Nifty below 16,000 level, FMCG stocks advance

The benchmark indices traded with decent gains in the morning trade. The Nifty traded below the 16,000 level. Consumer durables, realty and auto shares were in demand while Metal, banks and IT stocks were under pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 112.17 points or 0.21% to 53,528.32. The Nifty 50 index gained 39.10 points or 0.25% to 15,977.75

In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index added 0.24%.

The market breadth was positive. On the BSE, 1,624 shares rose and 1,282 shares fell. A total of 152 shares were unchanged.

Concerns persisted as investors worries that aggressive interest rate hikes by global central banks would stifle economic growth. Rising global inflation and consequent tightening of monetary policy by major central banks dented the investor sentiment.

Foreign portfolio investors (FPIs) bought shares worth Rs 309.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 556.40 crore in the Indian equity market on 14 July, provisional data showed.

Earnings Today:

Jindal Steel & Power (down 1.63%), Federal Bank (down 0.26%), Aditya Birla Money (up 0.62%), Den Networks (down 0.88%), Just Dial (down 1.23%), Kesoram Industries (up 0.32%), Lloyds Metals and Energy (down 0.07%), L&T Technology Services (up 1.41%) and Oberoi Realty (up 0.38%) will announce their quarterly earnings today

Meanwhile, HDFC Bank (up 0.01%), Bharat Electronics (up 1.73%) and ICICI Prudential Life Insurance Company (down 0.58%) will announce their financial results on Saturday, 16 July 2022.

Buzzing Index:

The Nifty FMCG index rose 0.91% to 41,268.05. The index declined 0.14% in the past trading session.

Radico Khaitan (up 2.34%), Hindustan Unilever (up 2.21%), Tata Consumer Products (up 2.11%), Britannia Industries (up 2.04%), Nestle India (up 1.42%), Godrej Consumer Products (up 0.83%), Dabur India (up 0.77%), Procter & Gamble Hygiene and Health Care (up 0.77%), Marico (up 0.75%) and United Spirits (up 0.67%) edged higher.

Stocks in Spotlight:

Cipla rose 0.69%. The drug major said its wholly-owned subsidiary, Cipla Health, has signed definitive agreements for acquisition of Endura Mass from Medinnbelle Herbalcare. Cipla Health (CHL) will immediately initiate the distribution and marketing of the said products pending the closure of the proposed acquisition. This acquisition is in line with Cipla`s strategic imperative to augment the company`s wellness portfolio for bringing about a shift from an illness to a wellness mindset.

Syngene International advanced 3.82% after the company announced the signing of a 10-year agreement with Zoetis, to manufacture the drug substance for Librela (bedinvetmab). Zoetis Inc. is an American drug company, the world`s largest producer of medicine and vaccinations for pets and livestock. Librela (bedinvetmab) is a monoclonal antibody used for treating osteoarthritis in dogs.

The agreement, initially centred on Librela, paves the way for development and manufacturing of other molecules in the coming years and is expected to be worth up to $ 500 million to Syngene over 10 years, subject to regulatory approvals and market demand.

Life Insurance Corporation of India shed 0.37%. The board of directors of the company approved the Report on Indian Embedded Value (IEV) as on 31 March 2022. As on 31 March 2022, the IEV of LIC of India has been determined to be Rs 5,41,492 crore as compared to Rs 95,605 crore as on 31 March 2021 and Rs 5,39,686 crore on 30 September 2021. The IEV as of September 30, 2021 was significantly higher than the IEV of March 2021 due to the bifurcation of fund that was carried out by LIC pursuant to changes in the LIC Act during the FY 2021-22.

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