Local indices are trading with small gains in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 65.46 points or 0.11% to 61,415.85. The Nifty 50 index rose 32.25 points or 0.18% to 18,300.35.
In the broader market, the S&P BSE Mid-Cap index gained 0.42% while the S&P BSE Small-Cap index added 0.47%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1601 shares rose and 603 shares fell. A total of 96 shares were unchanged.
Stocks in Spotlight:
Axis Bank fell 2.8%. The bank's net profit surged 86.21% to Rs 3133.32 crore on 2.99% increase in total income to Rs 20134.39 crore in Q2 FY22 over Q2 FY21. The bank's Net Interest Income (NII) grew 8% YoY to Rs 7,900 crore from Rs 7,326 crore in Q2FY21. Net interest margin (NIM) for Q2 FY22 stood at 3.39%.
Bajaj Finance fell 1.37%. The NBFC reported a 53% rise in consolidated net profit to Rs 1,481 crore on a 19% rise in total income to Rs 7,732 crore in Q2 FY22 as compared with Q2 FY21. Net interest income (NII) rose by 28% to Rs 5,335 crore in the second quarter from Rs 4,162 crore recorded in the same period last year.
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Cipla rose 1.45% after the drug maker's consolidated net profit grew 7% year on year to Rs 711 crore on a 10% rise in total revenue from operations to Rs 5,520 crore in Q2 FY22 over Q2 FY21.
Ambuja Cements fell 0.03%. The company's standalone net profit remained flat at Rs 441 crore in Q3 2021 as compared with Q3 2020. Net sales rose by 14% to Rs 3,193 crore in Q3 2021 from Rs 2,802 crore in Q3 2020. While the company's sales volumes grew by 9% to 6.2 million tons, realisations improved by 4% to Rs 5,154 per ton in Q3 2021.
Global Markets:
Asian stocks were trading lower on Wednesday as traders weighed the latest U.S. earnings reports amid lingering concerns about growth risks from elevated inflation and China's indebted property sector.
Profits at China's industrial firms rose at a faster pace in September even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity. Profits jumped 16.3% on-year to 738.74 billion yuan ($115.72 billion), the statistics bureau said on Wednesday, quickening from the 10.1% gain reported in August.
Australia's consumer price index rose 0.8% in the September 2021 quarter, data from the country's Bureau of Statistics showed Wednesday.
U.S. stocks climbed to record levels on Tuesday as major corporations continued to turn in solid quarterly results, but major averages closed off their highs of the day with some major tech names rolling over.
On the data front, US consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labor market prospects. The consumer confidence index increased to a reading of 113.8 this month from 109.8 in September.
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