Sensex spurts 355 pts, financial services stocks advance

19 Oct 2022 , 11:32 AM

The domestic equity barometers continued to trade with modest gains in the mid-morning trade. The Nifty traded above the 17,550 mark. Financial services shares extended gains for the fourth consecutive trading session. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 355.19 points or 0.60% to 59,315.79. The Nifty 50 index gained 90.45 points or 0.52% to 17,577.40. In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.40%. The market breadth was strong. On the BSE, 1,958 shares rose and 1,264 shares fell. A total of 155 shares were unchanged. Buzzing Index: The Nifty Financial Services index rose 0.64% to 18,135.80, extending gains for the fourth trading session. The index rallied 4.29% in four trading sessions. Housing Development Finance Corporation (up 2.52%), HDFC Asset Management Company (up 1.95%), Axis Bank (up 1.74%), Indian Energy Exchange (up 1.72%), HDFC Bank (up 1.4%), Muthoot Finance (up 0.88%), Power Finance Corporation (up 0.58%), SBI Cards & Payment Services (up 0.54%), Kotak Mahindra Bank (up 0.49%) and SBI Life Insurance Company (up 0.44%) advanced. On the other hand, State Bank of India (down 1.28%), Shriram Transport Finance Company (down 1.08%) and ICICI Bank (down 0.46%) edged lower. Stocks in Spotlight: ICICI Lombard General Insurance Company added 0.09%. The general insurance companys net profit rose 32.2% to Rs 590.53 crore on 18.14% rise in total income to Rs 4,499.03 crore in Q2 FY23 over Q2 FY22. Schaeffler India declined 0.34%. The company reported 26.1% jump in net profit to Rs 215.4 crore on a 18.1% increase in net sales to Rs 1,756.43 crore in Q3 September 2022 over Q3 September 2021. Net profit margin in the third quarter stood 12.3% as compared with 11.5% during the corresponding quarter of 2021. Network18 Media & Investments dropped 5.36% after the media company reported consolidated net loss of Rs 36.49 crore in Q2 September 2022 as against net profit of Rs 39.02 crore in Q2 September 2021. On a consolidated basis, net sales rose 11.65% to Rs 1548.89 crore in Q2 September 2022 over Q2 September 2021. Mahindra CIE Automotive fell 0.80%. The comapny reported 3% rise in consolidated net profit to Rs 171.37 crore on 30.3% rise in revenue from operations to Rs 2,723.15 crore in Q3 calender year (CY) 2022 over Q3 CY 2021. Global Markets: Asian stocks traded mixed on Wednesday as traders assessed a solid start to the corporate-earnings season that helped extend a rally in US markets. Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. Production at US factories spiked in September. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Output increased 4.7% from a year earlier. Powered by Capital Market – Live News