Barometers trade with modest gains; European shares decline
Published on Oct 19, 2022 13:30
The key equity indices traded with moderate gains in the afternoon trade. The Nifty traded above the 17,500 mark. Oil & gas, FMCG and financial services shares advanced while IT, media and PSU bank shares declined.
At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 241.41 points or 0.41% to 59,202.01. The Nifty 50 index gained 59.50 points or 0.34% to 17,546.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.20%.
The market breadth was strong. On the BSE, 1,759 shares rose and 1,595 shares fell. A total of 145 shares were unchanged.
Further, strong buying from DIIs has completely overwhelmed the selling pressure caused by FII selling. In the past three session, DIIs have bought a total of Rs 5,290 crore worth stocks in the cash market, sharply outperforming the equities sold by FIIs worth Rs 1,537 crore.
Gainers & Losers:
Housing Development Finance Corporation (HDFC) (up 2.21%), Reliance Industries (up 2.04%), Nestle India (up 1.59%), Bajaj Auto (up 1.52%) and ITC (up 1.44%) were the top Nifty 50 gainers.
State Bank of India (down 1.64%), JSW Steel (down 1.37%), Tata Consumer Products (down 1.36%), Coal India (down 1.18%) and Bajaj Finserv (down 1.14%) were top Nifty 50 losers.
Nestle India rose 1.59%. The FMCG major reported 8.3% rise in net profit to Rs 668.34 crore on 18.3% rise in revenue from operations to Rs 4,591 crore in Q3 CY22 over Q3 CY21.
Total sales jumped 18.2% year on year to Rs 4,567 crore in Q3 CY22 against Q3 CY21. Domestic sales and export sales for the quarter ended September 2022 increased by 18.3% and 15.7% respectively. Domestic sales growth was broad based with a healthy balance of pricing and volume.
In its commodity outlook, the company said that it is witnessing early signs of stability in prices of a few commodities such as edible oils and packaging materials. However, fresh milk, fuels, grains and green coffee costs are expected to remain firm with continued increase in demand and volatility.
L&T Technology Services (LTTS) slipped 4.33% after the company reported 3% rise in consolidated net profit to Rs 282.4 crore on a 6.5% rise in revenue to Rs 1,995.1 crore in Q2 FY23 over Q1 FY23. As compared with Q2 FY22, the company`s net profit and revenue are higher by 22.8% and 24.1%, respectively. During the quarter, LTTS won $60 million plus deal and a deal with total contract value (TCV) of $10 million.
ICICI Lombard General Insurance Company shed 1.25%. The general insurance company`s net profit rose 32.2% to Rs 590.53 crore on 18.14% rise in total income to Rs 4,499.03 crore in Q2 FY23 over Q2 FY22.
Schaeffler India declined 0.85%. The company reported 26.1% jump in net profit to Rs 215.4 crore on a 18.1% increase in net sales to Rs 1,756.43 crore in Q3 September 2022 over Q3 September 2021. Net profit margin in the third quarter stood 12.3% as compared with 11.5% during the corresponding quarter of 2021.
Mahindra CIE Automotive rose 0.50%. The comapny reported 3% rise in consolidated net profit to Rs 171.37 crore on 30.3% rise in revenue from operations to Rs 2,723.15 crore in Q3 calender year (CY) 2022 over Q3 CY 2021.
Most of the European shares declined while Asian stocks traded mixed on Wednesday as traders assessed a solid start to the corporate-earnings season that helped extend a rally in US markets.
The U.K. reported a rise in the consumer price index to 10.1% in September on Wednesday, matching the 40-year high posted by the Office for National Statistics in July.
Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally.
Production at US factories spiked in September. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Output increased 4.7% from a year earlier.
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