Indices drift higher in early trade

Key indices are trading on a firm note after seeing a gap-up opening on buying demand in index pivotals. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 342.41 points or 0.57% to 60,262.54. The Nifty 50 index added 112.30 points or 0.63% to 17,985.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index was up 0.55%.

The market breadth is strong. On the BSE, 1553 shares rose and 480 shares fell. A total of 73 shares were unchanged.

Stocks in Spotlight:

Tata Steel rose 1.91%. The steel maker reported 661.34% surge in consolidated net profit to Rs 11918.11 crore on 56.45% rise in total income to Rs 61459.04 crore in Q2 FY22 over Q2 FY21.

Power Finance Corporation (PFC) gained 0.93%. The company reported 17.1% rise in consolidated net profit to Rs 5023.42 crore on 6.09% rise in total income to Rs 19282.60 crore in Q2 FY22 over Q2 FY21.

NMDC added 0.62%. The PSU miner reported 202.72% rise in consolidated net profit to Rs 2338.63 crore on 196.83% rise in total income to Rs 6882.44 crore in Q2 FY22 over Q2 FY21.

Zee Entertainment Enterprises gained 0.8%. The company reported 101.56% rise in standalone net profit to Rs 326.28 crore on 14.89% rise in total income to Rs 1857.42 crore in Q2 FY22 over Q2 FY21.

Global markets:

Asian markets are mostly 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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