Market at day`s high; Nifty hovers above 16,150
Published on May 20, 2022 11:29
The equity indices continued to extend its gains and hit day`s high in the mid-morning trade. All the sectoral indices on the NSE were trading in the green. The Nifty hovers above the 16,150 level.
At 11:22 IST, the barometer index, S&P BSE Sensex surged 1,190.82 points or 2.26% at 53,983.05. The Nifty 50 index added 369.70 points or 2.34% at 16,179.10.
In the broader market, the S&P BSE Mid-Cap index rose 1.72% while the S&P BSE Small-Cap index gained 1.77%.
Buyers outnumbered sellers. On the BSE, 2,481 shares rose while 643 shares fell. A total of 138 shares were unchanged.
The Nifty Auto index rose 3.20% to 10,957.65, snapping its losing streak of two days. The index lost 2.68% in two trading sessions.
Among the components of the Nifty Auto index, Sona BLW Precision Forgings Ltd (up 5.3%), Ashok Leyland Ltd (up 4.92%), Tata Motors Ltd (up 4.89%), Bharat Forge Ltd (up 3.89%) and Bosch Ltd (up 3.57%) were the top gainers.
Hindustan Petroleum Corporation (HPCL) rose 1.26% to Rs 241.70. The company reported a 40.5% fall in standalone net profit to Rs 1,795.26 crore in Q4 FY22 from Rs 3,017.96 crore posted in Q4 FY21. Net sales surged 30.4% to Rs 97,226.51 crore for the quarter ended 31 March 2022 from Rs 74,544.62 crore posted in the corresponding quarter last year.
Gland Pharma fell 0.85% to Rs 3,069.40. The company reported 10% rise in consolidated net profit to Rs 285.9 crore on a 24% increase in revenue from operations to Rs 1,103 crore in Q4 FY22 over Q4 FY21. The growth in consolidated revenue during the year was driven by the launch of new products and robust volume growth in existing products.
Equitas Small Finance Bank slumped 8.77% to Rs 54.10 after the bank`s board accepted the resignation of its MD and CEO PN Vasudevan. PN Vasudevan is the founder of Equitas. Equitas began its journey in 2007 starting off as a Micro finance institution and later converting into the bank in 2016.
Asian stocks were trading higher on Friday after China cut a key lending benchmark to support a slowing economy.
China cut its five-year loan prime rate (LPR) by 15 basis points on Friday morning, a sharper cut than had been expected, as authorities seek to cushion an economic slowdown, though it left the one-year LPR unchanged at 3.7%.
Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates. Shares of the networking gear maker slumped 13.73% as it lowered 2022 revenue growth outlook, taking a hit from Russia exit as well as component shortage due to China lockdowns.
New claims for U.S. unemployment benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 218,000 for the week ended 14 May 2022, the highest level since January, the Labor Department said on Thursday.
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