Nifty hovers near the 18,150 mark; auto shares in demand
Published on Jan 23, 2023 10:30
The key equity benchmarks extended gains and hit fresh intraday high in morning trade. The Nifty traded tad below the 18,150 level. Auto shares witnessed some bit of bargain buying after declining in the past three sessions.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 439.17 points or 0.72% to 61,060.94. The Nifty 50 index added 116.50 points or 0.65% to 18,144.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index shed 0.09%.
The market breadth turned positive. On the BSE, 1,796 shares rose, and 1,486 shares fell. A total of 187 shares were unchanged.
Axis Bank (up 0.33%), Canara Bank (up 0.39%), IDBI Bank (up 0.46%), Jindal Stainless (down 1.66%), Tata Communications (up 2.17%), Jindal Stainless (Hisar) (down 2.12%), Container Corporation of India (down 1.01%), KEI Industries (up 0.59%), Shoppers Stop (down 1.58%), Amber Enterprises India (up 1.04%), Gland Pharma (up 0.70%), Syngene International (up 0.02%), Poonawalla Fincorp (up 1.03%), Supreme Petrochem (up 1.72%) and HFCL (up 0.49%) are some of the companies that will announce their quarterly earnings today.
The Nifty Auto index rose 1.08% to 12,828.55. The index had declined 1.02% in the past three sessions.
Mahindra & Mahindra (up 1.7%), Eicher Motors (up 1.64%), Hero MotoCorp (up 1.64%), Tata Motors (up 1.48%) and Sona BLW Precision Forgings (up 1.36%) were the top gainers.
Among the other gainers were Ashok Leyland (up 0.97%), Bharat Forge (up 0.92%), Balkrishna Industries (up 0.91%), Bajaj Auto (up 0.91%) and Samvardhana Motherson International (up 0.75%).
Stocks in Spotlight:
LTIMindtree gained 0.26%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.
JSW Steel fell 1.70%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.
RBL Bank rose 0.88%. The private sector bank has reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22.
Camlin Fine Sciences added 2.52%. The company said that it has commenced commercial production at its composite vanillin manufacturing unit situated at Dahej in Gujarat.
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