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Sensex jumps 420 pts, Nifty above 17,300 level

Published on Oct 17, 2022 14:35

The key equity barometers traded with modest gains in the mid-afternoon trade. The Nifty traded a tad above the 17,300 level after hitting the day`s low of 17,098.55 in the early trade. Bank, financial services and auto stocks were in demand while metal, media and realty shares witnessed a bit of a selling pressure.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 420.34 points or 0.73% to 58,340.31. The Nifty 50 index gained 119.85 points or 0.70% to 17,305.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.27% while the S&P BSE Small-Cap index rose 0.05%.

The market breadth was negative. On the BSE, 1,574 shares rose and 1,912 shares fell. A total of 176 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper tumbled to 7.401 as compared with 7.470 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3875, compared with its close of 82.19 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement rose 0.48% to Rs 50,500.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, shed 0.18% to 113.11

The United States 10-year bond yield fell 1.12% to 3.961.

In the commodities market, Brent crude for December 2022 settlement declined 32 cents or 0.35% at $91.31 a barrel.

Buzzing Index:

The Nifty Financial Services index rose 0.84% to 17,854.45. The index gained 2.67% in two trading sessions.

State Bank of India (up 2.29%), ICICI Bank (up 1.47%), Bajaj Finserv (up 1.17%), SBI Cards & Payment Services (up 0.96%), Axis Bank (up 0.89%), HDFC Asset Management Company (up 0.87%), Bajaj Finance (up 0.81%), Kotak Mahindra Bank (up 0.77%), ICICI Lombard General Insurance Company (up 0.62%) and Muthoot Finance (up 0.58%) advanced.

On the other hand, ICICI Prudential Life Insurance Company (down 1.77%), Indian Energy Exchange td (down 1.18%) and Power Finance Corporation (down 0.34%) turned lower.

ICICI Prudential Life Insurance Company slipped 1.77% 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.

Stocks in Spotlight:

ACC gained 1.31%. On a consolidated basis, the cement major reported net loss of Rs 87.32 crore in Q3 September 2022 as against net profit of Rs 450.21 crore in Q3 September 2022. Net sales rose 7.04% to Rs 3910.49 crore in Q3 September 2022 over Q3 September 2022. During the quarter ended 30 September 2022, cement volume grew by 4% compared with the same quarter last year. Ready Mix Concrete performed well with a volume growth of over 10% over the same quarter last year. Power and fuel expenses in Q3 September 2022 stood at Rs 1,317.53 crore, up 67.14% YoY.

Bank of Maharashtra rallied 4.46% after the state-run bank`s net profit jumped 102.93% to Rs 535 crore in Q2 FY23 as against Rs 264 crore posted in Q2 FY22. Total income rose 7% year on year (YoY) to Rs 4,317 crore in Q2 FY23 over Q2 FY22.

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