At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 387.04 points or 0.64% to 60,673.08. The Nifty 50 index added 116.95 points or 0.66% to 17,838.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index gained 0.20%.
The market breadth was strong. On the BSE, 1,709 shares rose, and 1,417 shares fell. A total of 184 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,559.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 639.82 crore in the Indian equity market on 7 February, provisional data showed.
The Reserve Bank of India on Wednesday hiked the repo rate by 25 basis points to 6.5%, Governor Shaktikanta Das announced. This was the first Monetary Policy Statement of the year. In December 2022, the repo rate was raised by 0.35 percentage points to 6.25%.
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Shree Cement (up 0.26%), Adani Power (up 3.78%), Adani Wilmar (up 5%), Cummins India (up 0.48%), Escorts Kubota (down 0.68%), Dreamfolks Services (up 0.26%), Endurance Technologies (down 0.34%), Equitas Small Finance Bank (up 1.57%), Graphite India (up 0.59%0, HG Infra Engineering (up 0.43%), Honeywell Automation India (down 0.41%), IRCON International (down 0.88%), Minda Corporation (up 1.30%), Samvardhana Motherson International (down 0.19%), Narayana Hrudayalaya (down 0.61%), Oberoi Realty (down 0.11%), Piramal Enterprises (down 0.28%), Speciality Restaurants (up 1.36%), Symphony (up 0.43%), Tracxn Technologies (up 0.43%) and Trent (down 0.15%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty Metal index rose 1.54% to 5,845.90. The index slipped 11% in past five trading sessions.
Adani Enterprises (up 8.32%), Vedanta (up 1.9%), Jindal Steel & Power (up 1.74%), JSW Steel (up 1.13%), Hindalco Industries (up 1.11%), National Aluminium Company (up 0.98%), Hindustan Zinc (up 0.86%), APL Apollo Tubes (up 0.78%), Hindustan Copper (up 0.76%) and Ratnamani Metals & Tubes (up 0.6%) advanced.
Stocks in Spotlight:
CreditAccess Grameen jumped 6.11% after the micro lender's consolidated net profit surged 85.3% to Rs 216.8 crore on 31.9% increase in total income to Rs 909.7 crore in Q3 December 2022 over Q3 December 2021.
Deepak Nitrite fell 1.28% after the specialty chemical maker's consolidated net profit declined 13.8% to Rs 209.05 crore despite of a 15.6% rise in revenue from operations to Rs 1,991.06 crore in Q3 FY23 over Q3 FY22.
Adani Green Energy (AGEL) shed 2.29%. The renewable energy company's consolidated net profit zoomed 110.2% to Rs 103 crore in Q3 FY23 from Rs 49 crore reported in Q3 FY22. Revenue from operations stood at Rs 1,959 crore in the quarter ended 31 December 2022, registering a growth of 40.8% as against Rs 1,391 crore posted in Q3 FY22.
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