Shares come off day`s high; consumer durable stocks advance
Published on Jul 07, 2022 11:26
The key equity barometers pared gains in mid-morning trade. The Nifty, however, managed to hold above above the 16,050 mark. Consumer durable stocks witnessed across the board buying.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 320.49 points or 0.60% to 54,071.46. The Nifty 50 index added 98.85 points or 0.62% to 16,088.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 1.10%.
The market breadth was strong. On the BSE, 2217 shares rose and 850 shares fell. A total of 155 shares were unchanged.
Investors continued to assess the minutes from the US Fed`s June meeting which showed the central bank`s determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.
The Nifty Consumer Durables index jumped 2.56% to 24,227.30. Kajaria Ceramics (up 3.27%), Rajesh Exports (up 3.12%), Whirlpool of India (up 2%) and Amber Enterprises India (up 1.76%) were the top index gainers.
Among the other gainers were Havells India (up 1.61%), Dixon Technologies (India) (up 1.07%), V-Guard Industries (up 1.02%), Relaxo Footwears (up 0.95%) and Orient Electric (up 0.77%).
Titan Company jumped 5.59%. The firm said that its sales in Q1 FY23 soared 205% year on year (YoY) on a low base and clocked 3-year CAGR of 20.5% over Q1 FY20.
On a low YoY base, the jewellery division revenues nearly tripled, clocking a growth of 207%. The store expansions (net) continued with commissioning of 6 new domestic stores in Tanishq and 13 in Mia.
The watches & wearables segment achieved highest ever quarterly revenue in Q1 FY23 growing 158% YoY with healthy growth witnessed across all brands and products. The eyecare division witnessed a jump of 176% YoY was led by both Titan Eye Plus (TEP) and Trade & Distribution channels.
Growth in trade, and e-commerce channels contributed to a 271% yearly increase for the other businesses division (fragrances & fashion accessories, Indian dress wear). The business of the company`s wholly-owned subsidiary, Titan Engineering & Automation (TEAL), grew by 35% YoY with both the divisions, automation solutions (AS) and aerospace and defence (AD) growing in-line with the overall revenues.
Asian shares advanced across the board on Thursday as investors watched out for the market`s reaction to the latest Fed minutes.
U.S. stocks moved slightly higher on Wednesday as investors digested the minutes from the Federal Reserve`s June 14-15 monetary policy meeting.
Federal Reserve officials recognized that a �more restrictive stance� in policy could be suitable if inflation doesn`t ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.
�Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis,� the document said.
Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May. The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May.
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