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During the quarter ended 30 June 2022, the company sold gold-ingots aggregating Rs 356 crore (previous quarter ended 30 June 2021, Rs 424 crore) to various customers dealing in bullion, which is disclosed as other operating revenues.
The company recorded one of the highest profit before taxes (PBT) of Rs 1,066 crore for the quarter in comparison to Rs 82 crore in Q1 FY22. EBITDA jumped 478% year-on-year to Rs 1,208 crore in Q1 FY23.
Titan Company said it recorded its second-best quarterly revenue in Q1FY23 buoyed by a strong festive demand in a near normal Q1 that came after a gap of two Covid disrupted periods of Q1 FY21 and Q1 FY22.
The company's cost of goods sold (COGS) surged 165% to Rs 6,777 crore during the quarter. Employee benefits expense stood at Rs 324 crore (up 21% YoY) and advertising cost stood at Rs 171 crore (up 363% YoY).
Jewellery business registered an income of Rs 7,600 crore in Q1 FY23 compared to Rs 2,467 crore in Q1 FY22 (excluding bullion sale), a growth of 208% riding on a good Akshaya Tritiya sales and a bett er studded mix compared to the same quarter previous year.
Watches & wearables business reported its best quarterly income of Rs 785 crore with 169% growth in Q1 FY23 compared to Rs 292 crore in Q1 FY22.
Similarly, EyeCare business also reported its highest quarterly income of Rs 183 crore with 173% growth in Q1FY23 compared to Rs 67 crore in Q1 FY22. Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of Rs 56 crore in Q1 FY23 compared to Rs 14 crore in Q1 FY22, a growth of 300%.
Titan added (net) 125 stores during the year. The company's retail chain (including Caratlane) has 2,303 stores across 366 towns with an area exceeding 2.9 million sq. ft. as on June 2022.
Among subsidiaries, Caratlane Trading reported a revenue of Rs 482 crore and a profit of Rs 27 crore (before taxes) for the quarter compared to revenue of Rs 157 crore and loss of Rs 9 crore in the same quarter of the previous year.
Titan Engineering & Automation (TEAL) reported a revenue of Rs 88 crore and a loss of Rs 6 crore (before taxes) compared to a revenue of Rs 65 crore and loss of Rs 1 crore in th e same quarter of the previous year.
CK Venkataraman, managing director of the company stated: 'The financial year has begun well for us and we delivered a strong performance in Q1 across our business segments. Despite challenging macro environment, the outlook for the remaining quarters looks positive and we continue to execute our investment plans in India as well as chosen international geographies.'
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira).
Shares of Titan Co rose 0.65% to Rs 2439 on the BSE.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 6 points at the opening bell.
Global markets:
Overseas, Asian stocks are mostly trading lower on Friday following strong gains in the previous session as investors digested the U.S. inflation report.
US stocks struggled for direction on Thursday before closing mixed. The Dow Jones Industrial Average rose 27.16 points, or 0.08%, to 33,336.67, while the S&P 500 slid 2.97 points, or 0.07%, to 4,207.27 and the Nasdaq Composite dropped 74.89 points, or 0.58%, to 12,779.91.
US producer prices unexpectedly fell in July amid a drop in the cost for energy products. The producer price index for final demand declined 0.5% last month, the first negative monthly reading since April 2020, the Labor Department said on Thursday. The PPI climbed 1.0% in June. In the 12 months through July, it increased 9.8% after advancing 11.3% in June.
Domestic markets:
Back home, the benchmark indices closed with strong gains on Thursday. Shares got a boost after a softer-than-expected US inflation numbers eased fears of aggressive rate hikes by the US central bank. The S&P BSE Sensex, rose 515.31 points or 0.88% to 59,332.60. The Nifty 50 index gained 124.25 points or 0.71% to 17,659.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,298.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 729.56 crore in the Indian equity market on 11 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 207 points at the opening bell.
Overseas, Asian stocks are trading higher on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japan's market is closed for a holiday Thursday.
Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.
The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.
Back home, the benchmark indices settled near the flat line after a lacklustre session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,061.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.45 crore in the Indian equity market on 10 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 48 points at the opening bell.
Overseas, Asian stocks are trading lower on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.
China's consumer inflation edged up last month to the highest level in two years, data released on Wednesday showed, but producer prices continued to ease. China's consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June
US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates.
Back home, the domestic stock market remained closed on Tuesday, 9 August 2022 on account of Muharram. The benchmark indices closed near the day's high with major gains on Monday, tracking positive global cues. The barometer index, the S&P BSE Sensex, rose 465.14 points or 0.80% to 58,853.07. The Nifty 50 index gained 127.60 points or 0.73% to 17,525.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,449.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 140.73 crore in the Indian equity market on 8 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 39 points at the opening bell.
