Benchmarks trade with modest gains; market breadth in favor of buyers

The domestic equity benchmarks traded with modest gains amid buying in index pivotals. The Nifty hovered around the 18,200 mark. Asian stocks are trading higher.

At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 252.21 points or 0.42% to 60,938.90. The Nifty 50 index added 91.80 points or 0.51% to 18,194.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth is positive. On the BSE, 1557 shares rose and 1146 shares fell. A total of 130 shares were unchanged.

On the macro front, India's retail inflation rose marginally to 4.48% in the month of October from 4.35% in September, data released by the government showed on Friday.

Meanwhile, industrial production for the month of September grew by 3.1% as compared to 1% in the same month last year, according to the data released by ministry of statistics and programme implementation (MoSPI). IIP surged 11.9% in the month of August.

Stocks in Spotlight:

Coal India lost 0.18% to Rs 166.65. The company reported 0.38% fall in consolidated net profit to Rs 2936.91 crore on 8.25% rise in total income to Rs 24072.83 crore in Q2 FY22 over Q2 FY21.

ONGC advanced 2.59% to Rs 158.65. The company reported 328.81% surge in consolidated net profit to Rs 18055.01 crore on 43.78% rise in total income to Rs 123983.15 crore in Q2 FY22 over Q2 FY21.

Hero MotoCorp rose 1.75% to Rs 2,730. The company reported 22.2% fall in consolidated net profit to Rs 745.72 crore on 9.6% fall in total income to Rs 8696.80 crore in Q2 FY22 over Q2 FY21.

Grasim Industries shed 0.43% to Rs 1,850.55. The company reported 40.66% rise in consolidated net profit to Rs 1359.19 crore on 25.23% rise in total income to Rs 22961.25 crore in Q2 FY22 over Q2 FY21.

Ashok Leyland added 0.34% to Rs 146.20. The company posted a consolidated net loss of Rs 103.43 crore in Q2 FY22 as against a consolidated net loss of Rs 122.95 crore registered in Q2 FY21. Total income rose 44.1% to Rs 5587.88 crore.

Global markets:

Asian stocks are trading higher on Monday as investors look ahead to Chinese economic data releases due out later today. China is set to release a slew of economic data, including industrial production and retail sales for October later today.

The Japanese economy contracted at an annualised rate of 3% in July-September from the previous quarter, government data showed on Monday, posting the first decline in two quarters as resurgent coronavirus infections hurt consumer spending.

Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes' climb as investors looked past disappointing U.S. economic data.

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