The key equity barometers pared gains in mid-morning trade. The Nifty, however, managed to hold above above the 16,050 mark. Consumer durable stocks witnessed across the board buying.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 320.49 points or 0.60% to 54,071.46. The Nifty 50 index added 98.85 points or 0.62% to 16,088.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 1.10%.
The market breadth was strong. On the BSE, 2217 shares rose and 850 shares fell. A total of 155 shares were unchanged.
Investors continued to assess the minutes from the US Fed's June meeting which showed the central bank's determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.
Buzzing Index:
The Nifty Consumer Durables index jumped 2.56% to 24,227.30. Kajaria Ceramics (up 3.27%), Rajesh Exports (up 3.12%), Whirlpool of India (up 2%) and Amber Enterprises India (up 1.76%) were the top index gainers.
Among the other gainers were Havells India (up 1.61%), Dixon Technologies (India) (up 1.07%), V-Guard Industries (up 1.02%), Relaxo Footwears (up 0.95%) and Orient Electric (up 0.77%).
Titan Company jumped 5.59%. The firm said that its sales in Q1 FY23 soared 205% year on year (YoY) on a low base and clocked 3-year CAGR of 20.5% over Q1 FY20.
On a low YoY base, the jewellery division revenues nearly tripled, clocking a growth of 207%. The store expansions (net) continued with commissioning of 6 new domestic stores in Tanishq and 13 in Mia.
The watches & wearables segment achieved highest ever quarterly revenue in Q1 FY23 growing 158% YoY with healthy growth witnessed across all brands and products. The eyecare division witnessed a jump of 176% YoY was led by both Titan Eye Plus (TEP) and Trade & Distribution channels.
Growth in trade, and e-commerce channels contributed to a 271% yearly increase for the other businesses division (fragrances & fashion accessories, Indian dress wear). The business of the company's wholly-owned subsidiary, Titan Engineering & Automation (TEAL), grew by 35% YoY with both the divisions, automation solutions (AS) and aerospace and defence (AD) growing in-line with the overall revenues.
Global markets:
Asian shares advanced across the board on Thursday as investors watched out for the market's reaction to the latest Fed minutes.
U.S. stocks moved slightly higher on Wednesday as investors digested the minutes from the Federal Reserve's June 14-15 monetary policy meeting.
Federal Reserve officials recognized that a more restrictive stance in policy could be suitable if inflation doesn't ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.
Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis, the document said.
Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May. The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May.
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