Sensex, Nifty trade higher; broader indices decline

Equity benchmarks traded with modest gains in mid-morning trade. The Nifty hovered at 17,950 level. Media and PSU banks shares corrected while IT stocks were in demand.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 250.15 points or 0.42% to 60,169.14. The Nifty 50 index added 83.1 points or 0.46% to 17,956.70.

The broader indices were trading lower. The S&P BSE Mid-Cap index fell 0.06% while the S&P BSE Small-Cap index was down 0.15%.

The market breadth turned negative. On the BSE, 1486 shares rose and 1594 shares fell. A total of 180 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 0.75% to 35,848.75. The index lost about 1% in the past two sessions.

Tech Mahindra (up 2.33%), Infosys (up 1.25%), Wipro (up 1.16%), L&T Infotech (up 0.99%) and HCL Technologies (up 0.75%) were top gainers in IT space.

Earnings Impact:

Astral rose 1.06% to Rs 2,249.10 after the company's consolidated net profit jumped 63% to Rs 143.30 crore on a 54.5% rise in net sales to Rs 1,154.10 crore in Q2 FY22 over Q2 FY21. On a consolidated basis, EBITDA soared 48.81% to Rs 219.50 crore in Q2 FY22 from Rs 147.50 crore in Q2 FY21. EBITDA margin was at 19.02% in Q2 FY22 as against 19.74% in Q2 FY21. Profit margin improved to 12.42% in Q2 FY22 as compared to 11.77% in Q2 FY21. Cash profit surged 49.70% to Rs 174.70 crore in Q2 September 2021 from Rs 116.70 crore in Q2 September 2020. Cash profit margin stood at 15.14% in Q2 FY22 as compared to 15.62% in Q2 FY21.

State-run NHPC rose 1.25% to Rs 32.45 after the company's consolidated net profit grew 6.6% to Rs 1,386.81 crore on a 1.4% increase in net sales to Rs 2,940.63 crore in Q2 FY22 over Q2 FY21.

Global Markets:

Most Asian indices were trading higher on Friday following overnight gains for tech stocks stateside as the Nasdaq Composite rebounded.

In US, the S&P 500 and Nasdaq rebounded from two days of declines on Thursday as beaten-down chipmakers led gains, but losses in Walt Disney due to slowing subscriber growth in its streaming video service weighed on the Dow.

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