The domestic equity barometers ended with strong gains on Thursday. The Nifty closed above the 17,600 mark after recovering from the day's low of 17,427.15 hit in morning trade. Investors cheered the RBI's decision to keep the key policy rates unchanged. Positive global cues also boosted sentiment. Private banks, financials and metal shares were in demand. On the other hand, autos and PSU banks declined.
The barometer index, the S&P BSE Sensex, advanced 460.06 points or 0.79% to 58,926.03. The Nifty 50 index gained 142.05 points or 0.81% to 17,605.85.
In the broader market, the BSE Mid-Cap index rose 0.30% and the BSE Small-Cap index gained 0.04%.
The market breadth was negative. On the BSE, 1,565 shares rose and 1,776 shares fell. A total of 107 shares were unchanged.
Economy:
The Governor of the Reserve Bank of India Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. The RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%. The MPC said the policy stance will remain "accommodative" as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.
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Numbers to Watch:
The yield on 10-year benchmark federal paper fell to 6.731% as compared with 6.798% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.9450, compared with its close of 74.84 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement rose 0.08% to Rs 48,689.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.01% to 95.49.
In the commodities market, Brent crude for April 2022 settlement fell 17 cents at $91.38 a barrel. The contract fell 77 cents, or 0.85% to settle at $91.55 a barrel in the previous trading session.
Foreign Markets:
Shares in Europe and Asia mostly advanced on Thursday as investors await the release of U.S. consumer inflation data.
Meanwhile, investors await the release of U.S. consumer inflation data on Thursday for clues on how the Federal Reserve could react to the rising price pressures.
Buzzing Segment:
The Nifty Media index rose 2.05% to 2,219.30. The index has risen 3.55% in two sessions.
TV18 Broadcast (up 6.55%), Saregama India (up 5%), Network18 Media & Investments (up 4.96%), Nazara Technologies (up 3.05%), INOX Leisure (up 1.88%), DishTV India (up 0.91%), PVR (up 0.91%), Sun TV (up 0.51%) and Hathway Cable & Datacom (up 0.46%) advanced. Zee Entertainment Enterprises fell 1.85%.
Stocks in Spotlight:
Hindalco Industries gained 0.92% after the company reported a 96% jump in consolidated net profit to Rs 3,675 crore in Q3 FY22 from Rs 1,877 crore reported in Q3 FY21. Consolidated revenue from operations grew by 44% to Rs 50,272 crore in Q3 FY22 from Rs 34,958 crore posted in Q3 FY21. Consolidated profit before tax came at Rs 5,198 crore in Q3 FY22, 84% higher than Rs 2,829 crore posted in Q3 FY21.
Mahindra & Mahindra (M&M) rose 1.49%. M&M reported 22% fall in standalone net profit before exceptional items to Rs 1,353 crore in Q3 FY22 as compared with Rs 1,745 crore in Q3 FY21. Revenue rose by 8% YoY to Rs 15,239 crore during the quarter. The company sold 1,18,174 vehicles in Q3 FY22, which is lower by 2% as against 1,21,133 vehicles sold in the same period last year. Tractor sales in Q3 FY22 amounted to 91,769 units (down 9% YoY).
The board of M&M approved sale/transfer of freehold land admeasuring approximately 9.24 acres situated at Kandivali (East), Mumbai, on which no operations of the company are being carried out, to Mahindra Lifespace Developers (MLDL), a listed subsidiary of the company or to any of the subsidiaries or affiliates of MLDL. M&M will receive an aggregate consideration of Rs 365 crore in tranches and interest at 7% p.a. receivable during the interim period of payment on unpaid principal balance from the sale date.
Solara Active Pharma Sciences hit a lower circuit limit of 20% at Rs 775.05 after the company reported consolidated net loss of Rs 139.87 crore in Q3 FY22 as against net profit of Rs 65.80 crore in Q3 FY21. Net sales fell 76.48% to Rs 100.34 crore in Q3 FY22 over Q3 FY21.
Tata Power Company rose 1.41% after the company's consolidated net profit soared 73.3% to Rs 551.89 crore on a 43.6% jump in net sales to Rs 10,913.14 crore in Q3 FY22 over Q3 FY21. Consolidated PAT improved on the back of strong all-round business performance by all verticals while revenue witnessed a robust growth on account of expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems (TPSSL) and strong performance of all other businesses.
ACC shed 0.24%. The company's consolidated net profit slumped 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 December 2021 over Q4 December 2020. Further, ACC said that it has emerged as the successful bidder for the Kannur Limestock block In Karnataka.
Larsen & Toubro rose 0.55% after the company's hydrocarbon business secured two offshore projects from prestigious overseas client. The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.
Berger Paints India rose 0.59%. The company reported an 8% fall in consolidated net profit to Rs 252.7 crore in Q3 FY22 from Rs 274.8 crore posted in Q3 FY21. Consolidated revenue from operations grew by 20.4% to Rs 2,550.77 crore in Q3 FY22 as against Rs 2,118 crore registered in Q3 FY21.
Power Grid Corporation of India rose 1.31%. The company reported consolidated net profit of Rs 3,292.97 crore in Q3FY22 against Rs 3,367.71 crore in Q3FY21. Total income rose to Rs 10723.61 crore from Rs 10359.48 crore YoY. The company announced a second interim dividend for the current fiscal at Rs 5.5 per share.
FSN E-Commerce Ventures (Nykaa) slumped 7.45%. The company's consolidated net profit fell 59.50% to Rs 27.93 crore in Q3 December 2021 as against net profit of Rs 68.97 crore in Q3 December 2020. Revenue from Operations grew 24% sequentially ("QoQ") and 36% Year on Year ("YoY") to Rs 1098.4 crore in Q3 FY22, led by growth in transacting customers and advertisement revenue.
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