A divergent trend was seen among key indices in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 17.53 points or 0.03% to 60,528.54. The Nifty 50 index rose 5.45 points or 0.03% to 18,074.50.
In the broader market, the S&P BSE Mid-Cap index gained 0.61% while the S&P BSE Small-Cap index added 0.47%.
The market breadth was strong. On the BSE, 1628 shares rose and 741 shares fell. A total of 93 shares were unchanged.
Stocks in Spotlight:
Britannia Industries slumped 4.67%. The FMCG company reported a 22.9% fall in consolidated net profit to Rs 384.22 crore despite a 5.5% rise in total revenue from operations to Rs 3,607.37 crore in Q2 FY22 over Q2 FY21. Profit before tax in Q2 FY22 stood at Rs 522.84 crore, down by 22% from Rs 670.18 crore in Q2 FY21. Inventory turnover ratio was 40.87 in Q2 FY22 as against 47.75 in Q2 FY22. Operating margin fell to 14.09% in Q2 FY22 as against 18.34% in Q2 FY22.
Reliance Industries rose 0.16%. Reliance Eagleford Upstream Holding, LP (REUHLP) a wholly owned step-down subsidiary of RIL announced the signing of agreements with Ensign Operating III, LLC (Ensign), a Delaware limited liability company to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.
Cadila Healthcare gained 1.45%. Zydus Cadila said it received an order to supply one crore doses of ZyCoV-D, the world's first Plasmid DNA Vaccine, to the Government of India at Rs. 265 per dose and the needle-free applicator being offered at Rs. 93 per dose, excluding GST.
Global Markets:
Asian stocks were trading lower on Tuesday despite of overnight gains on Wall Street that took the major indexes to record closing highs.
Wall Street stocks ended slightly higher on Monday, rising early after passage of a US infrastructure spending bill but paring gains late as sliding Tesla shares weighed the indexes down.
The U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
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