Indices trade near flat line, Nifty below 18,340 mark

The domestic equity barometers traded near the flat line with tiny gains in the afternoon trade. The Nifty traded a tad below the 18,340 mark. Auto, bank and financial services stocks were in demand while realty, FMCG and IT shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 31.76 points or 0.05% to 61,655.91. The Nifty 50 index gained 10.65 points or 0.06% to 18,339.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index fell 0.02%.

The market breadth was negative. On the BSE, 1,584 shares rose, and 1,858 shares fell. A total of 141 shares were unchanged.

Gainers & Losers:

Oil and Natural Gas Corporation (ONGC) (up 2.12%), Hero MotoCorp (up 1.97%), Adani Ports Special and Economic Zone (up 1.74%), UltraTech Cement (up 1.56%) and ICICI Bank (up 1.27%) were top Nifty gainers.

ITC (down 1.38%), Grasim Industries (down 1.05%), Bajaj Finserv (down 0.97%), UPL (down 0.97%) and HDFC Life Insurance Company (down 0.84%) were major Nifty losers.

Oil and Natural Gas Corporation (ONGC) rose 2.12%. The PSU company's standalone net profit dropped 30.09% to Rs 12,825.99 crore in Q2 FY23 as against Rs 18,347.73 crore in Q2 FY22. Revenue from operations surged 57.53% to Rs 38,320.76 crore in quarter ended 30 September 2022 from Rs 24,353.61 crore recorded in the corresponding quarter previous year.

Earnings Impact:

Indian Railway Catering and Tourism Corporation (IRCTC) fell 2.15%. IRCTC's consolidated net profit jumped 42.54% to Rs 226.03 crore on 98.99% surge in revenue from operations to Rs 805.80 crore in Q2 FY23 over Q2 FY22.

Apollo Tyres rallied 4.11%. The tyre maker's consolidated net profit rose 11.87% to Rs 194.45 crore on 17.31% increase in revenue from operations to Rs 5,956.05 crore in Q2 FY23 over Q2 FY22.

Abbott India declined 1.55%. The company's net profit surged 38.05% to Rs 265.52 crore in Q2 FY23 as against Rs 192.33 crore posted in Q2 FY22. Revenue from operations stood at Rs 1,379.48 crore for the quarter ended 30 September 2022, registering a growth of 12.88% from Rs 1,222.06 crore recorded in same period last year.

Marksans Pharma advanced 4.70%. The pharma company's consolidated net profit rose 29.9% to Rs 60.12 crore on a 25.3% increase in revenue from operations to Rs 452.56 crore in Q2 FY23 over Q2 FY22.

Global Markets:

Most Asian stocks traded higher on Tuesday as investors weighed on China's economic outlook and the Federal Reserve's interest-rate path.

China's industrial production grew 5% in the month of October compared with a year ago, slowing from an increase of 6.3% seen in September. Separately, retail sales in China fell 0.5% in October from a year ago, missing expectations.

The Reserve Bank of Australia hinted at further and possibly larger interest hikes ahead in its efforts to tame inflationary pressures, according to the minutes released from its latest meeting.

The Board agreed on the importance of returning inflation to target and expects to increase interest rates further over the period ahead, it reportedly said in the release.

Japan's economy unexpectedly contracted in the third quarter from a year ago, official preliminary estimates showed. Gross domestic product shrank 1.2% in the July-to-September quarter compared with the same period last year.

Meanwhile, U.S. President Joe Biden said there need not be a new Cold War between the U.S. and China, following a three-hour summit meeting with Chinese President Xi Jinping in Indonesia.

Biden also said, I don't think there's any imminent attempt by China to invade Taiwan, despite escalating rhetoric and aggressive military moves by the People's Republic of China in the Taiwan Straits.

Biden and his Chinese counterpart held the much-anticipated meeting on the sidelines of the G-20 summit of economically developed nations in Bali.

US stocks fell on Monday, losing steam after a blistering rally last week as investors digested messaging from Federal Reserve officials on the path of monetary policy.

Investors waiting on earnings reports from prominent retailers this week including Walmart and Target.

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