Barometers end with strong gains; Nifty ends above 17,200; Infosys rises over 3%

The headline equity indices ended with robust gains on Friday. The Nifty closed above the 17,200 mark. Strong global cues boosted the investor sentiments. Banks, financial and IT stocks advanced while oil & gas, realty and media stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 684.64 points or 1.20% to 57,919.97. The Nifty 50 index added 171.35 points or 1.01% to 17,185.70.

In the broader market, the S&P BSE Mid-Cap index fell 0.13% and the S&P BSE Small-Cap index gained 0.01%.

The market breadth was positive. On the BSE, 1,837 shares rose and 1,607 shares fell. A total of 149 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 10.01% to 18.26.

Economy:

India's inflation based on wholesale price index (WPI) stood at 10.7% in September 2022 as against 12.41% recorded in August 2022 and 11.8% in September 2021.

Inflation in September 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, chemicals & chemical products, basic metals, electricity, textiles etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.

Earnings Impact:

Infosys jumped 3.82%. The IT major reported 12.3% rise in consolidated net profit to Rs 6,021 crore on a 6% increase in revenue to Rs 36,538 crore in Q2 FY23 over Q1 FY23. As compared with Q2 FY22, the company's net profit and revenues have grown by 11.1% and 23.4%, respectively.

The company has revised its FY23 revenue guidance to 15%-16%. The operating margin guidance has also been revised to 21%-22%.

Mindtree rose 1.88%. The L&T Group company's consolidated net profit jumped 7.9% to Rs 508.7 crore on 8.9% rise in revenue to Rs 3,400.4 crore in Q2 FY23 over Q1 FY23. As compared to Q2 FY22, the IT company's consolidated net profit and revenue increased by 27.5% and 31.5%, respectively. The company had a healthy order book of $518 million, up 44% YoY in Q2 FY23. H1 total contract value (TCV) crosses $1 billion.

Federal Bank advanced 4.73% after the private bank posted a 52.89% rise in standalone net profit to Rs 703.71 crore in Q2 FY23 from Rs 460.26 crore in Q2 FY22. The bank's total income grew 19.62% to Rs 4,630.30 crore in Q2 FY23 compared with Rs 3,870.90 crore in Q2 FY22.

Angel One advanced 3.45% after the company reported 59.2% rise in consolidated net profit to Rs 213.6 crore on a 35.9% increase in total revenue from operations to Rs 716.7 crore in Q2 FY23 over Q2 FY22. As compared with Q1 FY23, the company's net profit and revenue are higher by 17.7% and 7%, respectively.

Cyient was down 1.92%. The IT company's consolidated net profit tumbled 31.87% to Rs 79.10 crore while revenue jumped 11.69% to Rs 1,396.20 crore in Q2 FY23 over Q1 FY23. Consolidated PBT before exceptional items stood at Rs 130.1 crore in Q2 FY23, declining 18.43% QoQ and down 19.49% YoY. The company's US subsidiary has incurred legal costs of Rs 21.6 crore on the antitrust lawsuit for the quarter and half year ended 30 September 2022.

Anand Rathi Wealth added 2.89% to Rs 703.45 after the company reported 41% jump in consolidated net profit to Rs 43 crore on a 34% increase in operating revenue to Rs 136.1 crore in Q2 FY23 over Q2 FY22.

Den Networks rose 0.30% after the cable TV distributor reported a 20.6% rise in consolidated net profit to Rs 47.51 crore despite of 11.6% fall in net sales to Rs 287.30 crore in Q2 FY23 over Q2 FY22.

Global Markets:

Shares in Europe and Asia advanced across the board on Friday, tracking cues from US stocks overnight.

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

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

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

In the U.S., inflation data showed consumer prices increased more than expected in September, with CPI rising 0.4% from August, and 8.2% from September last year. Core inflation was up 6.6% from a year ago, the biggest 12-month gain since August 1982.

Powered by Capital Market - Live News