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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.

Buzzing Index:

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.

Global Markets:

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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