Indices pare gains; Nifty below 18,300

Key indices slipped lower and traded near the day's low in mid afternoon trade. The Nifty fell below the 17,300 mark. At 14:26 IST, the barometer index, the S&P BSE Sensex, fell 51.6 points or 0.08% at 61,298.76. The Nifty 50 index was down 6.25 points at 18,262.15.

In the broader market, the S&P BSE Mid-Cap index was up 0.13% while the S&P BSE Small-Cap index rose 0.35%.

The market breadth was strong. On the BSE, 1,859 shares rose and 1,353 shares fell. A total of 138 shares were unchanged.

Earnings Impact:

TTK Prestige rose 2.19% to Rs 9859.55 after the company's consolidated net profit rose 58.21% to Rs 103.53 crore on 34.86% increase in net sales to Rs 858.55 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) rose 59.28% to Rs 138.75 crore in Q2 FY22 over Q2 FY21. The board also approved the proposed 10-for-1 stock split.

Arvind declined 5.62%. The textile firm reported a consolidated net profit of Rs 71.06 crore in Q2 FY22 as against a net loss of Rs 5.86 crore in Q2 FY21. Revenue from operations rose by 62.1% YoY to Rs 2,115.14 crore during the quarter. On the segmental front, revenue from Textiles was Rs 1,726.49 crore (up 70.7% YoY), Advanced Material revenue from Rs 298.28 crore (up 60.5% YoY) and other revenue was Rs 103.45 crore (down 9% YoY) during the period under review. Arvind said that volumes grew across all segments as post-COVID demand stayed strong in both export and domestic markets. Input costs continued to increase sharply, but were mostly offset by improved price realization and higher efficiencies.

Buzzing Index:

The Nifty IT index was up 0.75% to 35,424.65, rising for second trading session. The IT index has gained 1.2% in two trading sessions.

Mphasis (up 1.89%), Larsen & Toubro Infotech (up 1.42%), L&T Technology Services (up 1.12%), Infosys (up 1.1%) and Tech Mahindra (up 1.08%) were top gainers in IT space.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement fell 0.28% to Rs 47,680.

The yield on India's 10-year benchmark federal paper fell to 6.352% as compared with its previous closing of 6.362%.

In the commodities market, Brent crude for December 2021 settlement fell $1.09 or 1.27% to $84.56 a barrel.

In the foreign exchange market, the partially convertible rupee rose to 74.9475 from its previous closing of 74.965.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 93.968.

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