Benchmarks trade with decent gains; metals shine

The domestic equity barometers were trading with decent gains in morning trade. The Nifty was trading above the 15,850 mark. Metal, PSU banks, realty and media stocks were in demand.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 133.66 points or 0.25% to 52,985.93. The Nifty 50 index added 53.05 points or 0.34% to 15,877.50.

In the broader market, the S&P BSE Mid-Cap index gained 0.50% while the S&P BSE Small-Cap index rose 1.03%.

The market breadth was strong. On the BSE, 2090 shares rose and 841 shares fell. A total of 131 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 194,685,302 with 4,167,173 global deaths.

India reported 398,100 active cases of COVID-19 infection and 421,382 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index rose 1.76% to 5,482.05, extending gains for fourth day. The index has added 555 % in four sessions while the benchmark Sensex has added 1.47% during the same period.

Jindal Steel & Power (up 4.11%), Hindalco Industries (up 3.85%), National Aluminum Co. (up 2.93%), APL Apollo Tubes (up 2.52%) and Tata Steel (up 2.08%) were the top index gainers.

Earnings Today:

Dr.Reddy's Laboratories (down 0.09%), InterGlobe Aviation (down 0.59%), Torrent Pharmaceuticals (down 0.39%), The Ramco Cements (down 0.75%), Lux Industries (down 2.64%), IndusInd Bank (up 0.53%), Dalmia Bharat (up 2.94%), Canara Bank (up 2.01%), Dixon Technologies (India) (up 0.66%), Sanofi India (up 0.76%), IIFL Finance (up 3.99%), TTK Prestige (up 0.70%), UCO Bank (up 1.11%), KPR Mill (up 1.65%), and VST Industries (up 0.97%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Shares of Axis Bank were trading 0.79% lower at Rs 750.20. The private sector bank reported a 94.2% jump in standalone net profit to Rs 2,160 crore on a 2.4% rise in total income to Rs 19,591 crore in Q1 FY22 over Q1 FY21.

The bank's net interest income (NII) grew 11% year on year (YoY) to Rs 7,760 crore from Rs 6,985 crore in Q1FY21. Net interest margin (NIM) for Q1 FY22 stood at 3.46%.

Larsen & Toubro (L&T) added 0.56% to currently trade at Rs 1606.75. The engineering and construction major's consolidated net profit soared 141.2% to Rs 1,556.18 crore on a 38% jump in revenue from operations to Rs 29,334.73 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

L&T bagged orders worth Rs 26,557 crore at the Group level during the quarter ended 30 June 2021, registering a growth of 13% over corresponding period of the previous year. International orders were at Rs 9,045 crore during the quarter comprising 34% of the total order inflow. The consolidated order book of the group was stood at Rs 3,23,721 crore as on 30 June 2021, with international orders at 20% of the total order book.

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