Indian shares are turning in a mixed performance Wednesday morning, with investors looking for direction and largely making stock specific moves.
The benchmark BSE Sensex, which rose to a fresh high of 67,117.05, is up 25.26 points or 0.05% at 66,820.40.
The National Stock Exchange’s Nifty50 is up 5.50 points or 0.03% at 19,754.75, after posting a new high at 19,841.65.
NTPC is up 4.3%. Bajaj Finance and Power Grid Corporation are up 1.3% and 1.25%, respectively. Sun Pharmceutical Industries, Bajaj Finserv, State Bank of India, Kotak Bank, Larsen & Toubro and Titan Industries are up with modest gains.
IndusInd Bank is gaining about 1.75% on strong results. IndusInd Bank reported a net profit of Rs 2,124 crore for the quarter ended June 2023, up 32.5% compared to the year-ago quarter. The bank’s gross non-performing assets ratio as a percentage of sales was 1.94% as of 30 June 2023, compared with 2.35% a year ago.
Hind Unilever, Nestle, Tata Consultancy Services, ITC, ICICI Bank, Infosys, Asian Paints, Mahindra & Mahindra and Maruti Suzuki are down 0.3 to 0.7%.
LTI Mindtree, Tata Consumer Products, Tech Mahindra and Cipla are also weak.
L&T Technology Services shares are gaining 1.2%. The company reported a 13% year-on-year increase in net profit at Rs 311.1 crore in the first quarter of the current financial year.
Havells India is gaining 3%. ABB, HDFC AMC, Canada Bank, Cholamandalam Finance, Bajaj Holding, DLF, Indigo and McDowell are up 1 to 1.5%.
ICICI Prudential Life is down more than 3%, weighed down by a 4% drop in annualised premium equivalent to Rs 1,461 crore for the quarter ended June 2023.
The market breadth is fairly strong. On BSE, 1,887 stocks are up in positive territory, and 1,277 stocks are weak, while 140 stocks are little changed from their previous closing levels.
Market Analysis
Sensex, Nifty Up Marginally After Scaling New Highs
2023-07-19 05:53:32
