Sensex, Nifty trade with strong gains

The key equity barometers continued to trade with major gains in afternoon trade. The Nifty traded above the 19,000 level. All the sectoral indices on the NSE were in the green, with PSU bank, media and realty stocks gaining the most.

At 13:31 IST, the barometer index, the S&P BSE Sensex, was up 615.48 points or 0.97% to 63,763.63. The Nifty 50 index added 186.80 points or 0.99% to 19,044.05.

Tthe broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.78% while the S&P BSE Small-Cap index gained 1.91%.

The market breadth was strong. On the BSE, 2,860 shares rose and 723 shares fell. A total of 145 shares were unchanged.

Gainers & Losers:

Coal India (up 3.36%), Bajaj Auto (up 2.81%), HCL Technologies (up 2.61%), State Bank of India (up 2.34%) and Nestle India (up 2.27%) were major Nifty gainers.

Dr. Reddy`s Laboratories (down 0.74%), UPL (down 0.59%), Asian Paints (down 0.28%), Tata Steel (down 0.21%) and Hindalco Industries (down 0.18%) were major Nifty losers.

Stocks in Spotlight:

Colgate-Palmolive (India) rose 2.58%. The company reported 22.3% rise in net profit to Rs 340 crore on 6.1% rise in net sales to Rs 1462.4 crore in Q2 FY24 over Q2 FY23.

Shriram Finance jumped 6.92%. The company reported 12.59% rise in standalone net profit to Rs 1750.84 crore on 15.45% jump in total income to Rs 8,564.45 crore in Q2 FY24 over Q2 FY23.

Dixon Technologies (India) added 0.17%. The company`s consolidated net profit rose 47% to Rs 113 crore on 28% decline in net sales to Rs 4,943 crore in Q2 September 2023 over Q2 September 2022.

Vodafone Idea rose 0.84%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.

Aditya Birla Sun Life AMC (ABSL AMC) fell 1.51%. The company reported 7.09% decline in consolidated net profit to Rs 178.09 crore in Q2 FY4 as against Rs 191.69 crore posted in Q2 FY23. Revenue from operations grew by 7.68% year on year to Rs 334.99 crore in the quarter ended 30 September 2023.

Global Markets:

European shares traded mixed while Asian stocks advanced on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.

Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.

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