Barometers extend robust gains; Nifty re-claims 17,400 level

The benchmark indices hit fresh intraday high during mid-afternoon trade. Barring the Nifty Media index, all the sectoral indices on the NSE were in the green. The Nifty crossed the 17,400 mark.

At 14:30 IST, the barometer index, S&P BSE Sensex rallied 901.96 points or 1.58% at 57,939.46. The Nifty 50 index advanced 264.70 points or 1.54% at 17,401.25.

Rally was broad based. The S&P BSE Mid-Cap index gained 1.15%. The S&P BSE Small-Cap index added 1.33%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,282 shares rose while 1,079 shares fell. A total of 127 shares were unchanged.

COVID-19 Update:

India reported 2,380 COVID-19 cases and 56 deaths as of Thursday. The active cases in the country were above 13,000. Meanwhile, the World Health Organisation (WHO) said that the number of reported new COVID-19 cases worldwide decreased by nearly a quarter last week, continuing a decline since the end of March. The Geneva-based UN health agency said in a weekly report that nearly 5.59 million cases were reported between 11 April 2022 and 17 April 2022, recording a 24% fall over the previous week.

Numbers to Watch:

The yield on the 10-year benchmark federal paper rose to 7.155% from its previous close of 7.105%.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.1550, compared with its close of 76.30 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement lost 0.64% to Rs 52,293.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.43% to 99.96.

In the commodities market, Brent crude for June 2022 settlement rose $1.97 or 1.84% at $108.77 a barrel. Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

Results Today:

HCL Technologies (up 0.55%), ICICI Lombard General Insurance Company (up 1.96%), L&T Technology Services (LTTS) (up 1.57%), Cyient (up 3.37%) and Rallis India (up 0.39%) will release their quarterly earnings today, 21 April 2022.

Buzzing Index:

The Nifty Bank index rose 1.04% to 36,692.70. The index lost 3.79% in the past four trading sessions.

Among the components of the Nifty Bank index, Bandhan Bank (up 3%), IndusInd Bank (up 1.91%), IDFC First Bank (up 1.75%), Kotak Mahindra Bank (up 1.64%) and State Bank of India (SBI) (up 1.33%) were the top gainers.

Among the other gainers were Bank of Baroda (up 0.89%), HDFC Bank (up 0.8%), ICICI Bank (up 0.66%), Axis Bank (up 0.65%) and AU Small Finance Bank (up 0.6%).

Stocks in Spotlight:

Paras Defence and Space Technologies advanced 2.82%. The Ministry of Civil Aviation (MoCA) shortlisted its subsidiary, Paras Aerospace in the category of drone component manufacturers among others. Based on the preliminary examination of the application, the MoCA has selected the company as per the minimum value addition criterion of more than 40%. The company will receive incentives from the MoCA as per the norms stipulated under the PLI scheme for drones.

Shriram Properties rallied 3.05%. The company achieved sales volumes of 1.17 msf in Q4 FY22, supported by 4 successful launches, reflecting 14% growth over Q3 FY22 while aggregate sales volumes reached 3.76 msf in FY22, growing 25% year-on-year. Shriram Properties, in its press release, highlighted, �This was attained on the back of COVID-led intermittent lockdowns during Q1 FY22 and fears of third wave during early Q4 FY22 that adversely impacted consumer sentiments.�

The projects under the Development Management (DM) model accounted for 28% of sales volumes in FY22, while share of plotted development in overall sales stood at 25% during FY22. The aggregate sales value reached an all-time high of Rs 1,482 crore in FY22, up 19% year-on-year (Y-o-Y). The quarterly sales value at Rs 479 crore in Q4 FY22, registering a 15% jump quarter-on-quarter (Q-o-Q) as compared to Rs 416 crore in Q3 FY22.

Global Markets:

Shares in Europe and Asia were mixed on Thursday as investors continued to monitor the developments in the war between Russia and Ukraine. Investors also monitored China`s Covid situation along with moves in the Japanese yen.

US stocks ended in mixed territory on Wednesday as the tech-heavy Nasdaq was dragged down by bleak Netflix earnings, while bond yields dipped after a recent strong run. The Dow Jones Industrial Average rose on the back of strong earnings from Procter & Gamble.

Netflix tanked 35% after its quarterly results showed a loss of 2,00,000 subscribers in the first quarter, its first reported subscriber loss in more than 10 years.

Crypto Market:

Among the popular crypto currencies, Bitcoin (BTC) (up 1.74%), Ethereum (ETH) (up 0.86%), Tether (USDT) (up 0.62%) and Binance Coin (BNB) (up 0.48%) advanced.

However, Doge Coin (Doge) (down 2.33%) declined.

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