The domestic equity indices traded with modest gains in early trade. The Nifty traded above the 18,350 level. Metal, IT and auto shares advanced while pharma, PSU banks and FMCG stocks declined.
At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 27.04 points or 0.04% to 61,822.08. The Nifty 50 index gained 20.70 points or 0.11% to 18,370.40.
Hindalco (up 3.56%), Power Grid Corp (up 2.15%), Tata Steel (up 1.77%), Apollo Hospitals (up 1.60%) and JSW Steel (up 1.11%) were the top Nifty gainers.
Conccureently, Dr Reddy's Lab (down 3.93%), Divi's Lab (down 1.72%), SBI (down 0.92%), Sun Pharma (down 0.74%) and Maruti Suzuki (down 0.63%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index fell 0.36% while the S&P BSE Small-Cap index lost 0.15%.
The market breadth was positive. On the BSE, 1,539 shares rose, and 1,281 shares fell. A total of 142 shares were unchanged.
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Economy:
India's industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1% in September, data released on Friday showed. The growth was primarily owing to a rise in manufacturing and mining outputs. The IIP had grown 4.4% in September 2021.
According to the government data, the output of the manufacturing sector rose 1.8% in September 2022 as against an 4.3% growth recorded in the year-ago period, as per latest data from the National Statistical Office (NSO).
Stocks in Spotlight:
Life Insurance Corporation of India (LIC) jumped 6.68%. The life insurance company reported net premium of Rs 1.32 lakh crore for the quarter ended September FY23 as compared to net premium of Rs 1.04 lakh crore for the quarter ended September FY22. The net profit for the quarter jumped to Rs 15,952 crore from Rs 1,434 crore last year. The company's other income stood at Rs 6,795 crore as against Rs 46 crore a year back for the quarter, including refund of income tax.
Zee Entertainment Enterprises (ZEEL) fell 2.18%. ZEEL reported consolidated net profit of Rs 112.8 crore in Q2 FY23 as against a net profit of Rs 266.1 crore in Q2 FY22. Operating revenue increased to Rs 2028.4 crore in Q2 FY23 from Rs 1978.8 crore posted in Q2 FY22.
Thermax shed 0.05%. The company reported 24% rise in consolidated net profit to Rs 109 crore on a 41% increase in operating revenue to Rs 2,075 crore in Q2 FY23 over Q2 FY22.
Global Markets:
Asian stocks are trading mixed on Monday as a top U.S. central banker warned investors against getting carried away over one inflation number.
US stocks ended sharply higher on Friday amid continued optimism over cooler-than-expected US inflation print.
Meanwhile, U.S. President Joe Biden will meet Chinese leader Xi Jinping in person on Monday for the first time since taking office, with U.S. concerns over Taiwan, Russia's war in Ukraine and North Korea's nuclear ambitions on top of his agenda.
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