Indian equity benchmarks ended higher with significant gains on Thursday, on account of intense buying in IT, financial and banking stocks amid a firm trend in global markets. Key indices made gap-up opening and stayed in green for the whole day, as traders took encouragement with a private report that India is likely to be the fastest-growing Asian economy in 2022-23 with a 7% growth rate.

The Nifty50 has formed a small negative candle on the daily chart following a gap-up opening, reflecting upside momentum in the market with rangebound action, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. There is no indication of a reversal unfolding at the highs, he pointed out.

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Indian Indices

The Sensex rose 515.31 points or 0.88% to 59,332.60 while the Nifty was up by 124.25 points or 0.71% to 17,659.00 at the close of trading on Thursday. The Sensex moved in a high and low band of 59,484.99 and 59,251.14. There were 19 stocks advancing against 11 declining stocks on the index. The Nifty traded in a range of 17,719.30 and 17,631.95. There were 29 stocks advancing against 21 stocks declining on the index.

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Broader Indices

The broader indices ended in green with the BSE mid-cap index up by 0.83% and the small-cap index up by 0.52%. The top gaining sectoral indices on the BSE were Bankex up by 1.64%, IT up by 1.61%, Finance up by 1.51%, Consumer Durables up by 1.35%, and Realty up by 1.34%, while FMCG down by 0.72%, Metal down by 0.16%, Basic Materials down by 0.06%, Telecom down by 0.04% and Auto down by 0.03% were the top losing indices on BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 6.29% to 19.59 on Thursday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 24 points loss. The Nifty futures were trading at 17,664.5 on the Singaporean Exchange at around hours 6:44 hours IST.

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Support and Resistance levels

The key support level for the Nifty is placed at 17,621, followed by 17,583. If the index moves up, the key resistance levels to watch out for are 17,708 and 17,757, according to pivot charts.

US Markets

The S&P 500 fell 2.97 points, or 0.07%, to 4,207.27.

The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67.

The Nasdaq fell 74.89 points, or 0.58%, to 12,779.91.

The Russell 2000 index of smaller companies rose 6.01 points, or 0.31%, to 1,975.25.

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Asian Markets

Asian markets ended mostly higher on Thursday. The KOSPI Composite rose 1.73%, the Hang Seng rose 2.40%, and the Shanghai Composite rose 1.60%.

European Markets

European markets ended mostly higher on Thursday. Germany’s DAX was down by 0.047%, London’s FTSE 100 was down by 0.55% while France’s CAC 40 was up by 0.33%.

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Major News Headlines

Aurobindo Pharma Q1 Results: Net profit declines 32% to Rs 520 crore, revenue up 9.4%

The pharma company reported a 32.4% year-on-year decline in consolidated profit at Rs 520.4 crore for the quarter ended June 30, 2022, impacted by lower other income and operating income. Revenue surged by 9.4% to Rs 6,236 crore compared to Rs 5,702 crore in the same quarter of the previous financial year. US formulations business increased 10.8%, but Europe formulation business fell 2.2% mainly due to euro currency depreciation. 

Oil India Q1 Results: Net profit rises to Rs 1,555 crore, revenue up 9%

The country’s second-largest state explorer reported a three-fold increase in net profit at Rs 1,555.46 crore for the April-June 2022 quarter compared to Rs 507.94 crore in the year-ago period. Revenue almost doubled to Rs 6,029.86 crore in the first quarter of fiscal 2022. The earnings were aided by a 4% rise in crude oil production at 0.78 million tonnes and an 8% rise in gas output at 771 million standard cubic meters.

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Bata India Q1 Results: Net profit jumps 72% to Rs 119 crore, revenue up at Rs 943 crore

The company reported a 71.82% increase in consolidated net profit at Rs 119.37 crore for the first quarter of fiscal 2023 as the shoemaker achieved the “highest ever quarterly sales”. The company had posted a net profit of Rs 69.47 crore in the April-June quarter of fiscal 2021-22. Its revenue from operations during the reported quarter stood at Rs 943.01 crore, up over three-fold from Rs 267.04 crore in the year-ago period. This was supported by a continuous increase in portfolio and marketing investments.

Apollo Hospitals Q1 Results: Net profit declines 35% to Rs 324 crore

The Healthcare services provider reported a 35.3% year-on-year decline in consolidated profit at Rs 323.8 crore for the April-June quarter of fiscal 2023 on a high base. Consolidated revenue from operations during the reported quarter stood at Rs 3,795.6 crore as against Rs 3,760.21 crore in the year-ago period.

Bulk Deal data

Sanjay Kumar Jivanbhai Bhatiya bought 3,18,000 shares in Goldstar Power Limited at Rs 36.00 per share on the Nse.

Nakshatra Garments Private Limited sold 100,00,000 shares in KBC Global Limited at Rs 2.56 per share on the Nse.

Shah Sharad Kanayalal bought 1,32,000 shares in Krishna Def and Ald India Limited at Rs 81.33 per share on the Nse.

Samyaan Services Private Limited bought 36,000 shares in Upsurge Seeds of Agri Limited at Rs 140.00 per share on the Nse.

Ravi Omprakash Agrawal bought 22,07,582 shares in Linc Limited at Rs 6.41 per share on the Nse.

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DII and FII data

Foreign institutional investors (FIIs) have net bought shares worth Rs 2,298.08 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 729.56 crore on August 11, as per provisional data available on the NSE. 

NSE F&O Ban

Balrampur Chini Mills and Delta Corp are the stocks/securities that have been placed under the F&O ban for August 12. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.