The key equity benchmarks traded with decent gains in mid-afternoon trade as the bourses witnessed bouts of volatility. After the hitting the day's low at 18,060.15 in afternoon trade, the Nifty staged a decent comeback and currently traded tad above the 18,100 mark. Metal shares advanced for second consecutive session.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 269.08 points or 0.44% to 61,015.67. The Nifty 50 index gained 97.15 points or 0.54% to 18,109.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index gained 0.06%.
The market breadth was positive. On the BSE, 1,748 shares rose and 1,647 shares fell. A total of 150 shares were unchanged.
The US Fed, which begins its two-day meeting Tuesday, is reportedly expected to deliver a fourth straight 75-basis-point rate hike on Wednesday in its attempt to tame inflation. Investors will also focus on the communication of the outlook.
On the numbers front in the US, the release of JOLTS job openings, construction spending and ISM manufacturing PMI data will remain on investor's radar.
Buzzing Index:
The Nifty Metal index rose 2.17% to 6,024.25. The index has advanced 2.39% in the two sessions.
Adani Enterprises (up 6.25%), Jindal Stainless (up 1.91%), Vedanta (up 1.82%), Hindalco Industries (up 1.63%) and JSW Steel (up 1.5%) were the top gainers.
Among the other gainers were Steel Authority of India (up 1.27%), Jindal Steel & Power (up 1.21%), National Aluminium Company (up 1%), Hindustan Zinc (up 0.04%) and APL Apollo Tubes (up 0%).
On the other hand, Ratnamani Metals & Tubes (down 2.18%), Welspun Corp (down 1.21%) and Tata Steel (down 0.98%) turned lower.
Stocks in Spotlight:
Maruti Suzuki India declined 1.24%. The company said that it had sold a total of 167,520 units in October 2022, which is higher by 21% as compared with 138,335 units sold in October 2021. Total sales for the month of October 2022 include domestic sales of 143,250 units (up 27% YoY), sales to other OEM of 3,822 units (down 10% YoY) and exports of 20,448 units (down 4% YoY).
Ashok Leyland fell 2.22%. The company recorded 34% rise in total vehicle sales to 14,863 units in October 2022 from 11,079 units sold in October 2021. The company's total domestic sales in October 2022 stood at 13,860 units, up by 38% from 10,043 units sold in October 2021.
While total medium & heavy commercial vehicle (M&HCV) sales increased by 49% YoY to 9,054 units, total light commercial vehicle (LCV) sales were higher by 16% YoY to 5,809 units during the period under review.
Varun Beverages jumped 5.58%. The company reported 53.3% rise in consolidated net profit to Rs 395.5 crore in Q3 CY22 from Rs 257.9 crore in Q3 CY21. Net revenue from operations during the quarter grew by 32.5% YoY to Rs 3,176.6 crore, on account of robust volume growth over last year and higher realization on a consolidated basis.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.412 as compared with 7.445 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7000, compared with its close of 82.8100 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.35% to Rs 50,498.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.47% to 111.01.
The United States 10-year bond yield fell 2.08% to 3.992.
In the commodities market, Brent crude for January 2023 settlement gained $1.47 or 1.58% at $94.28 a barrel.
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