Market drifts lower in early trade

Domestic indices are trading with modest losses in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 253.61 points or 0.41% to 60,889.72. The Nifty 50 index fell 73.35 points or 0.4% to 18,137.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.15% while the S&P BSE Small-Cap index declined 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1196 shares rose and 1040 shares fell. A total of 82 shares were unchanged.

Earnings Impact:

L&T gained 2.29%. The EPC major's consolidated net profit fell 67.04% to Rs 1,819.45 crore on 12.05% increase in net sales to Rs 34,772.90 crore in Q2 FY22 over Q2 FY21. The consolidated order book of the group was at Rs 330,541 crore as on 30 September 2021, at near record levels, with international orders having a share of 23%.

Titan Company fell 1.48%. The company posted a 222% jump in standalone net profit to Rs 641 crore in Q2 FY22 from Rs 199 crore recorded in Q2 FY21. Total income for Q2 FY22 was at Rs 7,220 crore, including bullion sale of Rs 192 crore, a growth of 64% compared to total income of Rs 4,389 crore posted in Q2 FY21 that included bullion sale of Rs 391 crore.

IndusInd Bank jumped 4.79%. The bank's standalone net profit surged 72% to Rs 1113.53 crore on an 8.6% increase in total income to Rs 9487.56 crore in Q2 FY22 over Q2 FY21.

Bajaj Auto rose 1.15%. The two wheeler maker reported a 12% rise in standalone profit after tax to Rs 1,275 crore on 22% rise in revenue from operations to Rs 8,762 crore in Q2 FY22 over Q2 FY21.

Global Markets:

Asian stocks were trading lower on Thursday as investors await the Bank of Japan's latest monetary policy announcement. The Bank of Japan is set to announce its latest monetary policy decision on Thursday. The central bank is expected to hold steady on policy, as per reports.

Japan's retail sales fell for a second month in September as consumers limited spending amid concerns over the coronavirus pandemic. Retail sales in September slipped 0.6% from the same month a year earlier, government data showed on Thursday. It followed a 3.2% dip in August that marked the first year-on-year decline in six months.

The Dow Jones Industrial Average dipped 266.19 points to 35,490.69, falling for the first time in four days, dragged down by Visa. The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three. The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares.

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