Indices break 3-day streak, Nifty hits 16,200 mark

Key equity barometers ended with minor cuts after a volatile session on Monday. The Nifty held the 16,200 mark after reaching a daily high of 16,248.55 in late trading. Negative global signals, persistent inflation concerns and fears of sharp interest rate hikes dampened investor sentiment. Except for the Nifty IT index, all NSE sector indices finished in the green.

According to provisional closing data, the barometer index, the S&P BSE Sensex, fell 86.61 points or 0.16% to 54,395.23. The Nifty 50 Index lost 4.60 points, or 0.02%, to 16,216.

Major stock indices snapped their three-day winning streak. In three sessions, the Sensex has added 2.54% while the Nifty has gained 2.59%.

The broader market outperformed blue chip indices. The S&P BSE Mid-Cap Index rose 0.63%, while the S&P BSE Small-Cap Index rose 1.07%.

Market breadth was strong. On the BSE, 2,103 shares rose and 1,318 shares fell. A total of 161 shares remained unchanged.

Hum rate:

The Nifty Bank Index rose 0.85% to 35,421.20, extending its winning streak for a fourth session. The index gained 4.75% in four trading sessions.

Bank of Baroda (up to 3.79%), Federal Bank (up to 2.36%), ICICI Bank (up to 1.91%), IDFC First Bank (up to 1.78%) and Axis Bank (up to 1.75%). ), Punjab National Bank (up to 1.47%), IndusInd Bank (up to 1.25%), Bandhan Bank (up to 1.18%), HDFC Bank (up to 0.79%) and AU Small Finance Bank (up 0.6%) rose.

Bandhan Bank gained 1.18%. The bank’s loans and advances increased by 20% YoY to Rs 96,649 crore as of June 30, 2022. Total deposits with the bank as of June 30, 2022 amounted to Rs 93,057 crore, 20% higher than in the same period last year. .

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Tata Consultancy Services (TCS) fell 4.81% after the IT major reported a 4.5% drop in consolidated net profit to Rs 9,478 crore despite a 4.3% rise in revenues. operating income to Rs 52,758 crore in Q1 FY23 vs Q4 FY22. Profit before tax in Q1 FY23 stood at Rs 12,776 crore, up 4.40 % less than the Rs 13,364 crore in the fourth quarter of FY22. Revenue in constant currency grew by 15.5% yoy in the first quarter of FY23. Operating margin for the period under review was 23.1%, registering a contraction of 2.4% YoY. The total contract value (TCV) of the company’s order book was $8.2 billion in the first quarter of FY23 and the book-to-turnover ratio was 1.2.

Avenue Supermarts gained 1.07%. On a consolidated basis, total revenue for the quarter ended June 30, 2022 amounted to Rs 10,038 crore, compared to Rs 5,183 crore for the same period last year. Net profit stood at Rs.643 crore for Q1FY23, compared to Rs.95 crore in the corresponding quarter last year.

Larsen & Toubro (L&T) fell 1.48%. L&T Construction’s buildings and factories (B&F) business has won major contracts from a number of clients. According to L&T classification, the value of major project is Rs 1000 crore to Rs 2500 crore.

Coal India (CIL) surged 1.71% after company PSU said its capex soared 65% to Rs 3,034 crore during April-June 2022 compared to Rs 1,841 crore. Rs from April to June 2021, resulting in a volume increase of Rs 1,193 crore. The company said it has sustained its growth in capital spending for the ninth straight quarter.

A senior company official said: “The increase in capex was due to heavy spending on land acquisition and strengthening transportation infrastructure at our coalfields under first-mile connectivity projects. These two vital areas help CIL expand its mining operations to accelerate production and combine it with the continuous transportation of coal.”

Hindustan Aeronautics (HAL) added 0.23%. HAL and Safran Helicopter Engines signed a Memorandum of Understanding (MoU) to create a new joint venture to develop helicopter engines. Both companies will establish a new aircraft engine company in India, dedicated to the development, production, sales and support of helicopter engines.

Power Grid Corporation of India decreased by 1.01% after the company was declared the winner of the tariff-based tender to establish an interstate transmission system for the “Neemuch SEZ Power Evacuation Transmission System” under construction, own operation and transfer (BOTA) base.

Global markets:

US Dow Jones index futures were down 154 points, signaling a negative open in US stocks on Monday.

Stocks in Europe and Asia fell on Monday as investors braced for a US inflation report that could force another huge hike in interest rates and the start of an earnings season where earnings could come under pressure.

Investors in the UK will be keeping an eye on developments surrounding political uncertainty in the country after Prime Minister Boris Johnson announced last week that he would step down as leader of the Conservative Party. Johnson said he would remain in office while he finds a successor and several high-profile Conservatives have announced their leadership offers over the weekend.

Hong Kong’s Hang Seng Index fell nearly 3% after reports China imposed fines on heavyweights Tencent and Alibaba. China has fined a number of companies, including tech giants Alibaba and Tencent, for failing to comply with antitrust rules on transaction disclosure, according to reports.

However, Tokyo stocks are trading higher on Monday after Japan’s ruling bloc won a solid victory in Sunday’s upper house elections, held just days after the assassination of former Prime Minister Shinzo Abe.

US stocks closed mixed on Friday, with the tech-heavy Nasdaq Composite finishing higher while the Dow Jones Industrial Average and S&P 500 index fell, following a stronger-than-expected June employment report.

The US saw stronger-than-expected job growth in June as the economy added 372,000 jobs, according to data released by the Bureau of Labor Statistics on Friday. June gains marked a slight slowdown from May’s downwardly revised 384,000. April’s count was revised to 368,000. The unemployment rate was 3.6%, unchanged from May and in line with estimates.

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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)

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