At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 132.98 points or 0.22% to 60,394.16. The Nifty 50 index added 39.25 points or 0.22% to 17,995.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.29%.
The market breadth was strong. On the BSE, 1,856 shares rose, and 923 shares fell. A total of 142 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,422.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,953.40 crore in the Indian equity market on 13 January, provisional data showed.
Stocks in Spotlight:
HDFC Bank rose 0.92%. The private lender's net profit rose 18.54% to Rs 12,259.49 crore on 25.97% increase in total income to Rs 51,207.61 crore in Q3 FY23 over Q3 FY22.
Wipro added 0.23%. The IT major's consolidated net profit jumped 14.81% to Rs 3,052.9 crore on 3.06% rise in revenue from operations to Rs 23,229 crore in Q3 FY23 over Q2 FY23. On a year on year (YoY) basis, the IT firm's net profit rose 2.83% and revenue jumped 14.35% in Q3 FY23.
For the year ending 31 March 2023, Wipro expects revenue from its IT Services business for the full year to be in the range of 11.5% to 12%, in constant currency terms.
M&M declined 0.46%. The National Company Law Tribunal, Mumbai Bench (NCLT), has approved the scheme of merger by absorption of Mahindra Electric Mobility (MEML) with M&M and their respective shareholders.
Global markets:
Asian stocks were trading mostly higher as investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in US markets made for thin trading.
Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. On Sunday, the high-speed rail connecting mainland China and Hong Kong reopened for the first time in three years.
US stock market will be closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day. US stocks ended higher on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.
The University of Michigan consumer sentiment survey released on Friday showed the one-year inflation outlook fell to 4%, the lowest level since April 2021. December's CPI report showed prices declined 0.1% compared with a month ago, raising hopes that the Federal Reserve may soon slow its rate hikes.
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