edible Oil business stood at 0.70 MMT, registering a growth of 6% y-o-y on volumes and revenues at Rs 11,519 crore, registering a growth of 23% on revenues. The moderate growth is despite several headwinds in the edible oil industry. Inflationary pressure was a key concern for the edible oil industry.

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