Sensex, Nifty advance in early trade; breadth strong

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 126.56 points or 0.24% at 52,570.27. The Nifty 50 index was up 30.60 points or 0.19% at 15,740.00. Asian stocks are trading higher.

The S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.38%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1785 shares rose and 728 shares fell. A total of 74 shares were unchanged.

Stocks in news:

Nestle India rose 0.03%. Nestle India posted a 10.6% year-on-year (YoY) rise in June quarter profit at Rs 538.58 crore as against Rs 486.6 crore reported in the same quarter last year. The FMCG major's revenue from operations for the quarter under review came in at Rs 3,476.7 crore as against Rs 3,050.48 crore posted in the corresponding quarter last fiscal, implying a growth of 14%.

HDFC fell 0.41%. HDFC has updated its existing Medium Term Note Programme through an Offering Circular, for an amount of up to USD 2.8 billion in order to enable the corporation to issue rupee /foreign currency denominated bonds in the international capital markets.

Mahanagar Gas gained 2.29%. Mahanagar Gas reported standalone profit of Rs 204.08 crore in Q1FY22 against Rs 45.25 crore in Q1FY21. Total income rose to Rs 685.47 crore from Rs 301.99 crore YoY.

Route Mobile dropped 2.9%. Route Mobile reported consolidated profit of Rs 34.3 crore in Q1FY22 against Rs 26.9 crore in Q1FY21. Revenue from operations rose to Rs 377.5 crore from Rs 309.6 crore YoY.

Isgec Heavy Engineering advanced 2.6%. Isgec Hitachi Zosen received a major order for a PTA Reactor for a Public Sector Petrochemical Project of national importance from Technip Energies, Noida. Isgec Hitachi Zosen is a joint venture of Isgec Heavy Engineering, India (Isgec) & Hitachi Zosen Corporation, Japan (HITZ).

Global Markets:

Overseas, Asian stocks are trading higher on Thursday after the U.S. Federal Reserve left its benchmark interest rate near zero. Meanwhile, shares in Hong Kong continued to see a rebound from a two-day slump earlier in the week.

U.S. stocks slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.

The Federal Open Committee ended its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Fed Chairman Jerome Powell said the U.S. central bank is nowhere near considering a rate hike despite the optimism over the U.S. economy.

Back home, the domestic equity indices ended with small losses after a volatile trading session. The S&P BSE Sensex, fell 135.05 points or 0.26% to 52,443.71. The Nifty 50 index lost 37.05 points or 0.24% to 15,709.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,274.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 921.45 crore in the Indian equity market on 28 July, provisional data showed.

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