The key equity barometers are trading with small gains in the early trade as trading resumed after local holiday. The Nifty traded above the 17,500 mark. Pharma, healthcare and private bank shares advanced while IT, oil & gas and realty shares declined. Asian stocks are trading lower.
At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 24.62 points or 0.04% to 58,877.69. The Nifty 50 index gained 1.6 points or 0% to 17,526.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index gained 0.30%.
The market breadth was positive. On the BSE, 1,543 shares rose and 1,137 shares fell. A total of 142 shares were unchanged.
The domestic stock market remained closed on Tuesday, 9 August 2022 on account of Muharram. Foreign portfolio investors (FPIs) bought shares worth Rs 1,449.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 140.73 crore in the Indian equity market on 8 August, provisional data showed.
Stocks in Spotlight:
More From This Section
Bharti Airtel rose 0.53%. The telecom major's consolidated net profit surged to Rs 1,606.9 crore in Q1 FY23 compared with net profit of Rs 283.5 crore in Q1 FY22. Revenue from operations jumped 22.16% to Rs 32,804.6 crore in Q1 FY23 as against Rs 26,853.6 crore posted in the corresponding quarter previous year. The company said that that rise in revenue was backed by strong and consistent performance delivery across the portfolio.
Power Grid Corporation of India rose 0.41%. On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22. Consolidated revenue from operation stood at Rs 10,905.21 crore in Q1 FY23, rising 6.7% from Rs 10,218.58 crore posted in the corresponding quarter previous year.
HDFC fell 0.51%. The housing finance major has hiked its Retail Prime Lending Rate (RPLR) on housing loans by 25 basis points, with effect from 9 August 2022.
Global markets:
Asian stocks were trading lower on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.
China's consumer inflation edged up last month to the highest level in two years, data released on Wednesday showed, but producer prices continued to ease. China's consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June
US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates.
Powered by Capital Market - Live News