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Nifty spurts above 16,500 on strong global cues

Published on May 30, 2022 09:27

The key equity benchmarks traded with strong gains in early trade, tracking positive global cues. The Nifty traded a tad above the 16,500 level. All the sectoral indices on the NSE traded in the green.

At 09:24 IST, the barometer index, S&P BSE Sensex was up 791.85 points or 1.44% to 55,676.51. The Nifty 50 index rose 237.10 points or 1.45% to 16,589.55.

In the broader market. The S&P BSE Mid-Cap index gained 1.39% while the S&P BSE Small-Cap index added 1.49%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,062 shares rose while 570 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,943.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,727.47 crore in the Indian equity market on 27 May, provisional data showed.

Stocks in Spotlight:

M&M rose 2.31%. The company reported 48% rise in consolidated net profit (after exceptional items) to Rs 2237 crore in Q4 FY22 as compared to net profit of Rs 1513 crore in Q4 FY21. Revenue rose 21% to Rs 25934 crore from Rs 21456 crore.

Adani Enterprises gained 1.57%. Adani Defence Systems and Technologies, a wholly owned subsidiary of Adani Enterprises, has signed definitive agreement to acquire 50% stake in General Aeronautics Private on 27th May 2022.

United Spirits rose 0.68% after the company reported consolidated net profit of Rs 178.60 crore in Q4 FY22 as compared to net profit of Rs 203.30 crore in Q4 FY21. Total income rose to Rs 7791.10 crore from Rs 7682.70 crore.

Sun TV Network added 0.86%. The company`s consolidated net profit rose 7.65% to Rs 1641.91 crore on 12.84% rise in total income to Rs 3584.82 crore in Q4 FY22 over in Q4 FY21.

FSN E-Commerce Ventures (Nykaa) fell 0.13% .The Company`s consolidated net profit fell 58% to Rs 7.6 crore on 31% rise in revenue from operations to Rs 973.30 crore in Q4 FY22 over in Q4 FY21.

Welspun Corp rose 0.58% after the company reported consolidated net profit of Rs 236 crore in Q4 FY22 as compared to net profit of Rs 312 crore in Q4 FY21. Total revenue from operations fell to Rs 2011 crore from Rs 2036 crore.

Global Markets:

Asian stocks are trading higher on Monday as investors look ahead to major economic data releases later in the week.

Markets in the U.S. are closed on Monday for a holiday. Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resilience boosted sentiment.

The core personal consumption expenditures price index rose 4.9% in April, down from the 5.2% pace seen the previous month. This particular report is watched closely by the Federal Reserve when setting policy.

US consumer spending rose more than expected in April as households boosted purchases of goods and services. Consumer spending increased 0.9% last month. Data for March was revised higher to show outlays racing 1.4% instead of 1.1% as previously reported.

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