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 99.35 points or 0.19% at 53,258.20. The Nifty 50 index was up 31.30 points or 0.2% at 15,955.50. The Sensex hit record high of 53,290.81 in early trade. The Nifty scaled record high of 15,962.25 in early trade.
The S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.51%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1736 shares rose and 871 shares fell. A total of 97 shares were unchanged.
Stocks in news:
Wipro rose 0.56%. Wipro reported a 9.20% rise in consolidated net profit to Rs 3,248 crore in Q1 June 2021 (Q1 FY22) as against Rs 2,974.30 crore in Q4 March 2021 (Q4 FY21). Consolidated revenues grew 12.35% to Rs 18,252.40 crore in Q1 June 2021 compared with Rs 16,245.40 crore in Q4 March 2021.
Profit before tax advanced 3.29% to Rs 3,873.30 crore in Q1 FY22 as against Rs 3,749.90 crore in Q4 FY21. The numbers are based on Indian accounting standards (IND AS). The Q1 result was declared after trading hours yesterday, 15 July 2021.
Larsen & Toubro Infotech dropped 2.74%. The company reported 9% fall in consolidated net income to Rs 496.80 crore on 5.9% rise in revenue to Rs 3462.50 crore in Q1 June 2021 over Q4 March 2021.
Tata Elxsi fell 1.61%. The company reported 1.6% fall in consolidated profit after tax to Rs 113.40 crore on 9.6% rise in total income to Rs 575.80 crore in Q1 June 2021 over Q4 March 2021.
Cyient slipped 0.73%. Cyient reported 3.9% rise in consolidated normalised profit after tax to Rs 115 crore on 3.2% fall in revenue to Rs 1058.20 crore in Q1 June 2021 over Q4 March 2021.
NMDC rose 0.43%. NMDC proposes to offer up to 89 lakh shares to the eligible employees of the company at a price Rs 165.50 per share in an offer for sale from July 16 to July 18.
Xelpmoc Design and Tech gained 3.66%. Xelpmoc Design and Tech said its board of directors approved issue of 7.2 lakh shares at an issue price of Rs 375 per share aggregating upto Rs 27 crores to Newport Asia Advisors Fund, Newport Asia Growth & Income Fund, Newport Asia Institutional Fund and Newport Asia Partners Fund.
Global Markets:
Overseas, Asian stocks are trading mixed on Friday as concerns about the economic growth outlook came to the fore. Investors await the Bank of Japan's monetary policy statement.
US stocks indexes fell on Thursday as energy and technology stocks declined.
Federal Reserve Chair Jerome Powell on Thursday maintained the central bank will continue to evaluate the economic recovery before changing its accommodating monetary policies. The Fed chair spoke before the Senate banking panel in a second day of testimony before Congress.
Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic rates, led by growth in China and India.
"In 2022, healthy expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programmes, effective treatment and natural immunisation, particularly in emerging and developing countries, along with frequent testing procedures, are assumed to spur consumption of oil next year to comparable pre-pandemic levels," OPEC said in the report.
Back home, the key equity indices ended with strong gains on Thursday. The barometer index, the S&P BSE Sensex, advanced 254.80 points or 0.48% to 53,158.85. The Nifty 50 index added 70.25 points or 0.44% to 15,924.20. Both the indices attained record closing high levels.
Foreign portfolio investors (FPIs) sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 439.41 crore in the Indian equity market on 15 July, provisional data showed.
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