Nifty below 17,250 mark, ITC hits 52 week high

The benchmark indices traded with modest losses in the morning trade. The Nifty traded a tad below the 17,250 mark. PSU bank, FMCG and consumer durables shares were in the green while metal, financial services and IT stocks dragged.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 286.02 points or 0.49% to 58,106.23. The Nifty 50 index declined 93 points or 0.54% to 17,247.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.15%.

The market breadth was positive. On the BSE, 1,650 shares rose and 1,354 shares fell. A total of 142 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,320.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 822.23 crore in the Indian equity market on 1 August, provisional data showed.

Earnings Today:

Bosch (down 0.14%), Indus Towers (down 1.93%), Siemens (up 0.39%), Adani Green Energy (up 0.26%), Bank of India (up 1.12%), Voltas (down 0.76%), Brigade Enterprises (down 0.81%), Deepak Nitrite (up 0.45%), Dodla Dairy (up 2.45%), Godrej Properties (down 0.88%), Gravita India (down 1.62%), JM Financial (up 1.17%), Jubilant Pharmova (up 1.31%), Lemon Tree Hotels (up 1.02%), MOIL (up 0.16%), Paradeep Phosphates (down 2.84%), RPG Life Sciences (up 2.27%), Thermax (up 0.75%), Tube Investments of India (up 0.68%), and Vaibhav Global (up 0.96%) will declare their Q1 FY23 results later in the day.

Buzzing Index:

The Nifty PSU Bank index gained 2.25% to 2,894.95. The index advanced 3.95% in the past two trading sessions.

Bank of Baroda (up 3.44%), UCO Bank (up 1.73%), Canara Bank (up 1.4%), Central Bank of India (up 1.1%) and Punjab & Sind Bank (up 1.01%), Union Bank of India (up 0.9%), Bank of Maharashtra (up 0.87%), State Bank of India (up 0.81%), Bank of India (up 0.61%) and Punjab National Bank (up 0.6%), edged higher.

Stocks in Spotlight:

ITC rose 0.86% after the company`s standalone net profit rose 38.4% to Rs 4,169 crore on 41.9% increase in net revenue to Rs 17,217 crore in Q1 June 2022 over Q1 June 2021. The counter hit 52 week high of Rs 316.65, extending its winning run to second consecutive trading session.

Total FMCG segment revenue increased 25% YoY to Rs 11060 crore during the period under review. In the FMCG segment, cigarettes revenue rose by 29% YoY to Rs 6609 crore while the revenue from other FMCG segment improved by 19% YoY to Rs 4451 crore during the quarter. Hotel business revenue stood at Rs 555 crore (up 336% YoY), agri-business revenue was at Rs 7473 crore (up 83% YoY) and paperboards, paper & packaging revenues were at Rs 2267 crore (up 43% YoY) in the frist quarter of FY23.

Hero MotoCorp fell 2.21%. The company said that it had sold 445,580 units in July 2022, which is lower by 2% as compared with 454,398 units sold in July 2021. While sales in the domestic market rose marginally to 430,684 units, exports fell by 41% to 14,896 units in July 2022 over July 2021. The company sold 421,288 units of motorcycles (down 1% YoY) and 24,292 units of scooters (down 20% YoY) during the period under review.

Castrol India advanced 2.11% after the company reported 47% rise in net profit to Rs 206 crore on a 40% increase in Revenue from operations to Rs 1,242 crore in Q2 June 2022 over Q2 June 2021.

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