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Indices log modest gains in early trade; breadth strong

Published on May 10, 2022 09:25

The key equity benchmarks traded with modest gains in early trade amid buying in index pivotals. Shares from FMCG, auto and media sectors rose while metals and consumer durables stocks fell.

At 09:22 IST, the barometer index, S&P BSE Sensex was up 95.95 points or 0.18% to 54,566.62. The Nifty 50 index added 39.10 points or 0.24% to 16,340.95.

Asian Paints (up 2.67%), Hindustan Unilever (up 2.20%), Ultratech Cement (up 1.75%), Maruti Suzuki India (up 1.43%) and Bajaj Auto (up 1.22%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.87%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1722 shares rose while 731 shares fell. A total of 83 shares were unchanged.

Global markets:

Asian stocks dropped to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth

In US, the S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.

Stocks in Spotlight:

HCL Technologies added 0.24% to Rs 1078.30. The IT major announced a strategic partnership with Syniti. This collaboration with Syniti, a global leader in enterprise data management that combines AI-driven software and data expertise, will help develop industry-specific data solutions and deliver higher quality SAP S/4HANA transformations.

Aarti Drugs slipped 0.28% to Rs 439. The company reported 7.1% rise in consolidated net profit to Rs 55.34 crore in Q4 FY22 from Rs 51.65 crore posted in Q4 FY21. The company`s consolidated net sales jumped 38.4% to Rs 694.27 crore in Q4 FY22 compared to Rs 501.75 in Q4 FY21. Profit before tax rose 8% year on year to Rs 70.5 crore in Q4 FY22.

SRF advanced 0.80% to Rs 2239.85. The company reported 59% increase in consolidated net profit to Rs 606 crore on a 36% rise in revenue to Rs 3,549 crore in Q4 FY22 as compared with corresponding period last year (CPLY).

KEI Industries gained 1.92% to Rs 1167.60. The company posted consolidated net profit of Rs 115.98 crore in Q4 FY22 from Rs 86.18 crore registered in Q4 FY21. Net sales rose to Rs 1791.71 crore in Q4 FY22 from Rs 1246.30 crore posted in Q4 FY21.

Bhageria Industries rose 3.43% to Rs 224.65. The company has received an environment clearance for setting up manufacturing plant of `Synthetic Organic Chemicals` [API-Bulk Drug and it`s Intermediates] at GIDC Estate Vapi, Dist. Valsad.

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