Benchmarks trade strong; market breadth in favor of buyers

The key benchmarks indices traded with strong gains in early trade on buying demand in index pivotals. At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 288.07 points or 0.47% to 62,053.66. The Nifty 50 index added 90 points or 0.47% to 18,567.05. The Sensex moved above the psychological 62,000 mark in early trade.

Larsen & Toubro (up 3.62%), Wipro (up 1.67%), Bajaj Finserv (up 1.19%), Coal India (up 1.16%) and Bharti Airtel (up 1.15%) were the top index gainers.

ITC (down 2.82%), Eicher Motors (down 1.22%), Power Grid Corp (down 0.96%), Ultratech Cement (down 0.68%) and Titan Company (down 0.19%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% while the S&P BSE Small-Cap index gained 0.98%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1729 shares rose and 717 shares fell. A total of 103 shares were unchanged.

Results Today:

Nestle India (down 0.11%), Hindustan Unilever (up 0.48%), ICICI Prudential Life Insurance Company (up 0.51%), L&T Technology Services (up 2.99%), ICICI Securities (up 1.55%), ACC (up 0.68%), DCM Shriram (up 0.79%), Tata Steel Bsl (down 0.43%), Heidelbergcement India (up 0.33%), Jubilant Ingrevia (up 0.38%), JSW Ispat Special Products (up 2.77%), Mastek (up 0.31%), Navin Fluorine International (up 1.77%), Nelco (up 5%), Network18 Media & Investments (up 1.19%), Rallis India (up 0.72%), Sonata Software (up 5.45%) and Tv18 Broadcast (down 0.11%) will announce their quarterly results today.

Stocks in Spotlight:

Larsen & Toubro Infotech jumped 9.93% to Rs 6,493.65. The company reported 11.1% increase in consolidated profit to Rs 551.70 crore on 8.8% rise in revenue to Rs 3767 crore in Q2FY22 over Q1FY22.

TTK Prestige jumped 13.95% to Rs 10,052.30. The company said that its board will consider sub-division/split of equity shares of the company in its meeting scheduled on 27 October 2021.

H.G. Infra Engineering rose 2.24% to Rs 747.35. The company has been declared as L-1 bidder by National Highways Authority of India (NHAI) for two HAM projects.

Indian Energy Exchange (IEX) hit an upper circuit of 10% at Rs 876.45. The board of directors of IEX will consider the proposal for declaration of bonus issue of equity shares in its meeting scheduled on 21 October 2021.

Global markets:

Asian stocks were trading higher on Tuesday. Investors mulled corporate earnings as well as the prospect of tightening monetary policy to restrain inflation.

Minutes from the Reserve Bank of Australia's October monetary policy meeting showed the RBA expecting the Australian economy to return to growth in the December quarter and to its pre-Delta path in the second half of 2022.

In US, the S&P and Nasdaq closed higher on Monday with the biggest boosts from the highest-profile technology and communications companies while investors eyed product news from Apple Inc and appeared optimistic about the third-quarter earnings season.

U.S. industrial production declined in September as supply constraints continued to hinder manufacturing. Output fell almost 1.28% to its lowest level since February, when it fell 3.02%, according to data released Monday by the Federal Reserve.

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