SENSEX RISES 205 PTS, NIFTY ABOVE 18,200 LEVEL

The headline equity indices traded with decent gains in morning trade. Investor sentiment improved on progress in debt ceiling negotiations in the United States. The Nifty traded above the 18,200 level. Financial services stocks witnessed bargain buying after declining in the past two trading sessions. Trading could be volatile due to expiry of weekly index options on the NSE.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 205.54 points or 0.33% to 61,766.18. The Nifty 50 index rose 50.80 points or 0.20% to 18,232.55.

In the broader market, the S&P BSE Mid-Cap index added 0.20% while the S&P BSE Small-Cap index gained 0.48%.

The market breadth was strong. On the BSE, 1,998 shares rose and 1,108 shares fell. A total of 151 shares were unchanged.

Results Today:

State Bank of India (up %), ITC (up 0.42%), GAIL (India) (up 0.09%), InterGlobe Aviation (up 1.34%), Arvind (up 5.03%), Bata India (up 0.23%), Clean Science and Technology (down 0.08%), Container Corporation of India (down 1.06%), Gland Pharma (up 0.46%), Gujarat Narmada Valley Fertilizers & Chemicals (up 0.45%), Gulf Oil Lubricants India (up 1.67%), Krishna Institute of Medical Sciences (up 1.19%), PTC India Financial Services (up 1.46%), PI Industries (down 0.57%), PNB Housing Finance (down 0.21%), RITES (down 0.67%), Shalby (up 0.10%), Tata Elxsi (up 0.45%), Ujjivan Financial Services (down 2.66%), United Spirits (down 0.35%), and Zydus Lifesciences (up 0.15%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Financial Services index rose 0.67% to 19,431.20. The index witnessed bargain hunting after declining 1.44% in the past two trading sessions.

Cholamandalam Investment & Finance Company (up 2.58%), Indian Energy Exchange (up 1.73%), Bajaj Finance (up 1.64%), ICICI Prudential Life Insurance Company (up 1.57%), SBI Cards & Payment Services (up 1.34%), Axis Bank (up 1.22%), Power Finance Corporation (up 1.13%), HDFC Life Insurance Company (up 1.01%), ICICI Lombard General Insurance Company (up 0.91%) and Bajaj Finserv (up 0.66%) edged higher.

On the other hand, Muthoot Finance (down 0.34%), Shriram Finance (down 0.26%) and REC (down 0.04%) declined.

Stocks in Spotlight:

Jindal Stainless jumped 7.29%. The company reported 16.1% decline in standalone net profit to Rs 659.15 crore in Q4 FY23 from Rs 785.55 crore in Q4 FY22. Total revenue fell marginally on YoY basis to Rs 9444.31 crore during the period under review.

Honeywell Automation India surged 8.19% after the company`s net profit jumped 54.2% to Rs 112.03 crore in Q4 FY23 as compared with Rs 72.67 crore in Q4 FY22. Revenue from operations increased 27.2% year on year to Rs 849.68 crore in Q4 FY23.

Mankind Pharma rose 0.20%. The company intimated that Income Tax Department (IT Dept) conducted search under the Income Tax Act, 1961 at some of the offices and plants of the company and its subsidiaries. The business operations of the company continue as usual and have not been impacted due to the search.

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