Indian benchmark Indices ended on a strong note with Nifty closing above 17600 led by IT, realty, and banking names.
At Close, the Sensex was up 515.31 points or 0.88% at 59,332.60, and the Nifty was up 124.20 points or 0.71% at 17,659.00. About 1772 shares have advanced, 1530 shares declined, and 138 shares are unchanged.
Axis Bank, Bajaj Finance, HDFC, Tech Mahindra, and TCS were among the major Nifty gainers. The losers included Tata Consumer Products, Apollo Hospitals, ITC, Hindalco Industries, and NTPC.
Except for FMCG, all other sectoral indices ended in the green with the bank, capital goods, Information Technology, PSU Bank, and realty up 1-2 percent.Â
BSE midcap and smallcap indices rose 0.5 percent each.
US CPI figures eased to 8.5% in July-22, compared to the consensus estimate of 8.7% and 9.1% of June 2022.
While the CPI continues to hover near a four-decade high, easing CPI figures reduced the probability of a 75-bps rate hike in the upcoming US FOMC meeting. Before this number came in, there was a 68% probability that the Fed would hike another 75 bps in the next FOMC meeting.
While we do understand these numbers are higher than the US Fed’s comfort level of 2%, the fact of the matter is that inflation has started inching downwards, giving great comfort to investors. That being said, with the way crude prices are declining, it could further ease by the time US inflation data comes in next month.
The Policybazaar operator PB Fintech recorded a consolidated loss of Rs 204.33 crore for the quarter ended June FY23, widening from a loss of Rs 110.84 crore in the corresponding period last fiscal due to weak operating performance.Â
The company has reported a significant increase in employee expenses, and advertising & promotion expenses for the quarter.Â
EBITDA loss more than doubled to Rs 234.3 crore for the June FY23 quarter, against a loss of Rs 118.35 crore in the corresponding period last fiscal, and revenue from operations came in at Rs 505.2 crore, increasing 112.5% over Rs 238 crore reported in the year-ago period.
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