Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 248.43 points or 0.45% at 55,092.41. The Nifty 50 index was up 72.50 points or 0.44% at 16,436.90. The Sensex hit record high of 55,108.75 in early trade. The Nifty scaled record high of 16,443.85 in early trade.
The S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.48%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1696 shares rose and 885 shares fell. A total of 87 shares were unchanged.
On the macro front, India's retail inflation eased to a three-month low in July on the back of softening food prices. The consumer price index (CPI) based inflation cooled to 5.59% in the last month from 6.26% in June, government data released on Thursday showed. Food inflation fell substantially to 3.96% in July from 5.15% in June.
Meanwhile, Industrial activity was affected due to the nationwide Covid lockdown last year in April and May but had picked up June onwards. Industrial output for the month of June rose 13.6%. Factory output, measured by the Index of Industrial Production (IIP) had contracted 16.6% in the same month of last year and rose by 29.3% in May.
Stocks in news:
Tata Steel fell 0.59%. Tata Steel reported consolidated net profit of Rs 8906.95 crore in Q1FY22 against net loss of Rs 4416.56 crore in Q1FY21. Total income jumped 108.49% to Rs 53656.31 crore.
Hero MotoCorp fell 0.36%. Hero MotoCorp reported 333.01% surge in consolidated net profit to Rs 256.08 crore on 81% rise in total income to Rs 5648.20 crore in Q1FY22 over in Q1FY21.
Aurobindo Pharma lost 5.76%. Aurobindo Pharma reported 1.67% fall in consolidated net profit to Rs 769.97 crore on 3.78% fall in total income to Rs 5811.88 crore in Q1FY22 over in Q1FY21.
Eicher Motors shed 0.31%. Eicher Motors reported consolidated profit after tax of Rs 237 crore as compared to a loss Rs. 55 crore during the same period last year. Total revenue from operations was recorded at Rs 1,974 crore, up 141% as compared to Rs 818 crore in the corresponding quarter of FY 2020-21.
Page Industries dropped 3.62%. Page Industries reported consolidated net profit of Rs 10.95 crore in Q1FY22 against net loss of Rs 39.55 crore in Q1FY21. Total income jumped 73.64% to Rs 505.09 crore.
Ashok Leyland lost 2.85%. Ashok Leyland reported consolidated net loss of Rs 273.86 crore in Q1FY22 as against net loss of Rs 409.08 crore in Q1FY21. Total income jumped 168.08% to Rs 4103.27 crore.
OnMobile Global rose 1.93%. OnMobile Global announced the 100% acquisition of rob0 , through its subsidiary OnMobile Global Solutions Canada. rob0 offers best-in-class patent pending Vision AI technology.
Global Markets:
Overseas, Asian stocks are trading lower on Friday as the spread of the delta Covid-19 variant and China's regulatory curbs restrained sentiment despite another record high close on Wall Street.
The focus in China remains on Beijing's push to exert more control over a range of industries. In real estate, the nation is suspending private equity funds from raising money to invest in residential property development. Separately, a partial shutdown of a major Chinese port due to a virus outbreak stoked concerns about a repeat of last year's pandemic shipping woes.
In US, the Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady U.S. economic recovery.
The Labor Department reported Thursday morning that initial jobless claims declined slightly last week as the U.S. labor market continues its recovery from last year's recession. There were 375,000 claims last week. The prior reading came in at 385,000 claims, but was revised to 387,000.
Back home, the domestic equity barometers ended with robust gains on Thursday. The barometer index, the S&P BSE Sensex, advanced 318.05 points or 0.58% to 54,843.98. The Nifty 50 index added 82.15 points or 0.50% to 16,364.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 212.11 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 307.75 crore in the Indian equity market on 12 August, provisional data showed.
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