Sensex rises 213 pts, Nifty ends at 17736.95; JSW Steel climbs over 5%

27 Oct 2022 , 05:26 PM

The domestic equity barometers ended with decent gains on Thursday amid mixed global cues. Realty, metals and oil & gas stocks advanced. On the other hand, IT, autos and financial shares were on the back foot. Trading was volatile due to expiry of monthly F&O contracts on the NSE. After opening at 17,771.40 mark, the Nifty 50 index slipped to the days low of 17,654.50 in mid-afternoon trade. However, the index bounced back at the fag end of the trading session to close 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 (up 5.74%), Hindalco Industries (up 3.55%), Tata Steel (up 3.16%), PowerGrid Corporation of India (up 2.68%) and Adani Ports & SEZ (up 2.66%) were top Nifty gainers. In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index advanced 0.41%. The market breadth was positive. On the BSE, 1832 shares rose and 1586 shares fell. A total of 131 shares were unchanged. The NSEs VIX index, a gauge of the markets expectation of volatility over the near term, fell 1.67% to 16.60. RBI MPC Meeting: The Reserve Bank of India (RBI) on Thursday said that the Monetary Policy Committee (MPC) will hold an additional meeting on 3 November 2022. The MPC last met on 28 – 30 September 2022. It was slated to meet for the last time this calendar year on 5 – 7 December 2022. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.4117 compared with 7.442 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.45, compared with its close of 82.81 during the previous trading session. MCX Gold futures for 5 December 2022 settlement gained 0.18% to Rs 50,778. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.39% to 110.13. The United States 10-year bond yield rose 1.56% to 4.078. In the commodities market, Brent crude for December 2022 settlement added 47 cents or 0.5% at $94.26 a barrel. Global Markets: The Dow Jones index futures were up 151 points, indicating a positive opening in the US stocks today. Most European shares declined while while most Asian stocks ended higher on Thursday as investors digested a slew of corporate earnings. Traders are waiting to see the outcome of Thursdays European Central Bank meeting, which is expected to deliver a 75 basis point rate hike. The meeting should also signal the Banks quantitative tightening plans. The Bank of Japan began its two-day meeting on monetary policy Thursday. South Koreas third-quarter GDP grew 0.3% from the previous quarter, according to official advance data ? the slowest growth since the third quarter of 2021. Chinas industrial profits for January to September fell 2.3% compared to a year ago, the National Bureau of Statistics reported. U.S. stocks dropped on Wednesday as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserves path after the Bank of Canada announced a smaller-than-expected rate hike of 50 basis points. Stocks in Spotlight: Dabur India rose 3.24%. The FMCG major announced that it has signed definitive transaction agreements to acquire 51% shareholding of Badshah Masala Private Limited, which is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. Dabur is acquiring 51% stake in Badshah for Rs 587.52 crore, less proportionate debt as on the closing date, with the Badshah enterprise being valued at Rs 1,152 crore. Separately, Dabur reported consolidated net profit of Rs 490.86 crore for the second quarter ended September 30 from 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 is set to commence 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 group is partnering with Hero MotoCorp in bringing its globally popular motorcycles to the country. As part of the partnership, TMC will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in Philippines. JSW Steel jumped 5.44%. The companys subsidiary JSW Steel USA announced tying-up of long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for plate mill modernisation project in Baytown, Texas. Out of the total financing that is required for JSW Steel USAs Baytown facility modernizing project, $70 million is covered under SACE guarantee and the balance $112 million is a term loan. Gland Pharma slumped 14.64%. The pharma companys consolidated net profit tumbled 20.1% to Rs 241.24 crore on 3.3% decline in net sales to Rs 1,044.40 crore in Q2 FY23 over Q2 FY22. Trident gained 1.41%. The company said it has completed a solar power project of 8.87 MWp at Budhni in Madhya Pradesh. The power generated from this new solar power project shall be consumed captively in manufacturing facilities located at Budhni resulting in considerable savings for the company. IIFL Finance zoomed 10.36%. The NBFC reported a 36.2% jump in consolidated net profit to Rs 397.07 crore on a 19.7% rise in total income to Rs 2,051.44 crore in Q2 FY23 over Q2 FY22. The company had loan assets under management (AUM) of Rs 55,302 crore as at 30 September 2022, with the home loans segment constituting 36%, gold loans 32%, business loans 14% and microfinance loans 12% of the total AUM. Chennai Petroleum Corporation tumbled 12.04%. The companys standalone net profit slumped 57.4% to Rs 27.88 crore in Q2 FY23 as against Rs 65.45 crore recorded in Q2 FY22. Net sales zoomed 120.3% to Rs 19,508.82 in quarter ended 30 September 2022 from Rs 8,856.06 crore posted in the corresponding quarter previous year. The Government of India with effect from 1 July 2022, levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the Refinery Transfer Pricing. This has resulted in lower revenue and profitability for the quarter, the company said. Glenmark Pharmaceuticals declined 0.91% after the US FDA placed the companys Baddi facility under import alert 66-40 following the inspection conducted in June 2022. The pharma company said that it will engage with the United States Food and Drug Administration (US FDA) to resolve the import alert at the earliest. Kaveri Seed Company jumped 5.85%. The companys board 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 consideration payable in cash for the proposed buyback shall not exceed Rs 125,65,00,000, the company said. Crompton Greaves Consumer Electricals slipped 2.99%. The company reported 27.2% decline in standalone net profit to Rs 124.05 crore on 3.8% fall in revenue from operations to Rs 1331.61 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News