The key equity indices pared some gains as they came off the early highs in morning trade. The Nifty traded below the 17,750 mark. Metal shares advanced for third consecutive session.
At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 242.92 points or 0.41% to 59,786.88. The Nifty 50 index gained 77.80 points or 0.44% to 17,734.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.26%.
The market breadth was strong. On the BSE, 1,810 shares rose and 1,272 shares fell. A total of 153 shares were unchanged.
Weak future revenue guidance from corporates across the globe fuelled fears of a worldwide economic slowdown. However, the Bank of Canada's lower-than-expected interest rate hike added hopes that the US Fed would go easy on the magnitude of rate hike at its upcoming policy meeting.
Buzzing Index:
The Nifty Metal index added 2.45% to 5,954.90. The index has risen 3.59% in three sessions.
JSW Steel (up 4.28%), Vedanta (up 3.21%), Steel Authority of India (up 3.02%), Jindal Steel & Power (up 2.83%) and Hindalco Industries (up 2.55%) were the top gainers.
Among the other gainers were National Aluminium Company (up 2.44%), Tata Steel (up 2.42%), Jindal Stainless (up 1.55%), Hindustan Copper (up 1.41%) and Welspun Corp (up 0.63%).
Stocks in Spotlight:
IIFL Finance advanced 4.83%. The NBFC reported a 36.2% jump in consolidated net profit to Rs 397.07 crore on a 19.7% rise in total income to Rs 2,051.44 crore in Q2 FY23 over Q2 FY22. The company had loan assets under management (AUM) of Rs 55,302 crore as at 30 September 2022, with the home loans segment constituting 36%, gold loans 32%, business loans 14% and microfinance loans 12% of the total AUM.
Chennai Petroleum Corporation tumbled 11.60%. The company's standalone net profit slumped 57.4% to Rs 27.88 crore in Q2 FY23 as against Rs 65.45 crore recorded in Q2 FY22. Net sales zoomed 120.3% to Rs 19,508.82 in quarter ended 30 September 2022 from Rs 8,856.06 crore posted in the corresponding quarter previous year.
The Government of India with effect from 1 July 2022, levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the Refinery Transfer Pricing. This has resulted in lower revenue and profitability for the quarter, the company said.
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