Sensex reclaims 59,000 level, PSU bank stocks advance
Published on Oct 18, 2022 10:31
The key equity indices traded near the day`s high with strong gains in the morning trade. Positive global cues boosted the sentiment. The Nifty traded above the 17,500 level. PSU bank shares extended gains for the third consecutive trading session.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 705.61 points or 1.21% to 59,116.59. The Nifty 50 index gained 204.75 points or 1.18% to 17,516.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index gained 0.76%.
The market breadth was strong. On the BSE, 2,198 shares rose and 931 shares fell. A total of 124 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.
L&T Technology Services (up 1.85%), KPIT Technologies (down 1.04%), Gujarat Mineral Development Corporation (up 2.26%) Gujarat Fluorochemicals (up 0.11%), Heritage Foods (down 1.37%), HFCL (up 1.20%), ICICI Lombard General Insurance Company (up 0.68%), JSW Ispat Special Products (up 1.66%), Mahindra CIE Automotive (up 1.78%), Network18 Media & Investments (up 0.53%), Newgen Software Technologies (up 1.74%), Polycab India (up 0.05%), Schaeffler India (down 1.87%), Tata Communications (up 0.44%), Tinplate Company of India (up 2.37%), and TV18 Broadcast (up 1.94%) will announce their financial results for Q2 FY23 later in the day.
The Nifty PSU Bank index gained 2.26% to 3,119.75, extending its winning run for third session. The index advanced 6.28% in three trading sessions.
Bank of Baroda (up 2.53%), Canara Bank (up 2.4%), Union Bank of India (up 2.28%), State Bank of India (up 2.06%), UCO Bank (up 1.72%), Punjab National Bank (up 1.63%), Bank of India (up 1.49%), Indian Bank (up 1.3%), Central Bank of India (up 1.29%) and Punjab & Sind Bank (up 1%) jumped.
Tata Coffee rose 0.76%. The company reported a consolidated net profit of Rs 147 crore in Q2 FY23, which is significantly higher as compared with a net profit of Rs 54 crore recorded in Q2 FY22. The sharp improvement in profitability was driven by improved performance of Plantation and Instant Coffee businesses and one-time exceptional income on disposal of a non-core/surplus property. Consolidated total income for the quarter higher at Rs 723 crore compared to Rs 554 crore for the corresponding quarter of the previous year, an increase of 30%, driven by higher realisations in all businesses of the company.
Indowind Energy hit an upper circuit limit of 5% after the company`s consolidated net profit surged 656.86% to Rs 3.86 crore on 64.60% increase in net sales to Rs 14.60 crore in Q2 FY23 over Q2 FY22.
Can Fin Homes gained 1.17% after the company`s net profit rose 14.6% to Rs 141.71 crore on 40.5% increase in total income to Rs 657.55 crore in Q2 FY23 over Q2 FY22.
Tata Metaliks rose 0.37%. The company reported a net profit of Rs 14.29 crore in Q2 FY23, down by 73.8% from Rs 54.62 crore recorded in Q2 FY22. Revenue from operations increased by 36% YoY to Rs 876.98 crore during the quarter. This was driven by higher sales volume of both Pig Iron (PI) and Ductile Iron (DI) Pipe by approximately 23% and approximately 52%, respectively, despite the disruption for 4-5 days due to rail & road agitation in Kharagpur.
Powered by Capital Market - Live News