Market wrap: Sensex ends 533 pts up; Nifty above 18,200 led by RIL, Infosys

Top headlines
 
·       Sensex ends 533 points up; Nifty above 18,200 led by RIL and Infosys
·       Realty index surges over 3%; DLF gains 4% on Rs 1,500 crore new project sales
·       Wipro reports Q3 net profit flat at Rs 2,969 cr, declares interim dividend of Re 1
·       Infosys Q3 PAT rises 12% to Rs 5,809 cr, raises FY22 revenue guidance
·       Govt seeks Rs 15 trillion valuation for LIC in India's biggest IPO
 
The key benchmark indices extended their winning run into a fourth straight session, backed by solid gains in index heavyweights Reliance Industries, Infosys, ICICI Bank and Bharti Airtel.
 
The BSE benchmark Sensex hit an intra-day high of 61,218 before ending 553 points higher at 61,150. Its NSE counterpart, the Nifty 50, rose to its highest level since October 20, 2021, touching a high of 18,228. The benchmark eventually closed with a gain of 156 points at 18,212.
 
Reliance and Airtel stole the limelight on reports that the three telecom majors – Jio, Airtel, and Vodafone Idea – have sought 90-95% reduction in 5G spectrum auction prices. Airtel closed 3.8% up, while RIL ended 2.7% higher on the BSE.
 
Meanwhile, M&M was the top gainer among the Sensex 30 shares. IndusInd Bank, ICICI Bank, Tata Steel, NTPC, Bajaj Finance, and HDFC were the other prominent gainers. On the flip side, Titan, Tech Mahindra and HDFC Bank were some notable losers.
 
The broader markets finished with smart gains. The BSE Midcap index was up 1% and the Smallcap index gained 0.7%. As many as 544 stocks were locked at their respective upper circuits, while 377 stocks hit their lower circuit on the BSE.
 
Sectorally, the Nifty Realty index was the star performer. It ended nearly 2% higher amid overall strong December quarter performance of the sector. The shares of DLF surged over 4% as the company clocked sales of about Rs 1,500 crore for towers of its newly launched luxury residential project, ONE Midtown.
 
On the other hand, IT and Pharma were the main underperformers. The Nifty IT index ended flat ahead of the December quarter earnings of Infosys, TCS and Wipro which were scheduled to be announced after market hours.
 
Infosys closed 1% higher and was the third-biggest contributor to the Sensex's 500-point gain. Meanwhile, some profit booking took place in Wipro and TCS, as the stocks ended 0.4% and 1.5% down, respectively. Market action tomorrow is set to be dictated by the earnings of these three giants.
 
Wipro has reported nearly flat consolidated net profit, at Rs 2,969 crore, for the December quarter, against Rs 2,968 crore in the year-ago period. Its consolidated revenue rose 30% year-on-year to Rs 20,313 crore. The company has guided 2-4% sequential growth for its IT services revenue in the March quarter.
 
Meanwhile, Infosys has reported a 12% increase in consolidated PAT at Rs 5,809 crore for the third quarter, compared with Rs 5,197 crore in the year-ago period. Consolidated revenue of the company rose 23% year-on-year to Rs 31,867 crore. The IT giant has revised its revenue guidance for FY22 upwards to 19.5%-20%.
 
Lastly, the government is reportedly pushing for about Rs 15 trillion in valuation for state-owned insurer LIC, which is expected to soon file for the country's biggest IPO. The embedded value of LIC is likely to be over Rs 4 trillion, and its market value could be about four times that amount.
 
If investors agree with the calculations proposed by the government, LIC would join the league of India’s biggest companies like Reliance Industries and TCS, which have market caps of Rs 17 trillion and Rs 14 trillion, respectively.