The frontline indices ended with robust gains on Tuesday, extending gains for the third trading session. Positive global cues boosted the sentiment. The Nifty closed above the 17,450 mark. All the sectoral indices on the NSE were in the green with PSU bank, media and realty stocks gaining the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 549.62 points or 0.94% to 58,960.60. The Nifty 50 index gained 175.15 points or 1.01% to 17,486.95. In three consecutive sessions, the Sensex has jumped 3.01% while the Nifty has increased by 2.78%.
In the broader market, the S&P BSE Mid-Cap index gained 1.06% while the S&P BSE Small-Cap index rose 0.71%.
The market breadth was strong. On the BSE, 2,077 shares rose and 1,356 shares fell. A total of 123 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 5.23% to 17.45.
Economy:
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Reserve Bank of India (RBI) stated that aggressive and synchronised monetary tightening has further weakened global economic prospects as financial markets sold off, investors took fright and jettisoned risky assets. In India, broader economic activity has remained resilient and poised to expand further with domestic demand accelerating as the contact-intensive sectors are experiencing a bounce-back. Robust credit growth and fortified corporate and bank balance sheets provide further strength to the economy. Headline inflation is set to ease from its September high, albeit stubbornly, on the back of easing momentum and favourable base effects. These factors will entrench India's prospects as one of the fastest growing economies of the world.
Buzzing Index:
The Nifty PSU Bank index rose 3.97% to 3,172.05, extending its winning run for third session. The index advanced 8.07% in three trading sessions.
Indian Bank (up 6.14%), Canara Bank (up 5.69%), Punjab National Bank (up 5.28%), Union Bank of India (up 4.44%), State Bank of India (up 3.46%), Bank of Baroda (up 3.42%), Punjab & Sind Bank (up 2.66%), UCO Bank (up 2.59%), Bank of India (up 2.56%) and Indian Overseas Bank (up 1.74%) jumped.
Stocks in Spotlight:
Tata Coffee rose 0.76%. The company reported a consolidated net profit of Rs 147 crore in Q2 FY23, which is significantly higher as compared with a net profit of Rs 54 crore recorded in Q2 FY22. The sharp improvement in profitability was driven by improved performance of Plantation and Instant Coffee businesses and one-time exceptional income on disposal of a non-core/surplus property. Consolidated total income for the quarter higher at Rs 723 crore compared to Rs 554 crore for the corresponding quarter of the previous year, an increase of 30%, driven by higher realisations in all businesses of the company.
Indowind Energy hit an upper circuit limit of 5% after the company's consolidated net profit surged 656.86% to Rs 3.86 crore on 64.60% increase in net sales to Rs 14.60 crore in Q2 FY23 over Q2 FY22.
Can Fin Homes advanced 4.06% after the company's net profit rose 14.6% to Rs 141.71 crore on 40.5% increase in total income to Rs 657.55 crore in Q2 FY23 over Q2 FY22.
Tata Metaliks rose 1.62%. The company reported a net profit of Rs 14.29 crore in Q2 FY23, down by 73.8% from Rs 54.62 crore recorded in Q2 FY22. Revenue from operations increased by 36% YoY to Rs 876.98 crore during the quarter. This was driven by higher sales volume of both Pig Iron (PI) and Ductile Iron (DI) Pipe by approximately 23% and approximately 52%, respectively, despite the disruption for 4-5 days due to rail & road agitation in Kharagpur.
Spandana Sphoorty Financial rose 0.51%. THE NBFC reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22. Total income declined 21.7% YoY to Rs 310.15 crore during the quarter ended 30 September 2022. During Q2 FY23, Gross collection efficiency (including arrears) was at 101.3% and net collection efficiency was at 93.3%. The GNPA stood at 7.47% and NNPA was at 3.96 %. The total provision was Rs 303 crore comprising 5.23 % of the AUM.
Suzlon Energy gained 2.82% after the company said it secured an order for developing a 48.3 MW wind power project for Adani Green Energy. Suzlon will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.
Tata Communications rallied 3.80% after the Tata Group company reported 25.13% rise in consolidated net profit to Rs 532.29 crore on 6.15% increase in net sales to Rs 4,430.74 crore in Q2 FY23 over Q2 FY22.
Aster DM Healthcare advanced 3.28%. The company said that its retail arm Aster Pharmacy has entered into a long-term joint venture agreement with Al Hokair Holding Group to setup and operate pharmacies in the Kingdom of Saudi Arabia (KSA). Aster Pharmacy through this partnership aims to set-up and operate 250 plus stores over a period of 5 years and provide ease of access to pharmaceutical and wellness products across the segments of nutrition, baby care, skin care, home healthcare etc.
Newgen Software Technologies rallied 3.04% after the company's consolidated net profit rose 57.82% to Rs 30.27 crore on 20.34% increase in net sales to Rs 226.11 crore in Q2 September 2022 over Q1 June 2022.
Global Markets:
The US Dow Jones futures were up 229 points, indicating a positive opening in the US stock market today.
Shares in Europe and Asia advanced on Tuesday after Wall Street's rally overnight. The UK's decision to reverse more of its unfunded tax cuts also aided global market sentiment.
Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite.
Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's proposed tax cuts and reined in her energy subsidies, while Bank of America Corp posted consensus-beating third quarter results, having benefited from a spate of interest rate hikes from the Federal Reserve.
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