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Sensex, Nifty at day`s high; IT index snaps five days losing streak

Published on May 17, 2022 11:26

The main indices scaled fresh intraday high in the mid-morning trade. The Nifty traded above the 16,050 mark. Metal, oil & gas and IT stocks were the top gainers.

At 11:40 IST, the barometer index, S&P BSE Sensex was up 975.5 points or 1.84% to 53,949.29. The Nifty 50 index surged 297 points or 1.88% to 16,139.35.

The broader market underperformed the benchmark indicies. The S&P BSE Mid-Cap index rose 1.23% while the S&P BSE Small-Cap index advanced 1.85%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,372 shares rose while 746 shares fell. A total of 119 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 1.85% to 29,946.20, snapping its five days losing streak. The index saw bargain hunting after dropping 4.32% in five days.

Among the components of the Nifty IT index, L&T Technology Services (up 3.79%), Larsen & Toubro Infotech (up 2.85%), Mphasis (up 2.78%), HCL Technologies (up 2.75%) and Mindtree (up 2.63%) were the top gainers.

Earnings Impact:

Raymond advanced 6.08% to Rs 863 after the company`s consolidated net profit zoomed to Rs 263 crore in Q4 FY22 from Rs 56 crore in Q4 FY21. Net revenue increased by 44% YoY to Rs 2,032 crore during the quarter. EBITDA rose by 82% to Rs 358 crore in Q4 FY22 from Rs 197 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 17.6% as against 14% in Q4 FY21.

Glaxosmithkline Pharmaceuticals rose 1.98% to Rs 1,544.05 after the company reported a consolidated net profit of Rs 1,219.05 crore in Q4 FY22 as against a net profit of Rs 14.33 crore in Q4 FY21. Net sales during the quarter increased 8.9% YoY to Rs 809.63 crore. Profit before tax (PBT) (before exceptional items) from continuing operations for the fourth quarter was Rs 178 crore, recording a growth of 6% YoY.

Global markets:

Asian shares advanced on Tuesday, boosted by some tech stocks and as investors evaluated China`s efforts to stamp out a Covid outbreak.

Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.

In the US, the S&P dipped 0.39% on Monday. The Dow Jones Industrial Average saw a similar swing, although the 30-stock index eked out a 0.8% gain at the closing bell. The Nasdaq Composite, meantime, was the session`s underperformer as the carnage in tech stocks continued.

Data on Monday showed factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments.

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