The benchmarks indices settled with robust gains on Wednesday, tracking strong global cues. The Nifty closed above the 17,450 mark. The rally was broad based. Banks, autos and realty stocks were in demand ahead of RBI's interest rate decision on Thursday, 10 February 2022. However, PSU banks and oil & gas stocks declined.
The barometer index, the S&P BSE Sensex, advanced 657.39 points or 1.14% to 58,465.97. The Nifty 50 index added 197.05 points or 1.14% to 17,463.80.
Maruti Suzuki India (up 4.14%), HDFC Bank (up 2.50%), Infosys (up 1.22%) and Reliance Industries (up 1.20%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index gained 1.23% while the S&P BSE Small-Cap index rose 0.57%.
The market breadth was almost even. On the BSE, 1749 shares rose and 1589 shares fell. A total of 107 shares were unchanged.
The Reserve Bank of India (RBI) will issue monetary policy statement at 10:00 IST on 10 February 2022. Post policy press conference will telecast at 12:00 noon on the same day.
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Numbers to Track:
The yield on 10-year benchmark federal paper was currently settled at 6.809% compared with its previous closing of 6.810%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.7925, compared with its close of 74.745 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement added 0.09% to Rs 48,475.
In the commodities market, Brent crude for April 2022 settlement fell 23 cents or 0.25% to $90.55 a barrel.
Global Markets:
The Dow Jones index futures were up 189 points, indicating a strong opening in the US stocks today.
Shares in Europe and Asia rose across the board on Wednesday.
The US trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand. The Commerce Department said on Tuesday that the trade deficit increased 27% last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion in 2020.
Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.
Stocks in Spotlight
Ishan Dyes & Chemicals rose 12.89% to Rs 156.35 after well-known investor Shankar Sharma on Tuesday bought 7 lakh shares, or 4.38% equity, of the company via bulk deal on the BSE at Rs 121.71 per share.
Bharti Airtel rose 1.52%. The telecom major reported a 2.8% decline in consolidated net profit to Rs 830 crore in Q3 FY22 from Rs 853.6 crore posted in Q3 FY21. Total revenues stood at Rs 29,867 crore, up 18.3% YoY on a comparable basis and 12.6% YoY on a reported basis, backed by strong and consistent performance delivery across the portfolio.
IRCTC advanced 1.38% after the company posted a 167% jump in net profit to Rs 208.8 crore on a 140.8% increase in revenue from operations to Rs 540.21 crore in Q3 FY22 over Q3 FY21.
BASF India slumped 6.10% after the company reported a 4.1% fall in net profit to Rs 110.37 crore in Q3 FY22 from Rs 115.1 crore posted in Q3 FY21. Revenue from operations grew by 31.3% to Rs 3291.76 crore in Q3 FY22 from Rs 2,506.5 crore posted in Q3 FY21. Profit before tax slipped 24% to Rs 149.7 crore in Q3 FY22 over Q3 FY21.
Jindal Steel & Power (JSPL) fell 1.17% after the company's standalone net profit from continuing operations declined 23% to Rs 1,714 crore despite 37% increase in net revenue to Rs 11,955 crore in Q3 FY22 over Q3 FY21.
Latent View Analytics jumped 3.24% after the company's consolidated net profit surged 122.4% to Rs 49.93 crore on a 37.7% increase in net sales to Rs 107.75 crore in Q3 FY22 over Q3 FY21.
Larsen & Toubro (L&T) rose 0.78%. The construction arm of L&T has secured an order to construct Hi-Tech IT Parks at 8 locations (2 packages at 4 locations each) across Bangladesh. As per L&T's classification, the value of the significant project is 1,000 to 2,500 crore.
BSE jumped 7.73%. On a consolidated basis, BSE's net profit surged 89.34% to Rs 61.29 crore on 35.13% increase in net sales to Rs 213.08 crore in Q3 December 2021 over Q3 December 2020. Operating EBITDA during the quarter surged 2,504% to 57.54 crore from Rs 2.21 crore in the same period previous year.
Mahanagar Gas fell 3.46% after the company reported a 74% fall in net profit to Rs 56.79 crore in Q3 FY22 from Rs 217.2 crore posted in Q3 FY21. Net sales for Q3 FY22 grew by 54.2% to Rs 1,027.8 crore from Rs 666.4 crore registered in Q3 FY21.
Gujarat Gas shed 0.56%. The company posted a 68.8% fall in standalone net profit to Rs 121.93 crore in Q3 FY22 from Rs 390.78 crore registered in Q3 FY21. Net sales jumped 81.6% to Rs 5,144.43 crore in Q3 FY22 from Rs 2,833 crore reported in Q3 FY21.
Indraprastha Gas fell 1.17% after the company posted an 8% fall in standalone net profit to Rs 308.52 crore in Q3 FY22 from Rs 334.87 crore registered in Q3 FY21. Net sales jumped 53.2% to Rs 2,215.46 crore in Q3 FY22 from Rs 1,466 crore reported in Q3 FY21. EBITDA margin fell to 21% in Q3 FY22 from 35% in Q3 FY21.
Vedanta added 1.79%. The company has reviewed its corporate structure and has concluded that it will continue with its existing structure. The firm said minimum 30% of attributable profit after tax (before exceptional items) of company (excluding profits of HZL) will be distributed as dividend.
Jindal Steel & Power (JSPL) slipped 1.17% after the company's standalone net profit from continuing operations declined 23% to Rs 1,714 crore on 37% increase in net revenue to Rs 11,955 crore in Q3 FY22 over Q3 FY21. The decline in profitability was due to lower operating profit and higher tax expense partially offset by lower finance costs. EBITDA in Q3 FY22 was Rs 3,168 crore (down 19% YoY) as impact of higher realisations was more than offset by sharp rise in raw material cost, lower steel and pellet sales.
NMDC rose 1.53%. The company reported a 2.8% fall in standalone net profit to Rs 2,050 crore in Q3 FY22 from Rs 2,108.9 crore posted in Q3 FY21. Net sales grew 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore posted in Q3 FY21.
Bata India added 1.17%. On a consolidated basis, the footwear major's consolidated net profit surged 173.73% to Rs 72.32 crore on 36.66% rise in net sales to Rs 841.30 crore in Q3 December 2021 over Q3 December 2020. Revenue growth was backed by improved sales during festive season and re-opening of economy.
Procter & Gamble Hygiene & Health Care gained 0.55%. The company reported 15% fall in net profit to Rs 212 crore in Q3 FY22 from Rs 251 crore in Q3 FY21. The fall in profitability was due to lower advertising and promotion investments on brand building in the base period due to the pandemic and commodity cost inflation. The company delivered sales of Rs 1,093 crore, up 7% vs year ago behind the strength of its trusted product portfolio and strong retail execution.
Bosch advanced 1.10%. The company reported 27.5% rise in consolidated net profit to Rs 235 crore on a 2.6% increase in revenue from operations to Rs 3,109 crore in Q3 FY22 over Q3 FY21.
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