Market opens on firm note, breadth strong

The domestic equity barometers were trading with modest gains in the early trade on buying demand in index pivotals. The Nifty traded above the 18,150 mark. PSU bank, FMCG and auto stocks were in demand while pharma, healthcare and consumer durables shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 245.38 points or 0.40% to 61,195.74. The Nifty 50 index gained 81.75 points or 0.45% to 18,198.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 2,081 shares rose and 770 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,436.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 548.59 crore in the Indian equity market on 4 November, provisional data showed.

Earnings Impact:

State Bank of India (SBI) rallied 4.06% after the PSU bank major reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.

Power Grid Corporation of India rose 0.35%. On consolidated basis, Power Grid Corporation of India's net profit rose 8.1% to Rs 3,650.16 crore on 8.6% increase in revenue from operations to Rs 11,150.57 crore in Q2 FY23 over Q2 FY22.

Titan Company declined 1.61%. The Tata Group company's consolidated net profit surged 33.7% to Rs 857 crore on 17.53% rise in revenue from operations to Rs 8,134 crore in Q2 FY23 over Q2 FY22.

Britannia Industries jumped 8.52% after the FMCG major's consolidated net profit rose 28.48% to Rs 490.58 crore on 21.41% increase in net sales to Rs 4,379.61 crore in Q2 September 2022 over Q2 September 2021.

InterGlobe Aviation shed 0.54%. InterGlobe Aviation reported a net loss of Rs 1,583.3 crore in Q2 FY23 as against a net loss of Rs 1,435.7 crore in Q2 FY22. Revenue from operations increased by 122.8% to Rs 12,497.6 crore in the second quarter. IndiGo had recorded a revenue of Rs 5,608.5 crore in the same period last year. The number of passengers in Q2 FY23 rose by 75.9% to 19.7 million from 11.2 million in Q2 FY22.

TVS Motor Company fell 1.46%. The company reported 47% rise in net profit to Rs 407 crore on a 28% increase in revenue to Rs 7,219 crore in Q2 FY23 over Q2 FY22.

Global Markets:

Asian stocks are trading higher on Monday as investors digest the latest U.S. jobs report and look ahead to the midterm elections.

US stocks rose on Friday on hopes the Federal Reserve would scale back future interest rate hikes following the latest jobs report.

U.S. employers likely hired the fewest workers in nearly two years in October and increased wages at a moderate pace. The U.S. Labor Department's closely watched non-farm payrolls report showed a rise in the unemployment rate to 3.7% last month from 3.5% in September. The survey of establishments showed nonfarm payrolls increased 261,000 last month, the smallest gain since December 2020. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported.

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