The key equity indices edged higher in early trade on buying demand in index pivotals. The Nifty hit an high of 18,012.25 in early trade. Auto, PSU bank and realty stocks advanced.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 194.65 points or 0.32% to 60,333.11. The Nifty 50 index rose 52.80 points or 0.29% to 17,982.45.
In the broader market, the S&P BSE Mid-Cap index gained 0.48% while the S&P BSE Small-Cap index rose 0.65%.
The market breadth was strong. On the BSE, 1605 shares rose and 552 shares fell. A total of 100 shares were unchanged.
Economy:
On the macro front, India's merchandise exports in October rose 42.3% on a year-over-year basis to touch $35.47 billion, as per preliminary trade data revealed by the Ministry of Commerce and Industry on Monday. Total merchandise imports in October, however, rose 62.5% to $55.37 billion. The trade deficit in the month of October widened to $19.9 billion compared to $9.15 billion, recorded in October 2020.
Stocks in Spotlight:
Tata Motors gained 2.74% to Rs 499. The company's consolidated net loss was Rs 4,441.57 crore in Q2 FY22 as against a net loss of Rs 314 crore posted in Q2 FY21. Consolidated revenue from operations grew 14.7% to Rs 61,379 crore in Q2 FY22 from Rs 53,530 crore posted in Q2 FY21.
Hero MotoCorp added 0.48% to Rs 2693.90. The company sold 547,970 units of two-wheelers in October 2021. Sales stood at 8.07 lakh units in October 2020.
Eicher Motors shed 0.32% to Rs 2552.10. The company's said motorcycles sales fell 34% to 44,133 units in October 2021 from 66,891 units in October 2020. The company's total motorcycle sales for the month of October are, however, higher by 31.6% as compared with 33,529 units sold in September 2021.
Grasim Industries rose 0.22% to Rs 1794.20. The company has commissioned a new line of 300 Ton Per Day (TPD) capacity of VSF and has commenced the commercial production from 1st November 2021. The company has also successfully commissioned first phase of expansion project at Rehla, Jharkhand with a capacity of 170 TPD Caustic Soda Lye.
Global Markets:
Asian stocks were trading mostly higher on Tuesday, with the Australian central bank set to announce its interest rate decision later in the day.
Wall Street's main indexes notched record closing highs on November 1 as Tesla shares surged and the energy sector gained.
The Dow Jones Industrial Average rose 94.28 points to 35,913.84, helped by gains in Boeing and Dow Inc., closing at a fresh record. The S&P 500 rose nearly 0.2% to 4,613.67, closing at an all-time high. The tech-focused Nasdaq Composite added 0.6% to 15,595.92 and also hit a closing record.
Investors are monitoring the US Federal Reserve's two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.
US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials. The ISM's index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September.
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