Nifty hovers at 18,400; Sensex adds 108 pts; IT stocks advance

The key equity indices traded with small gains in the early afternoon trade. The Nifty hovered near the 18,400 level. IT stocks advanced for fourth day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 107.94 points or 0.17% to 61,980.93. The Nifty 50 index added 11.75 points or 0.06% to 18,415.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.32% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was positive. On the BSE, 1,601 shares rose, and 1,781 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.63% to 15.46. The Nifty 24 November 2022 futures were trading at 18,470, at a premium of 54.85 points as compared with the spot at 18,415.15.

The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 34.8 lakh contracts at the 19,000 strike price. Maximum Put OI of 36.9 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.52% to 30,022. The index advanced 5.32% in four trading sessions.

Among the components of the Nifty IT index, Wipro (up 0.88%), L&T Technology Services (up 0.72%), Tata Consultancy Services (up 0.69%), Mphasis (up 0.61%), Infosys (up 0.6%) HCL Technologies (up 0.31%) and Tech Mahindra (up 0.21%) were the gainers.

On the other hand, Persistent Systems (down 1.11%), Larsen & Toubro Infotech (down 0.58%) and Coforge (down 0.19%) edged lower.

Stocks in Spotlight:

Bharat Rasayan slipped 0.8% after the company reported a 13.4% decline in consolidated net profit to Rs 22.93 crore despite of 8.4% rise in net sales to Rs 291.77 crore in Q2 FY23 over Q2 FY22. Profit before tax skid 13.5% year on year to Rs 31.06 crore in the quarter ended 30 September 2022.

Godrej Properties skid 0.84%. The realty major announced that it achieved sales worth Rs 500 crore through the launch of its new project, Godrej Woodsville in Hinjewadi, Pune. Godrej Properties added that till date it has sold 675+ homes accounting for an area of over 6.90 lakh square feet for the project launched in September 2022.

Rajesh Exports declined 0.71%. The company's consolidated net profit rose 27.9% to Rs 372.96 crore on a 94.62% jump in revenues to Rs 80,270.06 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax increased 32.63% to Rs 394.84 crore in Q3 FY22 as compared to Rs 297.70 crore in Q2 FY22. EBIDTA for the quarter stood at Rs 418.97 crore.

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