Nifty hovers above 17,450; Sensex adds 560 points
Published on Oct 18, 2022 13:33
The benchmark indices continued to trade with major gains in the afternoon trade. Positive global cues boosted the sentiment. The Nifty hovered above the 17,450 mark. All the sectoral indices on the NSE were in the green with PSU banks, media and realty shares gaining the most.
At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 560.83 points or 0.96% to 58,971.81. The Nifty 50 index gained 179.30 points or 1.04% to 17,492.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index gained 0.62%.
The market breadth was strong. On the BSE, 2,169 shares rose and 1,196 shares fell. A total of 131 shares were unchanged.
Reserve Bank of India (RBI) stated that aggressive and synchronised monetary tightening has further weakened global economic prospects as financial markets sold off, investors took fright and jettisoned risky assets. In India, broader economic activity has remained resilient and poised to expand further with domestic demand accelerating as the contact-intensive sectors are experiencing a bounce-back. Robust credit growth and fortified corporate and bank balance sheets provide further strength to the economy. Headline inflation is set to ease from its September high, albeit stubbornly, on the back of easing momentum and favourable base effects. These factors will entrench India`s prospects as one of the fastest growing economies of the world.
Gainers & Losers:
State Bank of India (up 3.42%), Adani ports (up 3.24%), Tata Motors (up 2.37%), ITC (up 2.24%) and Bharti Airtel (up 2.23%) were the top Nifty 50 gainers.
NTPC (down 1.10%), HDFC (down 0.73%), Bajaj Auto ( down 0.41%), Tech Mahindra (down 0.41%) and BPCL (down 0.40%) were top Nifty 50 losers
Stocks in Spotlight:
Wipro gained 1.56%. The IT major and Finland-based Outokumpu, a leading multinational stainless steel manufacturer, announced a strategic deal to accelerate Outokumpu`s cloud transformation for applications. The five-year deal strengthens Wipro and Outokumpu`s existing eight-year partnership, focuses on agility, productivity, and customer-centricity.
Tata Coffee added 1%. The company reported consolidated net profit of Rs 147 crore for Q2FY23, as compared to Rs 54 crore in the corresponding quarter of last year. Total income for the quarter ended 30 September 2022 stood at Rs 723 crore, as compared to Rs 554 crore in the same period last year.
Indowind Energy hit an upper circuit limit of 5% after the company`s consolidated net profit surged 656.86% to Rs 3.86 crore on 64.60% increase in net sales to Rs 14.60 crore in Q2 FY23 over Q2 FY22.
Can Fin Homes gained 3.34% after the company`s net profit rose 14.6% to Rs 141.71 crore on 40.5% increase in total income to Rs 657.55 crore in Q2 FY23 over Q2 FY22.
The US Dow Jones 30 Futures were currently trading with a gain of 439 points, indicating a positive start to equities on Wall Street today.
European stocks and Asian shares advanced on Tuesday after Wall Street`s rally overnight. The UK`s decision to reverse more of its unfunded tax cuts also aided global market sentiment.
Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite.
Britain`s new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss`s proposed tax cuts and reined in her energy subsidies, while Bank of America Corp posted consensus-beating third quarter results, having benefited from a spate of interest rate hikes from the Federal Reserve.
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