MARKET AT DAY`S HIGH; NIFTY CLIMBS ABOVE 18,150; FINANCIAL SERVICES ADVANCE

The benchmark indices traded near the day`s high with modest gains in mid-morning trade. The Nifty marched above the 18,150 mark. Financial services advanced for the second day in a row.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 395.19 points or 0.55% to 61,050.91. The Nifty 50 index added 102.20 points or 0.57% to 18,155.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was positive. On the BSE, 1,943 shares rose, and 1,367 shares fell. A total of 158 shares were unchanged.

Economy:

The index of mineral production of mining and quarrying sector for the month of November, 2022 (Base: 2011-12=100) at 105.8, is 9.7% higher as compared to the level in the month of November, 2021. As per the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period April-November, 2022-23 over the corresponding period of previous year is 4.7%.

Buzzing Index:

The Nifty Financial Services index rose 0.82% to 18,756.15, extending gains for the second day. The index advanced 1.35% in two trading sessions.

HDFC Bank Ltd (up 1.58%), Housing Development Finance Corporation Ltd (up 1.51%), Kotak Mahindra Bank Ltd (up 1.27%), SBI Life Insurance Company Ltd (up 1.11%), Cholamandalam Investment & Finance Company Ltd (up 0.98%), Bajaj Finance Ltd (up 0.53%), Power Finance Corporation Ltd (up 0.23%), REC Ltd (up 0.2%), ICICI Bank Ltd (up 0.13%) and Axis Bank Ltd (up 0.13%) were the gainers.

On the other hand, ICICI Lombard General Insurance Company Ltd (down 4.86%), HDFC Life Insurance Company Ltd (down 1.16%) and ICICI Prudential Life Insurance Company Ltd (down 0.66%) drifted lower.

ICICI Lombard General Insurance Company tumbled 4.86%. The general insurer reported 11% rise in net profit to Rs 352.53 crore on 13.7% increase in total income to Rs 4,570.11 crore in Q3 FY23 over Q3 FY22.

Stocks in Spotlight:

Eris Lifesciences declined 1.51% after the pharma company`s consolidated net profit rose marginally to Rs 101.86 crore in Q3 FY23 as against Rs 100.77 crore recorded in Q3 FY22. Revenue from operations jumped 27.4% to Rs 417.84 crore in quarter ended 31 December 2022 as compared to Rs 328.07 crore in Q3 FY22.

Rail Vikas Nigam (RVNL) jumped 3.56% after the company said it has emerged as the lowest bidder (L1) for supply, erection, testing and commissioning of power supply receiving & distribution system, 750 V DC third rail traction electrification and scada system for Surat Metro Rail Project Phase-I. The cost of the project is Rs 673.8 crore.

Global markets:

Most Asian stocks were trading higher even as the Bank of Japan announced no change to its yield curve control policy.

US stocks saw mixed trend on Tuesday as weak earnings from Goldman Sachs dragged the Dow Jones Industrial Average index lower, but a jump in Tesla shares helped the Nasdaq Composite stay postive as the corporate earnings season took center stage.

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