Sensex rises 143 pts, Nifty ends above 17,800; Bajaj twins tumble

The benchmark indices settled with decent gains on Friday, supported by oil & gas and banks stocks. The Nifty settled above the 17,800 mark after hitting the day`s low of 17,704.55 in afternoon trade.

The barometer index, the S&P BSE Sensex, rose 142.81 points or 0.24% at 59,744.65. The Nifty 50 index gained 66.80 points or 0.38% at 17,812.70.

Bajaj Finserv (down 1.39%), Bajaj Finance (down 1%), Mahindra & Mahindra (down 1.31%) and Larsen & Toubro (down 1.06%) were major index losers.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index added 0.54% while the S&P BSE Small-Cap index gained 0.43%.

The market breadth was strong. On the BSE, 2,104 shares rose and 1,305 shares fell. A total of 84 shares were unchanged.

COVID-19 Update:

In the last 24 hours, India records 1,17,100 new cases taking the country`s active caseload to 3,71,363. The daily positivity rate stood at 7.74%. Meanwhile, omicron tally in the country stood at 3,007.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.536% as compared with 6.525% at close in the previous trading session.

In the foreign exchange market, the rupee higher against the dollar. The partially convertible rupee was hovering at 74.3, compared with its close of 74.4250 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement fell 0.17% to Rs 47,369.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.14% to 96.18.

In the commodities market, Brent crude for March 2022 settlement rose 85 cents at $82.84 a barrel.

Global Markets:

Shares in Europe and Asia were mixed on Friday amid fears over more aggressive tapering from the U.S. Federal Reserve.

Buzzing Segment:

The Nifty Oil & Gas index rose 1.26% to 7,703.75.

Oil India (up 7.96%), ONGC (up 4.18%), GSPL (up 3.73%), Gujarat Gas (up 2.36%), HPCL (up 1.54%), Indian Oil Corporation (up 1.02%), Indraprastha Gas (up 0.85%), Mahanagar Gas (up 0.58%), Petronet LNG (up 0.47%), GAIL (India) (up 0.4%) and BPCL (up 0.05%) surged.

Reliance Industries (RIL) rose 0.80%. The company`s arm Reliance Retail purchased 25.8% stake in Dunzo. Dunzo, India`s leading quick commerce player raised $240 million in its latest round of funding. Reliance Retail will own 25.8% stake on a fully diluted basis with an investment of $200 million. Post this deal, Reliance Retail will be the largest shareholder in Dunzo.

Stocks in Spotlight:

Hinduja Global Solutions (HGS) hit a lower circuit of 20% at Rs 2,855.45. HGS declared the third interim dividend of Rs 150 per share for the current financial year 2021-22. The company has fixed 18 January as the record date for the payment of this dividend. The dividend will be paid to the eligible shareholders and members on or before 27 January 2022.

Further, the company`s board has also recommended issuing one bonus equity share for one equity share held (1:1).

Moreover, the board also approved to enhance the limits applicable for extending loans, making investments and providing guarantees or security upto Rs 3,500 crore. The proposal (under Section 186) is subject to the approval of the shareholders/ members and statutory/regulatory and other approvals, as may be necessary.

Meanwhile, HGS has completed the sale of its healthcare services business to wholly-owned subsidiaries of Betaine BV, funds affiliated with Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia. The transaction was based on an enterprise value of $1,200 million, subject to closing adjustments, and resulted in inflows of $1,088 million.

Titan Company lost 0.92%. The company posted strong demand across its consumer businesses and clocked 36% growth over the festive quarter last year. The company`s flagship jewellery division saw a 37% year-on-year (Y-o-Y) revenue growth in Q3 FY22.

Anand Rathi Wealth declined 2.34%. The company`s consolidated net profit surged 144.80% to Rs 32.02 crore on 54.87% increase in total income to Rs 108.66 crore in Q3 December 2021 over Q3 December 2020. The board declared an interim dividend of Rs 5 per share.

Kalyan Jewellers India fell 0.35%. The company said its consolidated revenue growth for the recently concluded quarter was about 17%. The company clocked year-on-year revenue growth of over 15% for its India operations during the recently concluded quarter.

Godrej Consumer Products added 1.01%. The company said it expects to deliver close to high single-digit sales growth in India in the quarter ended December 2021, largely driven by prices.

Easy Trip Planners was locked in an upper circuit of 4.99% at Rs 563.35. The company`s board will consider issuing bonus shares on 12 January 2022.

G M Breweries fell 10.41%. The company recorded 6.3% fall in net profit to Rs 19.79 crore in Q3 FY22 from Rs 21.11 crore in Q3 FY21. Net income from operations rose 16.9% YoY to Rs 130.88 crore during the quarter. Cost of materials consumed increased by 33.8% YoY to Rs 95.35 crore in Q3 FY22.

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