Indices edge higher, breadth strong
Published on Oct 21, 2022 09:32
The frontline indices were trading higher in early trade on buying demand in index pivotals. The Nifty traded above the 17,640 mark. Bank, financial services and consumer durables shares were in demand while IT, metal and media stocks declined.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 314.76 points or 0.53% to 59,517.66. The Nifty 50 index gained 85.40 points or 0.49% to 17,649.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.40%.
The market breadth was strong. On the BSE, 1,779 shares rose and 773 shares fell. A total of 115 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,864.79 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 886.80 crore in the Indian equity market on 20 October, provisional data showed.
Stocks in Spotlight:
Axis Bank jumped 5.27%. The private lender`s net profit surged 70% to Rs 5,329.77 crore on 20% increase in total income to Rs 24,180.08 crore in Q2 FY23 over Q2 FY22.
ITC rose 0.51%. ITC reported 20.8% rise in consolidated net profit to Rs 4466 crore on 27.4% rise in net revenue to Rs 15976 crore in Q2 FY23 over Q2 FY22.
Bajaj Finance shed 0.44%. The NFBC`s consolidated net profit jumped 88% to Rs 2,780.65 crore on 29% rise in total income to Rs 9,972.63 crore in Q2 FY23 over Q2 FY22.
Wipro added 0.39%. The technology services and consulting company on Thursday (20 October 2022) announced the appointment of Suzanne Dann as chief executive officer (CEO) of Wipro Americas 2 Strategic Market Unit, effective immediately.
Asian Paints rose 0.08%. The company has entered into a binding term sheet for the setting up of a joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company Private Limited (ASD), India and others. The proposed joint venture would carry out the business of manufacturing and exporting white cement and white cement clinker.
Tata Consumer Products rose 0.40%. The FMCG major`s group consolidated net profit surged 36.26% to Rs 389.43 crore on 10.88% rise in revenue from operations to Rs 3,363.05 crore in Q2 FY23 over Q2 FY22.
Coforge gained 1.18%. Coforge reported 34.4% jump in consolidated net profit to Rs 201.1 crore on a 7.1% rise in gross revenues to Rs 1959.4 crore in Q2 FY23 over Q1 FY23.
Asian stocks traded mixed on Friday as investors await inflation data from several economies.
US stocks ended the session lower on Thursday after investors weighed generally upbeat earnings against the prospect that the Federal Reserve could hold firm on its aggressive policy for longer than they had hoped.
Remarks from Philadelphia Federal Reserve President Patrick Harker suggested the central bank will "keep raising rates for a while".
Meanwhile, British Prime Minister Liz Truss resigned Thursday, bringing to a close a brief 44-day tenure mired by �mini-budget� chaos, economic turmoil and political infighting. Truss said she will remain in place as caretaker prime minister until a successor is named, with a leadership contest expected to take place over the next week. Rishi Sunak, Penny Mordaunt and even former Prime Minister Boris Johnson are among the likely frontrunners to replace Truss.
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