Nifty trades above 17,200 mark; strong market breadth

The domestic equity benchmarks traded with stellar gains in early trade amid across the board buying in index pivotals. The Nifty traded above the 17,200 mark, bouncing back sharply from its previous close of 16,887.35. Shares across sectors advanced with banks, financials and metal stocks leading the charge.

At 09:21 IST, the barometer index, the S&P BSE Sensex, was up 1142.28 points or 2.01% to 57,931.09. The Nifty 50 index added 334.05 points or 1.98% to 17,221.40.

IndusInd Bank (up 4.21%), Hindalco (up 3.85%), Larsen & Toubro (up 3.14%), Bajaj Finance (up 3.08%) and Eicher Motors (up 2.95%) were the top Nifty gainers.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slumped 6.59% to 19.96.

In the broader market, the S&P BSE Mid-Cap index rose 1.61% while the S&P BSE Small-Cap index gained 1.49%.

The market breadth was strong. On the BSE, 2,217 shares rose and 344 shares fell. A total of 88 shares were unchanged.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) rose 2.19%. HDFC said that during the quarter ended 30 September 2022, the corporation assigned loans amounting to Rs 9,145 crore compared to Rs 7,132 crore in the corresponding quarter of the previous year.

Avenue Supermarts added 2.56%. The company`s standalone revenue from operations for the quarter ended (QE) 30 September 2022 stood at Rs 10,384.66 crore. Standalone revenue from operations for the quarter ended (QE) 30 September 2021 was Rs 7,649.64 crore.

KEC International advanced 3.19%. The company has secured new orders of Rs 1,407 crore. �We are pleased with the continuous order inflows across businesses. Our YTD order intake now stands at approximately Rs 8,400 crore, with a robust growth of approximately 50% vis-�-vis last year,� the company`s MD & CEO Vimal Kejriwal said.

Global Markets:

Asian stocks are trading higher on Tuesday after stocks on Wall Street rallied overnight. Markets in mainland China and Hong Kong are closed for a holiday.

The Reserve Bank of Australia is set to announce its interest rate decision later Tuesday. As per reports, the Reserve Bank of Australia is likely to hike its benchmark interest rate by 50 basis points to 2.85%.

Wall Street`s three major indices rallied to close over 2% on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year`s final quarter.

US manufacturing activity grew at its slowest pace in nearly 2.5 years in September. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI dropped to 50.9 this month, the lowest reading since May 2020, from 52.8 in August.

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