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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