The benchmark indices ended with strong gains on Tuesday amid wide spread buying support. Strong global cues boosted investors sentiment. All the sectoral indices on the NSE ended higher. Metals, oil & gas and media shares rallied.

The S&P BSE Sensex jumped 1344.63 points or 2.54% at 54,318.47. The Nifty 50 index gained 417 points or 2.63% at 16,259.30.

Reliance Industries (up 4.26%), ITC (up 4.15%) and ICICI Bank (up 3.97%) were major index movers.

In the broader market, the S&P BSE Mid-Cap index rose 2.51% while the S&P BSE Small-Cap index advanced 2.78%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,624 shares rose while 713 shares fell. A total of 125 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 7.27% to 22.74.

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 WPI came in at 14.55% in March 2021, while the figure for February was 13.11%.

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.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.367% from its previous close of 7.318%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.4700, compared with its close of 77.5550 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.29% to Rs 50,393.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, declined 0.63% to 103.53.

In the commodities market, Brent crude for June 2022 settlement rose $1.15 or 1.01% to $115.39 a barrel.

Global Markets:

The Dow Jones Futures were up 476 points, indicating a positive start to the US market.

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.

Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.

In the US, factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments.

New Listing:

Shares of insurance major Life Insurance Corporation (LIC) of India settled at Rs 875.45 on the BSE, at a discount of 7.75% compared with the issue price of Rs 949. The scrip was listed at Rs 867.20, representing a discount of 8.62% to the initial public offer (IPO) price. The scrip has hit a high of Rs 920 and a low of Rs 860.10. Over 27.55 crore shares of the company have changed hands in the counter on the BSE.

The IPO of the insurance major was subscribed 2.95 times. The issue opened on 4 May 2022 and it closed on 9 May 2022. The IPO price band was Rs 902 to Rs 949 per equity share.

Buzzing Segment:

The Nifty Metal index surged 6.86% at 5727.45. The index has risen 7.80% in two sessions.

Among the components of the Nifty Metal index, Vedanta (up 11.79%), Hindustan Copper (up 9.97%), Hindalco Industries (up 9.58%), National Aluminium Company (up 7.76%) and Tata Steel (up 7.72%), JSW Steel (up 6.57%), Steel Authority of India (up 5.09%), Jindal Steel & Power (up 4.65%), NMDC (up 4.32%) and Hindustan Zinc (up 4.09%) surged.

Earnings Impact:

Bharti Airtel rose 1.91%. The telecom major reported a 164% jump in consolidated net profit to Rs 2007.8 crore on 22.3% in revenue from operations to Rs 31,500 crore in Q4 FY22 over Q4 FY21. The revenue grew on the back of strong and consistent performance across the portfolio. India revenue grew by 22.7% year on year to Rs 22,500 crore in Q4 FY22. Average revenue per user (ARPU) grew by 22.7% year on year to Rs 178 as compared to Rs 145 in Q4 FY21. Mobile revenues grew by 25.1% year on year.

Bajaj Electricals surged 8.24%. The company reported 28.7% fall in consolidated net profit to Rs 39 crore despite a 6% rise in net sales to Rs 1,293.26 crore in Q4 FY22 over Q4 FY21. On the segmental front, Consumer Products revenue was Rs 1,038 crore (up 6.4% YoY) while EPC revenue stood at Rs 296.5 crore (up 4.7% YoY) in the fourth quarter of financial year ended 2022.

Indoco Remedies jumped 6.35% after the company reported 62.1% rise in standalone net profit to Rs 40.4 crore on a 35.8% increase in net revenues to Rs 400.3 crore in Q4 FY22 over Q4 FY21. EBIDTA improved by 47.5% to Rs 80.5 crore in Q4 FY22 from Rs 54.6 crore in Q4 FY21. EBIDTA margin was 20.1% in the fourth quarter as against 18.5% in the same period last year.

Zydus Wellness rose 4.45% after the company reported 0.13% rise in consolidated net profit to Rs 133.30 crore on 5.73% increase in net sales to Rs 635.19 crore in Q4 FY22 over Q4 FY21. Profit before tax stood at Rs 131.40 crore in the fourth quarter, down by 0.95% from Rs 132.66 crore during the period under review.

Dodla Dairy jumped 5.36% after 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. Dodla Dairy said that average milk procurement during Q4 FY22 was at 12.3 lakhs liters per day (LLPD) compared to 10.8 LLPD in Q4 FY21 and 12.4 LLPD in Q3 FY22.

Raymond advanced 4.68% after 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. EBITDA margin rose by 82% to Rs 358 crore in Q4 FY22 from Rs 197 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 17.6% as against 14% in Q4 FY21.

Multi Commodity Exchange of India (MCX) rose 2.88%. The exchange platform reported 5% decline in consolidated net profit 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. For the quarter ended 31 March 2022, MCX's operating income grew 10% to Rs 106.46 crore from Rs 96.97 crore in corresponding Q4 FY2021.

RateGain Travel Technologies declined 3.88%. The IT company reported a consolidated net profit of Rs 11.61 crore in Q4 FY22 as against a net loss of Rs 5.84 crore in Q4 FY21. Revenue from operations rose 8.9% quarter on quarter and 50.6% year on year to Rs 107.88 crore in the quarter ended 31 March 2022. The company reported a profit before tax of Rs 12.35 crore in Q4 FY22 as compared to a pre-tax loss of Rs 2.96 crore posted in Q4 FY21.

Powered by Capital Market - Live News