Barometers turn range bound; PSU bank shares rally

The key equity indices traded in a narrow range with strong gains in the morning trade. The Nifty hovered above the 17,650 mark. Positive global cues boosted the sentiments. PSU bank shares snapped its five days losing run.

At 10:28 AM IST, the barometer index, the S&P BSE Sensex, was up 574.08 points or 0.98% to 59.387.06. The Nifty 50 index gained 149 points or 0.85% to 17,683.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index gained 0.55%.

The market breadth was strong. On the BSE, 1,922 shares rose and 1,113 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,061.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.45 crore in the Indian equity market on 10 August, provisional data showed.

Earnings Today:

Aurobindo Pharma (up 1.17%), Apollo Hospitals Enterprise (down 0.47%), Aster DM Healthcare (up 2.62%), Bata India (up 2.08%), Bharat Forge (up 1.77%), Gujarat Ambuja Exports (up 0.36%) , Greaves Cotton (up 2.77%), Garden Reach Shipbuilders & Engineers (up 1.99%), Himadri Specialty Chemical (up 0.58%), KNR Constructions (up 0.59%), Page Industries (up 0.49%), The Phoenix Mills (down 0.80%), Puravankara (up 0.40%), Quess Corp (up 0.18%), Sapphire Foods India (up 2.32%), Shilpa Medicare (up 1.16%), Spencers Retail (down 0.60%), Sunteck Realty (up 0.58% ), Trent (up 2.10%), Vipul Organics (up 0.53%), and Wonderla Holidays (up 2.45%) are some of the companies that will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU bank index rose 2.63% to 2,828.80, snapping its falling streak of five days.

The index fell 2.68% in five trading sessions.

Among the components of the Nifty PSU Bank index, Indian Bank (up 6.23%), Bank of Baroda (up 4.59%), Canara Bank (up 3.41%), Union Bank of India (up 2.84%) and Bank of India (up 2.69%) were the top gainers.

Among the other gainers were Punjab National Bank (up 2.27%), Central Bank of India (up 1.97%), Bank of Maharashtra (up 1.77%), State Bank of India (up 1.53%) and UCO Bank (up 1.3%) .

Stocks in Spotlight:

Wipro rose 1.91%. The IT major announced the launch of Wipro Sheelde Australia, a sovereign cybersecurity offering for the Australian government and critical infrastructure industries, to help navigate the cyber threat landscape. Wipro acquired Ampion in 2021 and in integrating its two businesses – Selde and Revolution IT – into Wipro, it gained access to specialist Australian cybersecurity, DevOps and engineering capabilities. The specialist Australian cybersecurity services provided by Shelden will now be promoted under the new offering, the IT major said in a statement.

Indian Railway Catering and Tourism Corporation fell 0.86%. The company’s net profit surged to Rs 245.52 crore in Q1 FY23 from Rs 82.52 crore in Q1 FY22. Net sales zoomed to Rs 852.59 crore in the first quarter from Rs 243.37 crore recorded in the same period last year. The company’s revenue from the Catering business was Rs 352.15 crore (up 6.2x YoY), revenue from the Internet Ticketing business was Rs 301.66 crore (up 2x YoY), revenue from the Raill Neer business was Rs 83.65 crore (up 2.9x YoY) and revenue from the Tourism business was Rs 81.93 crore (up 11.1x YoY) in Q1 FY23.

Mazagon Dock Shipbuilders jumped 8.80% after the company’s consolidated net profit surged 121.24% to Rs 224.78 crore on 83.68% increase in net sales to Rs 2230.32 crore in Q1 June 2022 over Q1 June 2021. The company’s PAT rose 41.36% and net sales increased 59.72 % in Q1 June 2022 over Q4 March 2022.

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


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