Capital Market  Last Updated at July 29, 2022 11:16 IST

The domestic equity benchmarks came off the day's high in morning trade. The Nifty, however, continued to hold above the 17,000 mark. Metal shares extended their bull run for third consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 466.03 points or 0.82% to 57,323.82. The Nifty 50 index added 109.35 points or 0.65% to 17,038.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2051 shares rose and 945 shares fell. A total of 135 shares were unchanged.

Investors cheered after data released on Thursday showed that the US economy shrinking for the second consecutive quarter, fuelling speculations that the Fed may not undertake aggressive interest rate hikes. The data also raised the possibility of the US economy approaching a recession.

Sun Pharmaceutical Industries (down 0.31%), HDFC (up 1.02%), Cipla (down 1.10%), Indian Oil (up 0.76%), Zydus Wellness (down 0.18%), Torrent Pharmaceuticals (up 0.51%), Credit Access Grameen (up 6.02%), Cholamandalam Investment and Finance (up 2.51%), CarTrade Tech (up 1.34%), Ashok Leyland (up 4.74%), Star Health and Allied Insurance Company (down 3.26%), Grindwell Norton (up 0.26%), Godrej Agrovet (up 0.63%), Exide Industries (up 0.87%), Emami (up 0.44%), Dalmia Bharat (up 0.77%), Sundram Fasteners (up 0.27%), Sundaram- Clayton (up 2.92%), JK Paper (up 1.74%) and VST Industries (up 1.47%) are some of the companies that will announce their quarterly earnings today.

The Nifty Metal index jumped 4.22% to 5,504.75. The index has added 6.82% in three sessions.

Tata Steel (up 7.72%), Vedanta (up 3.83%), APL Apollo Tubes (up 3.44%), Steel Authority of India (up 3.32%) and Jindal Steel & Power (up 2.97%) were the top gainers.

Among the other gainers were NMDC (up 2.94%), JSW Steel (up 2.89%), Hindalco Industries (up 2.77%), Hindustan Copper (up 2.51%) and Adani Enterprises (up 2.49%).

SBI Life Insurance Company gained 7.70%. The company's net profit rose 17.8% to Rs 262.85 crore from Rs 223.16 crore in Q1 FY23 over Q1 FY22. Net premium income jumped 32.76% YoY to Rs 11,036.02 crore in Q1 FY23.

JMC Projects (India) added 3.90%. The company said it secured Buildings & Factories (B&F) projects in India worth Rs 631 crore.

Glenmark Pharmaceuticals shed 0.21%. The company's American subsidiary has received final approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate Capsules. The drug is a prescription birth control pill used for the prevention of pregnancy. According to IQVIA sales data for the 12 month period ending May 2022, the Taytulla Capsules market achieved annual sales of approximately $85.9 million.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard . Digital Editor

Copyrights © 2022 Business Standard Private Ltd. All rights reserved.

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

Welcome to the premium services of Business Standard brought to you courtesy FIS. Kindly visit the Manage my subscription page to discover the benefits of this programme. Enjoy Reading! Team Business Standard