Sensex gains 335 pts, breadth remains strong
Published on Aug 01, 2022 11:34
The headline equity indices traded with modest gains in the mid-morning trade. The Nifty traded above the 17,250 mark. Auto, media and PSU Bank shares advanced while pharma, realty and FMCG stocks corrected.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 334.98 points or 0.58% to 57,905.23. The Nifty 50 index gained 102.15 points or 0.60% to 17,260.40.
In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index gained 1.07%.
The market breadth was strong. On the BSE, 2,170 shares rose and 1,077 shares fell. A total of 168 shares were unchanged.
The Nifty PSU Bank index rose 1.13% to 2,816.45. The index declined 1.17% in the past trading session.
UCO Bank (up 2.65%), Punjab National Bank (up 2.23%), Canara Bank (up 1.26%), Bank of Maharashtra (up 1.19%) and Central Bank of India (up 1.12%), Bank of India (up 1.05%), Punjab & Sind Bank (up 1%), State Bank of India (up 0.96%), Indian Overseas Bank (up 0.87%) and Union Bank of India (up 0.52%).
Bank of Baroda gained 1.08%. On standalone basis, Bank of Baroda`s net profit surged 79.39% to Rs 2,168.13 crore on 1.02% rise in total income to Rs 20,119.52 crore in Q1 FY23 over Q1 FY22.
Stocks in Spotlight:
Bajaj Auto rose 0.62%. The auto major recorded a total sales of 3,54,670 units in July 2022, which is lower by 4% as compared with 3,69,116 units sold in July 2021. Sales in the domestic market increased by 9% YoY to 1,82,956 units during the period under review. Exports, however, contracted by 15% to 1,71,714 units in July 2022 as compared with the same period last year. Two-wheeler sales declined by 5% to 3,15,054 units while commercial vehicles sales rose by 3% to 39,616 units in July 2022 over July 2021.
Godfrey Phillips India advanced 5.63% after the company`s consolidated net profit rose 26.65% to Rs 142.30 crore on 35.76% increase in net sales to Rs 819.55 crore in Q1 June 2022 over Q1 June 2021.
Nazara Technologies surged 16.19%. Nazara Technologies` consolidated net profit rose 22.2% to Rs 16.50 crore on 70% jump in net sales to Rs 223.10 crore in Q1 FY23 over Q1 FY22.
Most of the Asian stocks advanced on Monday as disappointing Chinese economic data fed doubts last week`s rally on Wall Street could be sustained in the face of determined policy tightening by global central banks.
China`s factory activity actually contracted in July as fresh virus flare-ups weighed on demand. The official manufacturing purchasing managers` Index (PMI) fell to 49.0 in July, missing forecasts for 50.4.
The official non-manufacturing PMI in July fell to 53.8 from 54.7 in June. The official composite PMI, which includes manufacturing and services, fell to 52.5 from 54.1.
US stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.
On Friday, investors also got the final reading of the University of Michigan Consumer Sentiment Index, which came in at 51.5 for July. That`s a slight improvement over the preliminary reading and up from the June all-time low of 50.
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