The domestic equity benchmarks continued to trade with strong gains in mid afternoon trade. The Nifty was trading above the 18,500 mark. Bank shares were in demand.
At 14:23 IST, the barometer index, the S&P BSE Sensex, jumped 592.78 points or 0.97% at 61,898.73. The Nifty 50 index gained 178.70 points or 0.97% at 18,517.25.
In the broader market, the S&P BSE Mid-Cap index rose 1.12%. The S&P BSE Small-Cap index gained 0.84%.
Buyers outnumbered sellers. On the NSE, 1,111 shares rose and 892 shares fell. A total of 71 shares were unchanged.
Meanwhile, Ultratech Cement rose 3.05% to Rs 7629. The cement maker's consolidated net profit rose 0.38% to Rs 1,314 crore on 14.41% increase in net sales to Rs 11,743 crore in Q2 September 2021 over Q2 September 2020.
Also Read
The firm said that Coal and Pet coke prices nearly doubled in Q2 FY22 resulting in energy cost rising 17% YoY. The resulting impact on the company's operations were partly offset by reduction in power consumption and continuing focus on operational efficiencies.
The cement major said it expects to commence mining operations at its Bicharpur coal block situated in Madhya Pradesh, during Q3 FY22 which will help in reducing the dependence on coal purchases.
In its outlook, the company said recovery in rural housing, higher MSP (minimum support price) for kharif crop; improved food grain production n rabharvest; a third consecutive normal monsoon and pick-up n infrastructure-led construction activity are likely to drive cement demand off-take.
Continuous increases in input costs like coal, pet coke and diesel pose a challenge for the industry. However, UltraTech said it is confident of weathering the storm of increase in prices of coal, diesel and other inputs, with its sustainable efficiency improvement programs, accompanied by increase in selling prices to absorb the increase in costs.
"The unexpectedly virulent second wave of COVID-19, looks to be receding almost as quickly as it was rising. Nevertheless, UltraTech continues to closely monitor the situation and the impact on its operations, while according utmost primacy to the safety and well-being of its employees and business partners," the company said.
Numbers to Track:
MCX Gold futures for 3 December 2021 settlement rose 0.11% to Rs 47,265.
The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.376% as compared with its previous closing of 6.328%.
In the commodities market, Brent crude for December 2021 settlement rose 68 cents or 0.80% to $85.54 a barrel.
In the foreign exchange market, the partially convertible rupee fell to 75.3150 from its previous closing of 75.2650.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.19% to 94.12.
Buzzing Index:
The Nifty Bank index rose 1.07% to 39,762.55. The index has added 5.97% in seven sessions.
Punjab National Bank (up 8.46%), IDFC First Bank (up 3.74%), RBL Bank (up 3.34%), ICICI Bank (up 2.76%), AU Small Finance Bank (up 2.71%), Federal Bank (up 2.69%), Bandhan Bank (up 2.66%), Axis Bank (up 1.76%), IndusInd Bank (up 1.40%) and SBI (up 1.37%) advanced.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
