Sensex Today: The Indian equity markets started on a tepid note ahead of the US inflation data. Frontline indices Nifty50 rose 18 points to trade above 17,500 levels, whereas the S&P BSE Sensex was at 58,822 levels. Nestle India, Sun Pharma, ICICI Bank, Power Grid, Bharti Airtel were the top contributors to benchmark indices.
Broader markets, however, were positive in trade as Nifty Midcap 100 and Nifty Small Cap 100 gained up to 0.2 per cent. Sectorally, Nifty led Auto and Nifty FMCG indices led the charge. Nifty IT and Nifty Realty, however, was bogged down in trade.
Among individual stocks, shares of Bharti Airtel gained over 1 per cent after the telecom operator reported a five-fold jump in consolidated net profit year-on-year (YoY) to Rs 1,607 crore in Q1FY23.
Besides, shares of Delhivery shed over 5 per cent after the logistics firm net loss widened to Rs 399 crore in Q1FY23.
Vinod Nair, Head of Research at Geojit Financial Services: said: ” A fall in oil prices is a boost for the paint & tyre industry. Profit from the deflationary raw material prices will be reflected in the expansionary margins during H2FY23. Plus metals & other cost are reducing supporting further room for margins growth. Favourably, volumes continue to be robust with double-digit growth in the auto sector, post-monsoon demand, upcoming festivals and marriage season.”
Global Cues
Asian shares fell and the dollar steadied on Wednesday as investors waited for a key US report on inflation to provide hints to the Federal Reserve’s plans for future monetary tightening.
Tokyo stocks opened lower on Wednesday, following overnight falls of Wall Street tech shares and with key US inflation data to be released later in the day. The benchmark Nikkei 225 index dropped 0.69 percent, or 193.49 points, to 27,806.47 in early trade, while the broader Topix index fell 0.53 percent, or 10.27 points, to 1,926.75.
The Nasdaq closed down on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. US crude stocks rose by about 2.2 million barrels for the week ended Aug. 5, according to market sources citing American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories.
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