The indices rose as concerns over rich market valuations eased a bit after three days of fall. Cues from other Asian markets were largely mixed amid resurgence of fresh Covid cases in China. Also there have been no positive surprises in the ongoing earning season so far. Yet domestic stocks staged a recovery on Friday.
At 9.30 am, the BSE Sensex was trading 436 points, or 0.72 per cent, higher at 61,360.13. The Nifty50 rose 105.30 points, or 0.58 per cent, to 18,283.40.
“Minor correction in the market in the last 3 sessions has taken the Nifty down by 1.6 per cent. More importantly, some froth in the broader market is getting removed with many leveraged correcting by above 10 per cent,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
HDFC rose 2.6 per cent to Rs 2,916.75. TechM, Titan Company, Bajaj Auto, HDFC Bank and M&M gained 1-2 per cent. RIL was up 0.3 per cent. Asian Paints fell 2.11 per cent to Rs 2,940. NTPC, ITC and Kotak Bank edged lower.
“The dominance of retail investors is getting reinforced with the addition of new demat accounts of 95.95 lakh during the last 3 months. This has considerably weakened, at least for now, the market-influencing power of FIIs,” he said.
TVS Motor surged 7.36 per cent to Rs 619 after the two-wheeler player clocked a 29.19 per cent increase in consolidated net profit at Rs 234.37 crore for September quarter. The company had reported a net profit of Rs 181.41 crore in the July-September period of the previous fiscal.
GAIL jumped 2 per cent to Rs 152.80. The state-owned player said it will build India’s largest green hydrogen-making plant as it looks to supplement its natural gas business with carbon-free fuel.
IndiaMART InterMESH tanked 3.85 per cent to Rs 8,235.40 even as the B2B e-commerce firm posted an 18 per cent increase in its consolidated net profit to Rs 82 crore in the second quarter ended September.
ICICI Lombard General Insurance Company rose 1 per cent to Rs 1,521.25. The private sector general insurer reported a marginal increase in net income at Rs 446 crore for the three months to September.
RIL, Hindustan Zinc, HDFC Life, Hindustan Zinc, Tata Consumer Products, Gland Pharma, Tata Elxsi, Yes Bank, Polycab India, Supreme Industries, Crompton Greaves Consumer Electricals are some of the companies which will announce their Q2 results today.
