Nifty above 17,700; breadth strong

Benchmark indices traded with strong gains in morning trade. The Nifty traded above the 17,700 mark. All sectoral indices on the NSE traded in the green.

At 9:27 IST, the barometer index, the S&P BSE Sensex, jumped 521.71 points or 0.9% at 59,390.27. The Nifty 50 index advanced 160.3 points or 0.91% at 17,737.90.

In the broader market, the S&P BSE Mid-Cap index added 1.08% while the S&P BSE Small-Cap index rallied 1.38%.

The market breadth was strong. On the BSE, 2,273 shares rose and 834 shares fell. A total of 106 shares were unchanged.

Investors cheered the union budget 2022-23 with its higher capital expenditure and thrust on infra. The government`s focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

Foreign portfolio investors (FPIs) sold shares worth Rs 21.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,597.70 crore in the Indian equity market on 1 February, provisional data showed.

Results Today:

HDFC (up 1.75%) and Tata Consumer Products (up 0.01%) will announce their quarterly results today.

Adani Green Energy, Dabur India, Aarti Surfactants, Apollo Tyres, Adani Total Gas, Bajaj Consumer Care, Balaji Amines, Balrampur Chini Mills, Blue Star, eClerx Services, Gillette India, Indian Overseas Bank, JK Lakshmi Cement, Jubilant FoodWorks, Mahindra & Mahindra Financial Services, Meghmani Organics, Tata Consumer Products, Timken India, VRL Logistics, and Zee Entertainment Enterprises are some of the other companies that will announce their quarterly results today.

Buzzing Index:

The Nifty Bank index added 588 points or 1.53% to 39,106.8, rising for third trading session in a row. The banking index has added 3.7% in three days.

IndusInd Bank (up 3.39%), AU Small Finance Bank (up 3%), Kotak Mahindra Bank (up 2.86%), Axis Bank (up 2.28%), IDFC First Bank (up 2.21%), RBL Bank (up 2.03%) and HDFC Bank (up 1.75%) were top gainers in banking space.

Stocks in Spotlight:

Alembic Pharmaceuticals rose 1.12% to Rs 770.65 after the company announced the receipt of US FDA tentative approval for Fesoterodine Fumarate extended-release tablets. The drug maker said that it has received tentative approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Fesoterodine Fumarate extended-release tablet. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Toviaz extended-release tablets of Pfizer Inc. (Pfizer). Fesoterodine Fumarate extended-release tablets are indicated for the treatment of overactive bladder (OAB) in adults with symptoms of urge urinary incontinence, urgency, and frequency.

Laxmi Organic Industries hit an upper circuit limit of 5% at Rs 477.75 after the company`s consolidated net profit surged 81.60% to Rs 82.10 crore on 97.44% increase in net sales to Rs 859.88 crore in Q3 FY22 over Q3 FY21. Profit before tax (PBT) jumped 87.66% year-on-year to Rs 100.36 crore in Q3 FY22. Total expenses jumped 98.34% to Rs 761.53 crore with cost of materials consumed soaring 176.74% to Rs 553.72 crore during the period under review.

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