The benchmark indices extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 521.52 points or 0.88% at 59,828.45. The Nifty 50 index advanced 174.05 points or 0.98% at 17,845.70.
Infosys (up 1.93%), Bharti Airtel (up 3.87%) and HDFC Bank (down 0.78%) boosted the indices.
Buying was wide spread. The S&P BSE Mid-Cap index rose 1.29%. The S&P BSE Small-Cap index gained 0.76%.
Buyers outpaced sellers. On the BSE, 2,062 shares rose and 1,165 shares fell. A total of 178 shares were unchanged.
The key equity indices witnessed bargain buying after declining by over 3% in the past three sessions. The recent selling was triggered by relentless selling by FIIs, rising inflation and slowdown in global growth momentum.
Economy:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 55.9 in October 2021, rising from 53.7 in September 2021. The latest figure pointed to the strongest improvement in overall operating conditions since February 2021. The figure was in expansion territory for the fourth month in a row.
Gainers & Losers:
IndusInd Bank (up 7.25%), Bharti Airtel (up 3.87%), Grasim Industries (up 3.74%) and Hindalco Industries (up 3.19%) were major gainers in Nifty 50 index.
Bajaj Finserv (down 2.60%), Mahindra & Mahindra (M&M) (down 2.35%), Hindustan Unilever (HUL) (down 0.83%) and Nestle India (down 0.67%) were major losers in Nifty 50 index.
Nifty Results Today:
Housing Development Finance Corporation (HDFC) (up 0.22%) and Tata Motors (up 0.05%) are main index stocks that will announce their quarterly results today.
Earnings Impact:
Dr. Reddy's Laboratories advanced 2.88%. The drug maker reported 30% rise in consolidated profit after tax to Rs 992 crore on a 18% rise in revenue to Rs 5,763 crore in Q2 FY22 over Q2 FY21.
UPL declined 2.84%. The agrochemicals manufacturer reported 36% rise in consolidated net profit to Rs 633 crore on a 18% rise in revenue to Rs 10,567 crore in Q2 FY22 over Q2 FY21.
Shree Cement rose 2.41%. The cement maker reported consolidated net profit of Rs 563.94 crore in Q2 FY22 as compared with net profit of Rs 527.87 crore in Q2 FY21. Total income rose to Rs 3,526.95 crore from Rs 3,364.84 crore.
Bharat Petroleum Corporation (BPCL) gained 1.24%. The company's standalone net profit jumped 19.9% to Rs 2,694.10 crore on a 62.6% surge in net sales to Rs 81,536.67 crore in Q2 September 2021 over Q2 September 2020.
Global Markets:
European shares opened higher while Asian stocks were mixed on Monday, 1 November 2021, as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
China's official manufacturing Purchasing Managers' Index for October came in at 49.2 over the weekend, below the 50 level separating expansion from contraction. However, a private survey released Monday showed Chinese manufacturing activity growth in October expanding with the Caixin/Markit manufacturing PMI coming in at 50.6.
Investors will be monitoring the US Federal Reserve's two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.
Meanwhile, leaders of the world's 20 biggest economies (G-20) endorsed on Saturday a global minimum tax aimed at stopping big business from hiding profits in tax havens, and also agreed to get more COVID-19 vaccines to poorer nations. G-20 leaders broadly backed calls to extend debt relief for impoverished countries and pledged to vaccinate 70% of the world's population against COVID-19 by mid-2022.
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