The main indices traded in a narrow range with strong gains in mid morning trade amid firmness in index pivotals. The Nifty traded above the 17,150 level. All the sectoral indices on the NSE traded in the green.At 11:30 IST, the barometer index, S&P BSE Sensex rallied 669.47 points or 1.18% at 57,249.13. The Nifty 50 index added 215.1 points or 1.27% at 17,169.
The broader market traded with gains. The S&P BSE Mid-Cap index rallied 1.56% while the S&P BSE Small-Cap index surged 1.06%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2174 shares rose while 1044 shares fell. A total of 122 shares were unchanged.
Buzzing Index:
The Nifty Bank index rose 1.08% to 36,470.30 extending its winning streak to second day. The index gained around 1.18% in two days.
Among the components of the Nifty Bank index, IndusInd Bank (up 3.04%), AU Small Finance Bank (up 2.97%), Bank of Baroda (up 1.89%), State Bank of India (up 1.7%) and Federal Bank (up 1.62%) were the top gainers. Among the other gainers were Axis Bank (up 1.59%), IDFC First Bank (up 1.53%), Bandhan Bank (up 1.49%) and Punjab National Bank (up 1.29%).
Earnings Impact:
Mahindra CIE Automotive surged 15.50% to Rs 229.90 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 Q4 FY22 over Q4 FY21. 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.
Gujarat Mineral Development Corporation rose 1.57%. The compnay'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.
Global Markets:
Asian markets were trading higher on Tuesday. China's coronavirus outbreak worsened as rising cases in Beijing sparked jitters about an unprecedented lockdown of the capital.
Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks.
Twitter jumped roughly 5.7% after the social media company announced it accepted billionaire Elon Musk's buyout deal valued at about $44 billion.
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