Indices trade with strong gains; strong market breadth

The domestic equity benchmarks traded with strong gains in early trade. The Nifty hovered near the 17,800 mark. Barring oil & gas, shares across sectors advanced with financials, banks and healthcare stocks rising the most.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 442.61 points or 0.74% to 59,992.51. The Nifty 50 index added 132.20 points or 0.75% to 17,794.35.

In the broader market, the S&P BSE Mid-Cap index gained 1.21% while the S&P BSE Small-Cap index advanced 1.29%.

The market breadth was strong. On the BSE, 2142 shares rose and 526 shares fell. A total of 109 shares were unchanged.

Union Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023 today, 1 February 2023. FM Sitharaman will reportedly try to play the balancing act by accommodating both the common taxpayer's demand to some extent and laying the ground for more pressing issues like job creation, GDP growth, fiscal deficit and capital expenditure push for infrastructure, manufacturing and other sectors.

Stocks in Spotlight:

Coal India rose 0.13%. The company's posted a consolidated net profit of Rs 7,719.11 crore in Q3 FY23 from Rs 4,556.54 crore recorded in Q3 FY22. Net sales rose to Rs 32,429.46 crore in Q3 FY23 from Rs 25,990.97 crore recorded in Q3 FY22.

KPIT Technologies added 0.96%. The company's posted a consolidated net profit of Rs 104.05 crore in Q3 FY23 from Rs 83.5 crore recorded in Q2 FY23. Revenue from operations rose to Rs 917.11 crore from Rs 744.83 crore.

The Great Eastern Shipping Co (GE Shipping) advanced 4.38%. GE Shipping posted a consolidated net profit of Rs 627.20 crore in Q3 FY23 from Rs 205.29 crore recorded in Q3 FY22. Revenue from operations rose to Rs 1421.03 crore from Rs 938.58 crore.

Global Markets:

Asian stocks advanced across the board on Wednesday as investors looked ahead to the Federal Reserve's Wednesday meeting, as well as some economic data in the region.

China's factory activity in January signaled a further contraction from previous readings, albeit at a slower pace, marking the sixth monthly contraction in a row. The Caixin manufacturing Purchasing Managers' Index for January came in at 49.2 on Wednesday, a slightly higher reading than December's 49.

Japan's factory activity logs another contraction in January, marking a third straight month of contraction. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index held steady at 48.9, below the 50-point mark separating growth from contraction.

US stocks edged higher on Tuesday on the back of strong earnings and encouraging inflation data.

The Fed is expected to hike rates by one-quarter of a percentage point. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation.

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