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Barometers trade with modest gains, Nifty above 17,250 mark

Published on Oct 17, 2022 11:30

The frontline indices traded with modest gains in the mid-morning trade. The Nifty traded above the 17,250 mark after the hitting the day`s low of 17,098.55 in the early trade. Bank, financial services and auto stocks rose. On the other hand, metal, realty and oil & gas shares declined.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 264.06 points or 0.46% to 58,184.03. The Nifty 50 index gained 72.75 points or 0.42% to 17,258.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index gained 0.05%.

The market breadth was negative. On the BSE, 1,521 shares rose and 1,812 shares fell. A total of 169 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 2.49% to 3,022.15. The index advanced 2.96% in two trading sessions.

Bank of Maharashtra (up 4.18%), Canara Bank (up 3.53%), Indian Bank (up 3.25%), Bank of Baroda (up 3.14%), State Bank of India (up 2.06%), Punjab National Bank (up 1.81%), Union Bank of India (up 1.51%), Indian Overseas Bank (up 0.87%), Bank of India (up 0.86%) jumped.

Stocks in Spotlight:

Oberoi Realty skid 3.09%. The Mumbai-based real estate developer has reported a 19.5% rise in consolidated net profit to Rs 318.62 crore despite of 8.7% decline in revenue from operations to Rs 688.59 crore in Q2 FY23 over Q2 FY22. EBITDA was at Rs 333.64 crore for Q2 FY23 as compared with Rs 513.87 crore for Q1 FY23. Operating margin was 45.08% in Q2 FY23 as against 44.47% in Q2 FY22.

Larsen & Toubro Infotech (LTI) shed 0.66%. The IT company recorded 7.2% rise in net profit to Rs 679.8 crore on a 6.9% increase in revenue to Rs 4,836.7 crore in Q2 FY23 over Q1 FY23. EBITDA improved by 9.7% to Rs 911.7 crore in the second quarter as compared with the same period last year. EBITDA margin was 18.8% in Q2 FY23 as against 18.4% in Q1 FY23. Total Headcount in Q2 FY23 was 50,981. The firm`s attrition rate was at 24.3% in Q2 FY23 as against 23.8% in Q1 FY23 and 19.6% in Q2 FY22.

ICICI Prudential Life Insurance Company declined 1.32% after the company`s consolidated net profit declined 55.1% to Rs 200.12 crore on a nearly 1% fall in total income to Rs 22,904.35 crore in Q2 FY23 over Q2 FY22. Net premium income rose 3.18% to Rs 9,581.72 crore in the quarter ended September 2022 as against Rs 9,286.53 crore in the quarter September 2021. Income from investments (net) slipped 5.37% to Rs 12,818.89 crore in Q2 FY23 from Rs 13,545.83 crore in Q2 FY22.

Global Markets:

Asian stocks traded mixed on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world.

The People`s Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement. The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.

Chinese President Xi Jinping affirmed Sunday the country`s recent shift away from rapid growth and greater focus on national self-sufficiency, especially in technology. Xi briefly mentioned in that opening section how the country`s Covid policy has achieved �positive results� in coordination with economic development.

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve`s aggressive rate hike path could trigger a recession.

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