Sensex jumps 889 pts, Nifty above 18,250 mark, IT stocks advance

11 Nov 2022 , 10:36 AM

The domestic equity benchmarks traded with strong gains in morning trade. Positive global cues boosted the sentiment. The Nifty traded above the 18,250 mark. Barring the Nifty PSU Bank index, all the sectoral indices on the NSE were in the green. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 888.98 points or 1.47% to 61,502.68 . The Nifty 50 index gained 260 points or 1.44% to 18,288.20. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.43% while the S&P BSE Small-Cap index rose 0.39%. The market breadth was strong. On the BSE, 1.957 shares rose and 1,213 shares fell. A total of 158 shares were unchanged. Foreign portfolio investors (FPIs) bought shares worth Rs 36.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 967.13 crore in the Indian equity market on 10 November, provisional data showed. 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 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. Earnings Today: Mahindra & Mahindra (down 0.13%), Hindalco Industries (up 2.61%), Life Insurance Corporation of India (up 1.32%), ABB India (down 0.30%), Adani Power (down 1.26%), Alkem Laboratories (up 1.12%), Alembic Pharmaceuticals (up 0.92%), Ashoka Buildcon (up 0.88%), Astral (up 1.11%), Zee Entertainment Enterprises (up 0.69%), Bharat Dynamics (up 0.24%), BHEL (up 1.66%), Delhivery (up 1.03%), Dhani Services (up 2.16%), Easy Trip Planners (up 1.81%), Emami (up 0.08%), Exide Industries (up 0.06%), Fortis Healthcare (up 0.84%), Glaxosmithkline Pharmaceuticals (down 0.36%), Glenmark Pharmaceuticals (up 0.98%), Hindustan Aeronautics (up 1.45%), Ipca Laboratories (up 0.66%), Lemon Tree Hotels (up 1.29%), Pfizer (down 0.09%), Sun TV Network (down 0.57%), Thermax (up 0.19%), Ujjivan Financial Services (down 1.31%) and Zydus Lifesciences (up 1.58%) will announce their quarterly earinings later today. New listing: Shares of DCX Systems were trading at Rs 305 at 10:34 IST on the BSE, representing a premium of 47.34% as compared to the issue price of Rs 207. The scrip was listed at a price of Rs 286.25, at a premium of 38.29% as compared to the issue price. So far, the stock has hit a high of 305.90 and a low of 286.25. On the BSE, over 12.20 lakh shares of the company were traded in the counter so far. Buzzing Index: The Nifty IT index rallied 3.91% to 29,620. The index declined 0.82% in two trading sessions. Coforge (up 5.5%), Infosys (up 4.31%), Larsen & Toubro Infotech (up 4.27%), Persistent Systems (up 4%), Mphasis (up 3.94%), HCL Technologies (up 3.82%), Tata Consultancy Services (up 3.78%), Wipro (up 3.52%), Tech Mahindra (up 3.48%) and L&T Technology Services (up 2.47%) advanced. Stocks in Spotlight: Bata India shed 0.55%. The footwear majors consolidated net profit rose 47.44% to Rs 54.82 crore on 35.1% increase in net sales to Rs 829.76 crore in Q2 FY23 over Q2 FY22. Trent slipped 3.72%. The Tata Group retail firm reported a consolidated net profit of Rs 93.02 crore in Q2 FY23 as against Rs 92.5 crore recorded in Q2 FY22. The companys revenue from operations jumped 65.8% to Rs 1,952.74 crore in Q2 FY23 from Rs 1,178.09 crore in Q2 FY22. Jindal Steel & Power (JSPL) rallied 3.97%. The company reported a consolidated net loss of Rs 473 crore in Q2 FY23 as against a net profit of Rs 2,711 crore in Q2 FY23 over Q2 FY22. Net revenue fell by 1% YoY to Rs 13,107 crore during the quarter. Powered by Capital Market – Live News