At 13:28 IST, the barometer index, the S&P BSE Sensex was up 317.2 points or 0.53% to 60,275.23. The Nifty 50 index added 108.90 points or 0.61% to 17,967.10.
Eicher Motors (up 2.57%), Infosys (up 2.32%), Tata Steel (up 1.91%), Hero MotoCorp (up 1.76%) and Adani Enterprises (up 1.72%) were the top Nifty gainers.
On the other hand, Titan Company (down 1.21%), Larsen & Toubro (down 0.57%), Apollo Hospitals Enterprise (down 0.56%), Reliance Industries (down 0.35%) and Axis Bank (down 0.28%) outperformed.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% while the S&P BSE Small-Cap index gained 0.20%.
The market breadth was positive. On the BSE, 1,946 shares rose, and 1,440 shares fell. A total of 157 shares were unchanged.
Economy:
India's consumer price inflation eased further to a one-year low of 5.72% in December from 5.88% the previous month, data released by the Ministry of Statistics and Programme Implementation (MOSPI) showed. This is the third month in a row that CPI inflation has fallen. The Food inflation eased sharply to 4.19% in December compared to 4.67% in previous month.
Meanwhile, India's factory output based on the Index of Industrial Production (IIP) rose 7.1% year on year in the month of November, MOSPI data showed on Thursday. For the April-November period, the index grew by 5.5%. IIP had contracted by 4% YoY in October.
Stocks in Spotlight:
Infosys shed 2.32%. The IT major reported 9.4% rise in consolidated net profit to Rs 6,586 crore on a 4.9% increase in revenues to Rs 38,318 crore in Q3 FY23 over Q2 FY23. The company's net profit and revenues are higher by 13.4% and 20.2% as compared with Q3 FY22. In dollar terms, the company reported revenues of $4,659 million (up 2.3% QoQ and up 9.6% YoY) for the quarter ended 31 December 2022. In constant currency terms, the company's revenue has grown by 2.4% QoQ and by 13.7% YoY during the period under review.
Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. IT services attrition rate stood at 24.3% as of 31 December 2022 as compared with 27.1% as of 30 September 2022 and 25.5% as on 31 December 2021
HCL Technologies slipped 0.10%. The IT firm reported 17.4% rise in consolidated net profit to Rs 4,096 crore on a 8.2% increase in revenues to Rs 26,700 crore in Q3 FY23 over Q2 FY22. Compared with Q3 last year, the company's net profit and revenue are higher 19% and 19.6%, respectively. In dollar terms, the company's revenue stood at $3,244 million, up 5.3% QoQ and up 9% YoY.
In constant currency (cc) terms, revenue growth in Q3 FY23 was 5% QoQ and 13.1% YoY. Attrition (on the last 12-month basis) was at 21.7% in Q3 FY23 as against 23.8%% in Q2 FY23 and 19.8% in Q3 FY22.
Larsen & Toubro (L&T) declined 0.57%. The EPC major announced that it has signed a memorandum of understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications.
L&T Technology Services (LTTS) slipped 5.37%. The company on Thursday (12 January 2023) announced that it will acquire the Smart World & Communication (SWC) business of its parent firm, Larsen & Toubro (L&T) for a cash consideration of Rs 800 crore.
Global Markets:
Asian stocks were trading mostly higher after the U.S. consumer price index showed inflation cooled in December, raising investors' hopes that the Federal Reserve can return to slower interest rate hikes.
US stocks climbed on Thursday after a reading of consumer prices fed expectations the Federal Reserve may have the leeway to scale back the size of future interest rate hikes.
A key gauge of US inflation posted a moderate increase in December. Excluding food and energy, the consumer price index rose 0.3% last month and was up 5.7% from a year earlier, according to a US Labor Department report on Thursday. The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2 1/2 years. The measure was up 6.5% from a year earlier.
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