At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 22.58 points or 0.04% to 54,543.73. The Nifty 50 index added 5.25 points or 0.03% to 16,283.75.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index added 0.62%.
The market breadth was strong. On the BSE, 1,956 shares rose and 994 shares fell. A total of 155 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 156.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 844.33 crore in the Indian equity market on 18 July, provisional data showed.
Earnings Today:
Hindustan Unilever (down 0.48%), HDFC Life Insurance Company (down 1.29%), ICICI Lombard General Insurance Company (down 1.04%), Ambuja Cements (down 0.08%), L&T Finance Holdings (down 0.14%), Network18 Media & Investments (up 0.59%), TV18 Broadcast (up 0.38%), Polycab India (down 0.44%), AU Small Finance Bank (up 0.80%), DCM Shriram (up 0.47%), Hatsun Agro Product (up 1.77%), Kirloskar Pneumatic (up 0.38%), Rallis India (up 2.24%), and Steel Strips Wheels (up 1.78%) will announce their financial results for Q1 FY23 later in the day.
Buzzing Index:
The Nifty Auto index rose 0.75% to 12,501.80, extending its winning run to the fourth trading session. The index gained 3.32% in four trading sessions.
Among the components of the Nifty Auto index, Tube Investments of India (up 2.21%), Mahindra & Mahindra (up 1.68%), Eicher Motors (up 1.59%), Bajaj Auto (up 1.18%) and TVS Motor Company (up 0.98%) were the top gainers.
Among the other gainers were Hero MotoCorp (up 0.95%), Sona BLW Precision Forgings (up 0.86%), Maruti Suzuki India (up 0.84%), Escorts Kubota (up 0.74%) and Ashok Leyland (up 0.55%).
On the other hand, MRF (down 0.37%), Tata Motors (down 0.27%) and Balkrishna Industries (down 0.14%) edged lower.
Stocks in Spotlight:
Mangalore Chemicals & Fertilizers fell 1.61% to Rs 116.15 after the company said that it had shut down its DAP/phosphatic fertilizer plant due to non-availability of raw material phosphoric acid. "We shall inform you once we resume operations of the plant, the company said in a statement.
Nelco was locked in an upper circuit of 5% at Rs 654.85 after the company's consolidated net profit rose 7.8% to Rs 4.72 crore on 48.2% increase in net sales to Rs 81.68 crore in Q1 FY23 over Q1 FY22. Profit before tax stood at Rs 6.67 crore in Q1 FY23, up by 9% from Rs 6.12 crore reported in Q1 FY22. The company's total expenses spiked 55.08% to Rs 66.64 crore in Q1 FY23 over Q1 FY22.
Surya Roshni rose 2.81% to Rs 386.15 after the company said that it has obtained orders amounting to Rs 91.27 crore from Bharat Gas Resources. The order is for the supply of API 5L Grade 3LPE coated line pipes. The order has to be executed within a period of 12 months.
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