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Equity indices trade sideways near day`s high

Published on Feb 02, 2022 14:32

The main indices traded sideways near the day`s high with strong gains in early afternoon trade. The Nifty scaled 17,750 level and edged higher. All the sectoral indices on the NSE were in the green with banking and financial stocks rising the most.

At 14:30 IST, the barometer index, the S&P BSE Sensex, added 683.92 points or 1.16% to 59,546.75. The Nifty 50 index advanced 191.85 points or 1.09% to 17,768.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rallied 1.42%.

The market breadth was strong. On the BSE, 2263 shares rose and 1050 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Metal index added 1.02% to 5,777.30, extending its winning run to fourth consecutive trading session. The metal index rallied 6% in four trade days.

APL Apollo Tubes (up 4.67%), NMDC (up 2.61%), Steel Authority of India (up 0.87%), Vedanta (up 0.86%) and Hindustan Zinc (up 0.83%) were the top gainers. Among the other gainers were Hindalco Industries (up 0.83%) and JSW Steel (up 0.53%).

Stocks in Spotlight:

HDFC rose 1.59% to Rs 2604.85 after the company`s standalone net profit rose 11.44% to Rs 3,260.69 crore. The housing finance company`s total income stood at Rs 11792.21 crore in Q3 FY22. Profit before tax rose 7.88% to Rs 4048.18 crore in Q3 FY22 over Q3 FY21. The net interest income (NII) for the quarter ended 31 December 2021 stood at Rs 4,284 crore compared to Rs 4,005 crore in the previous year. The reported Net Interest Margin (NIM) was 3.6%. As at 31 December 2021, the assets under management (AUM) stood at Rs 6,18,917 crore as against Rs 5,52,167 crore in the previous year.

Procter & Gamble Hygiene & Health Care fell 0.61%. The FMCG company reported a 15.4% fall in net profit to Rs 212.06 crore in quarter ended December 2021 from Rs 250.62 crore posted in quarter ended December 2020. Net sales increased by 7.3% to Rs 1,092.98 crore in quarter ended December 2021 from Rs 1,018.44 crore recorded in the same period last year. Profit before tax fell nearly 15% to Rs 287.50 crore in quarter ended December 2021 versus quarter ended December 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.882% compared with its previous close of 6.828%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.9075, compared with its close of 74.82 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement fell 0.57% to Rs 47,692.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.29% to 96.1.

In the commodities market, Brent crude for April 2022 settlement rose 26 cents or 0.29% at $89.42 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Wednesday. Markets in mainland China, Hong Kong, Singapore and South Korea were closed on Wednesday for the Lunar New Year holidays.

US stocks rose for a third day Tuesday, as Wall Street tried to recover its footing after a wild January. Bank stocks led the market higher.

On the macro front, the Institute for Supply Management said its manufacturing index came in at 57.6 for January, down 1.2 points from December. The data also showed that prices jumped by 7.9 points to 76.1 month over month.

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