Market bounces back; Nifty above 16,100

Domestic equity benchmarks sharply reversed losses and traded with strong gains in the afternoon trade. The Nifty regained 16,100 level, reversing from the day`s low of 15,903.70 hit in early afternoon trade. Most sectoral indices on the NSE were trading higher. However, oil & gas, FMCG and healthcare shares continued to be under pressure. Trading was volatile due to expiry of monthly F&O contracts on the NSE today.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 382.64 points or 0.71% to 54,131.90. The Nifty 50 index gained 98.65 points or 0.62% to 16,124.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index added 0.19%.

The market breadth was negative. On the BSE, 1,318 shares rose and 1,901 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

JSW Steel (up 3.6%), Tata Steel (up 3.39%), HDFC Bank (up 2.40%), Axis Bank (up 2.01%) and HDFC (up 1.81%) were major Nifty gainers.

Apollo Hospital (down 2.79%), UPL (down 2.44%), Divis Laboratories (down 2.02%), ONGC (down 1.67%) and BPCL (down 1.52%) were majority Nifty losers.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) declined 1.03% to Rs 322.65 after the PSU company reported 82.2% fall in standalone net profit to Rs 2,130.53 crore in Q4 FY22 as against Rs 11,940.13 crore in Q4 FY21. Net sales came at Rs 108,773.57 crore for the quarter ended 31 March 2022 as against Rs 76,890.50 crore during the same period in the previous year, registering a growth of 41.5%. Profit before tax stood at Rs 3,039.55 crore in Q4 FY22, down by 75.2% from Rs 12,237.44 crore in Q4 FY21.

Coal India rose 1.55% to Rs 183.40 after the consolidated net profit surged 45.9% to Rs 6,692.94 crore on a 22.6% increase in net sales to Rs 30,046.25 crore in Q4 FY22 over Q4 FY21. Profit before tax jumped 45.7% to Rs 9,335.27 crore in Q4 FY22 as against Rs 6,406.12 crore in Q4 FY21. Total expenses rose 16.6% year on year to Rs 23,627.95 crore in the quarter ended 31 March 2022. Cost of raw material consumed increased 31.6% year on year to Rs 3,330.82 crore during the period under review.

InterGlobe Aviation jumped 7.65% to Rs 1,771.30. The low-cost airliner reported consolidated net loss of Rs 1681.80 crore in Q4 March 2022 as against net loss of Rs 1147.16 crore in Q4 March 2021. Excluding foreign currency loss of Rs 612.34, net loss for the quarter aggregated to Rs 1069.50 crore. InterGlobe Aviation (IndiGo)`s net sales rose 28.89% to Rs 8020.75 crore in Q4 March 2022 over Q4 March 2021. Pre-tax loss stood at Rs 1,677.51 crore in Q4 March 2022 as against pre-tax loss of Rs 1,157.51 crore in Q4 March 2021.

Apollo Hospitals Enterprise shed 2.72% to Rs 3430 after the healthcare provider reported a 46.3% fall in consolidated net profit to Rs 90.14 crore in Q4 FY22 from Rs 167.85 crore registered in Q4 FY21. Net sales surged 23.7% to Rs 3,546.43 crore for the quarter ended 31 March 2022 from Rs 2,867.95 crore recorded in the corresponding period last year. Total expenditure jumped 25.5% to Rs 3,083.19 crore while cost of material consumed 25.1% surged to Rs 569.15 crore in Q4 FY22 over Q4 FY21.

Global Markets:

Dow Jones index futures were up 100 points, indicating a positive opening in the US stocks today.

European shares advanced while most Asian stocks declined on Thursday, as markets digest the latest signals from the U.S. Federal Reserve regarding rate hikes.

US stocks closed Wednesday`s volatile session higher. U.S. Fed minutes released Wednesday showed officials are prepared to move ahead with several 50 basis point interest rate hikes. The Federal Open Market Committee also said policy may have to move away from �neutral� and into �restrictive� territory.

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