The benchmark indices pared gains in the afternoon trade as profit selling emerged at higher levels. The Nifty held the 18,000 mark, cooling off the day's high of 18,175.80. IT, metals and pharma shares were in demand. Positive global cues and encouraging domestic economic data supported buying.
At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 221.31 points or 0.36% to 60,967.90. The Nifty 50 index gained 53.35 points or 0.3% to 18,065.55.
Adani Enterprises (up 5.34%), Divi's Laboratories (up 5.21%) and NTPC (up 3.93%) were top Nifty gainers.
Axis Bank fell 3.76% on high volumes after the counter reported multiple block deals in initial trade today, 1 November 2022. The media reported that American private equity (PE) major Bain Capital is likely to offload 1.24% stake in private sector lender Axis Bank through a block deal on Tuesday (1 November 2022). The PE firm held 4.24% stake in Axis Bank as of 30 September 2022 through three entities - BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV.
Eicher Motors slipped 2.44%. The company's unlisted subsidiary, VE Commercial Vehicles (VECV) sold 6,038 units of commercial vehicles (CV) in October 2022, rising 4% year on year from 5,805 units sold in October 2021. Sequentially, the company's CV sales dropped 8.94% last month from 6,631 units sold in September 2022.
Maruti Suzuki India declined 1.56%. The car major sold a total of 167,520 units in October 2022, up 21% as against 138,335 units sold in October 2021. Sequentially, total sales fell 5% last month from 1,76,306 units sold in September 2022.
In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index gained 0.17%.
The market breadth was positive. On the BSE, 1,724 shares rose and 1,644 shares fell. A total of 149 shares were unchanged.
The US Federal Reserve, which begins its two-day meeting Tuesday, is reportedly expected to deliver a fourth straight 75-basis-point rate hike on Wednesday in its attempt to tame inflation. Investors will also focus on the communication of the outlook.
Back home, the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will hold an additional meeting on Thursday, 3 November 2022.
The MPC last met on 28-30 September 2022. It was slated to meet for the last time this calendar year on 5-7 December 2022.
Economy:
India's gross GST revenue collected in the month of October 2022 is Rs 1,51,718 crore of which CGST is Rs 26,039 crore, SGST is Rs 33,396 crore, IGST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and Cess is Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date. The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark.
Meanwhile, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 55.3 in October, up from 55.1 in September. The latest figure was above its long-run average (53.7), indicating a stronger improvement in the health of the sector. The upward movement in the headline figure largely reflected stronger increases in employment and stocks of purchases.
Global markets:
The Dow Jones index futures were up 94 points, indicating a postive opening in the US stocks today.
Most shares in Europe and Asia advanced on Tuesday despite mild losses from Wall Street overnight as investors turned their focus to the Federal Reserve's policy meeting this week for hints on what comes next.
The Caixin manufacturing Purchasing Managers' Index for October showed that factory activity contracted for the third month in a row. The reading came in at 49.2. In September, the manufacturing PMI was at 48.1.
Hong Kong's gross domestic product fell by 4.5% in the third quarter of the year compared with the same period a year ago, advance estimates from the Census and Statistics Department showed Monday. That's the worst contraction since the second quarter of 2020. Fixed capital formation, or investment, decreased by 14.3%, while exports and imports also fell.
South Korea's trade deficit widened to $6.7 billion for the month of October from a revised figure of $3.78 billion in September, data from the customs agency showed. Imports rose 9.9% to $59.18 billion from the same period a year ago, while exports dropped 5.7% to $52.48 billion.
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