The domestic equity benchmarks extended early gains and hit the day's high in morning trade. The Nifty traded above the 16,300 mark. Pharma shares declined for the third consecutive session.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 198.13 points or 0.36% to 54,724.06. The Nifty 50 index added 50.55 points or 0.31% to 16,332.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 1.62%.
The market breadth was strong. On the BSE, 2113 shares rose and 745 shares fell. A total of 102 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 204,688,069 with 4,323,993 global deaths.
India reported 387,987 active cases of COVID-19 infection and 429,669 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Pharma index slipped 0.70% to 14,190.40, extending losses for third day. The index has declined 2.36% in three consecutive sessions.
Lupin (down 5.83%), Cadila Healthcare (down 1.98%) and Alkem Laboratories (down 0.80%) declined while Cipla (up 0.51%) and Biocon (up 0.35%) declined.
Results Today:
Among the Nifty stocks, Tata Steel (up 0.20%), Bharat Petroleum Corporation (up 0.20%), Eicher Motors (down 0.51%) and Hero MotoCorp (up 0.32%) will announce their quarterly earnings today.
NMDC (up 0.87%), Ashok Leyland (up 0.41%), Aurobindo Pharma (up 0.25%), IRCTC (up 0.83%), Oil India (up 1.32%), Power Finance Corporation (up 1.01%), ITI (up 1.10%), Natco Pharma (up 1.50%), Page Industries (down 0.59%), Bharat Forge (up 0.03%), 3M India (up 0.51%), GR Infraprojects (up 1.99%), Gulf Oil Lubricants India (up 1.25%), IRCON International (up 0.94%), JB Chemicals & Pharmaceuticals (up 0.89%), Mazagon Dock Shipbuilders (up 1.73%), Mishra Dhatu Nigam (up 0.67%), RailTel Corporation of India (up 1.91%), Redington (India) (up 3.39%), Sundram Fasteners (up 1.43%) and Trident (up 1.79%) will announce their quarterly earnings today.
Earnings Impact:
Bata India rose 0.46% to Rs 1673.80. The footwear maker reported a consolidated net loss of Rs 69.4 crore in Q1 FY22, lower than net loss of Rs 100.8 crore posted in Q1 FY21. Total income jumped to Rs 279.2 crore in Q1 FY22 from Rs 187.1 crore in Q1 FY21. Bata said sales across retail outlets remained largely subdued, owing to the second wave of Covid-19 infections and ensuing lockdowns. However, sales through ecommerce platforms continued to remain robust and witnessed an uptick despite the restrictions.
VIP Industries jumped 10.85% to Rs 428. The company's consolidated net profit stood at Rs 2.53 crore in Q1 June 2021 compared with net loss of Rs 51.32 crore in Q1 June 2020. Consolidated revenue from operations surged 411.43% to Rs 206.21 crore in Q1 FY22 as against Rs 40.32 crore in Q1 FY21.
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