Domestic shares rallied on Tuesday, tracking strong global cues. All the sectoral indices on the NSE closed higher. Banks, metals and IT shares surged. The Nifty opened with a wide gap up at 17,147.45 and advanced further as the day progressed. Global shares zoomed as weak US data raised hopes that the Federal Reserve may ease from its hawkish stance. Meanwhile, easing US Treasury yields also helped improve sentiment.
The barometer index, the S&P BSE Sensex, jumped 1,276.66 points or 2.25% to 58,065.47. The Nifty 50 index added 386.95 points or 2.29% to 17,274.30.
IndusInd Bank (up 5.46%), Bajaj Finance (up 4.43%), TCS (up 3.58%) and Bajaj Finserv (up 3.37%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index rose 2.42% while the S&P BSE Small-Cap index gained 1.49%.
Buyers outnumbered sellers. On the BSE, 2580 shares rose and 855 shares fell. A total of 129 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.40% to 19.57.
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The domestic stock market will remain shut on Wednesday, 5 October 2022, on account of Dussehra.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.362 as compared with 7.468 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 81.5350, compared with its close of 81.8200 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement climbed 1.66% to Rs 51,000.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.54% to 111.14.
The United States 10-year bond yield declined to 3.572 as compared with 3.651 at close in the previous trading session.
In the commodities market, Brent crude for December 2022 settlement gained 87 cents or 0.98% at $89.73 a barrel.
Global Markets:
The Dow Jones futures rallied 423 points, indicating a positive opening in the US stock market today.
European shares soared while Asian stocks ended mixed on Tuesday, following a rebound on Wall Street Monday. Markets in mainland China and Hong Kong are closed for a holiday.
U.S. stocks rallied on Monday after the weak manufacturing and construction data hit Treasury yields and the dollar, spurring a global rally.
US manufacturing activity grew at its slowest pace in nearly 2.5 years in September. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI dropped to 50.9 this month, the lowest reading since May 2020, from 52.8 in August.
Meanwhile, U.S. construction spending fell by the most in 1-1/2 years in August, amid surging mortgage rates. The Commerce Department said on Monday that construction spending dropped 0.7% in August, the largest decline since February 2021, after decreasing 0.6% in July.
Weak US data fuelled speculation that the Fed might look to do a pivot or may at least pause interest rate hikes for a time.
Stocks in Spotlight:
Mahindra & Mahindra Financial Services surged 11.58%. The NBFC said that it has recorded a disbursement of approximately Rs 4,080 crore in September 2022, delivering a 110% year on year (YoY) growth.
HDFC Bank rose 2.81%. The bank's advances aggregated to approximately Rs 14,80,000 crore as of 30 September 2022, recording a growth of around 23.5% over Rs 11,98,800 crore as of 30 September 2021. The advances grew 6.1% last quarter as against Rs 13,95,100 crore as of 30 June 2022.
Housing Development Finance Corporation (HDFC) rose 2.96%. The largest mortgage lender in the country said loans assigned in Q2FY23 stood at Rs 9,145 crore, up 28.22% from Rs 7,132 crore in same period last year. All the loans assigned during the quarter were to HDFC Bank, the corporation said in a disclosure.
IDFC First Bank gained 7.90% after the total customer deposits rose 35.9% to Rs 1,14,004 crore as on 30 September 2022 as against Rs 83,889 crore as on 30 September 2021. The customer deposits increased 10.8% last quarter compared with Rs 1,02,868 crore as on 30 June 2022. CASA ratio was 51.34% as on 30 September 2022 as compared with 50.04% as on as on 30 June 2022. CASA deposits stood at Rs 63,378 crore as on 30 September 2022, up 11.7% QoQ and up 37% YoY.
IndusInd Bank jumped 5.46%. The private lender's net advances improved to Rs 2,59,647 crore as of 30 September 2022, registering a growth of 18% from Rs 2,20,808 crore as of 30 September 2021. The bank reported a 15% growth in deposits to Rs 3,15,824 crore as of 30 September 2022 as against Rs 2,75,473 crore as of 30 September 2021.
Bank of Maharashtra gained 2.56%. The bank's deposits stood at Rs 1,95,849 crore as of 30 September 2022, recording a growth of 15.93% over Rs 1,81,572 crore as of 30 September 2021. The bank reported a 28.65% growth in gross advances to Rs 1,48,246 crore as of 30 September 2022 as against Rs 1,15,236 crore as of 30 September 2021. CASA ratio stood at 56.27% as of 30 September 2022 as compared to 53.91% as of 30 September 2021.
Avenue Supermarts (DMart) added 1.15%. The company's standalone revenue from operations for the quarter ended (QE) 30 September 2022 stood at Rs 10,384.66 crore. Standalone revenue from operations for the quarter ended (QE) 30 September 2021 was Rs 7,649.64 crore.
Larsen & Toubro (L&T) advanced 2.87%. The EPC major announced that the power transmission & distribution business of L&T Construction has bagged 'significant' orders in India and abroad. As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.
Marico shed 0.42%. The company said that in Q2 FY23, the India business posted low single-digit volume growth with the 3-year CAGR in high single digits. The International business maintained its strong run, delivering double-digit constant currency growth. Each of the markets contributed positively, despite global macro and geo-political uncertainties. Consolidated revenue in the quarter grew in low single digits on a year-on-year basis.
Angel One rallied 12.35%. The brokerage company said its client base jumped 77.4% to 11.57 million in September 2022 as against 6.52 millions in September 2021. On a sequential basis, the company's client base rose by 3.4% month on month (MoM) from 11.18 million clients in August 2022.
KEC International slipped 1.47%. The company has secured new orders of Rs 1,407 crore. We are pleased with the continuous order inflows across businesses. Our YTD order intake now stands at approximately Rs 8,400 crore, with a robust growth of approximately 50% vis-vis last year, the company's MD & CEO Vimal Kejriwal said.
Easy Trip Planners surged 6.53%. The company said its board will consider the proposal for increase in authorised share capital through issue of bonus equity shares and/or stock split on 10 October 2022.
Rama Steel Tubes hit an upper circuit limit of 5% at Rs 109.80 after the company said its sales volume surged 78% year-on-year and 63% quarter-on-quarter to 48,774.67 ton in Q2 September 2022. This is the highest quarterly sales volume reported by the company.
Vedanta climbed 4.03%. The mineral and metal miner said that its aluminium production increased 2% year-on-year and 3% quarter-on-quarter to 5,84,000 tonnes in Q2 September 2022.
Hindustan Zinc rose 2.47%. The zinc miner said its mined metal production rose 3% to 255,000 tonnes in Q2 FY23 as against 248,000 tonnes in Q2 FY22. The miner reported highest-ever second quarter mined metal production driven by better grades and improved mill recoveries. Sequential growth of 1% was largely on account of better grades.
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