Sensex rises 118 pts, Bajaj twins climb

The benchmark indices traded with decent gains in morning trade. The Nifty hovered above the 17,800 level. Realty stocks extended gains for the fourth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 117.9 points or 0.20% to 60,418.48. The Nifty 50 index rose 20.85 points or 0.12% to 17,834.45.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was strong. On the BSE, 1,994 shares rose and 1,126 shares fell. A total of 127 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.

Earnings Today:

Wipro (down 0.13%), Bajaj Finserv (up 2%), Hindustan Unilever (HUL) (down 0.55%), Axis Bank (down 0.50%), Tech Mahindra (down 0.20%), ACC (down 0.07%), Aarti Surfactants (up 1.92%), Aditya Birla Sun Life AMC (up 0.38%), Chennai Petroleum Corporation (up 1.38%), Dwarikesh Sugar Industries (down 0.40%), Gateway Distriparks (down 0.09%), Glenmark Life Sciences (up 1.55%), Indian Hotels (up 0.44%), Laurus Labs (down 0.48%), LTIMindtree (up 1.50%), Motilal Oswal Financial Services (down 1.68%), Mphasis (up 0.18%), Shriram Finance (down 0.79%), Tinplate Company of India (down 0.53%), Trent (up 0.35%), and Welspun India (dwon 0.61%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index gained 1.32% to 441.70, extending gains for the fourth straight session. The index rallied 4.3% in four trading sessions.

Macrotech Developers (up 2.84%), Godrej Properties (up 1.88%), Prestige Estates Projects (up 1.59%), Sobha (up 1.07%), Oberoi Realty (up 0.89%), Brigade Enterprises (up 0.65%), Phoenix Mills (up 0.58%), DLF (up 0.28%), Mahindra Lifespace Developers (up 0.18%) advanced.

Stocks in Spotlight:

Bajaj Finance gained 2.40% after the company reported 30% rise in consolidated net profit to Rs 3,158 crore on a 32% increase in total income to Rs 11,363 crore in Q4 FY23 as compared with Q4 FY22. Loan losses and provisions amounted to Rs 859 crore (up 22% YoY). The company stated that it holds a management and macro-economic overlay of Rs 960 crore as of 31 March 2023.

The company booked 7.56 million new loans during Q4 FY23, which is higher by 20% as compared with 6.28 million in Q4 FY22.Assets under management (AUM) grew by 29% Rs 2,47,379 crore as of 31 March 2023 from core AUM (i.e. AUM excluding short term IPO financing receivable) of Rs 1,92,087 crore as of 31 March 2022. AUM growth in Q4 FY23 was highest ever at Rs 16,537 crore.

SBI Life Insurance Company rose 1.62% after the life insurer`s net profit increased 15.6% to Rs 776.85 crore on 6.43% rise in total income to Rs 22,805.40 crore in Q4 FY23 over Q4 FY22.

Voltas fell 1.67% after the company reported 21.2% decline in net profit to Rs 143.92 crore from Rs 182.70 crore in Q4 FY23 over Q4 FY22. Total income increased by 11% year on year to Rs 3,003.46 crore during the quarter.

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