Indices trade with decent gains; market breadth remains strong
Published on Jan 23, 2023 09:22
The domestic equity barometers traded with decent gains in early trade as the bourses witnessed significant buying in key index pivotals. The Nifty traded tad below the 18,100 level. Barring consumer durables and select metal stocks, shares across sectors advanced with banks, financials and autos rising the most.
At 09:21 IST, the barometer index, the S&P BSE Sensex, was up 246.06 points or 0.41% to 60,867.83. The Nifty 50 index added 69.15 points or 0.38% to 18,096.80.
Tata Motors (up 1.60%), Hindalco (up 1.45%), IndusInd Bank (up 1.19%), UPL (up 1.08%) and SBI (up 1.03%) were the top Nifty gainers.
Bajaj Finserv (down 0.69%), NTPC (down 0.47%), Asian Paints (down 0.39%), Dr Reddy`s Lab (down 0.39%) and Tata Consumer (down 0.30%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.15%.
The market breadth was positive. On the BSE, 1,583 shares rose, and 1,054 shares fell. A total of 167 shares were unchanged.
Stocks in Spotlight:
Reliance Industries (RIL) was up 0.02%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.
ICICI Bank added 0.30%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.
Kotak Mahindra Bank advanced 0.95%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.
UltraTech Cement fell 1.02%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.
Asian stocks are trading higher on Monday as technology stocks tracked Wall Street`s strong finish last week and firm crude oil prices lifted energy stocks.
US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.
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