Nifty holds 16,500; breadth negative

Key indices were trading with small gains in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 62.95 points or 0.11% at 55,467.25. The Nifty 50 index was up 9.25 points or 0.06% at 16,538.15.

The Sensex hit record high of 55,514 while the Nifty scaled record high of 16,550.75 in early trade.

In broader market, the S&P BSE Mid-Cap index was off 0.13% while the S&P BSE Small-Cap index was down 0.42%.

The market breadth was weak. On the BSE, 1144 shares rose and 1790 shares fell. A total of 135 shares were unchanged.

Buzzing Index:

The Nifty FMCG index gained 0.53% to 37,036.20, rising for third consecutive trading session. The index added 1.68% in three days.

Nestle India (up 0.92%), Tata Consumer Products (up 0.87%), Jubilant Foodworks (up 0.75%), Colgate Palmolive (up 0.7%), ITC (up 0.64%) and HUL (up 0.58%) were top gainers in FMCG space.

Earnings Impact:

Petronet LNG fell 0.7%. The company's consolidated net profit soared 34.07% to Rs 670.06 crore on 76.05% increase in revenue from operations to Rs 8,597.90 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). Profit before tax jumped 30.86% to Rs 884.88 crore in Q1 FY22 as against Rs 676.16 crore in Q1 FY21.

Future Retail fell 2.34% to Rs 48 on BSE after the company posted a consolidated net loss of Rs 1,147.13 crore in Q1 FY22, higher than net loss of Rs 561.95 crore in Q1 FY21. The company's net sales increased 4.2% to Rs 1,415.67 crore in Q1 FY22 as against Rs 1,358.11 crore in Q1 FY21. Future Retail's interest expense increased 27.3% to Rs 354.27 crore in Q1 FY22 over Q1 FY21.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 207,146,797 with 4,361,520 global deaths.

India reported 381,947 active cases of COVID-19 infection and 431,642 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

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