Sensex gains 204 pts, Nifty above 17,200 level, Bank stocks advance

The domestic equity barometers pared all the losses and traded with minor gains in the morning trade. The Nifty traded above 17,200 level after the hitting the day's low of 17,098.55 in the early trade. Shares of bank, financial services and pharma advanced while metal, oil & gas stocks and realty stocks declined.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 204.48 points or 0.35% to 58,124.45. The Nifty 50 index gained 55.55 points or 0.32% to 17,241.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.13% while the S&P BSE Small-Cap index shed 0.01%.

The market breadth was negative. On the BSE, 1,460 shares rose and 1,712 shares fell. A total of 181 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,011.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,624.13 crore in the Indian equity market on 14 October, provisional data showed.

Earnings Today:

ACC (down 0.92%), Can Fin Homes (up 2.68%), Craftsman Automation (up 1.42%), Heidelbergcement India (down 1.07%), PVR (down 0.26%), Tata Coffee (up 0.44%), Tata Metaliks (down 0.86%), RPG Life Sciences (down 1.31%), Spandana Sphoorty Financial (down 0.69%), Indowind Energy (up 0.68%), Bank of Maharashtra (up 4.18%) and Star Housing Finance (down 0.48%) will declare their quarterly earnings later today.

New Listing:

Shares of Electronics Mart India were trading at Rs 86.75 at 10.26 IST on the BSE, a premium of 47.03% compared with the issue price of Rs 59.

The scrip was listed at Rs 89.40, representing a premium of 51.53% compared with the issue price.

So far, the scrip has hit a high of Rs 91 and a low of Rs 83.25. Over 37.23 lakh shares of the company have changed hands in the counter till now.

The initial public offer (IPO) of Electronics Mart India was subscribed 71.93 times.

Buzzing Index:

The Nifty Bank index rose 1.02% to 39,706.90. The index added 2.8% in the two trading sessions.

State Bank of India (up 2.05%), IDFC First Bank (up 2.03%), Bank of Baroda (up 1.65%), Federal Bank (up 1.07%), Punjab National Bank (up 0.98%), ICICI Bank (up 0.84%), Bandhan Bank (up 0.49%), Axis Bank (up 0.41%), AU Small Finance Bank (up 0.37%) and HDFC Bank (up 0.11%) edged higher.

HDFC Bank rose 0.11%. The private lender's net profit rose 20.1% to Rs 10605.78 crore on 19.2% increase in total income to Rs 46181.96 crore in Q2 FY23 over Q2 FY22. Net interest income (interest earned less interest expended) for the quarter ended 30 September 2022 grew by 18.9% to 21,021.2 crore from 17,684.4 crore for the quarter ended 30 September 2021. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

Stocks in Spotlight:

Avenue Supermarts fell 2.12%. The company reported 64.1% rise in consolidated net profit to Rs 686 crore on a 36.6% increase in total revenue to Rs 10,638 crore in Q2 FY23 over Q2 FY22. PAT margin stood at 6.4% in Q2FY23 as compared to 5.3% in Q2 FY22. EBITDA in Q2FY23 stood at Rs 892 crore, up by 33.3% from Rs 669 crore in the corresponding quarter of last year. EBITDA margin stood at 8.4 % in Q2FY23 as compared to 8.6% in Q2FY22.

Tata Elxsi tumbled 6.80%. The design led technology service provider reported 39.1% rise in net profit to Rs 174.28 crore on 28.2% increase in revenues from operations to Rs 763.17 crore in Q2 FY23 over Q2 FY21. On quarter on quarter basis, the company's net profit declined 5.65% while revenue from operations grew 5.1%, respectively, over Q1 FY23 (QoQ).

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