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Sensex spurts 358 pts, PSU bank shares edge higher

Published on Oct 21, 2022 11:34

The benchmark indices continued to trade with moderate gains in the mid-morning trade. The Nifty hovered above the 17,600 level. Bank, financial services and healthcare shares were in demand. On the other hand, media, metal and IT stocks were under pressure.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 357.72 points or 0.60% to 59,560.62. The Nifty 50 index gained 90.80 points or 0.52% to 17,654.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was positive e. On the BSE, 1,843 shares rose and 1,374 shares fell. A total of 146 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 2.89% to 3,305.80. The index advanced 4.82% in two trading sessions.

Indian Bank (up 4.45%), Union Bank of India (up 4.13%), Canara Bank (up 3.94%), Punjab & Sind Bank (up 3.88%), Bank of India (up 3.72%), UCO Bank (up 3.29%), Bank of Baroda (up 2.56%), Bank of Maharashtra (up 2.56%), Indian Overseas Bank (up 2.27%) and Punjab National Bank (up 2.1%) edged higher.

Results Impact:

Happiest Minds Technologies shed 0.46%. The company reported 5.45% rise in consolidated net profit to Rs 59.41 crore on a 8.08% increase in net sales to Rs 355.51 crore in Q2 FY23 over Q1 FY23.

Shriram Transport Finance Company declined 1.07. The NBFC`s standalone net profit rose 38.3% to Rs 1,066.87 crore on 13.8% increase in total income to Rs 5,351.28 crore in Q2 FY23 over Q2 FY22.

Dixon Technologies (India) gained 2.07% after the company reported 23% increase in consolidated net profit to Rs 77.1 crore on a 38% rise in income to Rs 3,866.8 crore in Q2 FY23 over Q2 FY22.

Lakshmi Machine Works rose 1.90% after the company reported 139.6% jump in consolidated net profit to Rs 104.30 crore in Q2 FY23 from Rs 43.53 crore in Q2 FY22.

Global Markets:

Most Asian stocks declined on Friday as investors await inflation data from several economies.

US stocks ended the session lower on Thursday after investors weighed generally upbeat earnings against the prospect that the Federal Reserve could hold firm on its aggressive policy for longer than they had hoped.

Remarks from Philadelphia Federal Reserve President Patrick Harker suggested the central bank will "keep raising rates for a while".

Meanwhile, British Prime Minister Liz Truss resigned Thursday, bringing to a close a brief 44-day tenure mired by �mini-budget� chaos, economic turmoil and political infighting. Truss said she will remain in place as caretaker prime minister until a successor is named, with a leadership contest expected to take place over the next week. Rishi Sunak, Penny Mordaunt and even former Prime Minister Boris Johnson are among the likely frontrunners to replace Truss.

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