Nifty above 18,150 mark, auto stocks advance, Divis Lab tumbles over 8%

7 Nov 2022 , 02:36 PM

The benchmark indices traded with minor gains in the mid-afternoon trade. The Nifty traded above the 18,150 mark. PSU bank, metal and auto stocks were in demand while pharma, healthcare and consumer durables shares witnessed a bit of a selling pressure. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 75.32 or 0.12% points to 61,025.68. The Nifty 50 index gained 50.90 points or 0.28% to 18,168.05. The broader market outperforms the headline indices. The S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index gained 0.54%. The market breadth was positive. On the BSE, 1,984 shares rose and 1,548 shares fell. A total of 201 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.453 as compared with 7.469 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.1250, compared with its close of 82.35 during the previous trading session. MCX Gold futures for 5 December 2022 settlement rose 1.39% to Rs 50,880. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.19% to 110.67. The United States 10-year bond yield rose 0.52% to 4.180. In the commodities market, Brent crude for January 2023 settlement declined 55 cents or 0.56% at $98.02 a barrel. Buzzing Index: The Nifty Auto index rose 1.07% to 13,414.35. The index added 1.14% in two trading sessions. MRF (up 3.95%), Samvardhana Motherson International (up 2.54%), Tata Motors (up 2.16%), Eicher Motors (up 2.03%), Bosch (up 1.88%), Balkrishna Industries (up 1.87%), Bharat Forge (up 1.8%), Maruti Suzuki India (up 0.89%), Hero MotoCorp (up 0.88%) and Sona BLW Precision Forgings (up 0.67%) advanced. On the other hand, TVS Motor Company (down 1.26%), Tube Investments of India (down 1.04%), edged lower. On YoY basis, total vehicle retail for the month of October 2022 saw a growth of 48%, the Federation of Automobile Dealers Associations (FADA) said its release today, 7 November 2022. All the categories closed in green. 2W, 3W, PV, Trac and CV were up by 51%, 66%, 41%, 17% and 25% respectively. When compared with October 2019, a pre-covid month, total vehicle retails for the first time closed in green with an increase of 8%. Except 3W which saw a marginal dip of – 0.6%, all the other categories were in green with 2W, PV, Trac and CV growing by 6%, 18%, 47% and 13%. During the 42 days festive period, total vehicle retails were up 28% YoY. All categories were in green with 2W, 3W, PC, Trac and CV growing by 26%, 66%, 28%, 33% & 28% respectively. Earnings Impact: Divis Laboratories tumbled 8.41% after the pharma company reported 18.61% fall in consolidated net profit to Rs 493.60 crore in Q2 FY23 from Rs 606.46 crore posted in Q2 FY22. Revenue from operations declined 6.7% year on year to Rs 1,854.54 crore in the quarter ended 30 September 2022 as against Rs 1,987.51 crore recorded in the same quarter last year. HT Media fell 5.70% after the company reported consolidated net loss of Rs 155.89 crore in Q2 September 2022 as against net profit of Rs 23.23 crore in Q2 September 2021. On a consolidated basis, net sales rose 11% year-on-year to Rs 409.25 crore in Q2 September 2022, led by growth in print and radio businesses. Ami Organics declined 1.79%. On consolidated basis, Ami Organics reported 9% rise in net profit to Rs 19.04 crore on 20.2% increase in revenue from operation to Rs 146.99 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News