Nifty above 17,600 level, Axis Bank hits record high

The domestic equity benchmarks traded with modest gains in the morning trade. The Nifty traded above the 17,600 level. Bank, financial services and consumer durables shares advanced while media, IT and metal stocks declined.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 256.59 points or 0.43% to 59,459.49. The Nifty 50 index gained 75.05 points or 0.43% to 17,639.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.27%.

The market breadth was strong. On the BSE, 1,914 shares rose and 1,167 shares fell. A total of 146 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.

Earnings Today:

Reliance Industries (down 0.14%), Hindustan Unilever (up 1.16%), Bajaj Finserv (down 0.07%), HDFC Life Insurance Company (up 1.21%), JSW Steel (down 0.72%), SBI Life Insurance Company (up 1.13%), Ambuja Cements (up 0.02%), Hindustan Zinc (up 0.65%), Amber Enterprises India (up 0.81%), CSB Bank (up 1.32%), DLF (up 0.13%), Finolex Industries (down 0.22%), IDBI Bank (up 3%), IRB Infrastructure Developers (dow n 0.14%), and United Spirits (down 0.31%) will announce their quarterly earnings later in the day.

ICICI Bank (up 1.06%), IDFC First Bank (up 1.06%), Kotak Mahindra Bank (up 2.33%), RBL Bank (up 2.37%), Yes Bank (up 1.25%), Dodla Dairy (down 1.22%), Indraprastha Gas (up 0.07%), Jaiprakash Power Ventures (up 1.27%) and MUlti Commodity Exchange Of India (MCX) (up 0.66%) will announce their Q2 FY23 results on Saturday, 22 October 2022.

Buzzing Index:

The Nifty Bank index gained 1.52% to 40,710.10. The index declined 0.68% in the past trading session.

Axis Bank (up 5.8%), Punjab National Bank (up 2.96%), Federal Bank (up 2.46%), Bank of Baroda (up 2.1%), Kotak Mahindra Bank (up 1.93%), State Bank of India (up 1.62%), IDFC First Bank (up 1.06%), Bandhan Bank (up 1.02%), ICICI Bank (up 1.01%) and AU Small Finance Bank (up 0.79%) jumped.

Axis Bank jumped 5.8%. 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. Net interest income (NII) increased by 31% YoY and 10% QoQ to Rs 10,360 crore. Net interest margin (NIM) for Q2 FY23 stood at 3.96%, up 57 basis points YoY and 36 basis points QoQ. The scrip hit an all time high at Rs 879.95 in intraday today.

Stocks in Spotlight:

ITC rose 0.17% after the company`s standalone net profit rose 20.8% to Rs 4,466 crore on 27.4% increase in net revenue to Rs 15,976 crore in Q2 September 2022 over Q2 September 2021. Total FMCG segment revenue increased 22% YoY to Rs 11839 crore during the period under review. In the FMCG segment, cigarettes revenue rose by 23% YoY to Rs 6954 crore while the revenue from other FMCG segment improved by 21% YoY to Rs 4885 crore during the quarter.

Hotel business revenue stood at Rs 536 crore (up 82% YoY), agri-business revenue was at Rs 3997 crore (up 44% YoY) and paperboards, paper & packaging revenues were at Rs 2288 crore (up 25% YoY) in the second quarter of FY23.

Tata Consumer Products declined 0.18%. 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. The increase in the group net profit was mainly aided by the revenue growth in both branded and non-branded business, partly offset by margin decline due to inflation and weakness of GBP for International markets and higher exceptional income on account of sale of land in Tata Coffee.

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