Domestic stock barometers ended Thursday with significant gains amid mixed global signals. Real estate, metals and oil and gas inventories rose. On the other hand, IT, cars and financial stocks were lagging behind. Trading was volatile due to the expiration of monthly M&A contracts on the NSE. After opening at the 17,771.40 mark, the Nifty 50 index fell to its day low of 17,654.50 in mid-afternoon trading. However, the index bounced back towards the end of the trading session, closing at 17,736.95.
The barometer index, the S&P BSE Sensex, gained 212.88 points or 0.36% to 59,756.84. The Nifty 50 index added 80.60 points or 0.46% to 17736.95.
JSW Steel (+5.74%), Hindalco Industries (+3.55%), Tata Steel (+3.16%), PowerGrid Corporation of India (+2.68%) and Adani Ports & SEZ (+2, 66%) were the top winners.
In the broader market, the S&P BSE Mid-Cap Index rose 0.44%, while the S&P BSE Small-Cap Index rose 0.41%.
Market breadth was positive. On the BSE, 1,832 shares rose and 1,586 shares fell. In total, 131 shares remained unchanged.
The NSE’s VIX index, a measure of expected short-term market volatility, fell 1.67% to 16.60.
RBI MPC meeting:
The Reserve Bank of India (RBI) said on Thursday that the Monetary Policy Committee (MPC) will hold an additional meeting on November 3, 2022. The MPC last met on September 28 – 30, 2022. calendar year on December 5 – 7, 2022.
Numbers to follow:
The yield on India’s 10-year benchmark federal paper fell to 7.4117 from 7.442 at the close of the previous trading session.
In the foreign exchange market, the rupee rose higher against the dollar. The partially convertible rupee hovered at 82.45, compared to the close of 82.81 during the previous trading session.
MCX Gold futures for the December 5, 2022 settlement gained 0.18% to Rs 50,778.
The US Dollar Index (DXY), which tracks the dollar’s value against a basket of currencies, rose 0.39% to 110.13.
The US 10-year yield rose 1.56% to 4.078.
In the commodities market, Brent oil added 47 cents or 0.5% to $94.26 a barrel for the December 2022 settlement.
Dow Jones index futures were up 151 points, signaling a positive open in US stocks today.
Most European stocks fell, while most Asian stocks ended higher on Thursday as investors digested a slew of corporate gains. Traders await the outcome of Thursday’s meeting of the European Central Bank, which is expected to trigger a 75 basis point rate hike. The meeting should also signal the Bank’s quantitative tightening plans.
The Bank of Japan began its two-day monetary policy meeting on Thursday.
South Korea’s GDP in the third quarter grew 0.3% from the previous quarter, according to official preliminary data, the slowest growth since the third quarter of 2021. China’s industrial profits fell by 2 from January to September. 3% compared to a year ago, the National Bureau of Statistics reported.
US stocks fell Wednesday as investors analyzed new economic data and disappointing earnings as they deliberated the Federal Reserve’s path after the Bank of Canada announced a lower-than-expected 50 basis point rate hike.
Stocks in the spotlight:
Dabur India rose 3.24%. The FMCG major has announced that it has signed definitive transaction agreements to acquire a 51% stake in Badshah Masala Private Limited, which is engaged in the manufacture, marketing and export of ground spices, mixed spices and seasonings. Dabur is acquiring a 51% stake in Badshah for Rs 587.52 crore, less proportionate debt at the closing date, valuing the Badshah company at Rs 1,152 crore.
Separately, Dabur reported a consolidated net profit of Rs 490.86 crore for the second quarter ended September 30 of Rs 505.31 crore reported in Q2FY22. Total income rose to Rs 3109.77 crore during Q2FY23 against Rs 2930.02 crore recorded in Q2FY22.
Hero MotoCorp added 0.97%. The company plans to start its operations in the Philippines. Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, one of the leading and most experienced automotive groups, has partnered with Hero MotoCorp to bring its globally popular motorcycles to the country. As part of the partnership, TMC will become the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines.
JSW Steel rose 5.44%. The company’s subsidiary, JSW Steel USA, announced that it will tie long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for a plate plant modernization project in Baytown, Texas. Of the total financing needed for the JSW Steel USA facility modernization project in Baytown, $70 million is covered by the SACE guarantee, with the balance $112 million being a term loan.
Gland Pharma fell 14.64%. The pharmaceutical company’s consolidated net profit fell 20.1% to Rs 241.24 crore on a 3.3% decline in net sales to Rs 1,044.40 crore in Q2 FY23 from Q2 FY22.
Trident won 1.41%. The company said it has completed an 8.87 MWp solar project at Budhni in Madhya Pradesh. The power generated from this new solar project will be consumed internally at production facilities in Budhni, providing significant savings for the company.
IIFL Finance zoomed in 10.36%. The NBFC reported a 36.2% increase in consolidated net profit to Rs 397.07 crore on a 19.7% increase in total revenue to Rs 2,051.44 crore in Q2 FY23 compared to Q2 FY22. The company had loan assets under management (AUM) of Rs 55,302 crore as of September 30, 2022, with the residential loans segment accounting for 36%, gold loans 32%, business loans 14% and microfinance loans 12% of the total AUM.
Chennai Petroleum Corporation plunged 12.04%. The company’s standalone net profit fell 57.4% to Rs 27.88 crore in Q2 FY23, from Rs 65.45 crore recorded in Q2 FY22. Net sales increased 120.3% to Rs 19,508.82 in the quarter ended September 30, 2022 from Rs 8856.06 crore posted in the corresponding quarter last year.
The Government of India has levied import duties on the export of petroleum products with effect from 1 July 2022 at the fortnightly rates reduced in the Refinery Transfer Pricing. This resulted in lower revenue and profitability for the quarter, the company said.
Glenmark Pharmaceuticals fell 0.91% after the US FDA placed the company’s Baddi facility under import warning 66-40 following its inspection conducted in June 2022. The drug company said it will work with the US Food and Drug Administration (US FDA) to resolve the import alert at the earliest.
Kaveri Seed Company rose 5.85%. The board of directors of the company approved a proposal to buy back up to 17.95 lakh shares of the company at a price not exceeding Rs 700 per share. The maximum cash consideration to be paid for the proposed repurchase will not exceed Rs 125.65 million, the company said.
Crompton Greaves Consumer Electricals fell 2.99%. The company reported a 27.2% decline in stand-alone net profit to Rs 124.05 crore on a 3.8% decline in operating revenue to Rs 1331.61 crore in Q2 FY23 over Q2 FY22.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is generated automatically from a syndicated feed.)