The benchmark indices ended with strong gains on Tuesday, snapping a two-day losing streak. Value buying emerged amid positive global cues and decent Q4 earnings by domestic firms. All the sectoral indices on the NSE closed in the green. Realty, autos and FMCG shares were in demand. The Nifty crossed the 17,200 mark.
The barometer index, S&P BSE Sensex surged 776.72 points or 1.37% at 57,356.61. The Nifty 50 index jumped 246.85 points or 1.46% at 17,200.80. The 50-unit index corrected 2.52% in the past two sessions.
Power Grid Corporation of India (up 3.93%), Mahindra & Mahindra (up 3.85%), Bajaj Finance (up 3.31%) and Reliance Industries (up 3%) boosted the indices.
In broader market, the S&P BSE Mid-Cap index gained 1.62% while the S&P BSE Small-Cap index added 0.76%.
The market breadth was positive. On the BSE, 1,952 shares rose while 1,444 shares fell. A total of 106 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 9.73% to 19.1875.
COVID-19 Update:
India recorded 2,483 new COVID-19 infections as of Tuesday, slightly lower than the previous day's 2,541 cases. The active cases also dipped to 15,636 from 16,522, while the positivity rate declined to 0.55%. The country has reported 1,399 COVID- related deaths in the last 24 hours.
Numbers to Track:
The yield on the 10-year benchmark federal paper rose to 7.056% from its previous close of 7.043%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.6000, compared with its close of 76.6450 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement rose 0.39% to Rs 51,595.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.13% to 101.9.
In the commodities market, Brent crude for June 2022 settlement rose 32 cents or 0.31% to $102.64 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Tuesday after a sell-off at the start of the week. Chinese stocks reversed early declines on Tuesday after plunging the previous day, despite COVID-19 fears in China as Beijing expands mass testing.
In the US market, Twitter jumped roughly 5.7% in the previous session after the social media company announced it accepted billionaire Elon Musk's buyout deal valued at about $44 billion.
Buzzing Segment:
The Nifty Realty index surged 3.57% to 446.65. The index fell 5.09% in the past two sessions.
Sobha (up 6.44%), DLF (up 4.95%), Indiabulls Real Estate (up 4.82%), Godrej Properties (up 4.65%), Phoenix Mills (up 3.78%) and Oberoi Realty (up 3.63%) surged.
Stocks in Spotlight:
HDFC Life Insurance Company rose 1.71%. The life insurer reported 12.4% rise in standalone net profit to Rs 357.52 crore in Q4 FY22 from Rs 317.94 crore in Q4 FY21. Net premium income increased by 11% YoY to Rs 14,289.66 crore during the period under review.
The life insurance company's standalone net profit declined 11.2% to Rs 1,207.69 crore on a 19.1% increase in net premium income to Rs 45,396.46 crore in FY22 over FY21.
Mahindra CIE Automotive surged 12.28% after the company's consolidated net profit surged to Rs 161.4 crore in Q1 CY2022 from Rs 10.1 crore in Q1 CY2021. Revenue from operations increased by 18.2% year on year to Rs 2,588.4 crore in Q1 CY2022. EBITDA improved by 1% to Rs 3,079 crore in Q1 CY2022 from Rs 3,062 crore in Q1 CY2021. EBITDA margin was 12.6% in Q1 CY2022 as against 14.7% in Q1 CY2021.
Tatva Chintan Pharma Chem tumbled 6.87%. The company's consolidated net profit declined 17.09% to Rs 17.51 crore on 9.33% decline in net sales to Rs 98.53 crore in Q4 March 2022 over Q4 March 2021. EBITDA declined 18% to Rs 22.3 crore in Q4 March 2022 over Q4 March 2021. EBIDTA margin for the quarter was at 23% in Q4 FY22 as against 25% in Q4 FY21. Profit before tax (PBT) fell 22% year-on-year to Rs 18.98 crore during the quarter.
Veranda Learning Solutions hit an upper circuit limit of 5% at Rs 208.45 on signing a definitive agreement to acquire T.I.M.E. (Advanced Educational Activities) for a consideration of Rs 287 crore. Hyderabad-based T.I.M.E. is India's leading test-prep institute with a pan-India presence operating through 188 centres including franchisees spread across 98 cities in India.
IndiaMART InterMESH rose 3.60% after the company said its board will consider a share buyback on 28 April 2022. The company's board will also consider Q4 March 2022 results and consider final dividend, if any, on 28 April 2022.
Premier Explosives jumped 3.23% after the company received an order from Ministry of Defence, Government of India, worth Rs 57.90 crore. The order is for the supply of 50 MM MTV flares. The order is to be executed within twelve months.
Atul tumbled 4.59% after the company's consolidated net profit declined 22.2% to Rs 136.26 crore despite a 22.8% rise in revenue from operations to Rs 1,370.42 crore in Q4 FY22 over Q4 FY21. Total expenses during the quarter increased by 34.7% YoY to Rs 1,212.68 crore, due to higher raw material costs (up 30.3% YoY), higher power, fuel and water charges (up 46.2% YoY) and higher other expenses (up 33.9% YoY). Profit before tax in Q4 FY22 stood at Rs 181.79 crore, down by 23% from Rs 236.12 crore in Q4 FY21.
Sanofi India rose 1.03% after the company's standalone net profit surged 63.39% to Rs 238.40 crore on a 2.49% fall in revenue from operations to Rs 707 crore in Q1 March 2022 over Q1 March 2021. Profit before tax (PBT) jumped 67.11% to Rs 325.70 crore in Q1 March 2022 as against Rs 194.90 crore in Q1 March 2021.
Gujarat Mineral Development Corporation (GMDC) fell 0.49%. On a standalone basis, GMDC's net profit fell 16.83% to Rs 175.79 crore on 86.86% increase in net sales to Rs 1,057.28 crore in Q4 FY22 over Q4 FY21. Core earnings before interest, tax, depreciation and amortization (Core EBITDA) was reported at Rs 459 crore in Q4 FY22 as against Rs 241 crore in Q3 FY22.
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