Indices drift higher in early trade amid strong global signals

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National equity benchmarks edged higher and traded with solid gains in early trade. The Nifty traded above the 17,250 mark. Strong global signals boosted investor sentiment. All sector indices on the NSE traded in the green.

As of 09:27 IST, the barometer index, the S&P BSE Sensex, was up 968.78 points or 1.69% at 58,204.11. The Nifty 50 index added 275.15 points or 1.62% to 17,289.50.

In the broader market, the S&P BSE Mid-Cap Index rose 1.04% while the S&P BSE Small-Cap Index rose 1.09%.

The scale of the market was strong. On the BSE, 2,242 stocks rose and 412 stocks fell. A total of 99 stocks remained unchanged.

Foreign Portfolio Investors (REITs) sold shares worth Rs 1,636.43 crore, while Domestic Institutional Investors (DII) were net buyers worth Rs 753.29 crore in the market Indian stock marketer on October 13, 2022, according to preliminary data.

Actions in the spotlight:

Infosys jumped 4.04%. The IT major recorded a 12.3% increase in consolidated net profit to Rs 6,021 crore on a 6% increase in revenue to Rs 36,538 crore in Q2 FY23 compared to Q1 FY23. Compared to the second quarter of FY22, the company’s net profit and revenue increased by 11.1% and 23.4%, respectively.

The company revised its revenue forecast for FY23 to 15%-16%. The operating margin guidance was also revised to 21%-22%.

Mindtree rose 2.28%.

The L&T Group company’s consolidated net profit jumped 7.9% to Rs 508.7 crore on an 8.9% rise in revenue to Rs 3,400.4 crore in the second quarter of FY23 compared to the first quarter of FY23. Compared to the second quarter of FY22, the IT company’s consolidated net income and revenue increased 27.5% and 31.5%, respectively. The company had a strong backlog of $518 million, up 44% year-on-year in Q2 FY23. The total contract value (TCV) of the first half exceeds $1 billion.

NLC India gained 2.04%. The state-run miner has entered into a memorandum of understanding with BHEL, a public sector company under the Ministry of Heavy Industries, to develop indigenous lignite gasification technology.

Global Markets:

US Dow Jones index futures were down 220 points, indicating a positive open in US stocks today.

Asian stocks rose across the board on Friday, taking inspiration from U.S. stocks overnight.

Singapore’s gross domestic product in the July-September quarter came in at 4.4%, much higher than expected.

Meanwhile, the country’s central bank tightened monetary policy for the fifth time in a year, in line with expectations, as rising costs continued to weigh on the economy.

US stocks ended sharply higher after a volatile session on Thursday, with every major index gaining more than 2%. The Dow Jones Industrial Average rose 827 points, or 2.83%, to close at 30,038.06 after falling more than 500 points earlier in the day. The S&P 500 rose 2.60% to 3,669.87, snapping a six-day losing streak. The Nasdaq Composite gained 2.23% to end the day at 10,649.15.

In the United States, inflation data showed consumer prices rose more than expected in September, with the CPI rising 0.4% from August and 8.2% from August. September of last year. Core inflation rose 6.6% from a year ago, the biggest 12-month rise since August 1982.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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