Key equity indices hit fresh intraday high in early afternoon trade. All the sectoral indices on the NSE were in the green. The Nifty crossed 17,350 level and edged higher.
The barometer index, the S&P BSE Sensex, jumped 762.33 points or 1.33% at 58,039.24. The Nifty 50 index advanced 247.15 points or 1.45% at 17,358.30.
The broader market outperformed the main indices. The S&P BSE Mid-Cap index rallied 2.69% while the S&P BSE Small-Cap index rose 2.47%.
The market breadth was strong. On the BSE, 2,496 shares rose and 763 shares fell. A total of 96 shares were unchanged.
The Budget session of Parliament is set to commence on 31 January 2022 and will conclude on 8 April 2022. The government will present the Budget for fiscal 2022-23 on 1 February 2022. The Economic Survey is likely to be tabled on 31 January 2022 after the president's address.
On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.
Primary Market:
The initial public offer (IPO) of Adani Wilmar received bids for over 9.01 crore shares as against 12.25 crore shares on offer, according to stock exchange data at 12:03 IST on Friday, (28 January 2022). The issue was subscribed 74%.
The issue opened for bidding on 27 January 2022 and it will close on 31 January 2022. The price band of the IPO is fixed at Rs 218-230. An investor can bid for a minimum of 65 equity shares and in multiples thereof. The IPO comprises a fresh issue of upto Rs 3,600 crore (including an anchor portions of 4,08,65,217 equity shares).
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.81% to 20.8925. The Nifty 24 February 2022 futures were trading at 17,326, at a discount of 30 points as compared with the spot at 17,356.
The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 17.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 36.8 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Auto index added 1.2% to 11,700.75, extending its winning run to third consecutive trading session. The auto index rallied nearly 4% in three days.
Bharat Forge (up 3.47%), Mahindra & Mahindra (up 2.99%), Ashok Leyland (up 2.75%), Tata Motors (up 2.7%) and Bajaj Auto (up 1.14%) were top gainers in automobile space.
Earnings Impact:
LIC Housing Finance surged 14.38%. The housing finance company's Q3 FY22 PAT stood at Rs 767.33 crore as against Rs 727.04 crore for Q3 FY21, a growth of 6% year-on-year (YoY). Q3 FY22 revenue from operations Rs 5054 crore as against Rs 4907 crore, a growth of 3% YoY. Outstanding loan portfolio rose 11% to Rs 243412 crore as against Rs 220197 crore. Individual loan portfolio Rs 2,29,321 crore as against Rs 2,04,444 crore, a growth of 12%. Q3FY22 total disbursements stood at Rs 17770 crore as against Rs 16857 crore, up by 5%. Net Interest Income stood at Rs 1455 crore, as against Rs 1281 crore, growth of 14% YoY. Net Interest Margins were at 2.42% for Q3 FY22 as against 2.36% for Q3 FY21.
Birlasoft advanced 2.64% to Rs 449 after the company's consolidated net profit rose 10.5% to Rs 114 crore on a 6% increase in revenue to Rs 1,071.9 crore in Q3 FY22 over Q2 FY22. As compared Q3 FY21, the company's net profit and revenue are higher by 18.2% and 21.7%, respectively. EBITDA in the third quarter was Rs 162.8 crore, up 7.2% QoQ and up 12.7% YoY. In dollar terms, the company's revenue for Q3 FY22 was $143.4 million, up 4.7% QoQ and up 20.1% YoY. Revenue was up 5% QoQ in constant currency.
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