Benchmarks trade strong; market breadth in favor of buyers

The key benchmarks indices traded with strong gains in early trade on buying demand in index pivotals. At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 288.07 points or 0.47% to 62,053.66. The Nifty 50 index added 90 points or 0.47% to 18,567.05. The Sensex moved above the psychological 62,000 mark in early trade.

Larsen & Toubro (up 3.62%), Wipro (up 1.67%), Bajaj Finserv (up 1.19%), Coal India (up 1.16%) and Bharti Airtel (up 1.15%) were the top index gainers.

ITC (down 2.82%), Eicher Motors (down 1.22%), Power Grid Corp (down 0.96%), Ultratech Cement (down 0.68%) and Titan Company (down 0.19%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% while the S&P BSE Small-Cap index gained 0.98%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1729 shares rose and 717 shares fell. A total of 103 shares were unchanged.

Results Today:

Nestle India (down 0.11%), Hindustan Unilever (up 0.48%), ICICI Prudential Life Insurance Company (up 0.51%), L&T Technology Services (up 2.99%), ICICI Securities (up 1.55%), ACC (up 0.68%), DCM Shriram (up 0.79%), Tata Steel Bsl (down 0.43%), Heidelbergcement India (up 0.33%), Jubilant Ingrevia (up 0.38%), JSW Ispat Special Products (up 2.77%), Mastek (up 0.31%), Navin Fluorine International (up 1.77%), Nelco (up 5%), Network18 Media & Investments (up 1.19%), Rallis India (up 0.72%), Sonata Software (up 5.45%) and Tv18 Broadcast (down 0.11%) will announce their quarterly results today.

Stocks in Spotlight:

Larsen & Toubro Infotech jumped 9.93% to Rs 6,493.65. The company reported 11.1% increase in consolidated profit to Rs 551.70 crore on 8.8% rise in revenue to Rs 3767 crore in Q2FY22 over Q1FY22.

TTK Prestige jumped 13.95% to Rs 10,052.30. The company said that its board will consider sub-division/split of equity shares of the company in its meeting scheduled on 27 October 2021.

H.G. Infra Engineering rose 2.24% to Rs 747.35. The company has been declared as L-1 bidder by National Highways Authority of India (NHAI) for two HAM projects.

Indian Energy Exchange (IEX) hit an upper circuit of 10% at Rs 876.45. The board of directors of IEX will consider the proposal for declaration of bonus issue of equity shares in its meeting scheduled on 21 October 2021.

Global markets:

Asian stocks were trading higher on Tuesday. Investors mulled corporate earnings as well as the prospect of tightening monetary policy to restrain inflation.

Minutes from the Reserve Bank of Australia`s October monetary policy meeting showed the RBA expecting the Australian economy to �return to growth in the December quarter and to its pre-Delta path in the second half of 2022.�

In US, the S&P and Nasdaq closed higher on Monday with the biggest boosts from the highest-profile technology and communications companies while investors eyed product news from Apple Inc and appeared optimistic about the third-quarter earnings season.

U.S. industrial production declined in September as supply constraints continued to hinder manufacturing. Output fell almost 1.28% to its lowest level since February, when it fell 3.02%, according to data released Monday by the Federal Reserve.

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