The key equity benchmarks ended with strong gains after a volatile session on Thursday. Banks, metals and financials advanced while FMCG shares lagged behind. Trading was volatile due to expiry of monthly F&O contracts on the NSE today.
As per provisional closing data, 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.
After opening tad above the 16,100 level, the Nifty witnessed sharp selling pressures in early trade. The index declined and hit the day's low at 15,903.70 in mid-morning trade. Significant value buying emerged at lower levels and the benchmark index managed to close above 16,150 mark today.
In the broader market, 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, 1,779 shares rose and 1,520 shares fell. A total of 130 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index rose 3.48% to 5,141.95. The index had declined 2.59% in the past three sessions.
Indian Overseas Bank (up 6.27%), Central Bank of India (up 5.36%), Bank of Baroda (up 4.31%), Canara Bank (up 4.16%) and Bank of Maharashtra (up 3.54%) were the top gainers. Among the other gainers were State Bank of India (up 3.17%), Union Bank of India (up 1.72%), Punjab National Bank (up 0.84%) and Bank of India (up 0.66%).
Stocks in Spotlight:
Bharat Petroleum Corporation (BPCL) shed 0.37%. The PSU company reported 82.2% fall in standalone net profit to Rs 2,130.53 crore in Q4 FY22 as against Rs 11,940.13 crore in Q4 FY21. Net sales came at Rs 108,773.57 crore for the quarter ended 31 March 2022 as against Rs 76,890.50 crore during the same period in the previous year, registering a growth of 41.5%.
Coal India rose 1.55%. 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 10.51%. 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.
Power Finance Corporation rose 1.22%. The company's consolidated net profit rose to Rs 4295.90 crore in Q4 March 2022 from Rs 3906.05 crore in Q4 March 2021. Total income rose to Rs 18873.55 crore from Rs 18155.14 crore.
MOIL advanced 0.57%. MOIL posted a 13% rise in net profit to Rs 131.07 crore in Q4 FY22 as against Rs 116.04 crore in Q4 FY21. Net sales rose by 3.9% year on year to Rs 467.89 crore from Rs 450.14 crore in the quarter ended 31 March 2022.
ITI zoomed 18.55%. 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.
Torrent Pharmaceuticals rallied 10.16%. The company posted a consolidated net loss of Rs 118 crore in Q4 FY22 as compared to a net profit of Rs 324 crore in Q4 FY21. Net sales rose 9.9% to Rs 2,104 crore in quarter ended 31 March 2022 from Rs 1,915 crore reported in the same period last year.
Motherson Sumi Wiring India advanced 3.22%. The company reported 73% fall in net profit to Rs 46 crore despite a 10% rise in revenues to Rs 1,662 crore in Q4 FY22 over Q4 FY21.
Bata India added 1.28%. 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.
Global Markets:
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.
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