Market off days high; Nifty above 17,250, Sensex adds 807 pts

14 Oct 2022 , 02:35 PM

The key equity indices came off the days high but continued to trade with strong gains in the mid-afternoon trade. The Nifty traded above the 17,250 level. Strong global cues boosted the investor sentiments. Banks, financial and stocks advanced while realty, media and metal stocks declined. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 807.51 points or 1.41% to 58,042.84. The Nifty 50 index added 217.20 points or 1.28% to 17,231.55. In the broader market, the S&P BSE Mid-Cap index rose 0.33% and the S&P BSE Small-Cap index gained 0.39%. The market breadth was strong. On the BSE, 2,057 shares rose and 1,356 shares fell. A total of 142 shares were unchanged. Economy: Indias inflation based on wholesale price index (WPI) stood at 10.7% in September 2022 as against 12.41% recorded in August 2022 and 11.8% in September 2021. Inflation in September 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, chemicals & chemical products, basic metals, electricity, textiles etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today. Numbers to Track: The yield on Indias 10-year benchmark federal paper fell to 7.470 as compared with 7.422 at close in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.4025, compared with its close of 82.24 during the previous trading session. MCX Gold futures for 5 December 2022 settlement fell 0.24% to Rs 50,762. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.26% to 112.68. The United States 10-year bond yield declined to 3.920 as compared with 3.954 at close in the previous trading session. In the commodities market, Brent crude for December 2022 settlement skid 50 cents or 0.53% at $94.07 a barrel. Buzzing Index: The Nifty Media index declined 0.32% to 2,092. The index added 0.27% in the past trading session. Among the components of the Nifty Media index, Dish TV India (up 3%), Hathway Cable & Datacom (up 1.24%), Network 18 Media & Investments (up 0.67%), Saregama India (up 0.64%), Nazara Technologies (up 0.63%), Inox Leisure (up 0.47%), TV18 Broadcast (up 0.41%), PVR (up 0.39%) and Sun TV Network (up 0.15%) were the gainers. On the other hand, Zee Entertainment Enterprises (down 1.17%) declined. Stocks in Spotlight: Federal Bank jumped 4.21% after the private bank posted a 52.89% rise in standalone net profit to Rs 703.71 crore in Q2 FY23 from Rs 460.26 crore in Q2 FY22. The banks total income grew 19.62% to Rs 4,630.30 crore in Q2 FY23 compared with Rs 3,870.90 crore in Q2 FY22. Asian Energy Services jumped 14.88% after it said that the company, along with its JV partner Furnace Fabrica (India), has secured the contract worth Rs 161 crore from The Singareni Collieries Company. The contract is for the design, supply, erection, commissioning, construction and testing of a coal handling plant at RG OC3, Telangana. Anand Rathi Wealth added 0.40% after the company reported 41% jump in consolidated net profit to Rs 43 crore on a 34% increase in operating revenue to Rs 136.1 crore in Q2 FY23 over Q2 FY22. Total operating costs rose by 29.8% to Rs 75.7 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News