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Nifty hovers above 16,850; India VIX declines 7.54% to 20.227

Published on May 05, 2022 12:24

Indices slightly came off the day`s high but traded with major gains in early afternoon trade. The Nifty hovered above the 16,850 level. Barring the realty index, all the sectoral indices on the NSE traded in the green.

Positive global cues boosted sentiment after the US Federal Reserve`s latest policy decision was on expected lines, averting concerns of larger-than-expected hikes.

At 12:20 IST, the barometer index, S&P BSE Sensex was up 596.72 points or 1.07% to 56,265.75. The Nifty 50 index rose 178 points or 1.07% to 16,855.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index gained 0.89%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,127 shares rose while 1075 shares fell. A total of 131 shares were unchanged

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 7.54% to 20.2275. The Nifty May 2022 futures were trading at 16,863.05, a premium of 7.45 points as compared with the spot at 16,855.60.

The Nifty option chain for 26 May 2022 expiry showed maximum Call OI of 26.1 lakh contracts at the 17,000 strike price. Maximum Put OI of 40.8 lakh contracts was seen at 16,500 strike price.

LIC IPO:

The initial public offering (IPO) of insurance behemoth Life Insurance Corporation (LIC) of India received bids for 12.92 crore shares as against 16.20 crore shares on offer, according to stock exchange data at 12:13 IST on Thursday (5 May 2022). The issue was subscribed 80%.

The issue opened on Wednesday, 4 May 2022 and it will remain open for bidding till 9th May 2022. The IPO price band is Rs 902 to Rs 949 per equity share. An investor can bid for a minimum of 15 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal rose 2.36% to 6,304.15. The index saw bargain hunting after declining more than 3% in previous trading session.

Among the components of the metal index, Tata Steel (up 4.08%), Vedanta (up 3.43%), Jindal Steel & Power (up 2.55%), NMDC (up 2.46%) and National Aluminium Company (up 1.98%) were the top gainers. Among the other gainers were Hindalco Industries (up 1.95%), Adani Enterprises (up 1.92%), JSW Steel (up 1.78%), Hindustan Copper (up 1.64%) and Hindustan Zinc (up 1.55%).

Earnings Impact:

Havells India rose 0.69%. The FMEG company reported a 16.8% rise in standalone net profit to Rs 352.9 crore in Q4 FY22 from Rs 302.2 crore posted in Q4 FY21. Net revenue grew by 32.6% to Rs 4,417 crore in Q4 FY22 from Rs 3,331 crore posted in Q4FY21. Standalone profit before tax rose 5% year on year to Rs 475 crore in Q4 FY22. EBITDA increased by 3% to Rs 521 crore in Q4 FY22 from Rs 506 crore posted in the same period last year. EBITDA margin fell to 11.8% in Q4 FY22 from 15.2% reported in the same period last year. Havells said margins remained under pressure as fresh cost increase coupled with competitive intensity, restricted effective and adequate price transmission.

Adani Total Gas added 1.17. The Adani Group company`s standalone net profit slumped 47.58% to Rs 76 crore on a 73.45% surge in net sales to Rs 1,065 crore in Q4 FY22 over Q4 FY21. Standalone profit before tax stood at Rs 104 crore in the fourth quarter, down by 45.54% from Rs 191 crore in the same period last year. Profitability was dented after the company reported a 129.2% spike in total expenses to Rs 880.88 crore in Q4 FY22 over Rs 384.29 crore in Q4 FY21. The EBITDA declined 37.05% to Rs 141 crore in Q4 FY22 over Rs 224 crore in Q4 FY21. The total sales volume grew 13.85% to 189 MMSCM (Million Metric Standard Cubic Meter) in Q4 FY22 as against 166 MMSCM in Q4 FY21. CNG Sales jumped 33.33% to 100 MMSCM in Q4 FY22 as compared to 75 MMSCM in Q4 FY21. PNG Sales fell 2.1% to 89 MMSCM in Q4 FY22 over 91 MMSCM in Q4 FY21.

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