Market at day`s high; Nifty hovers near 16,750

The benchmark indices further extended gains and hit the day`s high in the mid-afternoon trade. The Nifty traded above the 16,700 mark after hitting a day`s low of 16,610.90 in the mid-morning trade. Banks, financial services and consumer durables shares advanced while pharma, healthcare and IT stocks declined.

At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 457.74 points or 0.82% to 56,139.69. The Nifty 50 index 138.10 points or 0.83% to 16,743.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% while the S&P BSE Small-Cap index added 0.35%.

The market breadth was positive. On the BSE, 1,808 shares rose and 1,473 shares fell. A total of 149 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.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.410 as compared with 7.440 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.885, compared with its close of 79.855 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.13% to Rs 50,441.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.20% to 107.12.

In the commodities market, Brent crude for September 2022 settlement fell 23 cents or 0.22% at $103.63 a barrel.

Buzzing Index:

The Nifty Pharma index fell 0.26% to 12,618.30. The index lost 0.73% in two trading sessions.

Among the components of the Nifty Pharma index, Granules India (down 2.01%), Ipca Laboratories (down 1.96%), Glenmark Pharmaceuticals (down 1.8%), Gland Pharma (down 1.71%) and Strides Pharma Science (down 1.54%) were the top losers.

Among the other losers were Lupin (down 1.32%), Zydus Lifesciences (down 1.02%), Alkem Laboratories (down 0.98%), Biocon (down 0.88%) and Aurobindo Pharma (down 0.76%).

On the other hand, Natco Pharma (up 0.43%) ,Sun Pharmaceuticals Industries (up 0.25%) and Cipla (up 0.18%) advanced.

Earnings Impact:

Happiest Minds Technologies gained 3.35% after the company`s net profit rose 8.1% to Rs 56.34 crore while net sales gained 9.4% to Rs 328.92 crore in Q1 FY23 over Q4 FY22. Profit before tax stood at Rs 75.58 crore in Q1 June 2022, up by 8.2% from Rs 69.88 crore in Q4 FY22. The EBITDA rose 7.6% QoQ and 32.7% YoY to Rs 87.75 crore in Q1 FY23. EBITDA margin stood at 26.4% in Q1 FY23 from 26.3% in Q4 FY22 and 26.1% in Q1 FY22.

JSW Energy advanced 2.33% after the company`s consolidated net profit surged 178.7% to Rs 560.43 crore in Q1 FY23, as against Rs 201.10 crore in Q1 FY22. Net sales climbed 75.2% to Rs 3,026.27 crore in Q1 FY23 as against Rs 1,727.54 crore recorded in the corresponding quarter previous year. The company`s profit before tax surged 194.9% to Rs 752.78 crore in Q1 FY23 compared with Rs 255.24 crore posted in Q1 FY22.

Can Fin Homes rose 0.59% after the company`s net profit rose 49% to Rs 162.21 crore on 35.7% increase in total income to Rs 611.58 crore in Q1 FY23 over Q1 FY22. Profit before tax (PBT) rose 49.8% year on year to Rs 218.69 crore in Q1 FY23. Operating profit in Q1 FY23 was Rs 215 crore, up 40.94% YoY. The company`s net interest income rose 38.22% to Rs 250.40 crore in Q1 FY23 over Q1 FY22.

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