The benchmark indices continued to trade with modest gains in the morning trade. The Nifty traded above the 17,440 mark. Banks stocks were in action following RBI hikes key interest rates by 50 bps.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 267.88 points or 0.46% to 58,566.68. The Nifty 50 index gained 70.25 points or 0.40% to 17,452.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index added 0.57%.

The market breadth was strong. On the BSE, 1,937 shares rose and 1,080 shares fell. A total of 156 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,474.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 46.79 crore in the Indian equity market on 4 August, provisional data showed.

Economy:

On the basis of an assessment of the current and evolving macroeconomic situation, RBI's Monetary Policy Committee (MPC) at its meeting today (5 August 2022) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40% with immediate effect. Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.15% and the marginal standing facility (MSF) rate and the Bank Rate to 5.65%. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. These decisions are in consonance with the objective of achieving the medium term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

Buzzing Index:

The Nifty Bank index rose 0.53% to 37,954.85. The index witnessed bargain hunting after falling 0.71% in the past two trading sessions.

IDFC First Bank (up 1.39%), ICICI Bank (up 1.21%), State Bank of India (up 1.01%), AU Small Finance Bank (up 0.53%), Kotak Mahindra Bank (up 0.51%), Punjab National Bank (up 0.45%), Axis Bank (up 0.35%), Federal Bank (up 0.09%), HDFC Bank (up 0.03%) edged higher.

On the other hand, Bandhan Bank (down 0.41%), Bank of Baroda (down 0.38%) and IndusInd Bank (down 0.17%) declined.

Earnings Today:

Mahindra & Mahindra (M&M) (up 0.86%), Titan Company (up 0.16%), Engineers India (up 0.22%), NMDC (up 0.61%), FSN E-Commerce Ventures (Nykaa) (down 0.57%), IRB Infrastructure Developers (up 1.05%), One 97 Communications (up 0.27%), Petronet LNG (up 0.52%), Aditya Birla Fashion and Retail (up 0.67%), Alkem Laboratories (down 0.69%), Pfizer (up 0.33%), Raymond (up 0.41%), Computer Age Management Services (CAMs) (up 0.15%), Fortis Healthcare (up 0.21%), Minda Corporation (up 1.17%), Indigo Paints (up 3.28%), Motherson Sumi Wiring India (up 0.25%), Shipping Corporation of India (down 0.91%), UCO Bank (down 0.25%), and Zensar Technologies (up 1.52%) are some of the companies that will announce their quarterly earnings later in the day.

Meanwhile, State Bank of India (SBI) (up 1.03%), Bharat Petroleum Corporation (BPCL) (up 0.33%), Hindustan Petroleum Corporation (HPCL) (up 0.27%), Marico (down 0.53%), Affle (India) (up 0.01%), Amara Raja Batteries (up 0.31%), Birla Corporation (up 2.20%), Rossari Biotech (down 0.54%), Indian Overseas Bank (up 0.85%) and Mahanagar Gas (up 0.73%) will announce their quarterly results tomorrow, 6 August 2022.

Stocks in Spotlight:

Berger Paints India rose 0.33% after the company's consolidated net profit increased by 80.60% to Rs 253.71 crore in Q1 FY23 from Rs 140.48 crore recorded in Q1 FY22. Revenue from operations for the quarter ended 30 June 2022 was Rs 2,759.70 crore as against Rs 1,798.49 crore in the corresponding quarter of the last year, representing an increase of 53.44% over the corresponding quarter of last year.

Alembic Pharmaceuticals slipped 3.52% after the drug maker reported consolidated net loss of Rs 65.88 crore in Q1 FY23 as against a net profit of Rs 164.52 crore posted in Q1 FY22. Net sales fell 4.8% year on year to Rs 1,262.14 crore in the quarter ended 30 June 2022. India Branded Business for the quarter declined marginally to Rs 480 crore as against Rs 481 crore recorded in the corresponding quarter last year. Ex of Covid related products, growth of India Branded Business is 20%.

BEML fell 0.57% after the company reported a consolidated net loss of Rs 82.36 crore in Q1 FY23 as against a net loss of Rs 94.01 crore in Q1 FY22. Net sales during the quarter jumped 48.4% YoY to Rs 669.18 crore. The company's order book stood at Rs 9,100 crore as on 30 June 2022 as against Rs 11,211 crore as 30 June 2021. The defense firm said it executed orders worth Rs 663 crore in quarter ended June 2022.

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