Market drifts higher in early trade, breadth strong

Image
Capital Market
Last Updated : Jan 30 2023 | 10:50 AM IST

The key equity indices were trading with modest gains in early trade on buying demand in index pivotal. The Nifty traded above the 17,650 mark. PSU bank, metal and realty scrips advanced while Oil & gas, consumer durables and FMCG shares were under pressure.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 220.2 points or 0.37% to 59,551.10. The Nifty 50 index advanced 91.35 points or 0.52% to 17,695.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 1.07%.

The market breadth was strong. On the BSE, 1,981 shares rose and 889 shares fell. A total of 164 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,977.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,252.33 crore in the Indian equity market on 27 January, provisional data showed.

Stocks in Spotlight:

NTPC rose 1.47% after the state-run power major's consolidated net profit rose 6.18% to Rs 4,776.61 crore on 33.97% jump in revenue from operations to Rs 44,601.84 crore in Q3 FY23 over Q3 FY22.

Bajaj Finance rallied 3.56% after the NFBC's consolidated net profit surged 39.89% to Rs 2,973 crore on 26.31% jump in total income to Rs 10,785.95 crore in Q3 FY23 over Q3 FY22.

Vedanta rose 1.28%. On consolidated basis, the mining company's net profit declined 42.25% to Rs 3,092 crore in Q3 FY23 from Rs 5,354 crore posted in Q3 FY22. Revenue from operations fell marginally to Rs 33,691 crore in Q3 FY23 as against Rs 33,697 crore reported in the corresponding quarter last year.

Bharat Electronics (BEL) slipped 3.82%. BEL reported 2.64% rise in standalone net profit to Rs 598.77 crore in Q3 FY23 as against Rs 583.37 crore in Q3 FY22. The PSU company's net sales increased 10.6% to Rs 4,046.11 crore for the quarter ended 31 December 2022 compared with Rs 3,656.22 crore in the same quarter a year ago.

Kajaria Ceramics shed 3.75% after the company's consolidated net profit tumbled 39.09% to Rs 74.32 crore in Q3 FY23 as against Rs 122.02 crore in Q3 FY22. Revenue from Operations was at Rs 1,091.13 crore in the quarter ended 31 December 2022, up 2.14% from Rs 1,068.23 crore reported in the same period last year.

Global Markets:

Asian stocks were trading mixed on Monday as mainland Chinese markets jumped on resuming trade after a week-long New Year break.

US stocks ended higher on Friday, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Great minds don’t just skim the surface, they uncover the full story.

Already subscribed? Log in

Subscribe to read the full story →

Smart Quarterly

₹900

3 Months

₹300/Months/month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Months/month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Unlimited access to all articles

  • 30+ premium stories daily, handpicked by our editor

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio

  • Wirecutter & The Athletic

Complimentary Access to Our e-Paper

  • Digital replica of our daily newspaper

  • Read, save, share any article

Curated Newsletters on Diverse Topics

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Smart Investment Tips

  • In-depth stock analysis & insights

  • The Smart Investor for wealth growth tips

Access to Extensive Historical Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading Experience

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Repository of articles and publications dating back to 1997

More From This Section

Gold price in Delhi today is ₹ 84,470, Click Here for other cities. Silver price in Delhi today is ₹ 84,470, Click Here for other cities.

First Published: Jan 30 2023 | 9:34 AM IST

Subscribe to read without limits
Subscribe Now
Next Story