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Market near day`s high; IT stocks decline

Published on Aug 08, 2022 14:32

The key equity barometers continued to trade near the day`s high with major gains in the mid-afternoon trade. Positive global cues boosted the investors sentiment. The Nifty hovered above 17,500 level after hitting a day`s low of 17,359.75 in the early trade. IT shares snapped its three days gaining streak.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 439.64 points or 0.75% to 58,827.57. The Nifty 50 index gained 127.55 points or 0.73% to 17,525.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 1,963 shares rose and 1,486 shares fell. A total of 174 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.340 as compared with 7.3 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 79.56, compared with its close of 79.24 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement rose 0.04% to Rs 51,894.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, lost 0.09 % to 106.52.

In the commodities market, Brent crude for October 2022 settlement fell 48 cents or 0.51% at $94.44 a barrel.

Buzzing Index:

The Nifty IT index declined 0.16% to 29,924.55, snapping its three days rising streak. The index rose 3.26% in past three trading sessions.

Among the components of the Nifty IT index, Coforge (down 1.13%), Wipro (down 1%), Mindtree (down 0.87%), Larsen & Toubro Infotech (down 0.54%) Infosys (down 0.25%) and Mphasis (down 0.11%) were the losers.

On the other hand, L&T Technology Services (up 0.73%) ,HCL Technologies (up 0.55%) and Tech Mahindra (up 0.36%) advanced.

Earnings Impact:

Acrysil rose 3.44% after the company`s consolidated net profit rose 38.96% to Rs 18.69 crore on 75.61% increase in net sales to Rs 171.31 crore in Q1 June 2022 over Q1 June 2021. Exports revenue stood at Rs 100.1 crore (up 24.97% YoY) and domestic revenue stood at Rs 38 crore (up 117.14% YoY) during the quarter. Sylmar Technology (STL) which got consolidated from Q1 FY23, is excluded from exports revenue.

Fortis Healthcare rose 1.76%. The company reported 53.6 % fall in consolidated net profit to Rs 122.2 crore despite a 5.5% rise in revenue from operations to Rs 1,487.9 crore in Q1 FY23 over Q1 FY22. While the revenue from the Hospitals business rose by 18.5% to Rs 1,192.4 crore, net Diagnostics revenue declined by 26.8% to Rs 295.5 crore in the first quarter.

Nitin Spinners declined 3.39%. The company`s standalone net profit rose 9.3% to Rs 65.58 crore on 28% jump in net sales to Rs 708.83 crore in Q1 FY23 over Q1 FY22. The company`s profit before tax tumbled 17.6% to Rs 76.52 crore in the first quarter as against Rs 92.89 crore reported in Q1 FY22.

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