Key stock indices are trading with modest gains in early trading due to buying demand at index pivots. Except for the Nifty Metal Index, all NSE sector indices were trading in the green.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 183.8 points, or 0.34%, at 53,599.95. The Nifty 50 Index gained 46.80 points or 0.29% to 15,985.45
In the broader market, the S&P BSE Mid-Cap Index was up 0.29%, while the S&P BSE Small-Cap Index was up 0.18%.
Market breadth was strong. On the BSE, 1,535 shares rose and 847 shares fell. A total of 108 shares remained unchanged.
Foreign Portfolio Investors (FPI) bought Rs 309.06 crore worth of shares while Domestic Institutional Investors (DII) were net sellers to the tune of Rs 556.40 crore on the Indian stock market on 14 July, provisional data showed.
India’s merchandise exports in June 2022 were $40.13 billion as compared to $32.49 billion in June 2021, showing a positive growth of 23.52%. Merchandise imports in June 2022 were $66.31 billion, an increase of 57.55% over imports of $42.09 billion in June 2021. The merchandise trade deficit in June 2022 was estimated at $26.18 billion compared to $9.6 billion in June 2021, 172.72%.
Impact on earnings:
ACC declined 1.58% after the cement maker reported a 60% drop in consolidated net profit to Rs 227 crore despite a 15% rise in net sales to Rs 4,393 crore in the second quarter of 2022 compared to the second quarter of June 2021. Cement sales volume stood at 7.56 million tonnes (an increase of 10.5% year-on-year), while ready-mix concrete sales volume was 0.83 million cubic meters (an increase of 43.1% year-on-year) in the quarter from April to June 2022.
Larsen & Toubro Infotech (LTI) gained 1.73%. LTI posted a 0.5% drop in consolidated net profit to Rs 634.4 crore on a 5.1% rise in revenue to Rs 4,522.8 crore in FY23 Q1 vs Q4 quarter of fiscal year 22. Compared to the first quarter of fiscal year 22, the company’s net income and revenue increased by 27.7% and 30.6%, respectively.
Tata Elxsi jumped 1.41% after the company reported a 15.4% rise in net profit to Rs 184.70 crore on a 6.5% rise in operating income to Rs 725.90 million. rupees in Q1 FY23 vs Q4 FY22.
Ángel Uno fell 1.29%. On a consolidated basis, total revenue for the quarter ended June 30, 2022 increased to Rs 669.80 crore, compared to Rs 462.70 crore in the same period last year. Net profit rose to Rs 181.60 crore for the first quarter of FY23, compared with Rs 121.40 crore in the corresponding quarter of last year.
Asian stocks were mixed and hit a two-year low on Friday as a new round of rate hikes around the world deepened concerns about the outlook for global economic growth.
China’s second quarter GDP fell short of expectations. China’s GDP grew 0.4% in the second quarter, compared to 4.8% in the first quarter. The second quarter report is China’s weakest GDP print since the first quarter of 2020 when the Covid pandemic first hit.
Wall Street indices fell after weaker-than-expected earnings from JPMorgan Chase & Co and Morgan Stanley stoked fears of a sharp economic downturn.
Fed Governor Christopher Waller and St. Louis Fed President James Bullard said on Thursday they favored another 75 basis point interest rate hike at the bank’s policy meeting. central US this month.
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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)