The domestic equity benchmarks traded with strong gains in early trade amid across the board buying in index pivotals. The Nifty traded above the 18,100 level. Shares across sectors advanced with PSU banks, pharma, IT and auto stock gaining the most.
At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 320.56 points or 0.53% to 61,067.15. The Nifty 50 index gained 101.05 points or 0.56% to 18,113.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index gained 0.35%.
The market breadth was strong. On the BSE, 1,806 shares rose and 839 shares fell. A total of 119 shares were unchanged.
Stocks in Spotlight:
Bharti Airtel shed 0.57%. The telecom major's consolidated net profit surged 89.17% to Rs 2,145.2 crore on 21.89% jump in revenue from operations to Rs 3,4526.8 crore in Q2 FY23 over Q2 FY22. India revenues for Q2 FY23 at Rs 24,333 crore, increased by 22.3% YoY.
Average revenue per user (ARPU) jumped 24.18% to Rs 190 in Q2 FY23 as compared to Rs 153 posted in Q2 FY22 on the back of company's continued focus on quality customers, feature phone to smartphone upgradation and data monetization. Mobile revenues grew by 24.8% YoY on account of improved realisation as well as strong 4G customer additions during the year.
Larsen & Toubro (L&T) slipped 0.26%. L&T posted a consolidated net profit of Rs 2,229 crore in Q2 FY23, registering a growth of 23% over the corresponding quarter of the previous year. The conglomerate recorded revenues of Rs 42,763 crore for the quarter ended 30 September 2022, recording a YoY growth of 23%. The consolidated order book of the group was at Rs 372,381 crore as on 30 September 2022, with international orders having a share of 28%.
In its outlook, L&T said that the company's Projects & Hi-Tech Manufacturing businesses are rightly positioned to leverage the India and Middle East capex opportunity and with tech enabled skill sets and offerings, the IT&TS business will continue to pursue growth in the global services domain.
Tata Steel declined 1.72%. The steel maker reported 90% drop in consolidated net profit to Rs 1,297 crore in Q2 FY23 from Rs 12,548 crore in Q2 FY22. Total revenue from operations fell marginally, by 1%, to Rs 59,878 crore in the second quarter as compared with the same period last year.
While the company's crude steel production declined by 3% to 7.56 million tons, deliveries contracted by 2% to 7.23 million tons in Q2 FY23 over Q2 FY22. In India, Deliveries were higher by 21% QoQ and 7% YoY primarily driven by record domestic deliveries. In Europe, however, deliveries were lower on QoQ basis, in part due to seasonal factors and subdued demand in the region.
Tata Steel said that the 6 MTPA Pellet plant will be commissioned in Q3 FY23 and will be followed by the Cold Roll Mill complex in phases. The 5 MTPA expansion at Kalinganagar is on track for commissioning by end FY24. Neelachal Ispat Nigam's blast furnace was restarted in October, within 3 months of completion of the acquisition and is being ramped up.
Global markets:
Asian stocks are trading higher 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.
Meanwhile, the Reserve Bank of Australia raised interest rates by 25 basis points for the second consecutive time, in line with expectations. This is the seventh consecutive tightening move by the RBA in a bid to control inflation in the country.
US stocks lost ground on Monday as investor focus turned to the Federal Reserve's policy meeting this week.
As per reports, the central bank may raise interest rates by 75 basis points on Wednesday, but investors will look for any signals the Fed may be considering a deceleration in interest rate hikes in the future.
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