Overseas, Asian stocks are trading lower Monday, with SoftBank set to report earnings after the market close.
Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18% compared to a year ago. China's dollar-denominated imports increased 2.3% in July compared to the same period in 2021, lower than the expected 3.7% gain.
US stocks ended mixed on Friday after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation.
Defying anxiety about a possible recession and raging inflation, America's employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. July's job creation was up from 398,000 in June and the most since February.
Back home, the headline equity indices ended with small gains on Friday. Weak European shares put pressure on domestic shares. The barometer index, the S&P BSE Sensex, rose 89.13 points or 0.15% to 58,387.93. The Nifty 50 index gained 15.50 points or 0.09% to 17,397.50.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,605.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 495.94 crore in the Indian equity market on 5 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 65 points at the opening bell.
The Reserve Bank of India's rate-setting panel on Wednesday (3 August) began its three-day deliberations on the next bi-monthly monetary policy. The Monetary Policy Committee is scheduled to announce its decision today, 5 August 2022. While a 25 bps hike is ruled out, market opinions are reportedly split between a 35 bps hike and a 50 bps hike.
Overseas, Asian stocks are trading higher Friday as investors look ahead to the Reserve Bank of India's interest rate decision and the U.S. jobs report.
Wall Street stocks ended mixed, with gains for high-growth stocks offset by the drag from energy shares, as a key US jobs report loomed on Friday.
The Bank of England (BoE) has hiked UK interest rates by 50 basis points to 1.75% as it looks to combat runaway inflation. Interest rates are now at their highest level since December 2008. The move was widely expected by economists and financial markets, and comes amid mounting pressure to pick up the pace of interest rate rises.
The MPC now projects that the U.K. will enter recession from the fourth quarter of 2022, and that the recession will last five quarters as real household post-tax income falls sharply in 2022 and 2023 and consumption begins to contract.
Back home, the key equity barometers ended near the flat line after a volatile session on Thursday, snapping a six-day rising streak. The barometer index, the S&P BSE Sensex, was down 51.73 points or 0.09% to 58,298.80. The Nifty 50 index declined 6.15 points or 0.04% to 17,382.
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.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47 points at the opening bell.
The Reserve Bank of India's rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy. The Monetary Policy Committee is scheduled to announce its decision on August 5. While a 25 bps hike is ruled out, market opinions are reportedly split between a 35 bps hike and a 50 bps hike.
Overseas, Asian stocks are trading higher on Thursday following the rally on Wall Street. Investors move on from the tensions over U.S. House Speaker Nancy Pelosi's controversial visit to Taiwan. Pelosi met with Taiwan President Tsai Ing-wen on Wednesday amid warnings from Beijing. Pelosi has since left the self-ruled island that China views as a runaway province to continue with her Asia tour.
Wall Street ended sharply higher on Wednesday, with strong profit forecasts from PayPal and CVS Health Corp lifting sentiment. A better-than-expected services PMI reading for July gave investors confidence amid concerns about a U.S. recession.
The US services industry unexpectedly picked up in July as new orders grew solidly. The ISM's non-manufacturing PMI rebounded to a reading of 56.7 last month from 55.3 in June, ending three straight monthly declines.
Back home, the benchmark indices reversed intraday losses and ended with modest gains on Wednesday. The barometer index, the S&P BSE Sensex, rose 214.17 points or 0.37% to 58,350.53. The Nifty 50 index added 42.70 points or 0.25% to 17,388.15.
Foreign portfolio investors (FPIs) bought shares worth Rs 765.17 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 518.42 crore in the Indian equity market on 3 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 51 points at the opening bell.
Overseas, Asian stocks are mostly higher on Wednesday as geopolitical tensions between the U.S. and China intensified over U.S. House Speaker Nancy Pelosi's visit to Taiwan. Pelosi arrived in Taiwan on Tuesday night local time amid warnings from Beijing.
In economic news, China's services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, a private-sector survey showed on Wednesday. China's Caixin Services Purchasing Managers' Index for July came in at 55.5, up from 54.5 in June. It's also the highest since April 2021.
Wall Street ended lower after a choppy session on Tuesday, with geopolitical tensions flaring after US House of Representatives Speaker Nancy Pelosi visited Taiwan.
Back home, the domestic equity barometers ended a tad above the flat line after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, was up 20.86 points or 0.04% to 58,136.36. The Nifty 50 index rose 5.40 points or 0.03% to 17,345.45.
