Market pares losses; Nifty climbs above 18,050; Sensex adds 65 pts

The frontline equity indices pared all the early losses and traded with minor gains in the morning trade. The Nifty marched above the 18,050 level. Bank, FMCG and financial services stocks advanced while IT, realty and consumer durabled stocks declined.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 65.33 points or 0.11% to 60,971.42. The Nifty 50 index added 16 points or 0.09% to 18,098.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.35% while the S&P BSE Small-Cap index gained 0.20%.

The market breadth was positive. On the BSE, 1,831 shares rose and 1,295 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,436.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,378.12 crore in the Indian equity market on 2 November, provisional data showed.

The Reserve Bank of India (RBI) scheduled today, 3 November 2022. An additional meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) has been scheduled for 3 November 2022. The meeting with its rate-setting panel could be held to discuss RBI's reply to the government, explaining the reasons of its failure to contain inflation up to 6%, as per reports.

The RBI's rate-setting panel last met on 28 - 30 September, 2022 and was slated to meet for the last time this calendar year on 5 - 7 December. The MPC had on 30 September, 2022, increased the policy repo rate by 50 basis points (bps) to 5.9%.

Earnings Today:

HDFC, Adani Enterprises, Ajanta Pharma, Amara Raja Batteries, Apar Industries, Adani Total Gas, Adani Wilmar, Bank Of India, Blue Star, Coromandel International, Devyani International, Elecon Engineering, GMM Pfaudler, Hawkins Cookers, Hero Moto Corp, Hindustan Petroleum Corporation, Indian Bank, Indigo Paints, IndInfravit Trust, JK Laksmi Cement, Jindal Stainless (Hisar), Mahindra Lifespace Devel opers, Orient Electric, Rain Industries, Rainbow Children's Medicare, Raymond, Sanofi India, Sapphire Foods India, Schneider Electric Infrastructure, SRF, UCO Bank will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index declined 0.92% to 28,869.15. The index has slipped 1.37% in two trading sessions.

Among the components of the Nifty IT index, Tech Mahindra Ltd (down 2.18%), Mphasis Ltd (down 2.06%), Infosys Ltd (down 1.23%), Larsen & Toubro Infotech Ltd (down 1.08%) and Coforge Ltd (down 1.03%) were the top losers.

Among the other losers were Persistent Systems Ltd (down 1.02%), Tata Consultancy Services Ltd (down 1%), Wipro Ltd (down 0.98%), L&T Technology Services Ltd (down 0.32%) and HCL Technologies Ltd (down 0.26%).

Stocks in Spotlight:

Godrej Properties rose 0.54%. The Mumbai-based real estate developer Godrej Properties said that it has entered into an agreement for outright purchase of a land parcel in the fast-developing micro market of Manor, Palghar. The proposed project, which is spread across approximately 50 acres, is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development.

Relaxo Footwears slumped 4.12% after the company reported 67.4% drop in net profit to Rs 22 crore in Q2 FY23 from Rs 69 crore in Q2 FY22. Revenue from operations declined 6.3% YoY to Rs 670 crore in the second quarter.

Mahindra & Mahindra Financial Services jumped 8.78%. The company's net profit tumbled 56.32% to Rs 448.33 crore in Q2 FY23 as against Rs 1,022.90 posted in Q2 FY22. Total income stood at Rs 2,609.32 crore in quarter ended 30 September 2022, up 3.4% from Rs 2,522.39 crore recorded in the same period last year.

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