Sensex jumps 515 pts, Nifty ends at 17,659; HDFC twins climb

The benchmark indices closed with strong gains on Thursday. Shares got a boost after a softer-than-expected US inflation numbers eased fears of aggressive rate hikes by the US central bank. IT, financial services and banks stocks advanced while media, FMCG and auto shares declined.

The S&P BSE Sensex, rose 515.31 points or 0.88% to 59,332.60. The Nifty 50 index gained 124.25 points or 0.71% to 17,659.

Axis Bank (up 2.75%), HDFC (up 2.32%), TCS (up 1.98%), HDFC Bank (up 1.42%), ICICI Bank (up 1.27%) and Infosys (up 1.14%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.83% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 1,843 shares rose and 1,548 shares fell. A total of 146 shares were unchanged.

Domestic investors await the release of India`s inflation data due later today.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.269 as compared with 7.310 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.6150, compared with its close of 79.2550 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement fell 0.51% to Rs 52,222.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, lost 0.22% to 104.97.

In the commodities market, Brent crude for October 2022 settlement rose 74 cents or 0.76% at $98.14 a barrel.

Global Markets:

The Dow Jones futures were up 152 points, indicating a positive opening in the US stock market today.

Most European shares declined while Asian stocks advanced on Thursday. Japan`s market was closed for a holiday Thursday.

Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.

The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices. The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday.

Stocks in Spotlight:

Eicher Motors rose 0.65% after the company`s consolidated net profit increased to Rs 611 crore in Q1 FY23 from Rs 237 crore in Q1 FY22. Total revenue from operations was recorded at Rs 3,397 crore, up 72% as compared to Rs 1,974 crore in the corresponding quarter of FY 2021-22. EBITDA was Rs 831 crore as compared to Rs 363 crore in the same quarter of the previous financial year.

Tata Consumer Products declined 2.13%. The FMCG major`s consolidated net profit grew 38% to Rs 277 crore on 11% rise in revenue from operations to Rs 3,327 in Q1 FY23 over Q1 FY22. The rise in group net profit was mainly aided by growth in profitability and improved performance of Joint ventures and Associates partly offset by higher exceptional costs. The increase in revenue was mainly driven by growth in India, International and non-branded business.

Coal India fell 0.57%. The state-run coal major`s consolidated net profit climbed 178.7% to Rs 8,832.86 crore on 39.5% jump in revenue from operations to Rs 32,497.98 crore in Q1 FY23 over Q1 FY22. The company`s profit before tax stood at Rs 12,077.38 crore in the first quarter, up 178.6% to Rs 4,335.56 crore recorded in the corresponding quarter previous year.

Oil India increased 0.45%. The state-run oil major reported a standalone net profit of Rs 1,555.49 crore in Q1 FY23, steeply higher than Rs 507.94 crore recorded in Q1 FY22. Revenue from operations climbed 98.7% year on year to Rs 5,967.55 crore in the quarter ended 30 June 2022. The company`s total income soared 96.36% to Rs 6,029.86 crore as against Rs 3,070.78 crore posted in the same period a year ago.

Uflex surged 7.10% after the company`s net profit rose 41.84% to Rs 374.49 crore on 46.70% increase in net sales to Rs 3994.46 crore in Q1 June 2022 over Q1 June 2021. On a consolidated basis, the company`s profit before tax (PBT) stood at Rs 475.60 crore in Q1 June 2022, rising 52% year-on-year. The company posted EBITDA of Rs 725 cr for Q1 FY23, up by 44.3% YoY. EBITDA margin for Q1 FY23 was 17.9%.

Bharat Forge advanced 3.43% after the company reported 46% rise in standalone net profit to Rs 243.6 crore on a 28.3% increase in total revenue to Rs 1,759.4 crore in Q1 FY23 over Q1 FY22. EBITDA improved by 17.6% to Rs 460 crore in Q1 FY23 from Rs 391 crore in Q1 FY22. EBITDA in Q1 FY23 was 26.1% in Q1 FY23 as against 28.5% in Q1 FY22.

Steel Authority of India (SAIL) slipped 1.25% after the company`s net profit declined 79.8% to Rs 776 crore in Q1 FY23 from Rs 3850 crore in Q1 FY22. Revenue from operations rose by 16.4% YoY to Rs 24,029 crore during the quarter. Crude Steel Production increased by 14.9% to 4.33 million tonne in Q1 FY23 from 3.77 million tonne in Q1 FY22.

Max Healthcare Institute rose 0.39%. The healthcare services company`s network PAT stood at Rs 229 crore in Q1 FY23, up 11% versus Rs 205 crore in Q1 FY22 and up 33% versus Rs 172 crore in Q4 FY22. The network gross revenue stood at Rs 1,473 crore, registering a growth of 6% year on year (YoY) and 14% quarter on quarter (QoQ).

Wonderla Holidays hit an upper circuit of 20% at Rs 336.05 after the company reported a net profit of Rs 64.4 crore in Q1 FY23 as against a net loss of Rs 13.3 crore in Q1 FY22. Total revenue from operations zoomed to Rs 149.4 crore in the first from Rs 4.4 crore reported in the same period last year.

Mazagon Dock Shipbuilders jumped 4.93% after the company`s consolidated net profit surged 121.24% to Rs 224.78 crore on 83.68% increase in net sales to Rs 2230.32 crore in Q1 June 2022 over Q1 June 2021.

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