Sensex, Nifty spurt in early trade, breadth strong

The domestic equity barometers were trading with robust gains in the early trade on buying demand in index pivotals. Positive global cues boosted the sentiment. The Nifty traded above the 17,450 mark. All the sectoral indices on the NSE were in the green with IT, media and auto stocks gaining the most.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 606.61 points or 1.04% to 59,017.59. The Nifty 50 index gained 167.50 points or 0.97% to 17,479.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 1,937 shares rose and 643 shares fell. A total of 96 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 372.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,582.24 crore in the Indian equity market on 17 October, provisional data showed.

Stocks in Spotlight:

Wipro gained 2.12%. 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 0.65%. 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.

Aster DM Healthcare advanced 3.22%. Aster Pharmacies Group LLC, a material subsidiary of Aster DM Healthcare entered into a joint venture agreement with Abdulmohsen Al Hokair Holding Group to establish, manage and operate pharmacy chain across the Kingdom of Saudi Arabia to market and commercialize pharmaceutical products within each pharmacy under the `Aster Pharmacy` brand.

SJVN rose 1.40%. A Memorandum of Understanding (MoU) has been signed between SJVN`s wholly owned subsidiary SJVN Green Energy (SGEL) and Assam Power Distribution Company (APDCL). The MoU has been inked for developing 1000 MW Floating Solar Power Projects in Assam by incorporating a Joint Venture Company.

KSB gained 1.15%. KSB has bagged an approval for bid submitted under e-Auction for sale of technology - Intellectual Property Rights / Drawings of Bharat Pumps and Compressors Limited (BPCL), Naini, Prayagraj. The company is in process of accepting the contract of sale of technology by BPCL, by paying the required security deposit.

Global Markets:

Asian stocks are trading higher 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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