The benchmark indices pared gains and traded near the flat line in the morning trade. The Nifty traded below the 18,220 mark after hitting the day's high of 18,296.40 in the early trade. PSU bank shares extended gains for the fourth consecutive trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 26.66 points or 0.04% to 61,211.81. The Nifty 50 index rose15.45 points or 0.09% to 18,218.25.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index gained 0.21%.
The market breadth was positive. On the BSE, 1,910 shares rose and 1,333 shares fell. A total of 149 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,948.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 844.20 crore in the Indian equity market on 7 November, provisional data showed.
Investors kept a close eye on the results of the U.S. midterm elections. Traders also continued to look ahead to Thursday's report on consumer price inflation. The inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping in cooling down the economy.
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Earnings Today:
Tata Motors (down 0.06%), Lupin (down 2.51%), National Aluminium Company (NALCO) (down 1.97%), Bajaj Consumer Care (up 0.06%), Balrampur Chini Mills (down 1.50%), Barbeque-Nation Hospitality (up 0.42%), Deepak Nitrite (down 1.14%), Edelweiss Financial Services (down 0.81%), Engineers India (up 0.41%), Godrej Properties (down 0.52%), Nuvoco Vistas Corporation (down 0.40%), Petronet LNG (up 0.02%), Pidilite Industries (down 0.26%), Prestige Estates Projects (up 1.86%), Quess Corp (up 0.45 %), Star Health and Allied Insurance Company (up 0.11%), and Tracxn Technologies (up 0.06%) will announce their quarterly earnings later in the day.
Buzzing Index:
The Nifty PSU Bank index gained 2.36% to 3,777.25, extending gains for the fourth trading session. The index jumped 10.76% in four trading sessions.
Union Bank of India (up 8.8%), Punjab National Bank (up 2.99%), Punjab & Sind Bank (up 2.72%), Bank of Maharashtra (up 2.58%), Central Bank of India (up 1.55%) , Bank of Baroda (up 1.55%), Indian Bank (up 1.27%), UCO Bank (up 0.99%), Canara Bank (up 0.94%) and Bank of India (up 0.78%), advanced.
Results Impact:
Coal India rallied 3.73% after the PSU company's consolidated net profit zoomed to Rs 6,043.99 crore in Q2 FY23 from Rs 2,932.73 crore in Q2 FY22. Net sales during the quarter increased by 29% YoY to Rs 27,538.59 crore.
One 97 Communications rose 0.51%. On a consolidated basis, One 97 Communications (Paytm)'s revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. Paytm's said its consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.
Jubilant FoodWorks tumbled 6.15%. The QSR chain operator's standalone net profit declined 1.94% to Rs 119.17 crore despite of 16.9% jump in revenue from operations to Rs 1,286.77 crore in Q2 FY23 over Q2 FY22.
CARE Ratings surged 7.08% after the company's standalone net profit increased by 29% to Rs 38.47 crore in Q2FY23 from Rs 29.76 crore in Q2FY22. The ratings agency's standalone income from operations was up by 12% to Rs 77.49 crore in Q2FY23, compared with Rs 69.30 crore in the corresponding quarter of the previous year.
Ceat declined 0.81%. The tyre maker's consolidated net profit slumped 81.3% to Rs 7.83 crore in Q2 FY23 as against Rs 41.98 crore recorded in Q2 FY22. Revenue from operations jumped 18.1% to Rs 2,894.48 crore in quarter ended 30 September 2022 from Rs 2,451.76 crore posted in the same period a year ago.
PI Industries zoomed 8.59% after the company reported 46% jump in consolidated net profit to Rs 334.8 crore on a 31% rise in revenue to Rs 1,770 crore in Q2 FY23 over Q2 FY22.
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