The key equity indices traded with modest gains in early trade on buying demand in index pivotals. The Nifty hovered above the 17,500 mark. Investors are awaiting the outcome of the RBI meeting.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 99.14 points or 0.17% to 58,565.11. The Nifty 50 index added 40 points or 0.23% to 17,503.80.
ONGC (up 2.41%), Tata Motors (up 1.55%), JSW Steel (up 1.36%), Infosys (up 1.01%) and HDFC (up 0.62%) were the top index gainers.
Coal India (down 1.51%), Asian Paints (down 0.94%), Maruti Suzuki (down 0.85%), SBI Life (down 0.59%) and India Oil Corp (down 0.58%) were the top index losers.
In the broader market, the S&P BSE Mid-Cap index shed 0.14% while the S&P BSE Small-Cap index lost 0.26%.
The market breadth was negative. On the BSE, 1216 shares rose and 1387 shares fell. A total of 98 shares were unchanged.
The Reserve Bank of India (RBI)'s rate-setting Monetary Policy Committee (MPC) meeting commenced on 8 February 2022 and the outcome would be announced today, 10 February 2022. The RBI may hold its repo rate steady but an increase in the reverse repo rate is expected as part of a process to reduce the surplus liquidity poured into the markets earlier during the pandemic, as per reports.
Stocks in Spotlight:
Power Grid Corporation of India rose 1.94% to Rs 213.35. The company reported consolidated net profit of Rs 3,292.97 crore in Q3FY22 against Rs 3,367.71 crore in Q3FY21. Total income rose to Rs 10723.61 crore from Rs 10359.48 crore YoY.
ACC lost 0.60% to Rs 2296.25. The company reported consolidated net profit of Rs 281 crore in Q4FY21 as against Rs 472 crore in Q4FY20. Net sales rose to Rs 4137 crore from Rs 4066 crore YoY.
Tata Power shed 0.15% to Rs 237.60. The company reported 74% rise in consolidated net profit to Rs 552 crore on 42% rise in revenue to Rs 11015 crore in Q3FY22 over in Q3FY21.
FSN E-Commerce Ventures slumped 4.56% to Rs 1765.45. The company reported 58% fall in consolidated net profit to Rs 29 crore on 36% rise in revenue from operations to Rs 1098.40 crore in Q3FY22 over in Q3FY21.
Global Markets:
Asian stocks are trading mixed on Thursday as investors await the release of U.S. consumer inflation data.
U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.
Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.
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