Nifty above 16,500; PSU bank in demand

The domestic equity barometers pared all losses and edged higher in morning trade. After hitting the day`s low at 16,438.75, the Nifty staged a strong comeback and currently traded above the 16,500 mark. PSU bank witnessed some bit of value buying after declining in the past two sessions.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index gained 0.09%.

The market breadth was positive. On the BSE, 1,583 shares rose and 1,357 shares fell. A total of 159 shares were unchanged.

Results Today:

Bajaj Finance (down 0.33%), Maruti Suzuki India (up 0.28%), Tata Motors (up 0.60%), Power Grid Corporation of India (up 0.41%), Biocon (up 1.34%), Colgate-Palmolive (India) (up 0.65%), Coromandel International (up 1.43%), Dixon Technologies (India) (up 0.09%), Laurus Labs (up 1.43%) and United Breweries (down 0.41%) are some of the major results that will be announced today.

Further, APL Apollo Tubes (up 2.60%), Blue Dart Express (up 0.47%), CG Power and Industrial Solutions (down 0.34%), Clean Science and Technology (down 1.83%), Gujarat Fluorochemicals (up 0.16%), IIFL Finance (up 0.37%), Poonawalla Fincorp (up 3.18%), Schaeffler India (up 0.71%), Shriram City Union Finance (up 0.15%), SKF India (down 1.08%), V-Guard Industries (down 0.24%), V.I.P. Industries (down 0.27%) and ZF Commercial Vehicle Control Systems India (down 0.54%) are some of the companies that will also announce their quarterly earnings today.

Buzzing Index:

The Nifty PSU Bank index rose 0.87% to 2,776. The index had declined 1.28% in the past two sessions.

Bank of India (up 1.94%), Bank of Baroda (up 1.37%), Canara Bank (up 1.2%), Union Bank of India (up 1.08%) and Indian Bank (up 0.93%) were the top gainers.

Among the other gainers were State Bank of India (up 0.9%), Punjab National Bank (up 0.63%) and UCO Bank (up 0.45%).

Stocks in Spotlight:

Relaxo Footwears declined 1.56%. The footwear maker`s net profit rose 24.9% to Rs 38.67 crore on 34.2% increase in net sales to Rs 667.15 crore in Q1 FY23 Q1 FY22.

United Spirits tumbled 5.86%. The spirits maker`s standalone net profit surged 204.2% to Rs 210 crore on 34.3% increase in net sales to Rs 2,169 crore in Q1 June 2022 over Q1 June 2021.

Zydus Lifesciences rose 1.81%. The drug maker has received final approval from the United States Food and Drug Administration (USFDA) to market Bisoprolol Fumarate tablets. Bisoprolol Fumarate tablet is used to treat high blood pressure. The drug can be used alone or in combination with other high blood pressure medications to lower blood pressure. Bisoprolol Fumarate tablet is used to treat high blood pressure. The drug can be used alone or in combination with other high blood pressure medications to lower blood pressure.

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