The headline equity indices traded with minor cuts in early afternoon trade. The Nifty hovered a tad below the 18,340 mark. Metal, IT and realty stocks were in demand while media, FMCG and PSU bank shares corrected.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 137.87 points or 0.22% to 61,657.17. The Nifty 50 index lost 15.30 points or 0.08% to 18,334.40.
In the broader market, the S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index gained 0.29%.
The market breadth was almost even. On the BSE, 1,736 shares rose and 1,746 shares fell. A total of 185 shares were unchanged.
Economy:
India's industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1% in September, data released on Friday showed. The growth was primarily owing to a rise in manufacturing and mining outputs. The IIP had grown 4.4% in September 2021.
According to the government data, the output of the manufacturing sector rose 1.8% in September 2022 as against an 4.3% growth recorded in the year-ago period, as per latest data from the National Statistical Office (NSO).
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.35% to 15.03. The Nifty 24 November 2022 futures were trading at 18,403, at a premium of 68.6 points as compared with the spot at 18,334.40.
The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 27.5 lakh contracts at the 19,000 strike price. Maximum Put OI of 35.3 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty IT index rose 1.03% to 29,897.50.The index advanced 4.88% in two trading sessions.
Coforge (up 2.77%), L&T Technology Services (up 2.41%), Persistent Systems (up 1.93%), Larsen & Toubro Infotech (up 1.7%), Mphasis (up 1.44%), Tech Mahindra (up 1.09%), Infosys (up 1%), HCL Technologies (up 0.78%), Tata Consultancy Services (up 0.57%) jumped.
Earnings Impact:
Trident slipped 5.50% after the company's standalone net profit slumped 82.7% to Rs 39.66 crore on 14.6% decrease in revenue from operations to Rs 1,419.17 crore in Q2 FY23 over Q2 FY22. The company's revenue from Textiles division stood at Rs 1,077.47 crore (down 23.41% YoY) and revenue from Paper & chemicals division was at Rs 341.86 crore (up 33.55%) in Q2 FY23. Trident has announced capex worth Rs 893 crore for capacity addition in Yarn, Bathlinen & Chemical business.
Life Insurance Corporation of India (LIC) rallied 5.82% after the state-run life insurer reported a standalone net profit of Rs 15,952.49 crore in Q2 FY23, steeply higher than Rs 1,433.71 crore posted in Q2 FY22.
The insurer's total premium income jumped 26.62% to Rs 1,32,104.14 crore in the quarter ended 30 September 2022 as against Rs 1,04,331.53 crore reported in the corresponding quarter previous year. The insurance behemoth sold 83,59,029 policies in the individual segment in H1 FY23, recording a growth of 13.55% from 73,61,410 policies sold in the same period last year.
Exide Industries advanced 4.01% after the company's consolidated net profit jumped 22.7% to Rs 241.20 crore on 13.3% increase in net sales to Rs 3,841.13 crore in Q2 FY23 over Q2 FY22.
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