Nifty closes above 17,150; Metal stocks outperformed

Headline equity indices closed close to the day’s highs after a strong session on Friday. Nifty managed to close above the level of 17,150. Metal, consumer durables and media stocks edged up, while PSU banks, pharma and healthcare stocks declined.

As per provisional closing data, the barometer index, S&P BSE Sensex jumped 712.46 points or 1.25% to 57,570.25. The Nifty 50 index rose 228.65 points, or 1.35%, to 17,158.25.

In the broader market, the S&P BSE Mid-Cap Index rose 1.01% while the S&P BSE Small-Cap Index gained 1.38%.

The breadth of the market was strong. On the BSE, 2,095 shares gained and 1,229 shares declined. A total of 147 shares remained unchanged.

Investors lauded the US economy data. Data released Thursday showed the US economy shrank for the second quarter in a row, prompting speculation that the Fed may not aggressively hike interest rates. The data also raised the possibility of the US economy approaching recession.

Buzzing Index:

The Nifty Metal index jumped 3.87% to 5,486.55. The index is up 6.46% in three sessions.

Tata Steel (up 6.98%), Welspun Corp (up 6.33%), Hindalco Industries (up 5.59%), Steel Authority of India (up 4.67%) and Jindal Stainless (up 3.76%) were the top gainers.

Other gainers were APL Apollo Tubes (up 3.74 per cent), Hindustan Copper (up 3.26 per cent), National Aluminum Company (up 3.19 per cent) and Jindal Steel & Power (up 3.13 per cent).

income effect:

Housing Development Finance Corporation added 2.47%. The corporation reported 22% YoY growth in net profit to Rs 3,669 crore in Q1 FY23. Net Interest Income (NII) for the quarter ended June 30, 2022 stood at Rs 4,447 crore as compared to Rs 4,125 crore in the previous year. The reported NIM during the quarter ended 30 June 2022 was 3.4%.

Read |  Exclusive: How billionaire Sam Bankman-Fried approaches a crypto deal

Ashok Leyland rose 2.13 per cent. The company reported a standalone net profit of Rs 68 crore in Q1 FY23 as against a net loss of Rs 282 crore in Q1 FY22. Revenue in the first quarter rose to Rs 7,223 crore from Rs 2,951 crore recorded in the same period last year.

Sun Pharmaceutical Industries jumped 5.62%. The company’s consolidated net profit grew 42.7% to Rs 2,060.9 crore in Q1 FY23 as against a 10.1% increase in gross sales in Q1 FY22 to Rs 10,644 crore in Q1 FY22.

Vedanta rose 3.46%. On a consolidated basis, Vedanta’s net profit grew 6% to Rs 5,592 crore, driven by a 36% increase in net sales to Rs 38,251 crore in Q1 FY23 as compared to Q1 FY22. The mining company said the increase in revenue was supported by higher sales volume across businesses, higher commodity prices and strategic hedging leverage.

Dr Reddy’s Laboratories declined by 3.90%. On a consolidated basis, Dr. Reddy’s Laboratories’ net profit grew 108% to Rs 1188 crore, registering a growth of 6% to Rs 5215 crore in Q1 FY12.

SBI Life Insurance Company gained 8.81%. The company’s net profit grew by 17.8% to Rs 262.85 crore in Q1 FY23 from Rs 223.16 crore in Q1 FY22. The company reported negative income from investments of Rs 6,405.66 crore in Q1 FY23, as compared to income from investments of Rs 7,409.91 crore posted in Q1 FY22.

TVS Motor Company gained 4.45%. The company reported a standalone net profit of Rs 321 crore in Q1 FY23 as against a net profit of Rs 53 crore in Q1 FY22. The company reported operating revenue of Rs 6,009 crore for the quarter ended June 2022 as against Rs 3,934 crore in the quarter ended June 2021, up 52.7% year-on-year.

Read |  Chipotle: Strong Q2 Earnings, But Will It Last?

IIFL Securities lost 6.27%. On a consolidated basis, the company’s net profit fell 39% to Rs 42.10 crore in Q1 FY22 on a 10% rise in total income in Q1 FY23.

GMM Pfaudler hit the upper circuit of 20%. The company’s consolidated net profit increased to Rs 44.51 crore in Q1 June 2022 as against Rs 2.59 crore in Q1 June 2021. Net sales grew 34% to Rs 739.24 crore in Q1 June 2022 due to strong execution.

global market:

European stocks rose on Friday after a rally on Wall Street, while Asian stocks traded mixed. Then came a negative US GDP report, which suggests the Fed will be less aggressive in its tightening cycle.

Japan’s industrial output grew 8.9% last month in June, the Ministry of Economy, Trade and Industry said on Friday. Print surprised gains after a fall in May.

US stocks rallied for a second day on Thursday, with all three major indices ending up more than 1%, as data showed the economy contracting for the second consecutive quarter, fueling investor speculation that the Federal Reserve should cut interest rates. There may be no need to be aggressive with the hike. Some were afraid.

The US economy shrank in the second straight quarter from April to June. The Bureau of Economic Analysis reported Thursday that US economic growth fell 0.9% in the second quarter. GDP for the first quarter declined by 1.6%.

President Joe Biden insisted on Thursday that the US economy was “on the right track”, with solid job growth, despite contraction for the second consecutive quarter, which has deepened fears of a recession.

Read |  What are FII and DII? How do they affect the stock market?

Powered by Capital Markets – Live News

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

Source link