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Sensex spurts 1004 pts, Nifty above 16,150 level

Published on May 17, 2022 13:25

The key equity indices further extended gains and hit a fresh intraday high in afternoon trade. The Nifty was trading above the 16,100 mark. All the sectoral indices on the NSE were currently trading in the green.

At 13:21 IST, the barometer index, S&P BSE Sensex was up 1004.22 points or 1.90% to 53,978.06. The Nifty 50 index rose 308.35 points or 1.95% to 16,150.65.

In the broader market, the S&P BSE Mid-Cap index gained 1.65% while the S&P BSE Small-Cap index added 1.89%.

The market breadth was strong. On the BSE, 2,504 shares rose while 733 shares fell. A total of 138 shares were unchanged.

Economy:

India`s inflation based on wholesale price index (WPI) stood at 15.08% in April 2022 compared with 10.74% in April 2021. "The high rate of inflation in April, 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the Ministry of Commerce & Industry said in a statement today. The WPI grew 14.55% in March 2021, while the figure for February was 13.11%.

Gainers & Losers:

Hindalco Industries (up 9.02%), Coal India (up 6.46%), Tata Steel (up 5.44%), Oil and Natural Gas Corporation (ONGC) (up 5.18%) and JSW Steel (up 4.81) were major Nifty gainers.

Cipla (down 0.63%), Tata Consumer Products (down 0.48%), Tech Mahindra (down 0.23%) and Dr.Reddy`s Laboratories (down 0.10%) were majority Nifty losers.

Stocks in Spotlight:

Multi Commodity Exchange of India (MCX) rose 0.70%. On a consolidated basis, MCX`s net profit fell 5% to Rs 36.53 crore on 9.8% increase in net sales to Rs 106.46 crore in Q4 March 2022 over Q4 March 2021.

SJVN advanced 2.38% to Rs 27.95 after a Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydro electric project in Nepal has been signed in Lumbini, Nepal by the company. The project will be developed in joint venture mode by the company and Nepal Electricity Authority (NEA) with the company having majority share. It is expected to generate around 2100 million units of energy per annum.

Tata Power Company rose 2.82% to Rs 233.05 after the company announced that it has entered into a strategic partnership with Hyundai Motor India (HMIL) to build a EV charging network across India.

VIP Industries rose 1.15% to Rs 595.15 after the company reported consolidated net profit of Rs 12.39 crore in Q4 FY22 compared with net loss of Rs 3.78 crore in Q4 FY21. Net sales stood at Rs 355.90 crore for the quarter ended 31 March 2022 as against Rs 243 crore during the same period in the previous year, registering a growth of 46.5%.

Glaxosmithkline Pharmaceuticals up 0.11% to Rs 1515.80 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.

Raymond rallied 4.36% to Rs 849. 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.

Dodla Dairy jumped 4.61% to Rs 505.10. The company`s consolidated net profit zoomed to Rs 40.5 crore in Q4 FY22 from Rs 9.6 crore in Q4 FY21. Operating revenues increased by 11% to Rs 589.7 crore in Q4 FY22 over Q4 FY21.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as global markets tried to build on some positive momentum seen at the start of the new trading week.

The war in Ukraine remains a key focus for market sentiment in Europe, with fighting raging in the east and southeast of the country. On Monday, news emerged that more than 260 Ukrainian fighters, including some who are badly wounded, were evacuated from the Azovstal steel plant � a last stronghold for Ukrainian forces in the ruined city of Mariupol � and taken to areas under Russia`s control, the Ukrainian military said.

With Finland and Sweden both announcing their bids to join the Western military alliance NATO, all eyes are on Russia and how it might react. Moscow has already expressed outrage at the idea of its old foe NATO expanding.

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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