Nifty above 17,000; Sensex adds 174 pts; breadth turns positive

The key equity barometers continued to trade with minor gains in the morning trade as the bourses witnessed some modest buying in key index pivotals. The Nifty traded above the 17,000 mark. PSU bank, oil & gas and bank stocks advanced while media, consumer durables and pharma stocks declined.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 174.54 points or 0.30% to 57,320.86. The Nifty 50 index added 57.35 points or 0.34% to 17,040.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index added 0.02%.

The market breadth was positive. On the BSE, 1640 shares rose and 1455 shares fell. A total of 150 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,612.67 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,430.76 crore in the Indian equity market on 11 October, provisional data showed.

Economy:

The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%.

Cutting India's GDP growth forecast to 6.8% for the financial year 2023, the IMF predicted that India will continue to remain on track to become one of the fastest-growing economies in the world.

IMF expects that inflation in India will come down to 4% range next year. It is said that global inflation will likely perak at 9.5% this year 4.1% by 2024. IMF also warned that a major economic slump is yet to come, and 2023 will feel like a recession to many people.

Earnings Today:

Wipro (up 0.28%), HCL Technologies (up 2.33%), Sterling and Wilson Renewable Energy (up 1.37%), Artson Engineering (up 0.54%) will announce their financial results for Q2 FY23 later in the day.

Buzzing Index:

The Nifty PSU Bank index rose 0.89% to 2,964.20, snapping its three days declining streak. The index lost 2.91% in the past three trading sessions.

Among the components of the Nifty PSU Bank index, Indian Bank (up 1.33%), Bank of Baroda (up 1.2%), Canara Bank (up 1.03%), Punjab & Sind Bank (up 0.65%) and Bank of India (up 0.43%) were the top gainers.

Among the other gainers were Punjab National Bank (up 0.42%), Union Bank of India (up 0.35%), Indian Overseas Bank (up 0.29%), Central Bank of India (up 0.25%) and State Bank of India (up 0.15%).

Stocks in Spotlight:

Infosys was up 0.36%. The IT major on Tuesday (11 October 2022) announced that Ravi Kumar S. resigned as president with effect from 11 October 2022. In his role, Ravi Kumar led the Infosys global delivery organization across all global industry segments.

Genesys International Corporation declined 0.66%. The company said that it has bagged an Rs 46 crore for land titling project by the Andhra Pradesh Government. The project involves resurveying with modern technology using CORS Network, GNSS Receiver, and aerial systems.

Suzlon Energy rose 0.14% after the company announced that it has received a new order for the development of 144.9 megawatt (MW) wind power projects for the Aditya Birla Group. Suzlon will install 69 units of wind turbine generators (Wind Turbines) with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each.

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