Indian equity
benchmarks continued their rally for the sixth consecutive session and ended
over half a percent higher on Friday led by gains in Banking, Basic Materials
and FMCG stocks. Markets gained traction in late afternoon deals, as some
optimism remained among traders with Reserve Bank Governor Shaktikanta Das’
statement that the RBI was confident of achieving its growth-inflation aim of
ensuring a soft landing for the economy, ‘where inflation is brought down
closer to the target of 4% over a period of time. At the same time, the growth
sacrifice is within manageable limits’.
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The Nifty50 has
formed a small positive candle on the daily chart with minor upper and lower
shadows, and appears to be approaching strong overhead resistance around
16,800, according to Nagaraj Shetti, Technical Research Analyst at HDFC
Securities. The bulls need to be
careful at the higher levels, he said.
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Sensex rose 390.28 points or 0.70% to 56,072.23 and the
Nifty was up by 114.20 points or 0.69% to 16,719.45. in the previous session. Sensex touched high
and low of 56,186.05 and 55,685.45, respectively. There were 18 stocks
advancing against 12 stock declining on the index. Nifty traded in a range of 16,752.25
and 16,610.90. There were 27 stocks advancing against 23 stocks declining on
the index.
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Broader Indices
The broader indices ended in green with the BSE Mid cap
index falling 0.17%, while Small cap index was up by 0.21%. On the sectoral
front, Bankex was up by 1.49%, Basic Materials was up by 1.26%, FMCG was up by
0.43%, Realty was up by 0.37%, Auto was up by 0.30% while, Power down by 0.93%,
TECK down by 0.77%, Utilities down by 0.75%, Telecom down by 0.69%, IT down by
0.69% 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 1.23%
to 16.65 on Friday.
SGX Nifty
The trends on SGX Nifty indicate
a negative opening for the index in India with a 59 points loss. The Nifty futures were trading
at 16,665.50 on the Singaporean Exchange
around 07:00 hours IST.
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Support and
Resistance levels
The key support level
for the Nifty is placed at 16,636, followed by 16,553. If the index moves up,
the key resistance levels to watch out for are 16,777 and 16,835, according to
pivot charts.
The S&P 500 fell 37.32 points, or 0.9%, to 3,961.63.
The Dow Jones Industrial Average fell 137.61 points, or 0.4%, to 31,899.29.
The Nasdaq fell 225.50 points, or 1.9%, to 11,834.11.
The Russell 2000 index of smaller companies fell 29.81 points, or 1.6%, to 1,806.88.
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Asian Markets
Asian markets ended
mostly higher on Friday. The Heng Seng rose 0.17%, Nikkei 225 rose 0.40% while
the Shanghai Composite fell 0.06% and the KOSPI Composite fell 0.66%.
European Markets
European markets
ended mostly higher on Friday, London’s FTSE 100 was up by 0.08%, France’s CAC
40 was up by 0.25% and Germany’s DAX was up by 0.053%.
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Major News Headlines
Reliance Q1 Results: Consolidated profit jumped
41% to Rs 19,443 crore
The billionaire Mukesh Ambani-led company conglomerate
reported strong operating and financial performance across all businesses for
the quarter ended June 2022, with the highest ever quarterly revenue for O2C
(oil-to-chemical0 business in a volatile environment, and best ever quarterly
revenue for Reliance Retail, and Jio Platforms. The company recorded a 41%
year-on-year growth in consolidated profit after tax (PAT) at Rs 19,443 crore
in the first quarter of fiscal 2023. Gross revenue surged by 53% to Rs 2,42,982
crore for the quarter compared to year-ago period. EBITDA for the quarter stood
at Rs 40,179 crore, higher by 45.8%.
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Infosys Q1 Results: Profit jumps 3.2% YoY to Rs
5,360 crore, Revenue jumps 24%
The IT giant reported a 3.2% year-on-year rise in
consolidated net profit at Rs 5,360 crore for the April-June quarter of fiscal
2023. The profit in the year-ago period was Rs 5,195 crore. Sequentially, there
was a 5.7% decline in profit to Rs 5,686 crore. Revenue was up 24% year-on-year
to Rs 34,470 crore, from Rs 27,896 crore in the corresponding quarter a year
ago. The attrition rate was 28.4% in reported quarter, up from 13.9 a year-ago
and 27.7% on a sequential basis.
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ICICI Bank Q1 Results: Net profit rises 50% to
Rs 6,905 crore, asset quality improves
The country’s second-largest private sector bank reported a
50% year-on-year growth in standalone profit at Rs 6,905 crore for the quarter
ended June 2022, as bad loan provisions fell sharply compared to year-ago
period. Net interest income rose by 20.8% to Rs 13,210 crore, compared to Rs
10,936 crore reported in corresponding period of previous financial year.
Advances grew 21% and deposits increased 13% year-on-year. Asset quality showed
improvement on a sequential basis.
JSW Steel Q1 Results: PAT declines 86% to Rs
838 crore, revenue grew 32%
The steel firm has reported a 86% year-on-year decline in
consolidated profit at Rs 839 crore for the first quarter of the financial year
2022-23, impacted by weak operating performance. Operating expenses stood
higher including higher input costs, finance costs, and power & fuel costs.
Revenue jumped 32% year-on-year to Rs 38,086 crore during the quarter.
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HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED sold 6,02,507 shares in
Ansal Housing Limited at Rs 7.87 per share on the NSE.
KISHAN MUNDRA sold 3,36,000 shares in CMM Infraprojects Limited at Rs
12.66 per share on the NSE.
NIKUNJ KAUSHIK SHAH sold 1,04,000 shares in Kck Industries Limited at Rs
29.79 per share on the NSE.
HEMRAJ BHIMSHI GALA sold 93,320 shares in Kshitij Polyline Limited at Rs
29.95 per share on the NSE.
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P S SHETH sold 1,60,257 shares in Libas Consu Products Limited at Rs
25.01 per share on the NSE.
VICTUS ENTERPRISE LLP bought 1,26,815 shares in Likhitha Infrastructure
Limited at Rs 292.61 per share on the NSE.
TAPOVAN FARMS LLP bought 9,00,000 shares in Nath Bio-Genes (I) Limited
at Rs 205.00 per share on the NSE.
INVESTMENT OPPORTUNITIES V PTE LIMITED sold 69,37,808 shares in PVP
Ventures Limited at Rs 6.01 per share on the NSE.
JAYESH CHINUBHAI SHAH sold 2,10,000 shares in Sona Hi Sona Jewell G
Limited at Rs 12.10 per share on the NSE.
KOMAL sold 192,75,003 shares in Vikas Prop & Granite Limited at Rs
0.84 per share on the NSE.
Foreign institutional
investors (FIIs) have net sold shares worth Rs 675.45 crore, whereas domestic
institutional investors (DIIs) net bought shares worth Rs 739.38 crore on July
22, as per provisional data available on the NSE.
Indiabulls Housing
Finance, RBL Bank and Delta Corp are the stocks/securities that have been
placed under the F&O ban for July 25. 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.
