The headline equity indices continued to trade with modest gains in the afternoon trade. Positive global cues boosted the sentiments after better-than-expected inflation report in the US could ease the growing concerns about aggressive rate hikes. The Nifty traded above the 17,600 level. PSU bank, IT and financial services stocks were in demand while FMCG, media and auto stocks were under pressure.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 455.35 points or 0.77% to 59,272.64. The Nifty 50 index gained 113.10 points or 0.65% to 17,647.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.61% while the S&P BSE Small-Cap index gained 0.39%.
The market breadth was positive. On the BSE, 1,819 shares rose and 1,473 shares fell. A total of 166 shares were unchanged.
Axis Bank (up 2.45%), IndusInd Bank (up 2.34%), HDFC (up 2.31%), Tech Mahindra (up 2.28%) and Wipro (up 2.12%) were major Nifty gainers.
Apollo Hospitals Enterprise (down 1.69%), Tata Consumer Products (down 1.56%), NTPC (down 1.22%), ITC (down 1.08%) and Bharti Airtel (down 1.04%) were majority Nifty losers.
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Tata Consumer Products fell 1.56% .The FMCG major's consolidated net profit grew 38% to Rs 277 crore on 11% rise in revenue from operations to Rs 3,327 in Q1 FY23 over Q1 FY22. The rise in group net profit was mainly aided by growth in profitability and improved performance of Joint ventures and Associates partly offset by higher exceptional costs. The increase in revenue was mainly driven by growth in India, International and non-branded business.
Stocks in Spotlight:
Eicher Motors gained 0.79% after the company's consolidated net profit increased to Rs 611 crore in Q1 FY23 from Rs 237 crore in Q1 FY22. Total revenue from operations was recorded at Rs 3,397 crore, up 72% as compared to Rs 1,974 crore in the corresponding quarter of FY 2021-22.
Indian Railway Catering and Tourism Corporation (IRCTC) declined 0.44%. IRCTC's net profit surged to Rs 245.52 crore in Q1 FY23 from Rs 82.52 crore in Q1 FY22. Net sales zoomed to Rs 852.59 crore in the first quarter from Rs 243.37 crore recorded in the same period last year.
The company's revenue from the Catering business was Rs 352.15 crore (up 6.2x YoY), revenue from the Internet Ticketing business was Rs 301.66 crore (up 2x YoY), revenue from the Raill Neer business was Rs 83.65 crore (up 2.9x YoY) and revenue from the Tourism business was Rs 81.93 crore (up 11.1x YoY) in Q1 FY23. State Teertha segment reported revenue of Rs 33.20 crore during the period under review.
Coal India shed 0.30%. The state-run coal major's consolidated net profit climbed 178.7% to Rs 8,832.86 crore on 39.5% jump in revenue from operations to Rs 32,497.98 crore in Q1 FY23 over Q1 FY22.
Consolidated coal production (raw coal) surged 28.85% to 159.75 million tonnes (MT) in Q1 FY23 as against 123.98 MT posted in Q1 FY22. Meanwhile, offtake (raw coal) jumped 10.63% to 177.49 MT in Q1 FY23 as compared to 160.44 MT reported in the same period last year.
Global Markets:
Shares in Europe and Asia advanced on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japan's market is closed for a holiday Thursday.
Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.
The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.
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