Benchmarks near the day's high; metal shares rise for 2nd day

The domestic equity benchmarks extended their early gains and traded near the day's high in morning trade. The Nifty traded above the 17,400 mark. Metal stocks witnessed strong buying demand for second consecutive session.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 442.92 points or 0.76% to 58,508.39. The Nifty 50 index added 134.50 points or 0.78% to 17,408.80.

In the broader market, the S&P BSE Mid-Cap index rose 1.24% while the S&P BSE Small-Cap index gained 1.43%.

The market breadth was strong. On the BSE, 2434 shares rose and 716 shares fell. A total of 132 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 2.35% to 5,905.05. The index has added 5.56% in two sessions.

APL Apollo Tubes (up 5.89%), Vedanta (up 3.49%), JSW Steel (up 3.41%), Welspun Corp (up 3.26%) and Hindalco Industries (up 3.18%) were the top gainers.

Among the other gainers were National Aluminium Company (up 2.82%), Jindal Steel & Power (up 2.49%), Steel Authority of India (up 2.32%), Tata Steel (up 2.17%) and Hindustan Copper (up 2.08%).

Stocks in Spotlight:

Bajaj Finance fell 1.25%. The NBFC said new loans booked during Q2 FY23 were 6.8 million, up 7.94% compared with 6.3 million in Q2 FY22. Deposit book stood at approximately Rs 39,400 crore as of 30 September 2022, a YoY growth of 37%. Customer franchise as of 30 September 2022 stood at 62.9 million, up 19.13% YoY. Assets under management (AUM) grew by 31% YoY to approximately Rs 218,350 crore as of 30 September 2022

Glenmark Pharmaceuticals rose 0.73%. The drug maker announced that it became the first company in India to launch Thiazolidinedione Lobeglitazone (Lobeglitazone) for the treatment of type 2 diabetes in adults.

Zydus Lifesciences added 1.67%. The company said that its US subsidiary Zydus Pharmaceuticals (USA) Inc. received final approval from the United States Food and Drug Administration (US FDA) to market Brivaracetam tablets (USRLD: Briviact). Zydus was one of the first ANDA applicants to submit a substantially complete ANDA with a paragraph IV certification for Brivaracetam tablets. It is therefore eligible for 180 days of shared generic drug exclusivity for Brivaracetam tablets.

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