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Budget News

  • Indices trade with strong gains; market breadth in favor of buyers
  • October 22,2021  09:29
  • The key equity benchmarks traded with strong gains in early trade on strong buying in index pivotals. At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 364.38 points or 0.60% to 61,287.88. The Nifty 50 index added 94.65 points or 0.52% to 18,272.75.

    Among the Nifty 50 stocks, HDFC (up 2.71%), Titan Company (up 2.64%), Bajaj Finserv (up 2.50%), Bajaj Auto (up 1.71%) and Tech Mahindra (up 1.46%) were the top index gainers.

    Meanwhile, Asian Paints (down 1.78%), Hindalco (down 1.77%), Tata Motors (down 1.30%), Coal India (down 1.26%) and BPCL (down 0.88%) were the top index losers.

    In the broader market, the S&P BSE Mid-Cap index gained 0.73% while the S&P BSE Small-Cap index rose 0.79%.

    The market breadth, indicating the overall health of the market, was strong. On the BSE, 1765 shares rose and 691 shares fell. A total of 97 shares were unchanged.

    Results Today:

    Reliance Industries (up 0.56%), HDFC Life Insurance Company (up 0.91%), Hindustan Zinc (up 0.96%), Gland Pharma (up 0.11%), Federal Bank (up 0.21%), Yes Bank (up 0.70%), Crompton Greaves Consumer Electricals (down 0.78%), Inox Leisure (down 0.42%), Kajaria Ceramics (up 0.28%), Polycab India (up 1.25%), ABB Power Products and Systems India (up 2.03%), PVR (up 0.13%), Supreme Industries (up 1.46%), Tata Consumer Products (up 0.71%) and Tata Elxsi (down 0.84%) will announce their quarterly results today.

    Stocks in Spotlight:

    JSW Steel rose 0.73% to Rs 679. The company reported a 350% year-on-year (YoY) jump in consolidated net profit to post its highest quarterly profit of Rs 7,179 crore for the second quarter ending 30 September. The company also reported its highest-ever quarterly revenue from operations at Rs 32,503 crore for the quarter, against Rs 19,264 crore a year ago.

    Indian Energy Exchange (IEX) hit an upper circuit of 10% at Rs 833.70. IEX reported consolidated profit at Rs 77.38 crore in Q2FY22 against Rs 44.33 crore in Q2FY21. Total income rose to Rs 122.30 crore from Rs 78.71 crore YoY. The company recommended a bonus issue of equity shares in the proportion of 2 equity shares for each share held.

    TVS Motor Company jumped 7.68% to Rs 621.35. The company posted a consolidated net profit of Rs 234.37 crore in Q2FY22 over net profit of Rs 181.41 crore in Q2FY21. Total income rose to Rs 6,491.18 crore for the second quarter as compared to Rs 5,269.59 in the year-ago period.

    ICICI Lombard General Insurance Company gained 0.88% to Rs 1,518.70. The company's net profit rose 7.44% to Rs 446.67 crore in the quarter ended September 2021 as against Rs 415.74 crore during the previous quarter ended September 2020. Sales rose 31.99% to Rs 3250.29 crore in the quarter ended September 2021 as against Rs 2462.52 crore during the previous quarter ended September 2020.

    Global markets:

    Asian stocks are mostly trading higher on Friday, as shares of China Evergrande Group surged in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.

    Evergrande has remitted the funds for a key interest payment that was due September 23 — ahead of a 30-day grace period that ends on October 23, as per reports. The $83.5 interest payment on Evergrande's March 2022 offshore bond has been closely watched since the heavily indebted property developer warned twice in September that it may default.

    In US, the S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.

    On the economic front, the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the Labor Department said Thursday. That's the fewest people to apply for benefits since March 14, 2020, when the pandemic intensified.

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