The key equity benchmark were trading with decent gains in morning trade. The Nifty was trading above the 15,750 mark. PSU banks were in demand amid value buying after a two-day losing streak.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 279.5 points or 0.53% to 52,665.69. The Nifty 50 index added 83.80 points or 0.53% to 15,773.60.
In the broader market, the S&P BSE Mid-Cap index gained 0.69% while the S&P BSE Small-Cap index rose 0.99%.
The market breadth was strong. On the BSE, 2238 shares rose and 777 shares fell. A total of 150 shares were unchanged.
Economy:
The Industrial Production and Manufacturing Production data for May will be released today, 12 July 2021.
Industrial production in India surged 134.4% year-on-year in April of 2021 due to a low base effect from last year.
Meanwhile, manufacturing production in India increased 197.10% in April of 2021 over the same month in the previous year. It is the biggest increase ever, following a record 66.6% drop in April 2020 due to the coronavirus pandemic.
Consumer price inflation rate for June is also due today. Annual consumer inflation rate in India increased to 6.3% in May of 2021, the highest in 6 months, from a downwardly revised 4.23% in April.
Earnings Today:
Authum Investment and Infrastructure (up 5%), HFCL (up 1.18%), HMT (up 2.49%) and Steel Strips Wheels (up 3.54%) will announce their quarterly earnings today.
Buzzing Index:
The Nifty PSU Bank index rose 1.09% to 2,495.90. The index declined 2.2% in the past two sessions.
Indian Bank (up 2.65%), SBI (up 1.36%), Bank of India (up 1.19%), Indian Overseas Bank (up 1.15%), Canara Bank (up 0.93%), Punjab National Bank (up 0.85%), Union Bank of India (up 0.82%), CBI (up 0.77%), Bank Of Baroda (up 0.42%) and Jammu and Kashmir Bank (up 0.38%) advanced.
Earnings Impact:
Avenue Supermarts slipped 1.15% to Rs 3340.00. On a consolidated basis, the company posted a 137.9% jump in net profit to Rs 95.36 crore on 33.5% rise in net sales to Rs 5,183.12 crore in Q1 FY22 over Q1 FY21.
EBITDA in Q1 FY22 stood at Rs 224 crore, as compared to Rs 112 crore in the corresponding quarter of last year. EBITDA margin stood at 4.3% in Q1 FY22 as compared to 2.9% in Q1 FY21.
Delta Corp fell 1.27% to Rs 185.90 after the company reported a consolidated net loss of Rs 28.93 crore in Q1 FY22 as against a net profit of Rs 57.77 crore in Q4 FY21. Net sales during the quarter slumped 64.1% to Rs 75.87 crore in Q1 FY22 from Rs 211.34 crore in Q4 FY21.
The company had recorded a loss of Rs 28.24 crore in Q1 FY21. The firm's net sales have increased by 57% from Rs 48.34 crore in Q1 FY21.
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