Sensex jumps 500 points, recovery of 61 thousand; pharma stocks up; Divi’s Labs Top Gainer

The Nikkei gained 0.1% and the Hang Seng gained 2.4%. Shanghai Composite is trading with a gain of 0.9%.

US stocks lost ground on Monday, with major indices closing out a strong month of gains on a weaker leg, as investors’ attention turned to the Federal Reserve’s policy meeting this week.

The Dow Jones closed down 0.4%, while the tech heavy Nasdaq Composite was down 1%.

Back home, Indian stock markets are trading on a strong note.

Benchmark indices opened a hiatus today following the trend on SGX Nifty. And as the session progressed, the gains increased.

At present, the BSE Sensex is trading with a gain of 492 points. Meanwhile, NSE Nifty is trading up 143 points.

NTPC and Power Grid are among the top gainers today. Tata Steel and Axis Bank are among the biggest losers today.

Broader markets are trading on a positive note. BSE Mid Cap Index is trading up 0.7% and BSE Small Cap Index is up 0.3%.

Smallcap is where the growth happens so watch out Three Smallcap Growth Stocks Highlighted in this video.

Sectoral indices are trading on a positive note. Buying is being seen in the shares of the power sector and healthcare sector. in the middle best pharma stockDivi’s Lab and Natco Pharma are trading 4% higher.

Shares of Torrent Pharma and Eicher Motors hit 52-week high today.

In commodity markets, gold prices are traded higher than at 8 o’clock 50,330 per 10 grams.

Meanwhile, silver prices are trading lower 58,130 per 1 kg.

Rupee is trading at 82.7 against US Dollar.

ICICI Prudential share price under pressure

Shares of ICICI Prudential have declined 4% last month after the company announced its September 2022 quarter results.

Shares of insurance companies have underperformed the market in 2022 due to costly valuations and several business challenges faced during the pandemic.

ICICI Prudential’s stock has also been impacted.

The stock is one of the top insurance stocks in India. Still, it was not protected from the effects of the pandemic and market volatility.

Shares of ICICI Prudential Life Insurance have lost over 4% in the past month. The stock is also down 11% in 2022 and 20% over the previous year.

tata steel quarterly results

Domestic steel major Tata Steel on Monday reported a consolidated profit after tax (PAT) of Rs 15.1 billion for the quarter ended September 2022 due to higher costs and weak operating performance amid the global economic slowdown.

The PAT was 87% lower as compared to profit of Rs 119.2 billion recorded during the same quarter last year.

On a sequential basis, PAT witnessed a decline of 80% from Rs 77.6 billion achieved during the April-June quarter.

The country’s major steelmaker’s revenue from operations declined 0.8% to Rs 598.8 billion for the period under review, as against Rs 603.9 billion in the year-ago period.

The company’s consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 62% year-on-year to Rs 60.6 billion.

Bharti Airtel Quarterly Scorecard

Telecom major Bharti Airtel on Monday posted lower-than-expected quarterly profit, flagging headwinds for the telco operator as it begins Launch 5G services across India,

Airtel reported a consolidated net profit of Rs 21.5 billion for the quarter ended September 30, 2022. This is an increase of 89% as compared to Rs 11.3 billion in the corresponding quarter of the previous year.

On a quarterly basis, Airtel reported 33.5% growth in consolidated net profit for the quarter.

The company’s revenue from operations grew 21.9% year-on-year (YoY) to Rs 345.3 billion in the quarter under review, supported by strong and consistent performance delivery across the portfolio and crossing 500 million customers globally.

It had recorded revenue of Rs 283.3 billion in the same period last year.

Bharti Airtel’s average revenue per user (ARPU) increased to Rs 190 in the second quarter of FY 2022-23 from Rs 183 in the first quarter.

The company missed an average profit of Rs 25.4 billion estimated by analysts in a Bloomberg survey.

Consolidated EBITDA for the quarter jumped 6.7% to Rs 177.2 billion, while operating margin rose to 51.3% from 50.6% on a quarterly basis.

Disclaimer: This article is for informational purposes only. This is not a stock recommendation and should not be treated as such.

This article is syndicated from equitymaster.com