Sensex, Nifty hold heads in green

Indian equity benchmarks were holding heads in green terrain in late morning session, on the back of positive cues from other Asian markets. Domestic sentiments were optimistic, amid reports that start-ups have been the buzzword in India for the last several years. India is powering its growth with innovation and entrepreneurship. Currently, there are 75,000 start-ups in the country, which coincides with the 75th year of independence. Adding more relief, another report stated that India will be the fastest growing major economy this year and the next despite headwinds from rising inflation, widening trade deficit and a declining rupee.

Asian markets were trading mostly in green, even after export prices in South Korea were down 2.1 percent on month in July, the Bank of Korea said on Friday - after rising 1.0 percent in June. On a yearly basis, export prices climbed 16.3, slowing from the downwardly revised 23.5 percent gain in the previous month (originally 23.7 percent). Individually, agricultural, forestry and marine products were up 2.3 percent on month and 12.8 percent on year, while manufacturing products fell 2.2 percent on month and improved 16.3 percent on year.

The BSE Sensex is currently trading at 59429.84, up by 97.24 points or 0.16% after trading in a range of 59113.01 and 59457.62. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.25%, while Small cap index up by 0.59%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 2.06%, Energy up by 1.88%, Metal up by 1.74%, Realty up by 1.33% and PSU up by 1.27%, while Healthcare down by 0.71%, TECK down by 0.52%, IT down by 0.44%, Auto down by 0.26% and FMCG down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.75%, NTPC up by 2.41%, Power Grid up by 1.77%, Reliance Industries up by 1.31% and SBI up by 1.00%. On the flip side, Mahindra & Mahindra down by 1.16%, Maruti Suzuki down by 1.12%, Infosys down by 1.09%, Larsen & Toubro down by 1.00% and Ultratech Cement down by 0.91% were the top losers.

Meanwhile, rating agency ICRA in its latest report has said that strong demand for non-Covid treatments, increase in international patient hospitalizations and continued market share gains for organized players are expected to support occupancy levels going forward, despite supply additions. ICRA expects the occupancy for its sample set of hospitals to remain healthy at 60-63% in the near term. Further, the price increases taken by the hospitals during Q4 FY2022 and Q1 FY2023, relatively higher elective surgeries and focussed reduction on average length of stay (ALOS) will support average revenues per occupied bed (ARPOB) in the near term.

According to the report, with moderation in non-Covid margin-accretive surgeries due to the Omicron threat and minimal Covid hospitalisations due to milder infections, the occupancy for ICRA’s sample set contracted to 57.5% in Q4 FY2022 from 62.1% in Q3 FY2022, before recovering in March 2022. It said the deferral in elective procedures and disruption in international patient travel on account of Covid 3.0 led to sequential decline in footfalls during Q4 FY2022. It also said while international patient footfalls were subdued during H1 FY2022, recovery was witnessed in H2 FY2022 (except for January and February 2022) to a certain extent.

The report further said that while occupancy was relatively lower, optimization of the payor mix towards cash and insurance patients, low ALOS and uptick in footfalls at centres of excellence resulted in a sequential growth of 4.1% in ARPOB in Q4 FY2022. Overall, ICRA’s sample set witnessed the occupancy of 61.6%% in FY2022, against 53.1% in FY2021 and revenues witnessed YoY growth of 38% in FY2022.

The CNX Nifty is currently trading at 17690.15, up by 31.15 points or 0.18% after trading in a range of 17597.85 and 17699.90. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were ONGC up by 3.80%, Tata Steel up by 2.80%, NTPC up by 2.34%, SBI Life Insuran up by 1.88% and UPL up by 1.83%. On the flip side, Apollo Hospital Ent. down by 3.01%, Divi's Lab down by 2.73%, Mahindra & Mahindra down by 1.26%, Tata Consumer Produc down by 1.20% and Infosys down by 1.13% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 727.65 points or 2.62% to 28,546.98, Hang Seng increased 76.79 points or 0.38% to 20,159.22, Taiwan Weighted strengthened 86.31 points or 0.57% to 15,284.16 and KOSPI rose 0.93 points or 0.04% to 2,524.71. On the flip side, Shanghai Composite declined 3.09 points or 0.09% to 3,278.58, Jakarta Composite lost 25.99 points or 0.36% to 7,134.40 and Straits Times trembled 30.87 points or 0.93% to 3,271.09.