Benchmarks turns rangebound; European stocks advance
Published on May 30, 2022 13:20
The key equity indices traded in a narrow range near the day`s high in afternoon trade. Positive global cues boosted sentiment. The Nifty traded above the 16,650 mark. IT, PSU banks and auto shares outperformed.
At 13:18 IST, the barometer index, S&P BSE Sensex was up 1052.78 points or 1.92% to 55,937.44. The Nifty 50 index advanced 309 points or 1.89% to 16,661.45.
Titan Company (up 4.60%), Infosys (up 4.49%), HCL Tech (up 3.99%), Tech Mahindra (up 3.86%) and Adani Ports (up 3.78%) were the top Nifty gainers while Kotak Mahindra Bank (down 1.49%) and Sun Pharma (down 1.08%) lagged behind.
In the broader market, the S&P BSE Mid-Cap index rose 1.90% while the S&P BSE Small-Cap index added 2.16%.
The market breadth remained strong. On the BSE, 2,374 shares rose while 1,006 shares fell. A total of 158 shares were unchanged.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) rose 2.31%. The company reported 48% rise in consolidated net profit (after exceptional items) to Rs 2237 crore in Q4 FY22 as compared to net profit of Rs 1513 crore in Q4 FY21. Revenue rose 21% to Rs 25934 crore from Rs 21456 crore.
Oil and Natural Gas Corporation (ONGC) declined 1.04%. The company reported 31.6% year-on-year (YoY) growth in standalone net profit to Rs 8,860 crore in Q4 FY22. Net sales in the January-March 2022 quarter jumped 62.8% to Rs 34,497.24 crore from Rs 21,188.91 crore recorded in the same period last year.
JSW Steel slipped 1.70%. The company reported 23% fall in consolidated net profit to Rs 3,234 crore on a 74% increase in net sales to Rs 46,026 crore in Q4 FY22 over Q4 FY21.
Larsen & Toubro (L&T) added 3.15%. L&T said that it has been awarded Package C3 of Phase-II Chennai Metro Rail Projects. As per the company`s classification, the contract lies in the `significant` category, the value of which stands between Rs 1,000 and Rs 2,500 crore.
Markets in Europe and Asia rallied on Monday as investors look ahead to major economic data releases later in the week.
Markets in the U.S. are closed on Monday for a holiday. Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resilience boosted sentiment.
The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.
US consumer spending rose more than expected in April as households boosted purchases of goods and services. Consumer spending increased 0.9% last month. Data for March was revised higher to show outlays racing 1.4% instead of 1.1% as previously reported.
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