Domestic equity indices settled higher after a volatile session on Tuesday. Negative global cues, high crude oil prices and a weak rupee capped gains. Barring the Nifty IT index, all other sectoral indices on the NSE ended in the green. PSU banks rallied while consumer durables stocks extended gains in anticipation of festive season sales.
The S&P BSE Sensex rose 148.53 points or 0.25% at 60,284.22. The Nifty 50 index rose 46 points or 0.26% to 17,991.95. Both the indices settled at record closing levels.
After opening above 17,900 mark, the Nifty dropped below 17,870 in early afternoon trade. However, a fresh wave of buying support in late trade pushed the index briefly above 18,000 level.
Titan Company topped the charts today with a rise of 5.55%. Bajaj Auto (up 3.28%), SBI (up 2.96%) and Reliance Industries (up 0.66%) were other major gainers.
HCL Technologies (down 4.04%) was the biggest loser. Followed by Tech Mahindra (down 1.84%), UltraTech Cement (down 1.13%) and TCS (down 0.88%).
In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index was up 0.26%.
On the BSE, 1,772 shares rose, while 1,573 shares declined and 133 shares were unchanged.
The NSE's VIX index, a gauge of market's expectation of volatility over the near term, fell 1.47% to 15.85.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee fell to 75.52 from its previous closing of 75.36.
In the commodities market, Brent crude for December 2021 settlement fell 6 cents or 0.07% to $83.59 a barrel.
India is heavily dependent on oil imports for satisfying its domestic demand. A high crude price directly maps into a high trade deficit and in turn a high current account deficit (CAD). A crude price shock also leads to a spike in domestic inflation.
MCX Gold futures for 3 December 2021 settlement rose 0.37% to Rs 47,226.
The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.327% as compared with its previous closing of 6.34%.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was flat at 94.32.
The yield on the benchmark 10-year U.S. Treasury note stood at 1.60%, lifted by the prospects of tighter monetary policy.
Global Cues:
European shares fell across the board while most Asian stocks ended in the red. Higher commodity prices and rising bond yields weighed on stocks.
Goldman on Monday lowered its 2022 growth estimate for the United States to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.
Stocks in Action:
G M Breweries surged 13.99% after the company's net profit surged 94.92% to Rs 21.85 crore on 59.69% increase in net sales to Rs 115.95 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) jumped 94.80% to Rs 29.20 crore in Q2 FY22 over Q2 FY21. Net cash from operating activities surged to Rs 51.54 crore as on 30 September 2021 compared with Rs 1.41 crore as on 31 March 2021
Krsnaa Diagnostics dropped 6.65% after the company's net profit declined 44.56% to Rs 12.54 crore on 27.9% decline in net sales to Rs 108.26 crore in Q2 FY22 over Q2 FY21.
Tata Metaliks tumbled 6.11% after the company's net profit declined by 33.4% to Rs 54.62 crore in Q2 FY22 from Rs 82 crore in Q2 FY21. Revenue from operations, however, rose by 24.1% YoY to Rs 644.84 crore during the quarter. Total expenses increased by 31.4% to Rs 566.95 crore in Q2 FY22 over Q2 FY21, due to a sharp rise in raw material costs (up 51.5% YoY).
Delta Corp rallied 4.74% after the company reported net loss of Rs 22.57 crore in Q2 FY22, lower than net loss of Rs 54.91 crore in Q2 FY21. Net sales surged 94.74% to Rs 74.72 crore in Q2 FY22 over Q2 FY21. On a sequential basis, net sales declined 1.52% in Q2 FY22 from Q1 FY22. The income from casino gaming division fell to Rs 40.05 crore in Q2 FY22 as against Rs 41.43 crore in Q1 FY22. The revenue from hospitality division rose 27.60% to Rs 12.53 crore from Rs 9.82 crore in the previous quarter.
Ujjivan Small Finance Bank jumped 10.82% after the bank's total deposits increased 31% to Rs 14,090 crore in Q2 FY22 from Rs 10,743 crore in Q2 FY21. The total deposits have risen by 3% from Rs 13,673 crore in Q1 FY22. CASA ratio was at 22% as on 30 September 2022 as against 16% as on 30 September 2021 and 20% as on 30 June 2021.
Hester Biosciences surged 4.72% on reports that Bharat Biotech's Covaxin has received emergency use approval for children in the 2-18 years age group.
In May this year, Gujarat Covid Vaccine Consortium (GCVC) signed a pact with Bharat Biotech International towards contract manufacturing for the drug substance for Covaxin. The GCVC comprises Gujarat Biotechnology Research Centre (GBRC) (a Government of Gujarat undertaking), Hester Biosciences and Omnibrx Biotechnologies.
Schaeffler India jumped 5.77% after the company said its board will consider a stock split on 28 October 2021.
Trigyn Technologies hit an upper circuit limit of 10% at Rs 137.90 after the company said its subsidiary secured a staff augmentation contract from the New York City Housing Authority (NYCHA). The contract is for a potential duration of five years. The contract has a maximum fee of $50 million and contains a provision to increase the maximum fee to $125 million.
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