Indices edge higher, breadth strong

The key equity indices were trading with minor gains in the early trade. The Nifty traded above the 18,200 level. Realty, FMCG and PSU bank stocks advanced while pharma and healthcare shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 115.19 points or 0.19% to 61,300.34. The Nifty 50 index gained 27.05 points or 0.15% to 18,229.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was strong. On the BSE, 1,832 shares rose and 958 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,948.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 844.20 crore in the Indian equity market on 7 November, provisional data showed.

Stocks in Spotlight:

Coal India rallied 3.15% after the PSU company's consolidated net profit zoomed to Rs 6,043.99 crore in Q2 FY23 from Rs 2,932.73 crore in Q2 FY22. Net sales during the quarter increased by 29% YoY to Rs 27,538.59 crore.

Bharat Petroleum Corporation (BPCL) shed 0.44%. BPCL reported a standalone net loss of Rs 304.17 crore in Q2 FY23 as against a net profit of Rs 2,840.73 crore in Q2 FY22. Net revenue from operations rose by 50% to Rs 1,14,807.59 crore in the second quarter from Rs 76,390.39 crore in the same period last year.

One 97 Communications rose 1.54%. On a consolidated basis, One 97 Communications (Paytm)'s revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. Paytm's said its consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.

Jubilant FoodWorks slipped 3.35%. The QSR chain operator's standalone net profit declined 1.94% to Rs 119.17 crore despite of 16.9% jump in revenue from operations to Rs 1,286.77 crore in Q2 FY23 over Q2 FY22.

PB Fintech advanced 3.81%. On a consolidated basis, PB Fintech reported net loss of Rs 186.64 crore in Q2 September 2022, lower than net loss of Rs 204.44 crore in Q2 September 2021. Revenue from operations surged 105.1% year on year to Rs 573.47 crore in Q2 September 2022.

Global Markets:

Asian stocks were trading mixed as investors await the results of the United States midterm elections. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden's term, with investors reportedly expecting Republican gains.

China's producer price index fell 1.3% in October on an annualized basis after rising 0.9% in September. China's consumer price index rose 2.1% in October compared to a year ago, easing after climbing 2.8% in September.

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.

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