Nifty above 17,300 level, Metal stocks shine

The benchmark indices continued to trade near the day`s high with strong gains in the mid-afternoon trade. The Nifty traded above the 17,300 level. Metal stocks extended gains for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 468.93 points or 0.81% to 58,039.18. The Nifty 50 index gained 153.65 points or 0.90% to 17,311.90.

In the broader market, the S&P BSE Mid-Cap index rose 1.42% while the S&P BSE Small-Cap index gained 1.35%.

The market breadth was strong. On the BSE, 2,253 shares rose and 1,157 shares fell. A total of 189 shares were unchanged

Economy:

India collected Rs 1,48,995 crore as Goods and Services Tax (GST) in July, posting an increase of 28% from the same month last year, the finance ministry said on 1 August. This is second highest revenue since introduction of GST. Compared to the money collected in June, the July GST mop-up was 3% higher.

Of the total GST collections, Central GST was Rs 25,751 crore, while State GST was Rs 32,807 crore. Integrated GST was Rs 79,518 crore and cess was Rs 10,920 crore.

Meanwhile, India`s eight core sectors recorded a growth of 12.7% in June, slowing from an upwardly revised 19.3% in May, the commerce ministry said yesterday. Output in seven of the eight core sectors grew in June. Production of coal rose 31.1% year on year in June, and electricity generation rose 15.5%. Refinery products output grew 15.1% while fertilisers production gained 8.2% in June from a year earlier. Cement production rose 19.4% while steel output gained 3.3%in June. Crude oil output declined 1.7% from a year earlier. Natural gas output gained 1.2% in June.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined to 7.268 as compared with 7.320 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 79.0325, compared with its close of 79.24 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement declined 0.44% to Rs 51,200

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.44 % to 105.43.

In the commodities market, Brent crude for October 2022 settlement declined $1.40 or 1.35% at $102.57 a barrel.

Buzzing Index:

The Nifty Metal index rose 1.58% to 5,572.30. The index advanced 8.13% in four trading sessions.

APL Apollo Tubes (up 3.64%), Welspun Corp (up 3.03%), Hindalco Industries (up 2.89%), Ratnamani Metals & Tubes (up 2.77%) and Adani Enterprises (up 2.65%), Hindustan Copper (up 2.18%), Jindal Stainless (up 2.02%), National Aluminium Company (up 1.67%), JSW Steel (up 1.34%) and Hindustan Zinc (up 0.96%) edged higher.

Stocks in Spotlight:

Tata Motors jumped 5.63% after the company`s sales in the domestic & international market for July 2022 stood at 81,790 vehicles, up by 51% as compared to 54,119 units during July 2021. Total domestic sales increased by 52% YoY to 78,978 units in July 2022. While total domestic commercial vehicle sales rose by 44% to 31,473 units, total sales of passenger vehicles jumped 57% to 47,505 units in July 2022 over July 2021.

Total sales for MH&ICV Domestic & International Business in July 2022, including trucks and buses, stood at 12,974 units compared to 8,749 units in July 2021.

Ashok Leyland added 3.09% after the company`s total vehicle sales increased by 58% to 13,625 units in July 2022 from 8,650 units in July 2021. Total M&HCV sales jumped to 8,148 units in July 2022 from 3,822 units in July 2021. LCV sales during the period under review rose by 13% YoY to 5,477 units.

Maruti Suzuki India rose 2.64% after the automobile major recorded total sales of 175,916 units in July 2022, recording a growth of 8.28% from 162,462 units sold in July 2021. Total sales in the month include domestic sales of 145,666 units, sales to other OEM of 9,939 units and exports of 20,311 units. Total domestic sales increased by 10.17% year on year to 155,605 units in July 2022. Total Exports declined 4.3% to 20,311 units in July 2022 over July 2021.

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