Market trading near flat line; breadth strong

Volatility struck bourses in early trade as the key benchmark indices cut almost all losses soon after opening on a weak note. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 30.36 points or 0.06% at 52,945.44. The Nifty 50 index was down 4.75 points or 0.03% at 15,851.30. Asian stocks are trading mixed.

The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index was up 0.37%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1622 shares rose and 1031 shares fell. A total of 111 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) fell 0.08%. RIL reported 4.2% rise in consolidated net profit after tax (after exceptional item) to Rs 13806 crore on a 57.4% increase in revenue to Rs 158862 crore in Q1 FY22 over Q1 FY21. EBITDA increased by 27.6% to Rs 27,550 crore from Rs 21,585 crore in the corresponding quarter of the previous year due to robust performances across businesses, led by O2C and Digital Services.

ITC rose 0.73%. ITC reported 28.6% rise in consolidated profit after tax to Rs 3013 crore on a 36.7% increase in net revenue to Rs 12133 crore in Q1 FY22 over Q1 FY21. Consolidated EBITDA rose 50.8% Y-o-Y (year-on-year) to Rs 3992 crore.

ICICI Bank slipped 0.6%. ICICI Bank reported 78% rise in net profit to Rs 4616 crore on a 18% increase in net interest income to Rs 10936 crore in Q1 FY22 over Q1 FY21.

Ambuja Cement declined 0.51%. Ambuja Cement reported 91.9% rise in consolidated net income to Rs 877 crore on a 51.82% increase in net sales to Rs 6899 crore in Q2 FY22 over Q2 FY21. Consolidated EBITDA rose 62.68% Y-o-Y (year-on-year) to Rs 1827 crore.

NTPC rose 0.34%. NTPC informed that based on achievement of approved norms and due approvals, the second unit of 800 MW capacity of Darlipali Super Thermal Power Project (2 x 800 MW) has successfully completed trial operation and consequently included in the installed capacity of NTPC. With this, the total installed capacity of NTPC and NTPC group has become 53450 MW and 66875 MW respectively.

IndusInd Bank rose 0.21%. IndusInd Bank said its board approved raising up to Rs 30,000 crore capital through debt securities or equity instruments or convertible debt securities in any permitted mode such as through Qualified Institutions Placement (QIP) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) program, or combinations on a private placement basis thereof.

TVS Motor Company fell 0.07%. TVS Motor Company on Sunday announced the launch of BS-VI TVS NTORQ 125 with Race Tuned Fuel Injection (RT-Fi) in Nepal.

Global Markets:

Asian stocks are trading mixed on Monday, as Chinese tech stocks in Hong Kong plunged. China's antitrust regulator ordered Tencent to give up its exclusive music licensing rights and slapped a fine on it for anti-competitive behavior, marking yet another development in Beijing's ongoing crackdown on its domestic internet titans.

Investors likely continued to monitor the Covid situation in Asia as it weighs on sentiment. In South Korea, the second highest level of virus restrictions will be reportedly applied to non-capital areas starting Tuesday. Indonesia on Sunday also reportedly extended its Covid restrictions by a week.

U.S. equities rose Friday with the the major averages hitting new records as they overcame concerns about economic growth from earlier in the week. The Dow closed above 35,000 for the first time ever. The blue chip average rose 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite climbed 1.04% to 14,836.99, both new closing highs for the benchmarks.

Back home, benchmark indices ended a volatile session with decent gains on Friday. The barometer index, the S&P BSE Sensex, added 138.59 points or 0.26% at 52,975.80. The Nifty 50 index advanced 32 points, or 0.2% at 15,856.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 163.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,187.80 crore in the Indian equity market on 23 July, provisional data showed.

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