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Indices open on firm note; breadth strong

Published on Jan 31, 2022 09:23

Equity indices are trading with strong gains in early trade on buying demand in index pivotals. At 9:30 IST, the barometer index, the S&P BSE Sensex, jumped 715.5 points or 1.25% at 57,915.27. The Nifty 50 index advanced 212.5 points or 1.24% at 17,314.90.

In the broader market, the S&P BSE Mid-Cap index rose 1.4% while the S&P BSE Small-Cap index gained 1.46%.

The market breadth was strong. On the BSE, 2,085 shares rose and 540 shares fell. A total of 107 shares were unchanged.

The Budget session of Parliament is set to commence on today, 31 January 2022 and will conclude on 8 April 2022. The government will present the Budget for fiscal 2022-23 on 1 February 2022. The Economic Survey is likely to be tabled today after the president`s address.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.

Stocks in Spotlight:

Granules rose 1.48%. The company`s wholly-owned foreign subsidiary, Granules Pharmaceuticals, Inc. (GPI) in Chantilly, Virginia (US) had undergone a pre-approval inspection by the US Food and Drug Administration (USFDA) from 24 to 28 January 2022. The US-based drug regulatory body, USFDA issued three minor observations during the audit conducted at the facility.

IndusInd Bank fell 1.32%. The private sector bank`s net profit increased by 36.18% to Rs 1161.27 crore in Q3 FY22 from Rs 852.76 crore in Q3 FY21. The bank`s total income in the third quarter ended December 2021 rose by 7.4% YoY to Rs 9614.27 crore. The bank`s operating profit before provisions and contingencies for the quarter increased by 7.8% year on year to Rs 3205.07 crore. Standalone profit before tax stood at Rs 1551 crore in Q3 FY22, 38.5% higher than Rs 1,119.76 crore.

Britannia Industries added 1.99%. The FMCG company`s consolidated net profit skid 18.4% to Rs 369.18 crore on a 13.7% increase in net sales to Rs 3,530.70 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) dropped 17.7% to Rs 505.40 crore in Q3 FY22 from Rs 613.73 crore in Q3 FY21.

Global Markets:

Asian stocks are trading mixed Monday, with markets in mainland China and South Korea closed for the Lunar New Year eve. Regionally, markets in Hong Kong and Singapore are also set to close early on Monday ahead of the Lunar New Year holidays.

Official data released Sunday showed Chinese factory activity growth slowing in January. The country`s official manufacturing Purchasing Managers` Index for January was at 50.1, just above the 50 level that separates growth from contraction. January`s reading compared against December`s figure of 50.3.

Meanwhile, a private survey released over the weekend showed Chinese manufacturing activity contracting in January. The Caixin/Markit manufacturing PMI came in at 49.1 for the month.

U.S. stocks rallied on Friday, notching its best day so far in 2022 after another zigzag session, bolstered by a marked rebound in tech shares. Shares of Apple jumped after a stellar quarterly results. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.

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