Sensex, Nifty at the high point of the day; European shares mostly decline

The domestic equity benchmarks were currently at the day`s high in afternoon trade. The Nifty traded above the 17,300 mark after the hitting the day`s low of 17,098.55 in the early trade. Markets in Europe mostly declined while those in Asian traded in a mixed manner on Monday.

At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 441.4 points or 0.76% to 58,361.37. The Nifty 50 index gained 118.95 points or 0.69% to 17,304.65.

SBI (up 2.29%), Bajaj Auto (up 1.52%), ICICI Bank (up 1.50%), Infosys (up 1.38%) and Hindustan Unilever (up 1.31%) were the top Nifty gainers.

Ultratech Cement (down 1.65%), JSW Steel (down 1.48%), Hindalco Industries (down 1.45%), Larsen & Toubro (down 1.08%) and Apollo Hospitals Enterprise (down 0.75%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was negative. On the BSE, 1,555 shares rose and 1,876 shares fell. A total of 185 shares were unchanged.

Stocks in Spotlight:

HDFC Bank rose 0.45%. The private lender`s core net revenue (excluding trading and Mark to Market losses) grew by 18.3% to 28,869.8 crore for the quarter ended 30 September 2022 from Rs 24,409.7 crore for the quarter ended 30 September 2021. The bank earned a net profit of Rs 10,605.8 crore, an increase of 20.1% over the quarter ended 30 September 2021.

Avenue Supermarts (DMart) fell 3.33%. The company`s consolidated net profit stood at Rs.686 crore for Q2FY23, as compared to Rs. 418 crore in the corresponding quarter of last year. Total Revenue for the quarter ended 30 September 2022 stood at Rs. 10,638 crore, as compared to Rs. 7,789 crore in the same period last year.

Bajaj Auto added 1.60%. The two-wheeler maker has reported a consolidated net profit of Rs 1,719.44 crore for the quarter ended 30 September 2022 as compared to net profit of Rs 2,039.86 crore in the quarter ended 30 September 2021. Total income rose to Rs 10,536.56 crore from Rs 9080.50 crore.

Tata Elxi tumbled 7.76%. The design led technology service provider reported 39.1% rise in net profit to Rs 174.28 crore on 28.2% increase in revenues from operations to Rs 763.17 crore in Q2 FY23 over Q2 FY21. On quarter on quarter basis, the company`s net profit declined 5.65% while revenue from operations grew 5.1%, respectively, over Q1 FY23 (QoQ).

ICICI Prudential Life Insurance Company slipped 1.38% after the company`s consolidated net profit declined 55.1% to Rs 200.12 crore on a nearly 1% fall in total income to Rs 22,904.35 crore in Q2 FY23 over Q2 FY22. Net premium income rose 3.18% to Rs 9,581.72 crore in the quarter ended September 2022 as against Rs 9,286.53 crore in the quarter September 2021. Income from investments (net) slipped 5.37% to Rs 12,818.89 crore in Q2 FY23 from Rs 13,545.83 crore in Q2 FY22.

Global Markets:

The US Dow Jones 30 Futures were currently trading with a gain of 324 points, indicating a strong start to equities on Wall Street today.

Markets in Europe declined while Asian stocks traded mixed on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world.

The People`s Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement. The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.

Chinese President Xi Jinping affirmed Sunday the country`s recent shift away from rapid growth and greater focus on national self-sufficiency, especially in technology. Xi briefly mentioned in that opening section how the country`s Covid policy has achieved �positive results� in coordination with economic development.

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve`s aggressive rate hike path could trigger a recession.

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