The headline equity indices traded with modest gains in the early afternoon trade. The Nifty traded a tad above the 17,800 level. Auto, FMCG and realty stocks were in demand while media and PSU bank shares were under pressure.
At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 336.17 points or 0.57% to 59,798.95. The Nifty 50 index added 107.15 points or 0.61% to 17,805.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index advanced 0.78%.
The market breadth was positive. On the BSE, 1,856 shares rose and 1,557 shares fell. A total of 181 shares were unchanged.
Economy:
India's retail inflation based on the Consumer Price Index (CPI) eased to 6.71% in July 2022 compared with 7.01% in preceding month. Inflation eased mainly due to easing prices in the food & beverages section.
India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 12.3% in June 2022. Industrial production grew 19.6% in May 2022. IIP growth in June 2021 was 13.8%, the data showed.
India's overall exports including merchandise and services exhibited growth last month. Exports registered growth of 11.51% over the same period of last year and estimated to be $61.18 billion. Overall imports also exhibited a growth of 42.90% in comparison to the corresponding period of last year. The country's imports in the last month are estimated to be $82.22 billion.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.14% to 17.99. The Nifty 25 August 2022 futures were trading at 17,830.35, at a premium of 25.05 points as compared with the spot at 17,805.30.
The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 26.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 28.7 lakh contracts were seen at 17,500 strike price.
Buzzing Index:
The Nifty Auto index rose 1.72% to 13,146.40.The index added 1.72% in two trading sessions.
Escorts Kubota (up 3.86%), MRF (up 3.43%), Bosch (up 3.21%), Eicher Motors (up 3%), Maruti Suzuki India (up 2.51%), TVS Motor Company (up 2.27%), Hero MotoCorp (up 1.85%), Mahindra & Mahindra (up 1.63%), Balkrishna Industries (up 1.48%) and Bajaj Auto (up 0.89%), edged higher.
On the other hand, Tube Investments of India (down 1.63%), Sona BLW Precision Forgings (down 1.29%) and Bharat Forge (down 0.91%) declined.
Hero MotoCorp gained 1.85%. The two-wheeler maker recorded 71% jump in standalone net profit to Rs 625 crore in Q1 FY23 from Rs 365 crore in Q1 FY22. Revenue from operations for the first quarter stood at Rs 8,393 crore, a growth of 53% over the corresponding quarter in the previous fiscal. The company sold 13.90 lakh units of motorcycles and scooters in Q1 FY23, a growth of 36% over the corresponding quarter in the previous fiscal.
Stocks in Spotlight:
Dilip Buildcon slipped 2.56% after the company's standalone net profit tumbled 26.7% to Rs 19.80 crore in Q1 FY23 from Rs 27.02 crore posted in Q1 FY22. Revenue from operations jumped 22.1% to Rs 2,621.52 crore in the first quarter as against Rs 2,146.26 crore recorded in the same period last year. The net order book as on 30 June 2022 stood at Rs 25,160.2 crore.
JK Cement shed 0.56%. On a consolidated basis, the cement maker's net profit declined 15.2% to Rs 162.69 crore in Q1 FY23 as against Rs 191.95 crore in Q1 FY22. Consolidated net sales stood at Rs 2,269.66 crore in Q1 FY23, rising 32.4% year on year from Rs 1,714.15 crore in Q1 FY22.
Forbes & Company jumped 11.85%. The company reported consolidated net profit of Rs 145.78 crore in Q1 June 2022 as against net loss of Rs 4.34 crore in Q1 June 2021. Net sales declined 6.36% to Rs 121.85 crore in Q1 June 2022 over Q1 June 2021.
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