Nifty above 16,550; Sensex adds 192 pts

The headline indices recovered sharply and traded with decent gains in the mid-afternoon trade. The Nifty climbed above the 16,550 mark. FMCG stocks rise for the third day. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 192.09 points or 0.35% to 55,589.62. The Nifty 50 index gained 58.80 points or 0.36% to 16,579.65.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index added 0.60%.

The market breadth was positive. On the BSE, 1,877 shares rose and 1,422 shares fell. A total of 152 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.457 as compared with 7.445 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.9650, compared with its close of 80.05 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement fell 0.79% to Rs 49,826.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.08% to 107.16.

In the commodities market, Brent crude for September 2022 settlement fell $2.96 or 2.77% at $103.96 a barrel.

Buzzing Index:

The Nifty FMCG index rose 0.63% to 42,214.80, gaining for the third day in a row. The index rose 1.82% in three trading sessions.

Among the components of the Nifty FMCG index, United Spirits (up 3.14%), Dabur India (up 2.28%), Marico (up 2.11%), Colgate-Palmolive (India) (up 2.03%) and Procter & Gamble Hygiene and Health Care (up 1.83%) were the top gainers.

Among the other gainers were Tata Consumer Products (up 1.61%), Nestle India (up 0.47%), Britannia Industries (up 0.44%), United Breweries (up 0.34%) and Hindustan Unilever (up 0.33%).

On the other hand, Radico Khaitan (down 1.53%), Varun Beverages (down 1.33%) and Emami (down 0.73%) edged lower.

Stocks in Spotlight:

Rajratan Global Wire advanced 3.68% after the company reported 57.6% YoY rise in consolidated net profit to Rs 34.54 crore on a 37.9% YoY increase in revenue from operations to Rs 251.43 crore in Q1 FY23. Total expenses aggregated to Rs 207.13 crore in the first quarter, up 34.8% YoY. Profit before tax in Q1 FY23 stood at Rs 45.71 crore, up by 59% from Rs 28.75 crore recorded in Q1 FY22.

Mastek fell 2.23% after the IT company reported a 4.4% decline in consolidated net profit to Rs 84.4 on 1.9% decrease in revenue from operations to Rs 570.3 crore in Q1 FY23 over Q4 FY22. On a year on year (YoY) basis, Mastek`s net profit rose 5.2% and revenue from operations grew 10.4%. Total EBITDA was Rs 135 crore in Q1 FY23, down 2.6% quarter on quarter (QoQ) and up 14.9% year on year (YoY).

PNC Infratech fell 0.16%. The company has signed concession agreements with National Highways Authority of India and the special purpose vehicles incorporated by the company for the two hybrid annuity mode (HAM) projects for a total cost of Rs 1,623 crore. The first project contains four laning of NH 530B from Mathura Bypass to Gaju Village in the state of Uttar Pradesh (Package-1B) by Yamuna Highways. The length of this construction is 32.98 kilometer and the cost of this project is Rs 885 crore.

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