Sensex, Nifty spurt in early trade on upbeat global cues

11 Nov 2022 , 09:32 AM

The key equity barometers were trading with robust gains in early trade on buying demand in index pivotals. Positive global cues boosted the sentiment. The Nifty traded above the 18,300 level. All the sectoral indices on the NSE were in the green with IT, healthcare, metal and pharma stocks gaining the most. At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 966.04 points or 1.59% to 61,579.74. The Nifty 50 index gained 286.15 points or 1.59% to 18,314.35. In the broader market, the S&P BSE Mid-Cap index gained 0.89% while the S&P BSE Small-Cap index rose 0.83%. The market breadth was strong. On the BSE, 2,087 shares rose and 633 shares fell. A total of 104 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. Stocks in Spotlight: Eicher Motors declined 2.48%. The companys total revenue from operations for the quarter was recorded at Rs 3,519 up 56.4% as compared to Rs 2,250 crores in the corresponding quarter of FY 2021-22. Profit after tax was Rs 657 crore, an increase of 76.1% as compared to a profit of Rs 373 during the same period last year. Apollo Hospitals Enterprises gained 2.65%. The companys reported consolidated net profit of Rs 212.84 crore in Q2 FY23 as against a net profit of Rs 267.41 crore in Q2 FY22. Total income stood at Rs 4273.64 crore in Q2 FY23 from Rs 3722.70 crore in Q2 FY22. Jindal Steel & Power (JSPL) rose 1.37%. JSPL reported consolidated net profit of Rs 219 crore in Q2 FY23 as against a net profit of Rs 2584 crore in Q2 FY22. Revenue from operations stood at Rs 13521 crore in Q2 FY23 from Rs 13612 crore in Q2 FY22. Adani Power rose 0.81%. Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100% equity stake in its wholly owned subsidiary, Support Properties Private Limited (SPPL) to AdaniConnex Private Limited (ACX). SJVN added 1.62%. The state-run company will develop the project in Indias largest floating solar park at Omkareshwar in District Khandwa, Madhya Pradesh. Global Markets: Asian stocks were trading higher after the release of U.S. inflation data in October raised investor hopes that inflation has peaked. US stocks mounted their biggest rally since 2020 after Octobers reading of consumer prices raised investor hopes that inflation has peaked. Price increases moderated in the United States last month. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department said Thursday. The year-over-year gain was the smallest since January. Excluding volatile food and energy prices, core inflation rose 6.3% in the past 12 months and 0.3% from September. Meanwhile, US President Joe Biden is reportedly expected to discuss Russias war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia. Powered by Capital Market – Live News