Nifty hovers above 17,250; Sensex soars 917 pts

The key equity indices continued to trade with strong gains in the morning trade. The Nifty hovered above the 17,250 mark. Strong global cues boosted the investor sentiments. All the sectoral indices on the NSE traded in the green with IT, bank and financial services stocks gaining the most.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 917.49 points or 1.60% to 58,152.82. The Nifty 50 index added 248.95 points or 1.46% to 17,267.

In the broader market, the S&P BSE Mid-Cap index rose 0.87% while the S&P BSE Small-Cap index increased 0.98%.

Buyers outnumbered sellers. On the BSE, 2,409 shares rose and 732 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,636.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 753.29 crore in the Indian equity market on 13 October 2022, provisional data showed.

Earnings Today:

Shree Cement (up 0.40%), Bajaj Auto (up 1.16%), Tata Elxsi (up 2.25%), Federal Bank (up 1.20%), Oberoi Realty (down 0.06%) will announce their financial results for Q2 FY23 later in the day.

Buzzing Index:

The Nifty IT index advanced 2.86% to 28,292.90. The index lost 0.68% in the past trading session.

Among the components of the Nifty IT index, Infosys (up 4.69%), Larsen & Toubro Infotech (up 4.05%), HCL Technologies (up 3.52%), Persistent Systems (up 3.46%) and Tech Mahindra (up 3.08%) were the top gainers.

Among the other gainers were L&T Technology Services (up 2.95%), Coforge (up 2.37%), Mphasis (up 2.37%), Wipro (up 1.5%) and Tata Consultancy Services (up 1.03%).

Cyient was down 1.36%. The IT company's consolidated net profit tumbled 31.87% to Rs 79.10 crore while revenue jumped 11.69% to Rs 1,396.20 crore in Q2 FY23 over Q1 FY23. The IT firm's normalised PAT declined 5% quarter on quarter to Rs 110.3 crore in quarter ended 30 September 2022. Normalised Group EBIT was at Rs 166.1 crore with a margin of 11.9%.

The company said that the normalised EBIT and PAT exclude the impact of exceptional items and one-off M&A expenses. Meanwhile, the company's board has declared an interim dividend of Rs 10 per equity share for the finanacial year 2022-23. The record date for the same is 27 October 2022 and the dividend will be paid by 9 November 2022.

Stocks in Spotlight:

MAS Financial Services were up 0.15%. The company has raised Rs 55 crore via issuance of commercial papers (CP). The CP were allotted on 13 October 2022. The instrument, offering interest rate of 7.80%, will mature on 31 October 2022. It is rated CARE A1+.

Angel One advanced 3.45% after the company reported 59.2% rise in consolidated net profit to Rs 213.6 crore on a 35.9% increase in total revenue from operations to Rs 716.7 crore in Q2 FY23 over Q2 FY22.

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