Barometers trade with minor cuts; breadth positive
Published on Oct 13, 2022 09:33
The domestic equity benchmarks traded with minor losses in early trade. The Nifty traded above the 17,050 mark. Auto, pharma and metal stocks advanced while IT, realty and consumer durables stocks declined
At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 98.77 points or 0.17% to 57,527.14. The Nifty 50 index lost 36.65 points or 0.21% to 17,086.95.
In the broader market, the S&P BSE Mid-Cap index fell 0.07% while the S&P BSE Small-Cap index added 0.18%.
The market breadth was positive. On the BSE, 1433 shares rose and 1099 shares fell. A total of 139 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 542.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 85.32 crore in the Indian equity market on 12 October, provisional data showed.
Stocks in Spotlight:
Wipro declined 4.57%. The IT major`s consolidated net profit rose 3.72% to Rs 2,659 crore on 4.7% increase in revenue form operations to Rs 22,539.7 crore in Q2 FY23 over Q1 FY23. On a year on year (YoY) basis, the IT firm`s net profit declined 9.27% while revenue jumped 14.6% in Q2 FY23.
For the quarter ending 31 December 2022, Wipro expects revenue from its IT Services business to be in the range of $2,811 million to $2,853 million. This translates to a sequential growth of 0.5% to 2%.
HCL Technologies rose 2.09%. HCL Technologies reported 6.27% rise in consolidated net profit to Rs 3,489 crore on a 5.2% rise in revenue to Rs 24,686 crore in Q2 FY23 over Q1 FY23. Compared with Q2 last year, net income rose 7.09% while topline jumped 19.5% in the second quarter.
For FY23, the company increased revenue guidance to 13.5%-14.5% YoY in constant currency. Services revenue is expected to grow 16%-17% YoY in constant currency. EBIT margin guidance is revised to 18%-19%.
ITC rose 0.20%. The FMCG major said its subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Brazil under the name of ITC Infotech Do Brasil LTDA on 10th October 2022.
Asian stocks are trading mixed on Thursday as investors await inflation data from the U.S. due later stateside.
US stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.
The Federal Reserve`s September meeting minutes, released Wednesday, show that the central bank expects to continue increasing interest rates and hold them higher until inflation shows signs of abating.
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