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Market drifts higher in early trade

Capital Market 

Key indices are trading firm in early trade on positive Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 259.8 points or 0.43% to 61,226.85. The Nifty 50 index rose 74.95 points or 0.41% to 18,200.35.

In the broader market, the S&P BSE Mid-Cap index gained 0.43% while the S&P BSE Small-Cap index added 0.64%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1381 shares rose and 589 shares fell. A total of 84 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,459.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,390.23 crore in the Indian equity market on 25 October, provisional data showed.

Stocks in Spotlight:

Tech Mahindra jumped 6.45% after the IT company reported a 25.8% increase in consolidated net profit to Rs 1338.70 crore on a 16.1% rise in revenue from operations to Rs 10881.30 crore in Q2 FY22 over Q2 FY21. Tech Mahindra's consolidated net profit fell 1.1% and revenue from operations rose 6.7% in Q2 FY22 over Q1 FY22.

Bharti Airtel rose 1.07% after the telecom operator confirmed to avail both options - deferment of the payment of spectrum auction instalments due up to four years; and deferment of AGR (adjusted gross revenue) related dues by a period of four years with immediate effect.

Indus Towers gained 1.84% after the company reported a 38% increase in consolidated profit after tax to Rs 1559 crore on an 8% rise in revenue to Rs 6,877 crore in Q2 FY22 over Q2 FY21.

Global Markets:

Asian stocks were trading higher on Tuesday after major indexes on Wall Street rose to record closing highs.

South Korea's economy grew at a slower pace in the third quarter, as robust exports were offset by weak domestic demand and construction and facility investments, data from the Bank of Korea showed on Tuesday. Gross domestic product (GDP) grew a seasonally adjusted 0.3% in the September quarter from three months earlier, slowing from 0.8% growth in the preceding quarter.

Major Wall Street benchmarks hit fresh records on Monday, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 26 2021. 09:20 IST