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Sensex soars 1,204 pts, Nifty above 17,250 mark, European shares advance

Published on Oct 04, 2022 13:35

The domestic equity barometers traded with robust gains in the afternoon trade. The Nifty traded a tad above the 17,250 mark. All the sectoral indices on the NSE were in the green with metal, bank and IT stocks gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 1,204.19 points or 2.12% to 57,993. The Nifty 50 index added 369.90 points or 2.19% to 17,257.25.

In the broader market, the S&P BSE Mid-Cap index rose 2.22% while the S&P BSE Small-Cap index gained 1.47%.

Buyers outnumbered sellers. On the BSE, 2,590 shares rose and 787 shares fell. A total of 123 shares were unchanged.

Investors cheered after witnessing a declining trend in the dollar and US bond yields. The persistence of this trend could lead to a return of FIIs in a big way in the Indian markets. In September, FIIs sold shares worth Rs 18,308.30 in the cash market while DIIs purchased stocks worth Rs 14,119.75 crore during the period under review.

Gainers & Losers:

Adani Ports and Special and Economic Zone (APSEZ) (up 4.74%), IndusInd Bank (up 4.69%), Hindalco Industries (up 3.86%), Hero MotoCorp (up 3.58%) and Adani Enterprises (up 3.53%) were top Nifty gainers.

Power Grid Corporation of India (down 1.02%) and Dr. Reddy`s Laboratories (down 0.29%) were the only losers in the Nifty 50 pack.

Stocks in Spotlight:

Mahindra & Mahindra Financial Services surged 11.28%. The NBFC said that it has recorded a disbursement of approximately Rs 4,080 crore in September 2022, delivering a 110% year on year (YoY) growth.

Larsen & Toubro (L&T) advanced 2.84%. The EPC major announced that the power transmission & distribution business of L&T Construction has bagged `significant` orders in India and abroad. As per L&T`s classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

Bank of Maharashtra gained 2.56%. The bank`s deposits stood at Rs 1,95,849 crore as of 30 September 2022, recording a growth of 15.93% over Rs 1,81,572 crore as of 30 September 2021. The bank reported a 28.65% growth in gross advances to Rs 1,48,246 crore as of 30 September 2022 as against Rs 1,15,236 crore as of 30 September 2021. CASA ratio stood at 56.27% as of 30 September 2022 as compared to 53.91% as of 30 September 2021.

Angel One rallied 8.67% after the brokerage company said its client base jumped 77.4% to 11.57 million in September 2022 as against 6.52 millions in September 2021. On a sequential basis, the company`s client base rose by 3.4% month on month (MoM) from 11.18 million clients in August 2022.

Hindustan Zinc rose 1.68%. The zinc miner said its mined metal production rose 3% to 255,000 tonnes in Q2 FY23 as against 248,000 tonnes in Q2 FY22. The miner reported highest-ever second quarter mined metal production driven by better grades and improved mill recoveries. Sequential growth of 1% was largely on account of better grades.

Global Markets:

The Dow Jones futures rallied 381 points, indicating a positive opening in the US stock market today.

Shares in Europe advanced while Asian stocks traded mixed on Tuesday after stocks on Wall Street rallied overnight. Markets in mainland China and Hong Kong are closed for a holiday.

The Reserve Bank of Australia is set to announce its interest rate decision later Tuesday. As per reports, the Reserve Bank of Australia is likely to hike its benchmark interest rate by 50 basis points to 2.85%.

Wall Street`s three major indices rallied to close over 2% on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year`s final quarter.

US manufacturing activity grew at its slowest pace in nearly 2.5 years in September. The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI dropped to 50.9 this month, the lowest reading since May 2020, from 52.8 in August.

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