The headline equity indices ended with strong gains on Monday. The Nifty closed above the 17,300 level after hitting the day's low of 17,098.55 in the early trade. Bank, financial services and auto stocks were in demand. On the flip side, metal, media and realty shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 491.01 points or 0.85% to 58,410.98. The Nifty 50 index gained 126.10 points or 0.73% to 17,311.80.
In the broader market, the S&P BSE Mid-Cap index gained 0.26% while the S&P BSE Small-Cap index rose 0.09%.
The market breadth was negative. On the BSE, 1,624 shares rose and 1,908 shares fell. A total of 169 shares were unchanged.
New Listing:
Shares of Electronics Mart India were trading at Rs 83.60 at 15:30 IST on the BSE, a premium of 41.69% compared with the issue price of Rs 59.
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The scrip was listed at Rs 89.40, representing a premium of 51.53% compared with the issue price.
So far, the scrip has hit a high of Rs 91 and a low of Rs 83.20. Over 59.30 lakh shares of the company have changed hands in the counter till now.
The initial public offer (IPO) of Electronics Mart India was subscribed 71.93 times.
Buzzing Index:
The Nifty PSU Bank index rose 3.47% to 3,050.95. The index advanced 3.94% in two trading sessions.
Indian Bank (up 6.73%), Canara Bank (up 4.76%), Bank of Maharashtra (up 4.74%), Bank of Baroda (up 4.48%), State Bank of India (up 3.22%), Punjab National Bank (up 3.21%), Union Bank of India (up 2.09%), Bank of India (up 0.86%), Indian Overseas Bank (up 0.58%) and Central Bank of India (up 0.52%) jumped.
Bank of Maharashtra rallied 4.74% after the state-run bank's net profit jumped 102.93% to Rs 535 crore in Q2 FY23 as against Rs 264 crore posted in Q2 FY22. Total income rose 7% year on year (YoY) to Rs 4,317 crore in Q2 FY23 over Q2 FY22.
Earnings Impact:
HDFC Bank rose 0.40%. The private lender's net profit rose 20.1% to Rs 10605.78 crore on 19.2% increase in total income to Rs 46181.96 crore in Q2 FY23 over Q2 FY22. Net interest income (interest earned less interest expended) for the quarter ended 30 September 2022 grew by 18.9% to 21,021.2 crore from 17,684.4 crore for the quarter ended 30 September 2021. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
ACC added 0.80%. On a consolidated basis, the cement major reported net loss of Rs 87.32 crore in Q3 September 2022 as against net profit of Rs 450.21 crore in Q3 September 2022. Net sales rose 7.04% to Rs 3910.49 crore in Q3 September 2022 over Q3 September 2022. During the quarter ended 30 September 2022, cement volume grew by 4% compared with the same quarter last year. Ready Mix Concrete performed well with a volume growth of over 10% over the same quarter last year. Power and fuel expenses in Q3 September 2022 stood at Rs 1,317.53 crore, up 67.14% YoY.
Avenue Supermarts fell 3.56%. The company reported 64.1% rise in consolidated net profit to Rs 686 crore on a 36.6% increase in total revenue to Rs 10,638 crore in Q2 FY23 over Q2 FY22. PAT margin stood at 6.4% in Q2 FY23 as compared to 5.3% in Q2 FY22.
Tata Elxsi tumbled 7.87%. The design led technology service provider reported 39.1% rise in net profit to Rs 174.28 crore on 28.2% increase in revenues from operations to Rs 763.17 crore in Q2 FY23 over Q2 FY21. On quarter on quarter basis, the company's net profit declined 5.65% while revenue from operations grew 5.1%, respectively, over Q1 FY23 (QoQ).
Bajaj Auto gained 1.76%. The two-wheeler maker's consolidated net profit dropped 15.71% to Rs 1,719.44 crore in Q2 FY23 as against Rs 2,039.86 crore recorded in Q2 FY22. Revenue from operations jumped 16.44% to Rs 10,202.71 in the quarter ended 30 September 2022 from Rs 8,762.18 crore posted in the same period a year ago.
Oberoi Realty slipped 4.77%. The Mumbai-based real estate developer has reported a 19.5% rise in consolidated net profit to Rs 318.62 crore despite of 8.7% decline in revenue from operations to Rs 688.59 crore in Q2 FY23 over Q2 FY22.
Larsen & Toubro Infotech (LTI) shed 0.66%. The IT company recorded 7.2% rise in net profit to Rs 679.8 crore on a 6.9% increase in revenue to Rs 4,836.7 crore in Q2 FY23 over Q1 FY23. As compared with Q2 FY22, the company's net profit and revenue has increased by 23.2% and 28.4%, respectively.
ICICI Prudential Life Insurance Company declined 0.81% after the company's consolidated net profit declined 55.1% to Rs 200.12 crore on a nearly 1% fall in total income to Rs 22,904.35 crore in Q2 FY23 over Q2 FY22. Net premium income rose 3.18% to Rs 9,581.72 crore in the quarter ended September 2022 as against Rs 9,286.53 crore in the quarter September 2021. Income from investments (net) slipped 5.37% to Rs 12,818.89 crore in Q2 FY23 from Rs 13,545.83 crore in Q2 FY22.
Just Dial advanced 4.16% after the company's consolidated net profit rose 58.49% to Rs 52.16 crore on 31.59% increase in net sales to Rs 205.26 crore in Q2 September 2022 over Q2 September 2021.
Global Markets:
The US Dow Jones 30 Futures were currently trading with a gain of 282 points, indicating a positive start to equities on Wall Street today.
Shares in Europe advanced across the board while Asian stocks traded mixed on Monday.
The People's Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement. The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.
Chinese President Xi Jinping affirmed Sunday the country's recent shift away from rapid growth and greater focus on national self-sufficiency, especially in technology. Xi briefly mentioned in that opening section how the country's Covid policy has achieved positive results in coordination with economic development.
US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could trigger a recession.
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