Sensex soars 954 pts; broader market rallies

The domestic equity barometers extended initial gains and hit fresh intraday high in morning trade. Positive global cues boosted sentiment. The Nifty traded a tad above the 16,600 level. All the sectoral indices on the NSE were currently trading in the green.

At 10:30 IST, the barometer index, S&P BSE Sensex was up 954.37 points or 1.74% to 55,839.03. The Nifty 50 index rose 278.20 points or 1.70% to 16,630.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.88% while the S&P BSE Small-Cap index added 1.97%.

The market breadth was strong. On the BSE, 2,325 shares rose while 815 shares fell. A total of 140 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.

New Listing:

Shares of ETHOS were currently trading at Rs 814.40 at 10:05 IST on the BSE, a discount of 7.24% compared with the issue price of Rs 878.

The scrip was listed at Rs 830, representing a discount of 5.47% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 839.65 and a low of Rs 796.80. Over 48,000 shares of the company have changed hands in the counter till now.

The IPO of ETHOS was subscribed 1.04 times. The issue opened for bidding on Wednesday (18 May 2022) and it closed on Friday (20 May 2022).

Results Today:

Life Insurance Corporation of India (LICI) (up 0.81%), Jubilant Foodworks ( down 0.19%), S Sun Pharmaceutical Industries ( down 1.07%), Aurobindo Pharma ( down 0.28%), Campus Activewear ( down 1.16%), IRCTC ( up 4.96%), Coffe Day Enterprises ( up 1.66%), LT Foods (Daawat) ( down 0.29%), Dilip Buildcon ( up 3.14%), Delhivery ( down 3.83%), Dhampur Sugar Mills ( down 5.15%), Dish TV ( up 3.17%), Dixon Technologies ( up 2.23%), Eureka Forbes ( up 0.76%), Jindal Steel & Power ( up 0.19%), Lux Industries ( up 6.28%), Prudent Corporate Advisory Services ( up 5.93%), SpiceJet ( down 0.81%), Stove Kraft ( up 0.89%), and Wockhardt ( up 1.20%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index advanced 3.43% to 29,625. The index jumped 7.47% in three trading sessions.

Coforge (up 5.29%), Mphasis (up 5.07%), Mindtree (up 4.55%), Larsen & Toubro Infotech (up 4.03%) and HCL Technologies (up 3.85%), L&T Technology Services (up 3.67%), Infosys (up 3.65%), Tech Mahindra (up 3.36%), Wipro (up 2.51%) and Tata Consultancy Services (up 2.49%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) gained 2.40% after the vehicle manufacturer reported a 427% jump in standalone net profit before exceptional items to Rs 1,292 crore in Q4 FY22 as compared with Rs 245 crore in Q4 FY21. Revenue rose by 28% year on year to Rs 17,124 crore during the quarter ended 31 March 2022. Profit before tax surged 147.8% to Rs 1,572 crore during the period under review.

United Spirits (USL) advanced 4.78% .USL reported 18.6% fall in standalone net profit to Rs 136.20 crore in Q4 FY22 from Rs 167.30 crore posted in Q4 FY21. Net sales rose 9.5% to Rs 2,435.10 crore for the quarter ended 31 March 2022 from Rs 2,224.40 crore recorded in the corresponding period last year. The growth in net sales was driven by resilient consumer demand in off trade and gradual on trade recovery. Profit before exceptional items and tax surged 15.24% to Rs 372.7 crore in Q4 FY22 from Rs 323.4 crore in Q4 FY21.

3M India advanced 13.04% after the compnay reported a 57.4% jump in consolidated net profit to Rs 110.92 crore in Q4 FY22 from Rs 70.47 crore posted in Q4FY21. Revenue from operations rose 11.9% to Rs 925.59 crore in Q4 FY22 from Rs 827.21 crore posted in Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 151.41 crore, rising 59.6% from Rs 94.88 crore in Q4 FY21.

ITC fell 0.07% after the company said that it has acquired 400 equity shares and 2,980 compulsorily convertible cumulative participating preference shares of Blupin Technologies. The equity shares bear a face value of Rs 10 each while the face value of the preference shares is Rs 100 each. The acquired shares represent 10.07% of the share capital of Blupin Technologies on a fully diluted basis. The total cost of the said acquisition is Rs 39.34 crore.

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