Mkt rises for 5th day, Nifty ends above 17,550

The equity benchmark indices rose for the fifth straight session on Thursday. The Nifty 50 index traded in the red for a better part of the session, but bounced back in late trade. IT, PSU banks and oil & gas stocks were in demand. However, private banks, financial stocks and consumer durables stocks declined. Global stocks were mixed as traders assessed rate hike expectations and recession fears.

The barometer index, the S&P BSE Sensex, rose 95.71 points or 0.16% to 59,202.90. The Nifty 50 index gained 51.70 points or 0.30% to 17,563.95. In five consecutive sessions, the Sensex has jumped 3.44% while the Nifty has increased by 3.23%.

In the Nifty pack, UPL, Adani Enterprises, BPCL, HCL Technologies and NTPC emerged as prominent gainers, rising as by 2.04% to 5.31%.

IndusInd Bank, Asian Paints, Apollo Hospitals Enterprise, Ultratech Cement and Axis Bank were among the losers, sliding as much as 0.68% to 4.96%.

In the broader market, the S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index shed 0.01%.

The market breadth was negative. On the BSE, 1562 shares rose and 1851 shares fell. A total of 142 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.477 as compared with 7.451 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.795, compared with its close of 83 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement added 0.14% to Rs 50,269.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 112.86.

The United States 10-year bond yield rose 0.07% to 4.132.

In the commodities market, Brent crude for December 2022 settlement rose $1.33 or 1.44% at $93.74 a barrel.

Global Markets:

The Dow Jones index futures were up 145 points, indicating a strong opening in the US stocks today.

Shares in Europe and Asia were mixed on Thursday as traders assessed rate hike expectations and recession fears.

Wall Street closed lower on Wednesday amid Treasury yields at multiyear highs and strong inflation that`s driving hawkish monetary policy. Gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite.

Minneapolis Federal Reserve President Neel Kashkari said Wednesday he sees no signs that inflation is slowing, so the central bank will need to keep raising interest rates.

Results Impact:

Bajaj Finance rose 0.69%. The NFBC`s consolidated net profit jumped 88% to Rs 2,780.65 crore on 29% rise in total income to Rs 9,972.63 crore in Q2 FY23 over Q2 FY22. The consolidated results of Bajaj Finance include the results of its wholly owned subsidiaries, Bajaj Housing Finance (BHFL) and Bajaj Financial Securities (BFinsec). New loans booked during Q2 FY23 grew 7% to 6.76 million as against 6.33 million in the same quarter last year.

Asian Paints declined 2.26%. On consolidated basis, the paint major`s net profit climbed 31.3% to Rs 782.71 crore on 19.8% increase in revenue from operations to Rs 8,430.60 crore in Q2 FY23 over Q2 FY22. Profit before exceptional items and tax increased by 32.4% YoY to Rs 1,094.16 crore during the quarter. The company`s board approved the payment of interim dividend of Rs 4.40 per equity share.

IndusInd Bank tumbled 4.71%. The private lender reported 60.5% rise in standalone net profit to Rs 1,786.72 crore on a 12.9% increase in total income to Rs 10,718.85 crore in Q2 FY23 over Q2 FY22.

AU Small Finance Bank dropped 5.46%. The bank reported 23% rise in net profit to Rs 343 crore on a 44% increase in net interest income (NII) to Rs 1,083 crore in Q2 FY23 over Q2 FY22. The bank said that the NII growth was aided by stable spreads and healthy disbursements.

IndiaMART InterMESH fell 1.71%. The company reported consolidated revenue from operations of Rs 241 crore in Q2 FY23, a growth of 32% YoY primarily driven by 25% increase in number of paying subscription suppliers and addition of Rs 10.8 crore revenue from accounting software services. Consolidated deferred revenue increased by 30% YoY to Rs 984 crore as on 30 September 2022.

Coforge rose 1%. The company reported 34.4% jump in consolidated net profit to Rs 201.1 crore on a 7.1% rise in gross revenues to Rs 1959.4 crore in Q2 FY23 over Q1 FY23. In dollar terms, the company reported revenues of $246.9 million (up 3.4% QoQ) for the quarter ended 30 September 2022. In constant currency terms, the company`s revenue has grown by 6.2% QoQ. In Q2 FY23, the company`s order intake was $304 million and it added 11 new clients during the quarter. Total order book executable over the next 12 months stood at $802 million.

Shoppers Stop fell 3.22%. The company reported a consolidated net profit of Rs 16.20 crore in Q2 FY23 compared with net loss of Rs 3.58 crore in Q2 FY22. Consolidated net sales jumped 57.7% to Rs 1,012.74 crore crore in the quarter ended September 2022 as against Rs 642.07 crore recorded in the corresponding last year.

Granules India skid 2.35%. The company reported 80% jump in net profit to Rs 145 crore on a 30% increase in revenue from operations to Rs 1,151 crore in Q2 FY23 over Q2 FY22. EBITDA improved by 61% to Rs 243 crore in Q2 FY23 from Rs 151 crore in Q2 FY22. EBITDA margin was 21% in Q2 FY23 as against 17% in Q2 FY22.

DCM Shriram slipped 3.84% after the company reported 19.2% decline in consolidated net profit to Rs 128.12 crore despite of a 27.8% increase in net revenue from operations to Rs 2,740 crore in Q2 FY23 over Q2 FY22.

Central Bank of India added 0.50% after the state-run lender`s net profit rose 27.26% to Rs 318.17 crore on 8.24% increase in total income to Rs 7,064.96 crore in Q2 FY23 over Q2 FY22.

Colgate-Palmolive (India) rose 1.63%. The company reported 3.29% increase in net profit to Rs 278.02 crore on 2.56% rise in revenue from operation to Rs 1,378.37 crore in Q2 FY23 over Q2 FY22.

Symphony gained 2.72% after the company`s consolidated net profit jumped 10% to Rs 33 crore on 24.55% increase in revenue from operations to Rs 274 crore in Q2 FY23 over Q2 FY22.

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