Sensex spurts 1,024 pts; Nifty hovers at 16,650 mark

Benchmark indices traded near the day's high with robust gains in the early afternoon trade. Positive global cues boosted sentiment. The Nifty hovered at the 16,650 mark. All sectoral indices on the NSE were trading in the green with IT, realty and consumer durables shares gaining the most.

At 12:23 IST, the barometer index, S&P BSE Sensex jumped 1,024.45 points or 1.87% to 55,909.11. The Nifty 50 index advanced 299.70 points or 1.83% to 16,652.15.

In the broader market, the S&P BSE Mid-Cap index rose 1.70% while the S&P BSE Small-Cap index added 2%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,328 shares rose while 986 shares fell. A total of 161 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 5.29% to 20.3425. The Nifty 30 June 2022 futures were trading at 16,630.50 at a discount of 21.65 points as compared with the spot at 16,652.15.

The Nifty option chain for the 30 June 2022 expiry showed maximum Call OI of 20.8 lakh contracts at the 17,000 strike price. Maximum Put OI of 31.1 lakh contracts was seen at 15,500 strike price.

Buzzing Index:

The Nifty Realty index rose 3.40% to 401.05 continuing its gaining streak to the third day. The index rose 5.35% in three trading sessions.

Among the components of the Nifty Realty index, Oberoi Realty (up 5.9%), DLF (up 4.78%), Sobha (up 3.94%), Macrotech Developers (up 3.65%) and Godrej Properties (up 3.47%) were the top gainers.

Earnings Impact:

JSW Steel slipped 2.10% to Rs 537.15 after the company reported 23% fall in consolidated net profit to Rs 3,234 crore on a 74% increase in net sales to Rs 46,026 crore in Q4 FY22 over Q4 FY21. Total expenditure during the quarter surged 107.2% YoY to Rs 38,483 crore, due to a sharp spike in cost of raw materials, power & fuel, other expenses and inventory costs.

Info Edge (India) advanced 3.30% to Rs 3815 after the company's standalone net profit jumped 66.9% to Rs 120.70 crore on a 51.6% increase in net sales to Rs 455.51 crore in Q4 FY22 over Q4 FY21. Billing in Q4 FY22 was Rs 649.3 crore, up 52.5% YoY. Billing including acquired operating businesses (Zwayam and DoSelect) was at Rs 665.5 crore.

Astral rose 0.79% to Rs 1,704.25. The company reported a 19% decline in consolidated net profit to Rs 141.10 crore despite of a 23.3% rise in net sales to Rs 1,390.60 crore in Q4 FY22 over Q4 FY21. Profit before tax slumped 15.5% to Rs 193.30 crore in Q4 FY22 from Rs 228.80 crore recorded in Q4 FY21. Consolidated EBITDA fell 10.76% to Rs 2,313 crore in Q4 FY22 from Rs 2,592 crore posted in Q4 FY21. EBITDA margin declined to 16.63% in Q4 FY22 from 23% posted in the same quarter last year.

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