As per the provisional closing basis, the barometer index, the S&P BSE Sensex, rose 465.14 points or 0.80% to 58,853.07. The Nifty 50 index gained 127.60 points or 0.73% to 17,525.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index gained 0.28%.
The market breadth was positive. On the BSE, 1,945 shares rose and 1,548 shares fell. A total of 177 shares were unchanged.
The domestic stock market will remain closed tomorrow (9 August 2022) on account of Muharram.
Buzzing Index:
The Nifty PSU Bank index declined 0.50% to 2,815.25, continuing its losing streak to the fourth day. The index fell 3.15% in four trading sessions.
Among the components of the Nifty PSU Bank index, State Bank of India (down 1.9%), UCO Bank (down 1.27%), Central Bank of India (down 0.82%), Punjab National Bank (down 0.45%), Union Bank of India (down 0.39%) Indian Bank (down 0.32%) and Bank of Maharashtra (down 0.29%) were the losers.
On the other hand, Canara Bank (up 1.81%) ,Bank of Baroda (up 0.38%) and Punjab & Sind Bank (up 0.33%) advanced.
State Bank of India (SBI) declined 1.9% 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. Profit before tax in Q1 FY23 stood at Rs 8,360.18 crore, down by 6.3% from Rs 8,922.86 crore in Q1 FY22.
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.
Earnings Impact:
Adani Ports and Special Economic Zone (APSEZ) declined 0.52% after the company's consolidated net profit dropped 16.86% to Rs 1,091.56 crore in Q1 FY23 as against Rs 1,312.99 crore recorded in Q1 FY22. Consolidated revenue from operations declined 0.71% to Rs 4,637.95 in Q1 FY23 from Rs 4,671.19 crore reported in Q1 FY22. The company's profit before tax stood at Rs 1030.44 crore in the first quarter, down 29.05% from Rs 1452.39 crore recorded in the same period last year.
Shares of One 97 Communications (Paytm) climbed 6.32% 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.
NMDC rose 1.53%. The company reported a 54% fall in standalone net profit to Rs 1,469.44 crore in Q1 FY23 as against Rs 3,192.84 crore in Q1 FY22. Net sales was at Rs 4,767.07 crore for the quarter ended 30 June 2022 as against Rs 6,512.21 crore during the same period in the previous year, registering a decline of 26.8%.
Hindustan Petroleum Corporation (HPCL) tumbled 4.67% 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.
FSN E-Commerce Ventures (Nykaa) rose 0.24%. The company's consolidated net profit rose 33% to Rs 4.55 crore in Q1 FY23 as against net profit of Rs 3.42 crore in Q1 FY22. Revenue from operations jumped 41% year on year (YoY) to Rs 1,148.42 crore in Q1 FY23. Profit before tax increased to Rs 8.34 crore in Q1 FY23 from Rs 3.15 crore posted in Q1 FY22.
Bharat Petroleum Corporation (BPCL) dropped 3.03% 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.
Mahanagar Gas rose 3.43%. The LPG supplier reported 9.25% fall in net profit to Rs 185.20 crore despite a 136.36% jump in net revenue from operations to Rs 1,454.75 crore in Q1 FY23 over Q1 FY22. Cost of natural gas or cost of conversion into CNG for retailing, jumped to Rs 1,004.53 crore from Rs 191.04 crore last year.
Kirloskar Ferrous Industries jumped 6.64% after the company reported consolidated net profit of Rs 102.08 crore in Q1 June 2022 as against net loss of Rs 41.12 crore in Q4 March 2022. On a consolidated basis, net sales rose 44.5% quarter-on-quarter (QoQ) to Rs 1493.82 crore in Q1 June 2022. Profit before tax (PBT) climbed 65.2% QoQ to Rs 125.61 crore in Q1 June 2022.
Global Markets:
Shares in Europe and Asia advanced on Monday. SoftBank Group Corp posted a $23 billion loss at its Vision Fund unit in the April-June quarter. The group's sliding portfolio pushed it to a 3.16 trillion yen net loss in the latest quarter as against profit of 761.5 billion yen in the same period last year.
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.
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