The frontline indices marched higher and hit a fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,800 mark after hitting day's low of 17,584.20 in mid-morning trade. Banks, financial services and consumer durables scrips were in demand while healthcare, pharma and realty stocks tumbled.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 814.53 points or 1.36% to 60,746.77. The Nifty 50 index added 217.20 points or 1.23% to 17,827.60.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 0.41% while the S&P BSE Small-Cap index fell 0.62%.
The market breadth was weak. On the BSE, 1,137 shares rose and 2,341 shares fell. A total of 140 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.290 from its close of 7.296 recorded in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.2600, compared with its close of 82.2050 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement rose 0.22% to Rs 57,820.
The United States 10-year bond yield fell 0.71% to 3.374.
In the commodities market, Brent crude for April 2023 settlement declined 35 cents or 0.43% to $81.82 a barrel.
Buzzing Index:
The Nifty PSU Bank index gained 2.14% to 3,853.30. The index slipped 5.84% in the past two trading sessions.
Bank of Baroda (up 5.03%), Canara Bank (up 1.84%), State Bank of India (up 1.78%), Bank of India (up 1.48%) and Indian Bank (up 0.1%) were the top gainers.
On the other hand, Central Bank of India (down 2.85%), UCO Bank (down 1.78%) and Union Bank of India (down 1.77%) edged lower.
Stocks in Spotlight:
Divis Laboratories tumbled 12.71% after the pharmaceutical company's consolidated net profit slumped 66% to Rs 306.80 crore on 31.51% decline in revenue from operations to Rs 1,707.68 crore in Q3 FY23 over Q3 FY22.
Mahanagar Gas (MGL) shed 0.08%. The company reported a consolidated net profit of Rs 172.07 crore in Q3 FY23, which is significantly higher as compared with a net profit of Rs 56.79 crore in Q3 FY22. Net revenue from operations increased by 62.62% YoY to Rs 1671.39 crore during the quarter.
Zydus Lifesciences rose 0.36%. The pharma company's consolidated net profit jumped 24.48% to Rs 622.9 crore on a 19.85% increase in total revenue from operations to Rs 4,362.3 crore in Q3 FY23 over Q3 FY22.
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