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Budget News

  • Benchmarks trade with strong gains; financial stocks edge higher
  • October 22,2021  10:23
  • The domestic equity barometers continued to trade with strong gains in morning trade. The Nifty was trading a tad below the 18,250 mark. Financial stocks advanced for the second trading session.

    At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 362.68 points or 0.60% to 61,286.18. The Nifty 50 index added 68.05 points or 0.37% to 18,246.15.

    In the broader market, the S&P BSE Mid-Cap index gained 0.47% while the S&P BSE Small-Cap index rose 0.46%.

    The market breadth, indicating the overall health of the market, was strong. On the BSE, 1916 shares rose and 1044 shares fell. A total of 149 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 242,482,541. India reported 175,745 active cases of COVID-19 infection and 453,042 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

    A total of 1,00,63,88,654 COVID-19 vaccine doses have been administered in the country so far, with over 61.14 lakh doses being given yesterday, according to the Co-WIN dashboard.

    Buzzing Index:

    The Nifty Financial Services index was up 1.11% at 19,401.80. The index has added 2.32% in two sessions.

    Among the index constituents, Muthoot Finance (up 4%), Bajaj Finserv (up 3.03%), HDFC (up 2.95%), Shriram Transport Finance (up 2.69%), Bajaj Finance (up 2.16%), HDFC Bank (up 1.45%) and ICICI Prudential Life Insurance (up 0.94%) advanced.

    Concurrently, Power Finance Corporation (down 1.44%), Cholamandalam Investment and Finance Company (down 0.68%), Kotak Mahindra Bank (down 0.36%) and REC (down 0.29%) declined.

    Stocks in Spotlight:

    Reliance Industries (RIL) rose 0.42% at Rs 2,633.55. Shareholders of RIL have approved appointment of His Excellency Yasir Othman H. Al Rumayyan as an independent director of the company for three years. Yasir bin Othman Al-Rumayyan is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, and the chairman of Saudi Aramco.

    RIL board will consider Q2 September 2021 results today, 22 October 2021.

    IndiaMART InterMESH tumbled 4.60% to Rs 8,170.90. The company posted a 18% rise in consolidated net profit to Rs 82 crore on a 12% increase in net sales to Rs 182 crore in Q2 FY22 over Q2 FY21. On a sequential basis, the company posted a 7% fall in net profit on a 0.4% increase in net sales in Q2 FY22 over Q1 FY22.

    IndiaMART registered a traffic growth 10% year on year with 284 million in Q2 FY22 as compared to 259 million in Q2 FY21. Unique business enquiries stood at grew to 6.7 million, an increase of 7% YoY and paying subscription suppliers grew to 150 thousand, a growth of 6%.

    Mphasis dropped 3.80% to Rs 3,267.30. The company's consolidated net profit rose 0.52% to Rs 341.45 crore on a 6.62% increase in revenue from operations to Rs 2,869.22 crore in Q2 FY22 over Q1 FY22.

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