The domestic equity barometers ended with strong gains on Thursday. The Nifty closed above the 17,600 mark. Investors cheered the RBI's decision to keep the key policy rates unchanged. Shares rose across the board with metals, banks, financials and IT stocks gaining the most.
As per provisional clsoing data, the barometer index, the S&P BSE Sensex, advanced 460.06 points or 0.79% to 58,926.03. The Nifty 50 index gained 142.05 points or 0.81% to 17,605.85.
The broader market lagged the main indices. The S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index rose 0.04%.
The market breadth was almost even. On the BSE, 1,568 shares rose and 1,769 shares fell. A total of 111 shares were unchanged.
The Governor of the Reserve Bank of India Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. The RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%. The MPC said the policy stance will remain accommodative as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.
Buzzing Index:
The Nifty Metal index rose 1.23% to 6,058.50, extending gains for third day in a row. The index has added 3.94% in three sessions.
Jindal Steel & Power (up 5.97%), Ratnamani Metals Tubes (up 2.78%), NMDC (up 2.28%), Tata Steel (up 2.20%), Hindustan Copper (up 1.97%), Welspun Corp (up 2.03%), JSW Steel (up 1.17%) and National Aluminum Co. (up 0.96%) advanced.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) rose 1.25% to Rs 851.10 . M&M reported 22% fall in standalone net profit before exceptional items to Rs 1,353 crore in Q3 FY22 as compared with Rs 1,745 crore in Q3 FY21. Revenue rose by 8% YoY to Rs 15,239 crore during the quarter. The company sold 1,18,174 vehicles in Q3 FY22, which is lower by 2% as against 1,21,133 vehicles sold in the same period last year. Tractor sales in Q3 FY22 amounted to 91,769 units (down 9% YoY).
Bharat Forge fell 2.58% to Rs 728.70. On a consolidated basis, the company reported net profit of Rs 421.19 crore in Q3 December 2021 as against net loss of Rs 209.20 crore in Q3 December 2020. Net sales jumped 38.97% to Rs 2,394.68 crore in Q3 December 2021 over Q3 December 2020.Page Industries slipped 3.51% to Rs 40905.05. The company reported a 13.6% rise in net profit to Rs 174.6 crore on a 28.3% jump in revenue from operations to Rs 1189.8 crore in Q3 FY22 over Q3 FY21.
Solara Active Pharma Sciences hit a lower circuit limit of 20% at Rs 775.05 after the company reported consolidated net loss of Rs 139.87 crore in Q3 FY22 as against net profit of Rs 65.80 crore in Q3 FY21. Net sales fell 76.48% to Rs 100.34 crore in Q3 FY22 over Q3 FY21.
MRF shed 0.87% to Rs 69790.25. On a consolidated basis, the tyre maker's net profit fell 71.30% to Rs 149.39 crore on 6% increase in net sales to Rs 4,920.13 crore in Q3 December 2021 over Q3 December 2020.
Tata Power Company rose 1.34% to Rs 241.15 after the company's consolidated net profit soared 73.3% to Rs 551.89 crore on a 43.6% jump in net sales to Rs 10,913.14 crore in Q3 FY22 over Q3 FY21.
ACC shed 0.24% to Rs 2304.55. The company's consolidated net profit slumped 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 December 2021 over Q4 December 2020.
SKF India fell 1.43% to Rs 3550. The company reported a 30.7% decline in consolidated net profit to Rs 88.79 crore in Q3 FY22 from Rs 128.11 crore posted in Q3 FY21. Net sales grew by 18.1% to Rs 966.98 crore in Q3 FY22 from Rs 818.7 crore registered in Q3 FY21.
Larsen & Toubro rose 0.51% to Rs 1898.65 after the company's hydrocarbon business secured two offshore projects from prestigious overseas client. The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.
Petronet LNG advacned 0.76% to Rs 219.65. The company recorded a 31.5% increase in consolidated net profit to Rs 1,159.46 crore in Q3 FY22 from Rs 882 crore posted in Q3 FY21. Consolidated net revenue from operations surged nearly 72% to Rs 12,597.22 crore in Q3 FY22 over Q3 FY21.
Berger Paints India rose 0.46% to Rs 725.90. The company reported an 8% fall in consolidated net profit to Rs 252.7 crore in Q3 FY22 from Rs 274.8 crore posted in Q3 FY21. Consolidated revenue from operations grew by 20.4% to Rs 2,550.77 crore in Q3 FY22 as against Rs 2,118 crore registered in Q3 FY21.
Power Grid Corporation of India rose 1.29% to Rs 212. The company reported consolidated net profit of Rs 3,292.97 crore in Q3FY22 against Rs 3,367.71 crore in Q3FY21. Total income rose to Rs 10723.61 crore from Rs 10359.48 crore YoY.
FSN E-Commerce Ventures slumped 7.56% to Rs 1710. The company reported 58% fall in consolidated net profit to Rs 29 crore on 36% rise in revenue from operations to Rs 1098.40 crore in Q3FY22 over in Q3FY21.
Global Markets:
Shares in Europe and Asia mostly advanced on Thursday as investors await the release of U.S. consumer inflation data.
Meanwhile, investors await the release of U.S. consumer inflation data on Thursday for clues on how the Federal Reserve could react to the rising price pressures.
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