The domestic equity barometers continued to trade with limited gains in afternoon trade. The Nifty traded above the 18,150 mark after hitting the day's low of 18,086.50 in the early trade.
At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 273.92 points or 0.45% to 61,114.66. The Nifty 50 index added 81.90 points or 0.45% to 18,187.20.
Tata Steel (up 5.46%), Hindalco (up 3.49%), ONGC (up 2.04%), JSW Steel (up 1.55%) and ICICI Bank (up 1.21%) were the top Nifty gainers.
Asian Paints (down 1.40%), Titan (down 1.21%), Cipla (down 0.99%), Divi's Lab (down 0.91%), Tech Mahindra (down 0.69%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.76%.
The market breadth was strong. On the BSE, 2,275 shares rose and 1,265 shares fell. A total of 181 shares were unchanged.
Economy:
The S&P Global India Manufacturing PMI climbed to 57.8 in December 2022 from 55.7 in the prior month, pointing to the highest reading since October 2020 and marking the 18th straight month of expansion.
Output growth hit a 13-month high, new orders rose the most since February 2021, and buying levels grew at the strongest pace since May 2020. Also, employment gained for the tenth month in a row, while an accumulation in outstanding business slowed. Cost pressures were muted, with the rate of inflation little-changed and the second-slowest since September 2020. On the other hand, selling price inflation outpaced that seen for input costs for the first time in near 2-1/2 years.
Meanwhile, the gross goods and services tax (GST) collection for December stood at Rs 1,49,507 crore, the data released by the finance ministry showed. This is a surge of 15% year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance
Stocks in Spotlight:
Tata Motors advanced 1.65%. The auto major on Friday said that the acquisition of Ford India's (FIPL) manufacturing plant at Sanand, through its subsidiary, Tata Passenger Electric Mobility (TPEML) will be completed on 10 January 2023.
Bajaj Auto slipped 2.08%. The company reported 22% fall in total auto sales to 2,81,486 units in December 2022 as compared with 3,62,470 units sold in December 2021. While domestic sales rose by 2% YoY to 1,48,555 units, exports declined by 39% YoY to 1,32,931 units during the period under review.
Mahindra & Mahindra (M&M) rose 1.68%. The company said that its overall auto sales for the month of December 2022 stood at 56,677 vehicles, registering a growth of 44.74% as against 39,157 vehicles sold in December 2021.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for December 2022. The company's total tractor sales (domestic + exports) surged 27% YoY to 23,243 units in December 2022 from 18,269 units sold in December 2021.
Maruti Suzuki India shed 0.02%. The car maker said that it had sold a total of 139,347 units in December 2022, which is lower by 9% as compared with 153,149 units sold in December 2021. While the company's total domestic sales fell by 10.2% to 117,551 units, total exports contracted by 2.2% to 21,796 units in December 2022 over December 2021.
Hero Motocorp slipped 0.52%. The two-wheeler major sold 394,179 units in December 2022, sliding 0.15% over the corresponding month of the previous year. Total domestic rose 1.84% YoY to 3,81,365 units while total exports dropped 36.84% YoY to 12,814 units in December 2022 over December 2021.
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