Foreign portfolio investors (FPIs) bought shares worth Rs 825.18 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 117.79 crore in the Indian equity market on 2 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 92 points at the opening bell.
Finance Minister Nirmala Sitharaman said on Monday that India is still the fastest growing economy whose financial situation is much better than most other countries. Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India's economy higher than most countries and there is no sign of recession in the country. Sitharaman added that the government is making efforts to bring down retail inflation below 7%.
Overseas, Asian stocks fell on Tuesday as South Korea's inflation rose and investors look ahead to the Reserve Bank of Australia's interest rate decision. The Reserve Bank of Australia is reportedly expected to hike by 50 basis points after official data showed prices in Australia rose 6.1% in the second quarter compared with a year ago.
Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday.
Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.
Back home, the key equity indices ended near the day's high with robust gains on Monday. Positive global cues and net buying by foreign institutional investors (FIIs) in the past few sessions boosted the sentiment. The barometer index, the S&P BSE Sensex, jumped 545.25 points or 0.95% to 58,115.50. The Nifty 50 index climbed 181.80 points or 1.06% to 17,340.05.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,320.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 822.23 crore in the Indian equity market on 1 August, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.
Overseas, Asian stocks are trading lower on Monday as disappointing Chinese economic data fed doubts last week's rally on Wall Street could be sustained in the face of determined policy tightening by global central banks.
China's factory activity actually contracted in July as fresh virus flare-ups weighed on demand. The official manufacturing purchasing managers' Index (PMI) fell to 49.0 in July, missing forecasts for 50.4.
The official non-manufacturing PMI in July fell to 53.8 from 54.7 in June. The official composite PMI, which includes manufacturing and services, fell to 52.5 from 54.1.
US stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.
On Friday, investors also got the final reading of the University of Michigan Consumer Sentiment Index, which came in at 51.5 for July. That's a slight improvement over the preliminary reading and up from the June all-time low of 50.
Back home, the domestic equity benchmarks surged on Friday, rising for the third straight session. The barometer index, the S&P BSE Sensex, jumped 712.46 points or 1.25% to 57,570.25. The Nifty 50 index advanced 228.65 points or 1.35% to 17,158.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,046.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 0.91 crore in the Indian equity market on 29 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 220 points at the opening bell.
Overseas, Asian stocks are trading mixed Friday after a rally on Wall Street. That followed a negative US gross domestic product report, which suggests the Fed would be less aggressive in its tightening cycle.
Japan's industrial output jumped 8.9% in June from the previous month, the ministry of economy, trade and industry said Friday. The print surprised to the upside after falling in May.
US stocks on Thursday rallied for a second day, with all three major indices ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.
The US economy shrank from April through June for a second straight quarter. U.S. economic growth fell 0.9% in the second quarter, the Bureau of Economic Analysis reported Thursday. First-quarter GDP declined by 1.6%.
President Joe Biden insisted Thursday that the US economy was "on the right path," with solid job growth, despite a second straight quarter of contraction that has deepened fears of a recession.
Back home, the benchmark indices ended with stellar gains on Thursday, tracking positive global cues. The barometer index, the S&P BSE Sensex, jumped 1,041.47 points or 1.87% to 56,857.79. The Nifty 50 index surged 287.80 points or 1.73% to 16,929.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,637.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 600.29 crore in the Indian equity market on 28 July, provisional data showed.
Trading could be volatile as traders roll over positions in the F&O segment from the near month July series to August series. The July 2022 F&O contracts will expire on 28 July 2022.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 99 points at the opening bell.
Overseas, Asian stocks are mostly higher on Thursday following the U.S. Federal Reserve's decision to raise rates by 75 basis points to fight inflation, a move that was widely expected.
US stocks rallied Wednesday after the Federal Reserve announced its much anticipated rate increase to fight inflation, but hinted that it could slow the pace of its hiking campaign at some point. The Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 2.25%-2.5%. The increase takes the funds rate to its highest level since December 2018.
Powell said in a press conference that the Fed could hike by 0.75 percentage point again in September, but that it would be dependent on the data. “As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” he said.
Back home, the domestic equity benchmarks ended with strong gains on Wednesday. The barometer index, the S&P BSE Sensex, advanced 547.83 points or 0.99% to 55,816.32. The Nifty 50 index gained 157.95 points or 0.96% to 16,641.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 436.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 712.03 crore in the Indian equity market on 27 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 3 points at the opening bell.
Overseas, Asian stocks are trading lower on Wednesday as Australia's inflation rose and investors looked forward to the Fed's policy decision. Prices in Australia rose 6.1% in the second quarter compared to the same period a year ago, up from 5.1% in the first quarter of the year.
