Nifty hovers above 18,300; metal stocks shine

11 Nov 2022 , 12:34 PM

The key equity indices continued to trade in a narrow range with major gains in the early afternoon trade. Positive global cues boosted the sentiment. The Nifty hovered above the 18,300 level. IT, financial services and metal stocks advanced while FMCG and auto shares declined. At 12:28 IST, the barometer index, the S&P BSE Sensex, surged 1121.14 points or 1.85% to 61,734.84. The Nifty 50 index gained 311.20 points or 1.73% to 18,339.40. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.53%. The market breadth was strong. On the BSE, 1,953 shares rose and 1,407 shares fell. A total of 131 shares were unchanged. US consumer inflation reached 7.7% in October. The lower-than-expected inflation data might ease the pressure on the Fed to maintain its policy of aggressive interest rate hikes to combat inflation. The US central bank has delivered four consecutive rises of 0.75% points this year in an attempt to slow price growth. Markets now expect a smaller 0.5% point rise at the Feds meeting in December. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, declined 5.92% to 14.6450. The Nifty 24 November 2022 futures were trading at 18,397.25, at a premium of 57.85 points as compared with the spot at 18,339.40. The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 25 lakh contracts at the 19,500 strike price. Maximum Put OI of 35 lakh contracts were seen at 18,000 strike price. Buzzing Index: The Nifty Metal index rose 2.03% to 6,446.95. The index shed 1.64% in previous two trading sessions. Among the components of the Nifty Metal index, Jindal Steel & Power (up 5.45%), National Aluminium Company (up 3.52%), Hindalco Industries (up 3.42%), Tata Steel (up 3.15%), Hindustan Copper (up 2.39%) Steel Authority of India (up 2.38%), JSW Steel (up 2.05%), Vedanta (up 2%), Jindal Stainless (up 1.96%) and Hindustan Zinc (up 1.64%) were the top gainers. On the other hand, Welspun Corp (down 2.69%), Ratnamani Metals & Tubes (down 0.65%) and APL Apollo Tubes (down 0.33%) edged lower. Earnings Impact: Apollo Hospitals Enterprise rose 2.85%. The healthcare service provider reported 17.7% decline in consolidated net profit to Rs 203.99 crore despite of 14.4% rise in net sales to Rs 4251.07 in Q2 FY23 over Q2 FY22. Profit before tax in Q2 FY23 stood at Rs 327.07 crore, down by 14.6% from Rs 382.98 crore in Q2 FY22. Consolidated EBITDA was at Rs 565.4 crore in Q2 FY23 as against Rs 615 crore in Q2FY22. Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) tumbled 9.17% after the companys standalone net profit slipped 16% to Rs 237 crore in Q2 FY23 from Rs 282 crore in Q2 FY22. Operating Revenue stood at Rs 2,587 crore, historical highest which is 23% higher than previous highest ever recorded in Q2 FY22, said the company. Aster DM Healthcare declined 5.84% after companys net profit slumped 56.78% to Rs 46.21 crore despite of 12.5% rise in revenue from operations to Rs 2,816.30 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News