The headline equity indices marched higher and traded near the day's high in the early afternoon trade. The Nifty traded a tad above the 17,100 level after hitting day's low at 16,960.05. FMCG shares witnessed bargain buying after declining for past four trading sessions.
At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 400.98 points or 0.70% to 57,548.30. The Nifty 50 index added 118.25 points or 0.70% to 17,101.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index fell 0.12%.
The market breadth was negative. On the BSE, 1,475 shares rose and 1,841 shares fell. A total of 135 shares were unchanged.
Economy:
The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%.
Cutting India's GDP growth forecast to 6.8% for the financial year 2023, the IMF predicted that India will continue to remain on track to become one of the fastest-growing economies in the world.
IMF expects that inflation in India will come down to 4% range next year. It is said that global inflation will likely perak at 9.5% this year 4.1% by 2024. IMF also warned that a major economic slump is yet to come, and 2023 will feel like a recession to many people.
Meanwhile, the total approximate earnings of Indian Railways on originating basis during 1st April to 8th October 2022 is Rs 33476 crore, registering an increase of 92% compared with Rs 17394 crore achieved during the same period last year.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.43% to 20.40. The Nifty 27 October 2022 futures were trading at 17,083.40, at a discount of 18.4 points as compared with the spot at 17,101.80.
The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 38.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 39.1 lakh contracts were seen at 17,000 strike price.
Buzzing Index:
The Nifty FMCG index rose 1.25% to 43,095.50. The index witnessed bargain hunting after declining 3.89% in four trading sessions.
Dabur India (up 2.68%), Colgate-Palmolive (India) (up 1.48%), Hindustan Unilever (up 1.41%), Godrej Consumer Products (up 1.28%), United Spirits (up 1.15%), ITC (up 1.12%), Britannia Industries (up 1.1%), Marico (up 0.96%), Tata Consumer Products (up 0.83%) and United Breweries (up 0.62%) jumped.
Stocks in Spotlight:
Delta Corp declined 0.46%. The company reported a consolidated net profit of Rs 68.25 crore in Q2 FY23 as against a net loss of Rs 22.57 recorded in Q2 FY22. Revenue increased by 3.6 times to Rs 269.97 crore in the second quarter from Rs 74.72 crore reported in the same period last year. On the segmental front, revenue of Casino Gaming Division was Rs 273.66 crore (up 6.8x YoY), Online Skill Gaming Division revenue was Rs 49.41 crore (up 22.2% YoY) and Hosoitality Division revenue was Rs 14.68 crore (up 17.2% YoY).
HFCL rose 0.71%. The telecom company said that it has received purchase orders aggregating to Rs 39.19 crore from Reliance Projects & Property Management Services for providing services to rollout Long Distance Fiber Network by one of the leading private telecom operators of the country in various telecom circles.
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