Nifty ends above 17,800, Sensex on winning streak gains 379 pts
Except metal and PSU Bank, all other sectoral indices ended in the green with auto and realty indices rising 2 percent each.
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Except metal and PSU Bank, all other sectoral indices ended in the green with auto and realty indices rising 2 percent each.
At Close, the Sensex was up 379.43 points or 0.64% at 59,842.21, and the Nifty was up 127.10 points or 0.72% at 17,825.30. About 1926 shares have advanced, 1527 shares declined, and 153 shares are unchanged.
HDFC Life, Adani Ports, Eicher Motors, BPCL and Maruti Suzuki were among the major Nifty gainers. The losers included Grasim Industries, Hindalco Industries, SBI, Bharti Airtel and JSW Steel.
Except metal and PSU Bank, all other sectoral indices ended in the green with auto and realty indices rising 2 percent each.
BSE midcap and smallcap indices rose 1 percent each.
Dilip Buildcon has posted consolidated loss of Rs 55.1 crore for the quarter ended June FY23, against profit of Rs 32.86 crore in year-ago period, but sequentially the loss widened from Rs 41.09 crore in previous quarter on weak operating performance.
Revenue grew by 18.3% to Rs 2,884.4 crore compared to corresponding period last fiscal. The net order book as on June 2022 stood at Rs 25,160.2 crore.
Dilip Buildcon has posted consolidated loss of Rs 55.1 crore for the quarter ended June FY23, against profit of Rs 32.86 crore in year-ago period, but sequentially the loss widened from Rs 41.09 crore in previous quarter on weak operating performance.
Revenue grew by 18.3% to Rs 2,884.4 crore compared to corresponding period last fiscal. The net order book as on June 2022 stood at Rs 25,160.2 crore.
Foreign research firm CLSA has maintained buy call on Sobha and raised the target price to Rs 850 from Rs 805 per share. It was a strong quarter with record presales & continued FCF generation. The presales of Rs 1,150 crore were ahead of our estimate, driven by new launches, said CLSA.
The company has raised its FY23 presales growth guidance to 15-20%, while we increase our presales estimates by 6% over FY23-25. Sobha was quoting at Rs 709.60, up Rs 21.00, or 3.05 percent.
The fall in WPI inflation for the second consecutive month comes as a big relief. The easing of WPI inflation in July is primarily led by lower food, metals and chemical prices. If not for a sharp sequential rise in mineral oil prices and hike in electricity tariff, the fall in WPI inflation would have been sharper.
Going ahead, the signs of global supply chain normalisation coupled with recession fears in major economies should support the downtrend in commodities prices. Consequently, wholesale price inflation is expected to ease further in coming months. However, lower sowing of paddy and tight supply of wheat could limit the fall in primary inflation. Further, a weaker rupee would to some extend mitigate the benefit of decline in commodity prices.