The benchmark indices traded with significant gains in morning trade. The Nifty hovered near the 19,000 level. Oil & gas shares advanced as value buying emerged at lower levels.
The barometer index, the S&P BSE Sensex, was up 457.95 points or 0.73% to 63,606.10. The Nifty 50 index added 134.95 points or 0.57% to 18,992.20.
In the broader market, the S&P BSE Mid-Cap index rose 1.78% while the S&P BSE Small-Cap index gained 1.59%.
The market breadth was strong. On the BSE, 2699 shares rose and 601 shares fell. A total of 127 shares were unchanged.
Reliance Industries (up 1.86%), Maruti Suzuki India (up 0.96%), Bajaj Finserv (down 0.29%), SBI Life Insurance (up 0.80%), Cipla (up 0.68%), Dr Reddy's Laboratories (down 0.67%), Indian Overseas Bank (up 3.54%), Bajaj Holding & Investment (up 0.50%), Bharat Petroleum Corp (up 0.55%), SBI Cards and Payment Services (up 1.02%), Union Bank of India (up 5.44%), SRF (up 0.74%), Schaeffler India (up 1.07%), Oberoi Realty (up 1.46%), Mahindra & Mahindra Financial Services (up 3.82%), ZF Commercial Vehicle Control Systems India (down 0.19%), Carborundum Universal (up 2.14%), Sumitomo Chemical India (up 3.41%), IRB Infrastructure Developers (up 1.61%), Indiamart Intermesh (up 3.60%), Blue Dart Express (down 0.02%), Great Eastern Shipping Company (up 3.03%), Piramal Pharma (up 1.95%), TTK Prestige (down 0.26%), Ujjivan Small Finance Bank (up 3.20%), Mahanagar Gas (up 1.78%), Route Mobile (up 1.13%) and Supreme Petrochem (up 3.64%) are some of the companies that will announce their quarterly earnings today.
Buzzing Index:
The Nifty Oil & Gas index rose 1.16% to 7,539.70. The index had declined 6.60% in the past six sessions.
Aegis Logistics (up 4.15%), Adani Total Gas (up 2.69%), Mahanagar Gas (up 1.93%), Reliance Industries (up 1.63%) and Castrol India (up 1.59%) were the top gainers.
Among the other gainers were Oil India (up 1.3%), Indian Oil Corporation (up 1.16%), Hindustan Petroleum Corporation (up 0.83%), Oil & Natural Gas Corp (up 0.8%) and Petronet LNG (up 0.66%).
Stocks in Spotlight:
Vodafone Idea rose 0.28%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.
Astral added 2.09%. The company has started commercial production of adhesives division at Dahej plant.
Lemon Tree Hotels gained 3.46%. The company has signed a license agreement a 50 rooms property in Visakhapatnam, Andhra Pradesh under the company's brand Red Fox Hotels?. The hotel is expected to be operational by FY 2026.
Colgate-Palmolive (India) rose 0.49%. The company reported 22.3% rise in net profit to Rs 340 crore on 6.1% rise in net sales to Rs 1462.4 crore in Q2 FY24 over Q2 FY23.
Shriram Finance jumped 8.65%. The company reported 12.59% rise in standalone net profit to Rs 1750.84 crore on 15.45% jump in total income to Rs 8,564.45 crore in Q2 FY24 over Q2 FY23.
Dixon Technologies (India) added 0.81%. The company's consolidated net profit rose 47% to Rs 113 crore on 28% decline in net sales to Rs 4,943 crore in Q2 September 2023 over Q2 September 2022.
Global Markets:
Asian stocks are trading higher on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.
US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.
Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.
All eyes were on U.S. data later in the session that may show core inflation growing 0.3% in September on a monthly basis, pushing the annual rate lower to 3.7% from 3.9% a month ago.
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