At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 187.04 or 0.31% points to 60,756.99. The Nifty 50 index lost 40.75 points or 0.22% to 18,076.40.
The broader market outperforms the headline indices. The S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index gained 0.27%.
The market breadth was strong. On the BSE, 1,906 shares rose and 1,581 shares fell. A total of 201 shares were unchanged.
Britannia Industries (up 9.08%), State Bank of India (up 3.43%), Adani Enterprises (up 2.94%), Bharat Petroleum Corporation (up 2.31%) and Coal India (up 1.91%) were the top Nifty gainers.
Divi's Laboratories (down 6.66%), Cipla (down 2.32%), Asian Paints (down 2.28%), Titan Company (down 1.62%) and Sun Pharmaceutical Industries (down 1.54%) were the top Nifty losers.
Earnings Impact:
State Bank of India (SBI) jumped 3.43% after the PSU bank reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22. Net Interest Income (NII) increased by 12.83% YoY to Rs 35,183 crore during the quarter. Net Interest Margin (domestic) was at 3.55% in Q2 FY23 as against 3.50% in Q2 FY22.
Britannia Industries surged 9.08% after the company's consolidated net profit rose 28.48% to Rs 490.58 crore on 21.41% increase in net sales to Rs 4,379.61 crore in Q2 September 2022 over Q2 September 2021. Profit from operations stood at Rs 660 crore, growing at 30% for the quarter. Britannia's market share reached a new 15-year high.
Titan Company rose 1.62% The Tata Group company's consolidated net profit surged 33.7% to Rs 857 crore on 17.53% rise in revenue from operations to Rs 8,134 crore in Q2 FY23 over Q2 FY22. Total income for the quarter was Rs 8,308 crore, registering a growth of 18.21% as compared to Rs 7,028 crore of Q2 FY22 (excluding bullion sale).
Bank of Baroda soared 8.68% after the bank's net profit surged 58.7% to Rs 3,313.42 crore on 13.86% rise in total income to Rs 23080.03 crore in Q2 FY23 over Q2 FY22. Net Interest Income (NII) jumped 34.5% to Rs 10,174 crore in Q2 FY23 as against Rs 7,566 crore posted in Q2 FY22. Global NIM improved to 3.33% as on 30 September 2022 from 2.85% as of 30 September 2021.
Power Grid Corporation of India rose 0.75%. On consolidated basis, Power Grid Corporation of India's net profit rose 8.1% to Rs 3,650.16 crore on 8.6% increase in revenue from operations to Rs 11,150.57 crore in Q2 FY23 over Q2 FY22. Meanwhile, the company's board has approved the payment of interim dividend of Rs 5 per equity share for the financial year 2022-23. The dividend shall be paid to the members on 30 November 2022.
TVS Motor Company declined 2.17%. The two-wheeler major reported 47% rise in net profit to Rs 407 crore on a 28% increase in revenue to Rs 7,219 crore in Q2 FY23 over Q2 FY22. Operating EBITDA grew by 31% at Rs 737 crore compared to Rs 563 crore during Q2 of last year. EBITDA margin was at 10.2% in Q2 FY23 as against 10% in Q2 FY22.
Global Markets:
Asian stocks were trading higher on Monday as investors digest the latest U.S. jobs report and look ahead to the midterm elections.
US stocks rose on Friday on hopes the Federal Reserve would scale back future interest rate hikes following the latest jobs report.
U.S. employers likely hired the fewest workers in nearly two years in October and increased wages at a moderate pace. The U.S. Labor Department's closely watched non-farm payrolls report showed a rise in the unemployment rate to 3.7% last month from 3.5% in September. The survey of establishments showed nonfarm payrolls increased 261,000 last month, the smallest gain since December 2020. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported.
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