The benchmark indices traded in a narrow range with strong gains in mid-morning trade. Positive global cues boosted the sentiment. The Nifty traded above the 18,300 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the green.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 992.03 points or 1.64% to 61,605.73. The Nifty 50 index gained 282.30 points or 1.57% to 18,310.50.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 0.66%.
The market breadth was strong. On the BSE, 1,985 shares rose and 1,319 shares fell. A total of 134 shares were unchanged.
US consumer inflation reached 7.7% in October. The lower-than-expected inflation data might ease the pressure on the Fed to maintain its policy of aggressive interest rate hikes to combat inflation. The US central bank has delivered four consecutive rises of 0.75% points this year in an attempt to slow price growth. Markets now expect a smaller 0.5% point rise at the Fed's meeting in December.
Buzzing Index:
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The Nifty Financial Services index rose 1.88% to 18,954. The index shed 0.72% in two trading sessions.
Housing Development Finance Corporation (up 3.95%), HDFC Bank (up 3.61%), Indian Energy Exchange (up 3.6%), Power Finance Corporation (up 3.51%), HDFC Life Insurance Company (up 3.14%), Cholamandalam Investment & Finance Company (up 2.95%), HDFC Asset Management Company (up 2.2%), Shriram Transport Finance Company (up 2.16%), SBI Life Insurance Company (up 1.9%) and Bajaj Finance (up 1.83%) edged higher.
On the other hand, Muthoot Finance (down 1.81%), State Bank of India (down 0.07%) and ICICI Lombard General Insurance Company (down 0.04%) decilned.
Earnings Impact:
Zomato jumped 7.97% after the online food delivery platform reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against net loss of Rs 429.60 crore in Q2 September 2021. Zomato reported a net loss of Rs 185.70 crore in Q1 June 2022. Revenue from operations stood at Rs 1661.30 crore in Q2 September 2022, up 62.2% from Rs 1024.20 crore reported in Q2 September 2021.
In the food delivery business, Gross Order Value ("GOV") growth was 3% QoQ (23% YoY) driven by growth in both order volumes and average order value. Growth in revenue per order led to a higher Adjusted Revenue (for food delivery) growth of 8% QoQ (27% YoY). Average monthly transacting customers grew 4.4% QoQ to 17.5 million in Q2FY23 as compared to 16.7 million in Q1 FY23.
Apollo Hospitals Enterprise rallied 5.32%. The company reported 17.7% decline in consolidated net profit to Rs 203.99 crore despite of 14.4% rise in net sales to Rs 4251.07 in Q2 FY23 over Q2 FY22.
Ashok Leyland rose 0.51%. The auto major reported a net profit of Rs 199 crore in Q2 FY23 as against a net loss of Rs 83 crore in Q2 FY22. The revenues for the quarter stood at Rs 8,266 crore as against Rs 4,458 crore in Q2 FY22. The company achieved a market share of 32% in Q2 FY23.
Global Markets:
Asian stocks traded higher after the release of U.S. inflation data in October raised investor hopes that inflation has peaked.
US stocks mounted their biggest rally since 2020 after October's reading of consumer prices raised investor hopes that inflation has peaked.
Price increases moderated in the United States last month. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department said Thursday. The year-over-year gain was the smallest since January. Excluding volatile food and energy prices, core inflation rose 6.3% in the past 12 months and 0.3% from September.
Meanwhile, US President Joe Biden is reportedly expected to discuss Russia's war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia.
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