Major equity indices traded near the day’s high with decent gains in afternoon trading. The positive opening of European stock markets boosted investor sentiment. The Nifty traded above the 17,700 level after hitting the low of the day at 17,597.85 in morning trade. Oil & Gas, Metals and Real Estate stocks were in demand while Healthcare, IT and Pharmaceuticals stocks were under pressure.
As of 1:30 p.m. IST, the barometer index, the S&P BSE Sensex, was up 152.1 points or 0.26% at 59,484.70. The Nifty 50 index rose 45.55 points or 0.26% to 17,704.55.
In the broader market, the S&P BSE Mid-Cap Index rose 0.33% while the S&P BSE Small-Cap Index gained 0.58%.
Market breadth was positive. On BSE, 1,909 shares rose and 1,397 shares fell. A total of 158 shares remained unchanged.
Oil and Natural Gas Corporation (ONGC) (up 4.67%), Tata Steel (up 3.02%), NTPC (up 2.90%), UPL (up 2.15% ) and SBI Life Insurance Company (up 1.95%) were Nifty’s top gainers.
Divi’s Laboratories (down 4.49%), Apollo Hospitals Enterprise (down 3.23%), Infosys (down 1.43%), Tata Consumer Products (down 1.21%) and Maruti Suzuki India (down 1.14%) were the majority losers.
Apollo Hospitals Enterprise slipped 3.23% after the company reported a 35.2% decline in consolidated net profit to Rs 317.11 crore in Q1 FY23 from Rs 489.28 crore in Q1 FY22. Operating revenue increased by 0.9% year-on-year to Rs 3,795.60 crore in the quarter.
Divi Labs slipped 4.49. The big pharma’s consolidated net profit jumped 26.01% to Rs 702.01 crore on a 14.99% rise in operating income to Rs 2,254.52 crore in Q1 FY23 from Q1 FY22 . Total revenue increased by 17.34% to Rs 2,342.91 crore in the quarter ended June 30, 2022 from Rs 1,996.61 crore recorded in the same period a year ago.
Actions in the spotlight:
Adani Enterprises added 0.72%. Adani Group will invest Rs 57,575 crore in Odisha state. The High Level Clearance Authority (HLCA) of the Government of Odisha has approved Adani Group’s proposal to set up two projects – a 4 MMTPA integrated alumina refinery and a 30 MMTPA iron ore project ( added value).
Trent gained 2.38%. The Tata Group retail company reported a consolidated net profit of Rs 130.51 crore in the first quarter of FY23, compared to a net loss of Rs 126.59 crore in the first quarter of FY 22. The company reported operating revenue of Rs 1,803.15 crore in the first quarter, significantly higher than the Rs 491.99 crore posted in the corresponding quarter of the previous year.
Aurobindo Pharma grew by 2.21%. The pharmaceutical company announced a 32.4% drop in its consolidated net profit to Rs 520.5 crore in Q1 FY23 from Rs 770 crore in Q1 FY22. Operating revenue increased by 9.4% year-on-year to Rs 6,235.9 crore during the reporting period. In the first quarter of FY23, formulations revenue in the United States increased by 10.8% year-on-year to reach Rs 2,971.1 crore, while formulations revenue in Europe stood at 1 Rs 548.1 crore, with a decline of 2.2% year-on-year, mainly due to the depreciation of the Euro.
Page Industries fell 0.24% after the company reported a net profit of Rs 207.04 crore in the first quarter of FY23, significantly higher than the Rs 10.95 crore recorded in the first quarter of FY 22. Operating revenue soared by 167.4% to reach Rs 1,341.27 crore in the quarter ended June 30, 2022 from Rs 501.54 crore in the corresponding quarter of the previous year.
Global Markets:
Stocks in Europe advanced as Asian stocks traded mixed on Friday after strong gains in the previous session as investors digested the US inflation report.
US stocks struggled to find their bearings on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slipped 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite fell 74.89 points, or 0.58%, to 12,779.91.
US producer prices fell unexpectedly in July amid falling energy product costs. The producer price index for final demand fell 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said Thursday. The PPI climbed 1.0% in June. In the 12 months to July, it rose 9.8% after rising 11.3% in June.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)