The key equity benchmarks traded with modest gains amid bouts of volatility in early trade. The Nifty traded a tad above the 15,750 level. Metal, IT, and oil & gas stocks declined while FMCG, banks, and financial stocks advanced.
At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 44.76 points or 0.08% to 52,952.69. The Nifty 50 index added 4.55 points or 0.03% to 15,756.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index gained 0.54%.
The market breadth was strong. On the BSE, 1,724 shares rose and 718 shares fell. A total of 151 shares were unchanged.
Gainers & Losers:
IndusInd Bank (up 2.14%), Power Grid Corp (up 1.16%), Hindustan Unilever (up 0.77%), ICICI Bank (up 0.60%) and Divi's Lab (up 0.56%) were the top Nifty gainers.
ONGC (down 5.04%), Tata Steel (down 1.92%), Mahindra & Mahindra (down 1.68%), Hindalco (down 1.64%) and JSW Steel (down 1.44%) were the top Nifty losers.
Stocks in Spotlight:
Maruti Suzuki India shed 0.66%. The carmaker announced production of 1.44 lakh vehicles in June 2022 as against 1.65 lakh units in the previous year. The shortage of electronic components had a minor impact on the production of vehicles in June 2022.
Avenue Supermarts (DMart) advanced 3.75%. The company has reported a standalone revenue of Rs 9,806.89 crore in Q1 June 2022 (Q1FY23), up 94.90% from Rs 5,031.75 crore reported in the same quarter last year.
Glenmark Pharma added 0.48%. The U.S. Food and Drug Administration (USFDA) has issued Form 483 with one observation after an inspection at Glenmark Pharmaceuticals' formulation manufacturing facility based out of Aurangabad between 27 June 2022 and 1 July 2022.
Global markets:
Asian stocks are trading mixed on Monday ahead of Australia and Malaysia central bank decisions this week.
The U.S. market is closed for a holiday Monday. Wall Street ended sharply higher in light trading on Friday as investors embarked on the second half of the year. The higher close on Wall Street came as traders went bargain hunting following the significant decrease seen early in the session.
A report from the Institute for Supply Management showing the pace of growth in U.S. manufacturing activity slowed by more than expected in the month of June. The ISM said its manufacturing PMI slid to 53.0 in June from 56.1 in May.
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