Shares come off the day's high; metal stocks advance

The domestic equity benchmarks came off the day's high in morning trade. The Nifty, however, continued to hold above the 17,000 mark. Metal shares extended their bull run for third consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 466.03 points or 0.82% to 57,323.82. The Nifty 50 index added 109.35 points or 0.65% to 17,038.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2051 shares rose and 945 shares fell. A total of 135 shares were unchanged.

Investors cheered after data released on Thursday showed that the US economy shrinking for the second consecutive quarter, fuelling speculations that the Fed may not undertake aggressive interest rate hikes. The data also raised the possibility of the US economy approaching a recession.

Results Today:

Sun Pharmaceutical Industries (down 0.31%), HDFC (up 1.02%), Cipla (down 1.10%), Indian Oil (up 0.76%), Zydus Wellness (down 0.18%), Torrent Pharmaceuticals (up 0.51%), Credit Access Grameen (up 6.02%), Cholamandalam Investment and Finance (up 2.51%), CarTrade Tech (up 1.34%), Ashok Leyland (up 4.74%), Star Health and Allied Insurance Company (down 3.26%), Grindwell Norton (up 0.26%), Godrej Agrovet (up 0.63%), Exide Industries (up 0.87%), Emami (up 0.44%), Dalmia Bharat (up 0.77%), Sundram Fasteners (up 0.27%), Sundaram- Clayton (up 2.92%), JK Paper (up 1.74%) and VST Industries (up 1.47%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index jumped 4.22% to 5,504.75. The index has added 6.82% in three sessions.

Tata Steel (up 7.72%), Vedanta (up 3.83%), APL Apollo Tubes (up 3.44%), Steel Authority of India (up 3.32%) and Jindal Steel & Power (up 2.97%) were the top gainers.

Among the other gainers were NMDC (up 2.94%), JSW Steel (up 2.89%), Hindalco Industries (up 2.77%), Hindustan Copper (up 2.51%) and Adani Enterprises (up 2.49%).

Stocks in Spotlight:

SBI Life Insurance Company gained 7.70%. The company's net profit rose 17.8% to Rs 262.85 crore from Rs 223.16 crore in Q1 FY23 over Q1 FY22. Net premium income jumped 32.76% YoY to Rs 11,036.02 crore in Q1 FY23.

JMC Projects (India) added 3.90%. The company said it secured Buildings & Factories (B&F) projects in India worth Rs 631 crore.

Glenmark Pharmaceuticals shed 0.21%. The company's American subsidiary has received final approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate Capsules. The drug is a prescription birth control pill used for the prevention of pregnancy. According to IQVIA sales data for the 12 month period ending May 2022, the Taytulla Capsules market achieved annual sales of approximately $85.9 million.

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