Benchmarks trade with minor cuts; pharma shares in demand

The key equity indices reversed early gains and were trading with minor cuts in morning trade. The Nifty held the 15,900 mark. Pharma shares were in demand.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 18.74 points or 0.04% to 53,140.11. The Nifty 50 index lost 7.40 points or 0.05% to 15,916.80.

In the broader market, the S&P BSE Mid-Cap index gained 0.08% while the S&P BSE Small-Cap index rose 0.16%.

The market breadth was strong. On the BSE, 1684 shares rose and 1209 shares fell. A total of 141 shares were unchanged.

Economy:

India's overall exports in June are estimated to be $49.85 billion, exhibiting a positive growth of 31.87% over the same period last year. Overall imports in June this year are estimated to be $52.18 billion, exhibiting a positive growth of 73.65% over the same period last year.

India's overall exports in April to June this year are estimated to be $147.64 billion, exhibiting a positive growth of 50.24% over the same period last year. Overall imports in April to June this year are estimated to be $156.58 billion, exhibiting a positive growth of 80.75% over the same period last year.

Earnings Today:

Den Networks, GNA Axles, HDFC Asset Management Company, Justdial, L&T Financial Holdings will announce their quarterly earnings today.

Buzzing Index:

The Nifty Pharma index rose 1.12% to 14,629.10. The index declined 0.27% in the previous session.

Alkem Laboratories (up 4.57%), Divi's Labs (up 2.47%), Sun Pharma (up 1.17%), Cipla (up 1.08%), Lupin (up 0.74%), Aurobindo Pharma (up 0.66%), Biocon (up 0.55%), Cadila Healthcare (up 0.39%) and Dr. Reddy's Labs (up 0.11%) advanced.

Earnings Impact:

Larsen & Toubro Infotech (LTI) declined 2.97% to Rs 4,285.90 after the IT firm reported a 8.96% fall in consolidated net profit to Rs 496.80 crore in Q1 June 2021 (Q1 FY22) as against Rs 545.70 crore in Q4 March 2021 (Q4 FY21). Consolidated revenues grew 5.91% to Rs 3,462.50 crore in Q1 June 2021 compared with Rs 3,269.40 crore in Q4 March 2021.

Tata Elxsi's net profit soared 64.63% to Rs 113.38 crore on 39.41% surge in revenue from operations to Rs 558.32 crore in Q1 June 2021 over Q1 June 2020. On a sequential basis, net profit fell 1.55% while revenue from operations increased 7.70% in Q1 June 2021 over Q4 March 2021.

The company's growth was driven by both its key businesses, with Embedded Product Design (EPD), the company's largest division growing by 7.5% Q-o-Q (quarter-on-quarter) and 31.4% Y-o-Y (year-on-year) and Industrial Design & Visualization (IDV) posting a smart growth of 13.9% Q-o-Q and 132.1% Y-o-Y.

The growth was led by Americas with 17.5% Q-o-Q and 69.3% Y-o-Y growth. Europe grew by 5.4% Q-o-Q and 30.1% Y-o-Y. India grew by 2.8% Q-o-Q and 47.6% Y-o-Y.

Angel Broking jumped 9.31% to Rs 1160.95 after the stock broker recorded a 19% increase in consolidated net profit to Rs 121.37 crore on 13.23% rise in revenue from operations to Rs 462.67 crore in Q1 FY22 over Q4 FY21. The stock broker's consolidated net profit increased 156.6% while revenue from operations jumped 94% in Q1 FY22 over Q1 FY21.

Total income stood at Rs 474.5 crore in Q1 FY22 as against Rs 418.9 crore in Q4 FY21, a growth of 13% QoQ. The company said income growth was aided by strong growth in client base and high client activity.

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