Indices drift higher in early trade amid strong global cues

14 Oct 2022 , 09:31 AM

The domestic equity benchmarks edged higher and traded with strong gains in early trade. The Nifty traded above the 17,250 mark. Strong global cues boosted the investor sentiments. All the sectoral indices on the NSE traded in the green. At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 968.78 points or 1.69% to 58,204.11. The Nifty 50 index added 275.15 points or 1.62% to 17,289.50. In the broader market, the S&P BSE Mid-Cap index rose 1.04% while the S&P BSE Small-Cap index increased 1.09%. The market breadth was strong. On the BSE, 2,242 shares rose and 412 shares fell. A total of 99 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 1,636.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 753.29 crore in the Indian equity market on 13 October 2022, provisional data showed. Stocks in Spotlight: Infosys jumped 4.04%. The IT major reported 12.3% rise in consolidated net profit to Rs 6,021 crore on a 6% increase in revenue to Rs 36,538 crore in Q2 FY23 over Q1 FY23. As compared with Q2 FY22, the companys net profit and revenues have grown by 11.1% and 23.4%, respectively. The company has revised its FY23 revenue guidance to 15%-16%. The operating margin guidance has also been revised to 21%-22%. Mindtree rose 2.28%. The L&T Group companys consolidated net profit jumped 7.9% to Rs 508.7 crore on 8.9% rise in revenue to Rs 3,400.4 crore in Q2 FY23 over Q1 FY23. As compared to Q2 FY22, the IT companys consolidated net profit and revenue increased by 27.5% and 31.5%, respectively. The company had a healthy order book of $518 million, up 44% YoY in Q2 FY23. H1 total contract value (TCV) crosses $1 billion. NLC India advanced 2.04%. The state-run miner has entered into a memorandum of understanding with BHEL, a Public Sector Undertaking under the Ministry of Heavy Industries, to develop indigenous technology for Lignite Gasification. Global Markets: The US Dow Jones index futures were 220 points, indicating a positive opening in the US stocks today. Asian shares advanced across the board on Friday, taking cues from US stocks overnight. Singapores gross domestic product in the July-to-September quarter came in at 4.4%, much higher than expected. Separately, the countrys central bank tightened monetary policy for the fifth time in a year, in line with expectations, as rising costs continue to weigh on the economy. US stocks ended sharply higher after a volatile session on Thursday, with each major index gaining more than 2%. The Dow Jones Industrial Average rose 827 points, or 2.83%, to close at 30,038.06 after being down more than 500 points earlier in the day. The S&P 500 ticked up 2.60% to 3,669.87, breaking a six-day losing streak. The Nasdaq Composite gained 2.23% to end the day at 10,649.15. In the U.S., inflation data showed consumer prices increased more than expected in September, with CPI rising 0.4% from August, and 8.2% from September last year. Core inflation was up 6.6% from a year ago, the biggest 12-month gain since August 1982. Powered by Capital Market – Live News