Indices trim gains; HCL Tech hits 52 week low

The key equity indices pared gains and traded with minor gains in the morning trade. The Nifty traded below the 16,100 level. FMCG, PSU banks and realty shares advanced while oil & gas, private banks and auto stocks declined.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 106.83 points or 0.20% to 53,993.44. The Nifty 50 index gained 31.35 points or 0.20% to 16,089.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index added 0.28%.

The market breadth was strong. On the BSE, 1,833 shares rose and 1,114 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.68 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 140.71 crore in the Indian equity market on 12 July, provisional data showed.

Economy:

India`s factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 19.6% in May 2022. IIP grew 7.1% in April 2022. The manufacturing sector recorded a growth of 20.6% in May. The mining sector rose by 10.9% and the electricity sector climbed 23.5%.

India`s headline retail inflation rate, as measured by the Consumer Price Index (CPI), stood at 7.01% in June 2022 from 7.04% in May 2022, data released on 12 July 2022 by the Ministry of Statistics and Programme Implementation showed.

Earnings Today:

Mindtree (up 1.96%), Tata Metaliks (up 1.36%) and Premier Polyfilm (down 0.58%) will announce their financial results for Q1 FY23 later today.

Buzzing Index:

The Nifty FMCG index rose 0.93% to 40,953.10. The index declined 1.14% in the past trading session .

Colgate-Palmolive (India) (up 2.21%), Godrej Consumer Products (up 2.05%), Hindustan Unilever (up 1.72%), Varun Beverages (up 1.72%) and Emami (up 0.96%), Nestle India (up 0.71%), Tata Consumer Products (up 0.55%), Britannia Industries (up 0.48%), United Spirits (up 0.46%) and Radico Khaitan (up 0.45%) edged higher.

Earnings Impact:

HCL Technologies fell 1.35% after the company reported 8.6% fall in consolidated net profit to Rs 3,283 crore despite a 3.8% rise in revenue to Rs 23,464 crore in Q1 FY23 over Q4 FY22. Compared with Q1 last year, net income rose 2.4% while topline jumped 16.9% in the first quarter. In dollar terms, the company`s revenue stood at $3,025 million, up 1.1% QoQ and up 11.2% YoY. In constant currency terms, revenue growth in Q1 FY23 was 2.7% QoQ and 15.6% YoY. For Q1 FY23, total contract value (TCV) of new deal wins was at $2,054 million, registering 23.4% YoY. The counter hit 52 week low of Rs 905.20, extending its losing run to fouth consecutive trading session.

Delta Corp gained 1.45%. The gaming and casino firm reported consolidated net profit of Rs 57.13 crore in Q1 June 2022 as against net loss of Rs 28.93 crore in Q1 June 2021. On a consolidated basis, net sales rose 229.87% to Rs 250.27 crore in Q1 June 2022 over Q1 June 2021. The company`s income from casino gaming division rose 19.02% to Rs 250.72 crore in Q1 FY23 as against Rs 210.66 crore in Q4 FY22.

Anand Rathi Wealth rose 1.13% after the company reported 33.6% growth in consolidated net profit to Rs 39.70 crore on 35.7% rise in total income to Rs 133.50 crore in Q1 FY23 over Q1 FY22.

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