Benchmarks near the day`s high; metal shares rise for 2nd day

The domestic equity benchmarks extended their early gains and traded near the day`s high in morning trade. The Nifty traded above the 17,400 mark. Metal stocks witnessed strong buying demand for second consecutive session.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 442.92 points or 0.76% to 58,508.39. The Nifty 50 index added 134.50 points or 0.78% to 17,408.80.

In the broader market, the S&P BSE Mid-Cap index rose 1.24% while the S&P BSE Small-Cap index gained 1.43%.

The market breadth was strong. On the BSE, 2434 shares rose and 716 shares fell. A total of 132 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 2.35% to 5,905.05. The index has added 5.56% in two sessions.

APL Apollo Tubes (up 5.89%), Vedanta (up 3.49%), JSW Steel (up 3.41%), Welspun Corp (up 3.26%) and Hindalco Industries (up 3.18%) were the top gainers.

Among the other gainers were National Aluminium Company (up 2.82%), Jindal Steel & Power (up 2.49%), Steel Authority of India (up 2.32%), Tata Steel (up 2.17%) and Hindustan Copper (up 2.08%).

Stocks in Spotlight:

Bajaj Finance fell 1.25%. The NBFC said new loans booked during Q2 FY23 were 6.8 million, up 7.94% compared with 6.3 million in Q2 FY22. Deposit book stood at approximately Rs 39,400 crore as of 30 September 2022, a YoY growth of 37%. Customer franchise as of 30 September 2022 stood at 62.9 million, up 19.13% YoY. Assets under management (AUM) grew by 31% YoY to approximately Rs 218,350 crore as of 30 September 2022

Glenmark Pharmaceuticals rose 0.73%. The drug maker announced that it became the first company in India to launch Thiazolidinedione Lobeglitazone (Lobeglitazone) for the treatment of type 2 diabetes in adults.

Zydus Lifesciences added 1.67%. The company said that its US subsidiary Zydus Pharmaceuticals (USA) Inc. received final approval from the United States Food and Drug Administration (US FDA) to market Brivaracetam tablets (USRLD: Briviact). Zydus was one of the first ANDA applicants to submit a substantially complete ANDA with a paragraph IV certification for Brivaracetam tablets. It is therefore eligible for 180 days of shared generic drug exclusivity for Brivaracetam tablets.

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