Equity indices traded sideways with tiny gains in mid morning trade. The Nifty hovered below the 15,850 level.
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 66.85 points or 0.13% at 52,904.76. The Nifty 50 index was up 17.30 points or 0.11% at 15,841.45.
In broader market, the S&P BSE Mid-Cap index was down 0.02% while the S&P BSE Small-Cap index gained 0.04%.
The market breadth turned negative. On the BSE, 1455 shares rose and 1573 shares fell. A total of 117 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 192,531,709 with 4,135,259 global deaths.
India reported 405,513 active cases of COVID-19 infection and 419,470 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Results Today:
Index major Reliance Industries (up 0.02%) will announce their quarterly results today.
Ambuja Cements (up 1.64%), JSW Steel (up 0.32%), Federal Bank (down 0.42%), United Spirits (down 0.57%), Yes Bank (up 0.15%), Crompton Greaves Consumer Electricals (up 0.24%), Majesco (up 1.39%), Panacea Biotec (down 1.05%), ABB Power Products and Systems India (up 0.09%), SBI Cards and Payment Services (up 0.66%), SKF India (down 0.39%) and Symphony (down 0.66%) will announce results today.
Buzzing Index:
The Nifty Metal index rose 0.26% to 5,362.75, rising for second trading session. The metal index added % in two days.
Steel Authority of India Ltd (up 1.74%), Hindustan Zinc Ltd (up 1.68%), Jindal Steel & Power Ltd (up 1.04%), NMDC Ltd (up 0.63%) and Tata Steel Ltd (up 0.51%) were the top gainers.
Earnings Impact:
Mphasis surged 7.77% to Rs 2,583 after the IT firm reported a 7.17% jump in consolidated net profit to Rs 339.68 crore in Q1 FY22 over Rs 316.93 crore in Q4 FY21. Consolidated revenue from operations grew 6.59% to Rs 2,690.83 crore in Q1 June 2021 from Rs 2,524.28 crore in Q4 March 2021. In constant currency, growth was 5.9% QoQ and 16.3% YoY. Profit before tax climbed 8.12% to Rs 458.05 crore in Q1 FY22 as against Rs 423.62 crore in Q4 FY21.
Biocon fell 1.65% after the company's consolidated net profit declined 43.5% to Rs 84.4 crore in Q1 FY22 from Rs 149 crore in Q1 FY21.
Revenue from operations increased by 4% YoY to Rs 1,761 crore in Q1 FY22 from Rs 1693.8 crore in Q1 FY21. As compared to Q4 FY21, the company's net profit and revenue from operations have declined by 67% and 4%, respectively. On the segmental front, revenue from Generics was Rs 486 crore (down 22% YoY), revenue from Biosimilars was Rs 758 crore (up 10% YoY) and revenue from research services was Rs 595 crore (up 41% YoY) in the first quarter. The Novel Biologics segment recorded revenue of Rs 11 crore during the period under review.
Global Markets:
Asian markets were trading mixed on Friday as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Markets in Japan are closed on Friday for a holiday.
As per reports, Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi's IPO last month.
Tech shares led U. S. stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower. Investors jumped back into their favorite tech stocks as optimism about the sector grows ahead of big earnings reports next week for some of the largest names in the space.
Stocks were under pressure earlier in the day after jobless claims unexpectedly rose to 419,000, more than the upwardly revised 368,000 from the previous period.
Meanwhile, the European Central Bank on Thursday said interest rates would stay at their current record low levels until it sees inflation "durably" reaching the bank's new target of 2%. The 25-member governing council "expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon," the bank said in a statement, adding that "this may also imply a transitory period in which inflation is moderately above target".
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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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