The key equity benchmarks ended with strong gains on Thursday, snapping its three-day losing streak. Positive global cues supported value buying in domestic shares. Trading was volatile due to expiry of monthly F&O contracts on the NSE today. Banks, metals and financials advanced while FMCG shares declined.
After opening a tad above the 16,100 level, the Nifty 50 index reversed gains and hit the day's low of 15,903.70 in mid-morning trade. Value buying emerged at lower levels and the benchmark managed a U-shaped recovery and close above 16,150 mark today.
The barometer index, the S&P BSE Sensex, rose 503.27 points or 0.94% to 54,252.53. The Nifty 50 index gained 144.35 points or 0.90% to 16,170.15.
State Bank of India (up 3.26%), HDFC Bank (up 2.96%), ICICI Bank (up 2.20%), HDFC (up 2.28%) and TCS (up 1.96%) boosted the indices.
Buying was wide spread. The S&P BSE Mid-Cap index advanced 1.44% while the S&P BSE Small-Cap index added 0.78%.
The market breadth was positive. On the BSE, 1,748 shares rose and 1,552 shares fell. A total of 129 shares were unchanged.
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 10.14% to 22.72.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell to 7.294% as compared with 7.305% at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 77.5650, compared with its close of 77.55 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement fell 0.16% to Rs 50740.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, decreased 0.19% to 101.86.
In the commodities market, Brent crude for July 2022 settlement rose 82 cents or 0.72% at $ 114.85 a barrel. The contract rose 47 cents or 0.41% to settle at $ 114.03 a barrel during the previous trading session.
Foreign Markets:
Dow Jones index futures were up 167 points, indicating a positive opening in the US stocks today.
European shares advanced while most Asian stocks declined on Thursday, as markets digest the latest signals from the U.S. Federal Reserve regarding rate hikes.
US stocks closed Wednesday's volatile session higher. U.S. Fed minutes released Wednesday showed officials are prepared to move ahead with several 50 basis point interest rate hikes. The Federal Open Market Committee also said policy may have to move away from "neutral" and into "restrictive" territory.
Stocks in Spotlight:
Garware Hi-Tech Films rose 8.01% after the company's consolidated net profit rose 41.89% to Rs 45.12 crore on 12.43% rise in net sales to Rs 323.51 crore in Q4 March 2022 over Q4 March 2021. Profit before tax rose 26.15% year-on-year to Rs 58.80 crore in Q4 March 2022. EBITDA jumped 21.44% to Rs 70.57 crore during the period under review.
HEG surged 5.59% after the company's consolidated net profit rose 13.91% to Rs 129.27 crore on 12.68% rise in net sales to Rs 673.06 crore in Q4 March 2022 over Q3 December 2021. Profit before tax rose 4.40% quarter-on-quarter to Rs 151.90 crore in Q4 March 2022.
Praj Industries rose 2.83%. The company's consolidated net profit rose 10.84% to Rs 57.65 crore on 46.18% increase in net sales to Rs 829.01 crore in Q4 March 2022 over Q4 March 2021. Profit before tax rose 6.64% year-on-year to Rs 78.05 crore in Q4 March 2022.
Sequent Scientific dropped 11.49% after the company's consolidated net profit declined 56.57% to Rs 8.96 crore on 6.05% rise in net sales to Rs 383.71 crore in Q4 March 2022 over Q4 March 2021. Profit before tax fell 35.85% year-on-year to Rs 18.61 crore in Q4 March 2022.
Coal India rose 1.41%. The company's consolidated net profit surged 45.9% to Rs 6,692.94 crore on a 22.6% increase in net sales to Rs 30,046.25 crore in Q4 FY22 over Q4 FY21.
InterGlobe Aviation surged 10.40%. The low-cost airliner reported consolidated net loss of Rs 1681.80 crore in Q4 March 2022 as against net loss of Rs 1147.16 crore in Q4 March 2021. Net sales rose 28.89% to Rs 8020.75 crore in Q4 March 2022 over Q4 March 2021. Pre-tax loss stood at Rs 1,677.51 crore in Q4 March 2022 as against pre-tax loss of Rs 1,157.51 crore in Q4 March 2021.
Apollo Hospitals Enterprise jumped 4.38%. The healthcare service provider reported a 46.3% fall in consolidated net profit to Rs 90.14 crore in Q4 FY22 from Rs 167.85 crore registered in Q4 FY21. Net sales surged 23.7% to Rs 3,546.43 crore for the quarter ended 31 March 2022 from Rs 2,867.95 crore recorded in the corresponding period last year.
ITI zoomed 18.07%. The company's consolidated net profit rose 78.33% to Rs 356.06 crore on 9.86% decline in net sales to Rs 1,141.50 crore in Q4 March 2022 over Q4 March 2021.
Bata India added 1.54%. The company reported a consolidated net profit of Rs 62.96 crore in Q4 FY22 as against a net profit of Rs 29.47 crore in Q4 FY21. Revenue from operations increased by 12.8% YoY to Rs 665.24 crore during the quarter.
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