The domestic equity benchmarks traded with decent gains in early trade, amid buying in index pivotals. The Nifty hovered around the 17,950 mark. Barring pharma and healthcare, shares across sectors advanced.
At 09:23 IST, the barometer index, the S&P BSE Sensex, was up 182.74 points or 0.30% to 60,211.80. The Nifty 50 index rose 57.55 points or 0.32% to 17,946.50.
In the broader market, the S&P BSE Mid-Cap index gained 0.51% while the S&P BSE Small-Cap index rose 0.31%.
The market breadth was strong. On the BSE, 1618 shares rose and 720 shares fell. A total of 100 shares were unchanged.
Stocks in Spotlight:
Bharti Airtel added 0.80% to Rs 718.60. The company posted a consolidated net profit of Rs 1,134 crore in Q2 FY22 as against a consolidated net loss of Rs 763.2 crore registered in Q2 FY21. The telecom operator posted quarterly revenues of Rs 28,326 crore, rising 18.8% year on year on comparable basis and 13% YoY on a reported basis, backed by strong performance delivery across the portfolio.
Consolidated EBITDA witnessed an increase of 24.5% YoY to Rs 14,018 crore in Q2 FY22. EBITDA expansion was broad based across the portfolio. EBITDA margin improved to 49.5% in Q2 FY22 from 44.9% in Q2 FY21.
eClerx Services surged 14.50% to Rs 2457. The company's consolidated net profit grew 10.3% to Rs 100.7 crore on a 6.2% rise in total revenue to Rs 525 crore in Q2 FY22 over Q1 FY22.
PSP Projects gained 2.08% to Rs 534.40. The company said that it has received Letter of Acceptance for two projects viz one government project in Gujarat and another government residential project in Uttar Pradesh totaling to Rs 288.27 crore.
Global Markets:
Asian stocks are trading mixed on Wednesday as investors look ahead to the end of the U.S. Federal Reserve's two-day meeting for clues on tapering. Markets in Japan are closed on Wednesday for a holiday.
A private survey released Wednesday showed growing Chinese services activity in October, with the Caixin/Markit services Purchasing Managers' Index coming in at 53.8, rising from September's reading of 53.4.
Wall Street's main indexes rose on Tuesday to record highs as a strong earnings season continued to lift sentiment for equities.
The Fed at the conclusion of its two-day meeting on Wednesday is reportedly likely to announce it will begin unwinding its $120 billion in monthly bond purchases implemented during the pandemic.
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