Indices drift higher in early trade; Nifty above 18,050

4 Nov 2022 , 09:32 AM

The domestic equity benchmarks edged higher in early trade amid positive Asian cues. The Nifty traded above the 18,050 level. PSU Bank, metal and media stocks advanced while IT, healthcare and pharma stocks declined. At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 119.28 points or 0.20% to 60,955.69. The Nifty 50 index added 22.15 points or 0.12% to 18,074.85. In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.47%. The market breadth was strong. On the BSE, 1,793 shares rose and 864 shares fell. A total of 111 shares were unchanged. Foreign portfolio investors (FPIs) bought shares worth Rs 677.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 732.11 crore in the Indian equity market on 3 November, provisional data showed. Stocks in Spotlight: Hero MotoCorp declined 1.78%. Hero MotoCorp reported consolidated net profit of Rs 682.28 crore in Q2FY23 as compared with net profit of Rs 747.79 crore reported in Q2FY22. Total income rose to Rs 9,252.22 crore during Q2FY23 against Rs 8,696.8 crore recorded in Q2FY22. Wipro slipped 0.28%. The IT company has roped in former senior executive of Capgemini, Amit Choudhary, as its chief operating officer and member of the executive board. Based in New York, Choudhary will be responsible for improving organisational operational efficiency, helping drive sustainable growth at Wipro. Adani Enterprises rose 0.05%. The company reported 117% rise in consolidated net profit to Rs 461 crore on 183% jump in total income to Rs 38441 crore in Q2 FY23 over Q2 FY22. Global markets: Asian stocks are trading mostly higher on Friday with investors awaiting domestic earnings reports for cues on corporate health and U.S. jobs data for hints on future rate hikes. The Fed had raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further. Japans services sector activity grew at the fastest clip in four months in October, a private survey showed on Friday. The final au Jibun Bank Japan Services purchasing managers index (PMI) rose to a seasonally adjusted 53.2 from the prior months 52.2, growing at the quickest rate since June. US stocks closed lower for a fourth consecutive session on Thursday as markets awaited key US jobs data, while taking in hawkish moves by major central banks. US Federal Reserve and Bank of England in separate statements said it was premature to think about pausing as part of the fight against inflation. Investors will be watching the US employment report due out Friday for any signs of cooling in the economy. Powered by Capital Market – Live News