Sensex spurts 701 pts, Nifty above 17,950 mark

31 Oct 2022 , 12:37 PM

The headline equity indices traded near the days high with robust gains in the early afternoon trade. The Nifty traded above the 17,950 mark. Positive global cues boosted the sentiments. Barring the Nifty Metal index, all the sectoral indices on the NSE were in the green. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 701.8 points or 1.17% to 60,661.65. The Nifty 50 index gained 197.75 points or 1.11% to 17,984.55. In the broader market, the S&P BSE Mid-Cap index gained 0.79% while the S&P BSE Small-Cap index rose 0.34%. The market breadth was positive. On the BSE, 1,856 shares rose and 1,568 shares fell. A total of 171 shares were unchanged. Economy: Indias forex reserves dropped by $3.847 billion to $524.52 billion for the week ended October 21, the RBI said on Friday. The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been declining for many months now. In October 2021, the countrys forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets (FCA), a major component of the overall reserves, saw a drop of $3.593 billion to $465.075 billion during the week to October 21, according to the Weekly Statistical Supplement released by the RBI on Friday. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, declined 0.51% to 15.84. The Nifty 24 November 2022 futures were trading at 18,020.10, at a premium of 35.55 points as compared with the spot at 17,984.55 The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 22.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 28.9 lakh contracts were seen at 17,000 strike price. Buzzing Index: The Nifty Financial Services index rose 1.19% to 18,502.70.The index declined 0.27% in the past trading session. HDFC Bank (up 2.11%), REC (up 2.05%), Housing Development Finance Corporation (up 1.81%), Bajaj Finance (up 1.77%), Bajaj Finserv (up 1.65%), SBI Cards & Payment Services (up 1.65%), Power Finance Corporation (up 1.14%), HDFC Life Insurance Company (up 1.14%), Kotak Mahindra Bank (up 1.12%) and SBI Life Insurance Company (up 0.93%) jumped. On the other hand, Shriram Transport Finance Company (down 3.21%), Cholamandalam Investment & Finance Company (down 0.88%) and Muthoot Finance (down 0.7%) edged lower. IPO Update: The initial public offer (IPO) of DCX System received bids for 86.14 lakh shares as against 1.45 crore shares on offer, according to stock exchange data 12:24 IST on, Monday (31 October 2022). The issue was subscribed 59%. The issue opened for bidding on Monday (31 October 2022) and it will close on Wednesday (2 November 2022). The price band of the IPO is fixed at Rs 197 to 207 per share. An investor can bid for a minimum of 72 Equity Shares and in multiples thereof. Results Impact: JSW Energy jumped 5.63% after the companys consolidated net profit surged 37.3% to Rs 465.67 crore on 14.4% rise in revenue from operations to Rs 2,387.48 crore in Q2 FY23 over Q2 FY22. Sona BLW Precision Forgings shed 0.26%. The companys net profit rose 5% to Rs 92.5 crore in Q2 FY23 from Rs 88.2 crore in Q2 FY22. Revenue in the second quarter improved by 12% YoY to Rs 657.4 crore. Battery Electric Vehicles (BEV) revenue, at Rs 131 crore, was higher by 6% YoY and constituted 21% of total revenue. Non-BEV revenue stood at Rs 526.4 crore, up 14% YoY. Light vehicle sales in the companys top-3 markets (North America, India, and Europe) grew by only 4% during the period under review. Blue Dart Express slipped 3.45%. The companys consolidated net profit rose 3.4% to Rs 93.64 crore on 17.9% increase in revenue from operations to Rs 1,325.28 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News