Barometers trade near day's high; breadth remains strong

The equity barometers were trading firm near the day's high in afternoon trade. Auto and realty stocks were in demand while IT and media stocks declined. Global stock markets displayed mixed trend.

At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 331.72 points or 0.55% at 60,390.78. The Nifty 50 index was up 119.20 points or 0.67% at 18,014.40.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 0.96%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 2,065 shares rose and 1,267 shares fell. A total of 172 shares were unchanged.

Coal India (up 4.38%), Maruti Suzuki India (up 3.91%), PowerGrid Corporation of India (up 3.2%) and Grasim Industries (up 3.08%) were major gainers.

Tech Mahindra (down 1.65%), Bharti Airtel (down 0.62%), HDFC Life Insurance(down 0.53%) and Britannia Industries (down 0.39%) were major losers.

Tata Motors surged 9.20% to Rs 418.20 after a foreign brokerage reportedly maintained its 'overweight' stance on the stock with a target price of Rs 448.

The stock hit a 52-week high of Rs 420.75 in intraday today.

TCS slumped 5.78%. The company's consolidated net profit rose 6.84% to Rs 9,624 crore on 3.21% increase in net sales to Rs 46,867 crore in Q2 September 2021 (Q2 FY22) over Q1 June 2021 (Q1 FY22).

On a year-on-year (YoY) basis, the IT major's net profit rose 28.75% and net sales rose 16.77% in Q2 FY22. Constant currency revenue grew 15.5% YoY. Operating margin fell 0.6% YoY and it rose 0.1% quarter-on-quarter (QoQ) to 25.6% in Q2 FY22.

Global Markets:

Most European shares advanced while Asian stocks were mixed on Monday as investors monitored inflation expectations and U.S Treasury yields, which jumped to multi-month highs on Friday.

Travel stocks in Singapore surged after Singapore authorities announced over the weekend that more "vaccinated travel lanes" are set to open with 8 more countries. Markets in South Korea are closed on Monday for a holiday.

US stock indexes ended lower Friday with technology stocks under pressure as bond yields rose after a monthly report on the labor market came in much weaker than expected.

The Labor Department's nonfarm payrolls report showed the US economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The report said non-farm payroll employment rose by 194,000 jobs in September after climbing by an upwardly revised 366,000 jobs in August.

Despite the much weaker than expected job growth, the unemployment rate fell to 4.8% in September from 5.2% in August.

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