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Inflows of foreign investors in domestic equities also remained major factor in the rise local currency. Foreign investors turned buyers in July nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore.

"On the profitability front, the food delivery business hit an important milestone last quarter by getting to Adjusted EBITDA break-even. Contribution as a percentage of GOV increased to 2.8 per cent in Q1FY23 as compared to 1.7 per cent in Q4FY22 driven by improvements on both cost and revenue side, as we had indicated in the past," Zomato CFO Akshant Goyal said in a BSE filing.

“Companies are now coming out of a long-term trend of low growth and incrementally we are seeing growth coming back after a fairly long period of time. Many companies which have taken price hikes incrementally – if this trend of falling commodity prices continues – will possibly see margins benefitting in the long run, especially in the second half of the year.”

"On multiple technical parameters, the index reached overbought levels from where a corrective downswing or a pause for a couple of sessions will be required. Hence, weakness in the index can be expected at a close below 17,154 level. In case, if the index sustains above 17,154, and makes an attempt to rally then the upswing can extend towards 17,500," Mohammad said.

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Paper stocks are in action since the ban of single-use plastics from July 1, said Prashanth Tapse, Senior VP- Research, Mehta Equities. With this alternative paper sector gets an undue advantage, leading to high demand, he said.

The Nifty Auto index closed 3.27 per cent up at 12953.65.

"Gold prices traded weak with spot gold prices at COMEX trading around 0.14 per cent down," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

"The average increase in diesel prices by 11 per cent during the Q1 has resulted in an increase of all in-bound/out-bound logistics cost," it said, adding "during the Q1, the average price of pet coke has increased by 90 per cent compared" to the corresponding quarter.

The number beat the Rs 3,985 crore profit figure analysts anticipated in an ET NOW poll.