Sensex jumps 424 pts, Nifty above 17,400 level, broader mkt outperforms

The headline equity indices traded with strong gains in the afternoon trade. The Nifty traded a tad above the 17,400 level. Metal, media and realty stocks were in demand. On the other hand, pharma, healthcare and FMCG shares were under pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 424.3 points or 0.73% to 58,489.77. The Nifty 50 index added 132 points or 0.76% to 17,406.30.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.15% while the S&P BSE Small-Cap index gained 1.43%.

Buyers outnumbered sellers. On the BSE, 2,379 shares rose and 991 shares fell. A total of 151 shares were unchanged.

Gainers & Losers:

JSW Steel (up 4.29%), Hindalco Industries (up 4.25%), Coal India (up 3.94%), ICICI Bank (up 2.51%) and Larsen and Toubro (L&T) (up 2.06%) were top Nifty gainers.

Hindustan Unilever (down 2.13%), Cipla (down 1.69%), Divi's Laboratories (down 1.64%), Bharti Airtel (down 1.50%) and Bajaj Finance (down 1.38%) were major Nifty losers.

Bajaj Finance fell 1.38%. The NBFC said new loans booked during Q2 FY23 were 6.8 million, up 7.94% compared with 6.3 million in Q2 FY22. Deposit book stood at approximately Rs 39,400 crore as of 30 September 2022, a YoY growth of 37%. Customer franchise as of 30 September 2022 stood at 62.9 million, up 19.13% YoY. Assets under management (AUM) grew by 31% YoY to approximately Rs 218,350 crore as of 30 September 2022.

Larsen & Toubro (L&T) advanced 2.06% after the company said that the buildings & factories business of L&T Construction has secured an order from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore. The scope involves design & execution of civil, structural & architectural works including external development works.

Stocks in Spotlight:

JSW Energy jumped 11.12% after the company said that its wholly-owned subsidiary, JSW Neo Energy, has entered into a Memorandum of Understanding (MoU) with the Maharashtra Government for setting up a 960 megawatt (MW) capacity hydro pumped storage project (PSP) viz. Pane (Raigarh) pump storage project in the state of Maharashtra.

Zee Entertainment Enterprises rallied 4.67%. The Competition Commission of India (CCI) approved the merger of Zee Entertainment Enterprises with Sony Pictures Networks India and Bangla Entertainment, both part of the Sony Group Corp., accepting the modifications proposed by the companies to the deal they had announced last December. CCI granted approval with 'certain modifications' to the proposed merger of Zee Entertainment Enterprises (ZEE) and Bangla Entertainment (BEPL) with Culver Max Entertainment (CME), formerly known as Sony Pictures Networks India.

Yes Bank rose 2.16% after the bank's deposits increased by 13.2% to Rs 2,00,020 crore as on 30 September 2022 from Rs 1,76,672 crore as on 30 September 2021. CASA to total deposits ratio stood at 31.3% as on 30 September 2022 as against 30.3% as on 30 September 2021. Loans & advances as on 30 September 2022 stood at Rs 1,92,809 crore, up by 11.6% as compared with Rs 1,72,839 crore as on 30 September 2021.

Global Markets:

Shares in Europe advanced across the board while Asian stocks traded mixed on Thursday.

Wall Street stocks closed lower on Wednesday after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession.

The U.S. trade deficit fell slightly more than expected in August to its lowest level in more than a year, the Bureau of Economic Analysis reported Wednesday. The trade shortfall declined to $67.4 billion, a $3.1 billion drop from the previous month. In March 2022, the deficit had hit a record $106.9 billion.

Mainland China markets are closed for a holiday this week.

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