Nifty50: 16,364 ▲82 (+0.5%)
Sensex: 54,843 ▲318 (+0.5%)
After a gap-up opening, markets continued to inch higher. The advance-decline ratio or the market breadth was also positive as 32 of the Nifty50 stocks closed higher.
Except the Pharma (-1.1%) index, all the Nifty sectoral indices closed in the green with Media (+2.2%) and IT (+1.8%) being the top gainers.
| Top gainers | Today's change |
| Power Grid | ▲ 6.0% |
| Tech Mahindra | ▲ 4.4% |
| Tata Motors | ▲ 3.8% |
| Top losers | Today's change |
| Eicher Motors | ▼ 3.9% |
| Dr Reddy's | ▼ 0.7% |
| Cipla | ▼ 0.5% |
Here are the top stories of the day.
Bata India’s net loss narrows
The footwear manufacturer’s net loss narrowed to ₹71.3 crore in Q1FY22 from ₹100.1 crore in Q1FY21. The narrowing of loss was aided by a 97% rise in revenue to ₹267 crore.
The management has said that the sales across retail outlets were largely subdued, but the sales from e-commerce platforms were robust. Sales via digitally enabled services account for 15% of total sales. Shares of Bata India rose 5.3% in intraday trade but pared their gains and closed 0.8% higher.
Indoco Remedies Q1 profit surges
Shares of Indoco Remedies jumped almost 19% today, on the back of strong Q1 results. The pharma company posted a 43% year-on year growth in revenue, which stood at ₹381 crore. The company posted a net profit of ₹40 crore, up 130% from the same period last year.
The revenue growth was driven by a 45% rise in exports. Meanwhile, the domestic formulations business also grew 41% in the same period.
IPO party continues on D-Street
Investors continue to flock towards new public issues. The home loan company Aptus Value Housing Finance was oversubscribed 17.2 times on the final day with the institutional investors’ portion being oversubscribed 32.4 times.
Similarly, specialty chemical manufacturer Chemplast Sanmar was oversubscribed around 2 times. The portion for institutional investors was oversubscribed 2.7 times.
Closing bell
The index broke out of the five-day consolidation and indicated renewed strength in the broader uptrend. We have come close to the end of the June quarter result season. Henceforth, one could expect fewer stock-specific movements and more sector-wise movements. Meanwhile, retail inflation for July has cooled off to 5.59% compared to 6.26% in the previous month. This could provide some breathing space to the central bank and confidence to the market that inflationary pressures could well be temporary. Further, the Index of Industrial production (IIP) growing at 13.6% provides additional comfort especially when the index is at a life time high.
Good to know
What is market sentiment?
Market sentiment refers to investors’ outlook or attitude towards the stock markets. In the financial markets, investors’ optimism or pessimism is reflected through the price trend. These sentiments drive markets in general and stock prices in particular. For instance, rising stock prices indicate bullish market sentiment and falling stock prices indicate bearish market sentiments. Studying the market sentiment is critical in trading and definitely an important checklist item before investing.
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