Sensex, Nifty Extending Gains On Positive Global Cues, Strong Earnings

(RTTNews) - The Indian market remains fairly well placed in positive territory Friday morning, led by strong gains in technology, automobile and metal stocks.

A positive lead from Wall Street where stocks rebounded from early weakness to close on a firm note amid rising speculation that the Fed will slowdown the pace of its interest rate hikes, and a slew of encouraging earnings updates set up a positive start for Indian stocks this morning.

Investors are also reacting to earnings announcements from Indian companies.

The benchmark BSE Sensex, which climbed to 57,531.75, gaining nearly 675 points in the process, has pared some gains and is up 542.54 points or 0.95 percent at 57,400.33.

The National Stock Exchange's Nifty index is up 171.90 points or 1.02 percent at 17,101.50, about 40 points off a high of 17,141.75 it touched earlier this morning.

TVS Motor is gaining 5.7 percent on strong earnings. The companh reported consolidated profit of Rs 296.75 crore for the April-June quarter, as against a loss of Rs 14.72 crore in the year-ago quarter.

Ashok Leyland is up 4.3 percent, Mahindra & Mahindra, Bajaj Auto, Eicher Motors, HeroMotocorp and Tata Motors are gaining 1 to 1.7 percent.

Technology stocks Tech Mahindra and Infosys are gaining 2.3 percent and 2.1 percent, respectively. Mphasis, L&T Infotech, MindTree, Wipro, HCL Technologies and Tata Consultancy Services aer also up sharply.

Tata Steel, the top gainer in the Metal index, is soaring more than 7 percent, a day after turning ex-stock split in the ratio of 1:10. As per the stock-split announcement, shareholders of the company received 10 shares for each share they were holding in their account as of June 28.

Vedanta is gaining about 4 percent. Vedanta reported a marginal 4.6% rise in its consolidated net profit at Rs 4,421 crore in the April-June quarter.

Jindal Steel, SAIL, Hindalco, NMDC, JSW Steel, Hindustan Copper, Ratnamani Metals and National Aluminium are up 2 to 4.3 percent.

Dr Reddy's Laboratories Ltd. has reported a 108 percent (YoY) jump in consolidated profit at Rs 1,187.60 crore for the quarter ended June 2022. Despite the whopping surge in earnings, the pharma major's shares are down more than 3 percent this morning.

Bajaj Finserv, NTPC, Titan Industries, Bharti Airtel, Bajaj Finance, Asian Paints and HDFC are up 1.3 to 3 percent.

Sun Pharmaceuticals Industries is declining 1.4 percent. State Bank of India, ITC and Hindustan Unilever are modestly lower.