The headline equity indices traded near the day's high with strong gains in the afternoon trade. Positive global cues boosted the investors sentiment. The Nifty traded above 17,500 level after hitting a day's low of 17,359.75 in the early trade. Private bank, metal and financial services stocks were in demand while PSU bank, IT and FMCG shares corrected.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 486.68 points or 0.83% to 58,874.61. The Nifty 50 index gained 130.40 points or 0.75% to 17,527.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.42%.
The market breadth was positive. On the BSE, 1,939 shares rose and 1,452 shares fell. A total of 179 shares were unchanged.
Coal India (up 3.12%), Bajaj Finserv (up 3.04%), Mahindra & Mahindra (M&M) (up 2.82%), Hindalco Industries (up 2.42%) and HDFC Bank (up 2.33%) were major Nifty gainers.
Bharat Petroleum Corporation (BPCL) (down 3.33%), State Bank of India (SBI) (down 2.53%), Britannia Industries (down 1.42%), UltraTech Cement (down 1.21%) and HeroMoto Corp (down 1.08%) were majority Nifty losers.
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State Bank of India (SBI) declined 2.53% after the bank's standalone net profit declined 6.7% to Rs 6,068 crore on a 3% fall in total income to Rs 74,988.57 crore in Q1 FY23 over Q1 FY22. Net Interest Income (NII) increased by 12.87% YoY to Rs 31,196 crore during the quarter. Net Interest Margin (domestic) was at 3.23% in Q1 FY23 as against 3.15% in Q1 FY22.
Total Deposits grew 8.73% to Rs 40,45,696 crore as on 30 June 2022 as against Rs 37,20,987 crore as on 30 June 2021. Whole Bank Deposits grew at 8.73% YoY, out of which CASA Deposit grew by 6.54% YoY. CASA ratio stood at 45.33% as on 30 June 22.
Bharat Petroleum Corporation (BPCL) dropped 3.33% after the PSU OMC reported a standalone net loss of Rs 6,290.80 crore in Q1 FY23 from a net profit of Rs 1,559.62 crore posted in Q1 FY22. Net sales (excluding Excise Duty) climbed 70.7% to Rs 121,065.89 crore in Q1 FY23 as against Rs 70,921.28 crore recorded in the corresponding quarter previous year.
Economy:
The Securities and Exchange Board of India (Sebi) has constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country.
The FPI Advisory Committee (FAC) will be chaired by former Chief Economic Adviser KV Subramanian and consists of 14 other members representing foreign banks, stock exchanges depositories and RBI.
The FAC has been tasked with advising on issues related to investments and operations of FPIs in the financial markets, including measures to facilitate ease of doing business by FPIs in India.
The committee will review investment avenues available for FPIs and to advise on the feasibility of new investment avenues. It will also suggest measures required to encourage FPI participation in the bond market.
Stocks in Spotlight:
Shares of One 97 Communications (Paytm) climbed 5.66% after the company's revenue surged 89% to Rs 1,680 crore in Q1 June 2022 over Q1 June 2021. Main drivers for revenue growth were increase in subscription revenues due to growing number of payment devices, growth in bill payments due to growing monthly transacting users (MTUs), growth in disbursements of loans by partners through platform, and increase in Commerce revenues.
The digital financial services firm which operates under the Paytm brand said its consolidated loss widened to Rs 644.40 crore in Q1 June 2022 from net loss of Rs 380.20 crore a year ago.
Hindustan Petroleum Corporation (HPCL) tumbled 4.35% after the company reported a standalone net loss of Rs 10,196.94 crore in Q1 FY23 as against a net profit of Rs 1,795 crore recorded in Q1 FY22. Net sales (excluding Excise Duty) surged 58.1% to Rs 114,079.76 crore in Q1 FY23 from Rs 72,166.39 crore posted in the corresponding quarter previous year.
Global Markets:
Shares in Europe and Asia advanced on Monday, with SoftBank set to report earnings after the market close.
Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18% compared to a year ago. China's dollar-denominated imports increased 2.3% in July compared to the same period in 2021, lower than the expected 3.7% gain.
US stocks ended mixed on Friday after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation.
Defying anxiety about a possible recession and raging inflation, America's employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. July's job creation was up from 398,000 in June and the most since February.
Binary risks between policy-induced recession and run-away inflation continues to grow; imposing much higher dangers of policy miscalculations, Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a Monday note.
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