Benchmarks snap 3-day losing streak

8 Feb 2022 , 03:36 PM

The domestic equity barometers ended with decent gains after a volatile session on Tuesday. The Nifty closed above the 17,250 mark. While metals, banks, financials and autos advanced, IT, media, realty and oil & gas stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, added 187.39 points or 0.33% to 57,808.58. The Nifty 50 index gained 53.15 points or 0.31% to 17,266.75.

In the broader market, the S&P BSE Mid-Cap index lost 0.45% while the S&P BSE Small-Cap index declined 1.40%.

The market breadth was weak. On the BSE, 1096shares rose and 2236 shares fell. A total of 79 shares were unchanged.

COVID-19 Update:

India added 67,597 new cases in the last 24 hours. The daily positivity rate stood at 5.02%. The countrys active caseload currently stood at 9,94,891.

Buzzing Index:

The Nifty Metal index added 0.80% to 5,875.60. The index had ended flat yesterday.

Ratnamani Metals Tubes (up 3.17%), Tata Steel (up 3.09%), JSW Steel (up 1.34%) and Vedanta (up 1.12%) and advanced.

Hindustan Copper (down 3.22%), APL Apollo Tubes (down 2.59%), Hindustan Zinc (down 2.02%), Welspun Corp (down 1%), Adani Enterprises (down 0.91%), SAIL (down 0.88%), Coal India (down 0.62%) and NMDC (down 0.36%) and declined.

Hindalco Industries added 0.80% to Rs 526.80. The companys wholly owned subsidiary, Novelis Inc, reported net income attributable to its common shareholder of $262 million in the third quarter of fiscal year 2022, compared to $176 million in the prior year period. Net income from continuing operations increased to $259 million compared to $195 million in the prior year period. Excluding special items in both years, third quarter fiscal year 2022 net income from continuing operations increased 15% to $241 million, driven mainly by lower interest expense and unrealized derivative gains in the current year.

Net sales increased 33% to $4.3 billion for the third quarter of fiscal year 2022, compared to $3.2 billion in the prior year period, primarily driven by higher average aluminum prices. Total flat rolled product shipments were 930 kilotonnes in the third quarter of fiscal year 2022, in line with the prior year period shipments of 933 kilotonnes. Shipment growth was constrained by the continued semiconductor chip shortage impacting the automotive industry.

Stocks in Spotlight:

Godrej Consumer Products shed 1.25% to Rs 878.25. The companys consolidated net profit rose 5.08% to Rs 527.60 crore on a 8.08% increase in net sales to Rs 3,302.58 crore in Q3 December 2021 over Q3 December 2020.

Bajaj Electricals fell 1.03% to Rs 1209.65. The company reported 50.9% fall in consolidated net profit to Rs 48 crore on a 12% fall in net sales to Rs 1,320 crore in Q3 FY22 over Q3 FY21.

The board of Bajaj Electricals has approved the demerger of the power transmission and power distribution businesses of the company. There will be no change in the shareholding pattern of the demerged company, Bajaj Electricals said.

TVS Motor Company advanced 2.54% to Rs 653 after the company posted an 8.5% increase in standalone net profit to Rs 288.31 crore on a 5.8% rise in net sales to Rs 5,706.43 crore in Q3 FY22 over Q3 FY21.

Biocon gained 0.71% to Rs 402.80. Biocon Pharma, a subsidiary of Biocon, received approval of its ANDA for Posaconazole Delayed-Release tablets from the US FDA. This product is indicated for use in the prevention of certain fungal infections in patients with severely weakened immune systems and is available in 100mg strength.

National Aluminium Company shed 0.04% to Rs 118.95. The company reported 246% surge in consolidated net profit to Rs 831 crore on 58.59% rise in total revenue to Rs 3773 crore in Q3 FY22 over Q3 F21.

Jindal Stainless fell 3.19% to Rs 210.60. The companys consolidated net profit surged 159.6% to Rs 441.78 crore on a 58.2% surge in net sales to Rs 5,670.02 crore in Q3 December 2021 over Q3 December 2020.

The Phoenix Mills slipped 2.65% to Rs 946.70. The company reported a 45% jump in consolidated net profit to Rs 98.9 crore on a 29.5% rise in net sales to Rs 425 crore in Q3 FY22 over Q3 FY21. PB Fintech fell 1.78% to Rs 880. The company reported consolidated net loss of Rs 298.02 crore in Q3 FY22, higher than net loss of Rs 19.59 crore in Q3 FY21. Net sales rose 73.19% to Rs 367.28 crore in Q3 FY22 over Q3 FY21.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investors continue to assess the inflation and central bank policy outlook.

The US Labor Department on Thursday is set to release consumer price index data for January.

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