Barometers trade with limited losses; metal shares rise for 2nd day

14 Nov 2022 , 11:26 AM

The domestic equity barometers continued to trade with limited losses in mid-morning trade. The Nifty continued to trade below the 18,350 level. Pharma shares witnessed significant selling pressure. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 118.56 points or 0.19% to 61,676.48. The Nifty 50 index lost 5.35 points or 0.03% to 18,344.35. In the broader market, the S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index added 0.30%. The market breadth was almost even. On the BSE, 1,775 shares rose and 1,668 shares fell. A total of 160 shares were unchanged. Economy: Indias industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1% in September, data released on Friday showed. The growth was primarily owing to a rise in manufacturing and mining outputs. The IIP had grown 4.4% in September 2021. According to the government data, the output of the manufacturing sector rose 1.8% in September 2022 as against an 4.3% growth recorded in the year-ago period, as per latest data from the National Statistical Office (NSO). Buzzing Index: The Nifty Metal index rose 1.57% to 6,548.45. The index has added 3.64% in two sessions. Hindalco Industries (up 4.68%), Jindal Stainless (up 3.97%), Hindustan Zinc (up 3.19%), National Aluminium Company (up 3.15%) and Jindal Steel & Power (up 2.35%) were the top gainers. Among the other gainers were APL Apollo Tubes (up 2.32%), Tata Steel (up 1.44%), Steel Authority of India (up 1.17%), Vedanta (up 1.12%) and Hindustan Copper (up 0.7%). Stocks in Spotlight: Adani Power fell 1.44%. The Adani group firm reported profit after tax for Q2 FY23 at Rs 696 crore as against loss of Rs 231 crore in Q2 FY22, due to higher one-time income. Consolidated total income for Q2 FY23 was higher by 52% at Rs 8,446 crore compared with Rs 5,572 crore in Q2 FY22. This increase in revenue was aided by improved tariffs under long term Power Purchase Agreements (PPAs) on account of higher import coal prices, as well as improved merchant/short term tariffs due to higher demand. Bharat Heavy Electricals (Bhel) slumped 6.12%. Bhel reported consolidated net profit of Rs 12.10 crore in Q2 FY23 as against a net loss of Rs 45.98 crore in Q2 FY22. Revenue from operations increased marginally to Rs 4,927.95 crore in Q2 FY23 from Rs 4,910.62 crore posted in Q2 FY22. Thermax rose 0.15 %. The company reported 24% rise in consolidated net profit to Rs 109 crore on a 41% increase in operating revenue to Rs 2,075 crore in Q2 FY23 over Q2 FY22. Global Markets: Asian stocks traded in a mixed fashion on Monday. A top U.S. central banker reportedly warned investors against getting carried away over one inflation number. Shares in the region ended higher last week after U.S. consumer prices rose less than expected and China announced some easing of its Covid measures. Later this week, Japan is slated to report figures for gross domestic product, trade and consumer inflation, while Indonesias central bank holds a monetary policy meeting. US stocks ended sharply higher on Friday amid continued optimism over cooler-than-expected US inflation print. Powered by Capital Market – Live News