The frontline indices traded with stellar gains in the mid-afternoon trade. The Nifty traded above the 18,300 level. IT, financial services and metal shares rallied while PSU bank, FMCG and auto stocks corrected.
At 14:30 IST, the barometer index, the S&P BSE Sensex, surged 1,145.42 points or 1.89% to 61,759.12. The Nifty 50 index gained 316.75 points or 1.76% to 18,344.95. Sensex and Nifty hit a 52-week high of 61,820.47 and 18,357.70 respectively in intraday today.
The broader market lagged the frontline indices. The S&P BSE Mid-Cap index gained 0.22% while the S&P BSE Small-Cap index rose 0.44%.
The market breadth was positive. On the BSE, 1,861 shares rose and 1,562 shares fell. A total of 149 shares were unchanged.
US CPI inflation print was cooler than expected 7.7% in October, triggering a rally in global equity markets. The latest number led to the conclusion that inflation in the US market has peaked, and the US Fed may pause the aggressive stance on the rate hikes soon. 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.
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The yield on India's 10-year benchmark federal paper declined to 7.289 as compared with 7.346 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 80.82, compared with its close of 81.40 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.62% to Rs 52,434.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.52% to 107.59.
The United States 10-year bond yield fell 0.48% to 3.811.
In the commodities market, Brent crude for January 2023 settlement jumped $2.25 or 2.40% at $95.92 a barrel.
Buzzing Index:
The Nifty Bank index rose 1.44% to 42,202.40. The index shed 0.43% in the past trading session.
HDFC Bank Ltd (up 6.08%), Punjab National Bank (up 1.59%), Axis Bank Ltd (up 0.87%), IndusInd Bank Ltd (up 0.62%), AU Small Finance Bank Ltd (up 0.16%) Bandhan Bank Ltd (up 0.05%) advanced.
On the other hand, Federal Bank (down 2.64%), Bank of Baroda (down 2.15%) and State Bank of India (down 0.89%) edged lower.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) declined 0.81%. The vehicle manufacturer's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22. M&M sold 1,74,098 vehicles in Q2 FY23, recording a growth of 75% as against 99,334 vehicles sold in the same quarter a year ago. Total tractors sold in Q2 FY23 stood at 92,590 units, rising 5% year on year.
Zydus Lifesciences shed 0.85%. The pharmaceutical company's consolidated net profit slumped 82.6% to Rs 522.50 crore despite of a 10% increase in total revenue from operations to Rs 4,134.7 crore in Q2 FY23 over Q2 FY22.
Kalpataru Power Transmission gained 1.69% after the company's consolidated net profit rose 18.1% to Rs 98 crore on 7% rise in net sales to Rs 3,798 crore in Q2 FY23 over Q2 FY22.
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