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Shares trade firm; breadth remains positive

Capital Market 

The benchmark indices were trading with strong gains in afternoon trade, tracking positive cues from other Asian stock markets. At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 312.09 points or 0.59% at 53,216.14. The Nifty 50 index spurted 81.55 points or 0.51% at 15,935.50.

The Nifty hit a record high of 15,946.65 and the Sensex hit a record high of 53,253.20 in early afternoon trade.

HDFC Bank (up 1.46%), Larsen & Toubro (L&T) (up 4.16%) and HCL Technologies (up 4.74%) boosted the indices.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.23%. The S&P BSE Small-Cap index added 0.40%.

Buyers outpaced sellers. On the BSE, 1,635 shares rose and 1,476 shares fell. A total of 135 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 18,83,65,518 with 40,58,233 deaths. India reported 4,32,041 active cases of COVID-19 infection and 4,11,989 deaths while 3,01,43,850 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India has reported 41,806 new COVID-19 cases, 39,130 recoveries and 581 deaths in the last 24 hours, the bulletin released by the Union health ministry on Thursday stated. Active caseload stands at 4,32,041 and the virus death toll at 4,11,989 at present.

Gainers & Losers:

HCL Technologies (up 4.74%), Larsen & Toubro (L&T) (up 4.16%), Tech Mahindra (up 3.12%) and HDFC Bank (up 1.46%) were major gainers in Nifty 50 index.

ONGC (down 3.48%), Eicher Motors (down 1.58%), Coal India (down 1.48%), Grasim Industries (down 0.76%) and Bharat Petroleum Corporation (BPCL) (down 0.66%) were major losers in Nifty 50 index.

Nifty Result Today:

Wipro (up 2.60%) will announce its quarterly result today.

Earnings Impact:

Hatsun Agro Product declined 2.14%. The company's standalone net profit rose 3.96% to Rs 58.33 crore on 20.75% increase in net sales to Rs 1,544.71 crore in Q1 June 2021 over Q1 June 2020. Profit before tax skid 9.93% to Rs 74.61 crore in Q1 FY21 as against Rs 82.84 crore in Q1 FY20. Meanwhile, the board has declared an interim dividend of Rs 6 per equity share (i.e. 600%) on the fully paid up equity shares of the face value of Re 1 per share. The company has fixed 23 July 2021 as record date towards payment of interim dividend. The company's board has approved the proposal for raising of funds, through private placement of equity shares by way of Qualified Institutional Placement (QIP), not exceeding Rs 700 crore. It also approved increasing the borrowing limit to Rs 1,800 crore from the existing Rs 1,500 crore, subject to the approval of the members at their ensuing Annual General Meeting (AGM).

Dodla Dairy slipped 1.73%. On a consolidated basis, Dodla Dairy reported net profit of Rs 9.58 crore in Q4 FY21 compared with net loss of Rs 1.94 crore in Q4 FY20. Revenue from operations rose 0.58% to Rs 530.49 crore in Q4 FY21 as against Rs 527.42 crore in Q4 FY20. Pre-tax profit stood at Rs 24.08 crore in Q4 FY21 as against pre-tax loss of Rs 1.94 crore in Q4 FY20. The EBITDA stood at Rs 36 crore in Q4 FY21 as against Rs 14.10 crore in Q4 FY20, registering a growth of 154.3% Y-o-Y (year-on-year).

Global Markets:

Most European shares declined while Asian stocks advanced on Thursday, 15 July 2021.

China's GDP rose 7.9% year-on-year in the second quarter, official data showed Thursday. Meanwhile, the country's retail sales in June jumped 12.1% from a year earlier, data from the National Bureau of Statistics showed. Chinese industrial output rose 8.3% year-on-year in June.

China's central bank partially rolled over maturing medium-term loans on Thursday, the same day when a cut in the banks' reserve requirements takes effect.

The People's Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations.

US stocks closed flat on Wednesday after U.S. Federal Reserve Chair Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 500 to a fresh intraday record.

Federal Reserve Chairman Jerome Powell said the central bank will maintain its easy monetary policies. Powell said in his semiannual testimony before the House Committee on Financial Services Wednesday that the central bank can wait before it starts to ease its bond purchases despite surging inflation readings. The Fed chair said he still expects inflation to moderate.

"At our June meeting, the Committee discussed the economy's progress toward our goals since we adopted our asset purchase guidance last December. While reaching the standard of 'substantial further progress' is still a ways off, participants expect that progress will continue," Powell said.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, July 15 2021. 13:25 IST