loader2
Partner With Us NRI

Nifty regains 16,000 in early trade, breadth positive

Published on Jul 14, 2022 09:33

The headline equity indices are trading with decent gains in the early trade, tracking positive Asian stocks. The Nifty is currently trading above the key 16,000 level after regaining that level in early trade. Healthcare, pharma and FMCG shares advanced while PSU bank, IT and metal stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 132.03 points or 0.25% to 53,646.18. The Nifty 50 index gained 43.95 points or 0.28% to 16,010.60

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index shed 0.04%.

The market breadth was positive. On the BSE, 1,376 shares rose and 1,069 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,839.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,799.22 crore in the Indian equity market on 13 July, provisional data showed.

Stocks in Spotlight:

Mindtree declined 1.11% after the IT company reported 0.3% fall in consolidated net profit to Rs 471.6 crore despite a 7.7% rise in revenue to Rs 3121.1 crore in Q1 FY23 over Q4 FY22.

Tata Metaliks tumbled 6.97% after the company reported a 98.7% decline in net profit to Rs 1.22 crore despite of a 10.5% increase in net sales to Rs 666.37 crore in Q1 FY23 over Q1 FY22.

Tata Power rose 0.54%. TP Saurya (TPSL), a wholly owned subsidiary of Tata Power, received the `Letter of Award` (LoA) from Solar Energy Corporation of India (SECI) for setting up a 600 MW hybrid (wind and solar) power project in Karnataka. The project will be commissioned within 24 months from the PPA execution date.

Hindustan Zinc rallied 5.68% after the board of directors of the company has approved interim dividend of Rs 21 per equity share i.e. 1050% on face value of Rs. 2/- per share for the Financial Year 2022-23 amounting to Rs. 8873.17 crore. The record date for the purpose of payment of interim is 21 July 2022.

NHPC added 0.15%. The Ministry of Power, Govt. of India has accorded investment approval for pre-investment activities for Sawalkot HE Project (1856 MW) in UT of Jammu & Kashmir for an amount of Rs. 973 crore at November 2021 price level. The Project is being implemented by NHPC.

Global Markets:

Asian stocks are trading higher despite a hotter-than-expected inflation report in the U.S.

Singapore`s central bank tightened its monetary policy on Thursday, in an off-cycle move, saying the action would slow inflation as the city-state joins other countries ramping up their battle against mounting price pressures.

US stocks closed modestly lower on Wednesday as hotter-than-expected US inflation data drove fear the Federal Reserve will raise interest rates even more aggressively to slow price increases, potentially sending the economy into recession.

US inflation accelerated in June by more than forecast. The consumer price index rose 9.1% from a year earlier in a broad-based advance, the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3% from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs.

Powered by Capital Market - Live News