US stocks ended sharply lower Tuesday as a profit warning by Walmart dragged down retail shares and exceptionally weak consumer confidence data also fueled fears about spending.
At the end of its two-day monetary policy meeting on Wednesday, the Fed is widely expected to raise its main interest rate by 0.75 percentage points.
The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4%. A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1% as against 6.9% earlier.
"For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening," the IMF said on July 26 in an update to its World Economic Outlook report.
The IMF on Tuesday cut its global GDP forecasts for 2022 and 2023. It now expects growth to come in at 3.2% this year, 0.4 percentage points lower than its April projection.
Back home, the domestic equity barometers ended with deep losses on Tuesday. The barometer index, the S&P BSE Sensex, fell 497.73 points or 0.89% to 55,268.49. The Nifty 50 index lost 147.15 points or 0.88% to 16,483.85.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,548.29 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 999.36 crore in the Indian equity market on 26 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 33 points at the opening bell.
Overseas, Asian stocks are mostly trading higher on Tuesday as South Korea's gross domestic product beat estimates. South Korea's economy grew 0.7% in the second quarter compared with the first quarter of 2022, according to estimates released by the Bank of Korea. The country's GDP grew 0.6% in the January to March quarter.
The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week. Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices. They also agreed that it was necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices, the minutes said.
Wall Street stock markets delivered a mixed performance on Monday as cautious investors looked ahead to a week of Big Tech earnings and a crucial interest rate decision from the US Federal Reserve.
Back home, the key equity indices ended with modest losses on Monday, snapping a six-day rising streak. The barometer index, the S&P BSE Sensex, declined 306.01 points or 0.55% to 55,766.22. The Nifty 50 index lost 88.45 points or 0.53% to 16,631.
Foreign portfolio investors (FPIs) sold shares worth Rs 844.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 72.26 crore in the Indian equity market on 25 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 38 points at the opening bell.
Overseas, Asian stocks are trading lower on Monday ahead of an important week in the U.S.
US stocks ended lower on Friday as disappointing earnings from Snap spooked investors and shares in social media and ad-tech firms dropped, offsetting gains from card issuer American Express following an upbeat forecast.
Later this week, all eyes will be on the Fed rate decision and the release of second quarter gross domestic product data in the U.S. The US Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation, as per reports.
Over the weekend, the World Health Organization declared monkeypox a global health emergency. The organization's emergency committee was unable to reach a consensus, but WHO chief Tedros Adhanom Ghebreyesus made the decision to issue the highest alert, though he said it is unlikely to disrupt global trade or travel at the moment.
Back home, the domestic equity benchmarks ended near the day's high after a strong session on Friday. Positive global cues and a reversal in foreign fund selling in the Indian market supported the sentiment. The barometer index, the S&P BSE Sensex, advanced 390.28 points or 0.70% to 56,072.23. The Nifty 50 index gained 114.20 points or 0.69% to 16,719.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 675.45 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 739.38 crore in the Indian equity market on 22 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 17 points at the opening bell.
Meanwhile, the Reserve Bank of India (RBI) on 21 July 2022 said that the rate setting Monetary Policy Committee's (MPC) meeting next month is rescheduled due to administrative exigencies. The MPC will now meet on August 3-5, from previously scheduled August 2-4, said the RBI.
National Democratic Alliance (NDA) candidate Droupadi Murmu was elected the 15th President of India. She was declared elected on Thursday after four rounds of counting, posting an unassailable lead over her rival and the Opposition's candidate Yashwant Sinha, who conceded the election thereafter. The President-elect will take oath on July 25.
Overseas, Asian stocks are trading mixed on Friday as investors digest Japan's inflation data. Official data released Friday showed that prices in Japan rose 2.2% in June compared to a year ago. It followed rises of 2.1% in May and April.
The Asian Development Bank has cut the growth forecast for China due to concerns over the country's zero-Covid approach and strict lockdowns, which have also impacted its troubled property market. Gross domestic product growth for the world's second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday.
Wall Street's main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla.
The European Central Bank raised interest rates by more than expected on Thursday. The ECB raised its benchmark deposit rate by 50 basis points to zero percent, as it joined global peers in jacking up borrowing costs. It was the euro zone central bank's first rate hike for 11 years. Ending an eight-year experiment with negative interest rates, the ECB also increased its main refinancing rate to 0.50 percent and promised further rate hikes possibly as soon as its next meeting on September 8.
Back home, the benchmark indices closed with decent gains on Thursday. The S&P BSE Sensex, was up 284.42 points or 0.51% to 55,681.95. The Nifty 50 index gained 84.40 points or 0.51% to 16,605.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed.