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Barometers hover near day's low; Nifty holds 17,000 level. 28March2022

The benchmark indices continued trading with modest losses in mid-morning trade. Financial stocks dragged. The Nifty traded a tad below 17,050 mark.

The barometer index, the S&P BSE Sensex dropped 333.14 points or 0.58% at 57,029.06. The Nifty 50 index lost 103.05 points or 0.60% at 17,049.95.

The S&P BSE Mid-Cap index fell 0.95%. The S&P BSE Small-Cap index slipped 0.76%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 1,028 rose and 2,279 shares fell. A total of 146 shares were unchanged.

Foreign institutional investors (FIIs) have net sold shares worth Rs 1,507.37 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,373.02 crore on 25 March 2022, as per provisional data on the NSE.

Buzzing Index:

The Nifty Financial Services index fell 1.19% to 16,418.85. The index shed 3.91% in four trading sessions.

ICICI Prudential Life Insurance Company (down 3.61%), HDFC Life Insurance Company (down 2.61%), HDFC Asset Management Company (down 2.55%), Housing Development Finance Corporation (HDFC) (down 2.31%) and SBI Life Insurance Company (down 2.30%) were the top losers in the Financial Services segment.

Stocks in Spotlight:

Larsen & Toubro lost 0.59%. The Ministry of Defence has signed a contract with Larsen & Toubro (L&T) for acquisition of two multi-purpose vessels (MPVs) for Indian Navy at an overall cost of Rs 887 crore under “Buy-Indian” category. The MPVs will be the first of its kind platform, constructed to provide a cost-effective solution to meet a variety of requirements of Indian Navy.

These vessels, to be built by M/s L&T shipyard at Kattupally (Chennai), will perform multi-role support functions such as maritime surveillance& patrol, launching/ recovery of torpedoes and operation of various types of aerial, surface and underwater targets for Gunnery/ ASW firing exercises. These vessels would also be capable of towing ships and rendering humanitarian assistance & disaster relief (HADR) support with limited hospital ship capability.

Godrej Properties fell 0.50%. The company announced that it has entered into an agreement to develop a 33 acres land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru. The project will have a developable potential of approximately 3.4 million square feet of saleable area with an estimated revenue of approximately Rs 2,000 crore. The agreement is for an outright purchase with 5% area share to the landowners.

Kalyan Jewellers India slipped 0.92%. On Monday, the company announced that the board has approved appointment of Vinod Rai as chairman and independent nonexecutive director of the company. Vinod Rai was the former chair of the United Nations Panel of External Auditors. Rai held various positions within the Indian government as well as in state governments. Vinod Rai's appointment would make him the 8th non-executive director on the Board. Mr Rai has masters degrees both in Economics as well as public administration from Delhi School of Economics and the Harvard Kennedy School, Harvard University, USA, respectively.

Global Markets:

Asian stocks were mixed on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures.

U.S. stock benchmarks closed mostly higher Friday, following choppy trade, after oil prices rebounded on the back of reports of a missile strike on a Saudi Aramco facility and as investors continued to weigh rising interest rates.

New York Fed President John Williams on Friday said he would support a half-point move if justified but indicated it was premature to make a call on the size of a future rate increase.

Key indices pared all losses and rebounded from the day's low in afternoon trade. The Nifty traded above the crucial 17,200 mark after hitting a day's low of 17,006.30 in mid morning trade. IT, oil & gas and metal stocks advanced while realty and FMCG shares declined.

The S&P BSE Sensex surged 392.86 points or 0.69% at 57,685.48. The Nifty 50 index rallied 112.15 points or 0.66% at 17,229.50.

In broader market, the S&P BSE Mid-Cap index shed 0.38% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,472 rose and 1,818 shares fell. A total of 135 shares were unchanged.

Nifty Gainers & Losers:

ONGC (up 2.93%), RIL (up 2.09%), Tech Mahindra (up 1.95%), Indian Oil Corporation (up 1.65%) and TCS (up 1.53%) were top gainers in Nifty 50 index.

Nestle India (down 3.13%), HUL (down 3%), Britannia Industries (down 2.4%), Cipla (down 2.18%) and Tata Consumer Products (down 1.18%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Tata Motors fell 0.35%. The automobile manufacturer on Tuesday announced a price hike of its commercial vehicle (CV) range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant, the auto maker said. The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles.

Larsen & Toubro fell 0.36%. The EPC company after market hours on Monday announced that the company's board will meet on 24 March 2022 to seek approval for raising funds through issue of debt securities as part of company's refinancing program.

The benchmark indices ended with robust gains on Tuesday. All the sectoral indices on NSE ended in the green. Auto, FMCG and media shares were in demand. The Nifty bounced from the day's low of 16,839.25 hit in the morning trade and settled above the 17,350 mark.

As per provisional closing data, the barometer index, the S&P BSE Sensex, soared 1,736.21 points or 3.08% at 58,142.05. The Nifty 50 index surged 509.65 points or 3.03% at 17,352.45.

Value buying emerged after the Nifty slumped 4.33% in the past two sessions. The sentiment was impacted by weak global cues on account on Russia-Ukraine tensions. Firm crude oil prices and continuous selling of domestic equities by foreign portfolio investors also put pressure on shares.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 10.29% to 20.61.

In the broader market, the S&P BSE Mid-Cap index jumped 2.68% while the S&P BSE Small-Cap index rose 1.97%.

The market breadth was strong. On the BSE, 2,050 shares rose and 1,321 shares fell. A total of 93 shares were unchanged.

Economy:

India's retail inflation jumped to 6.01% in January 2022 compared to 5.56% in December 2021. As per the Ministry of Statistics and Programme Implementation data, rate based on the Consumer Price Index (CPI) Inflation in food and beverages rose to 5.58% compared to 4.5% in December. However, on a month-on-month basis, retail inflation fell by 0.3%.

The inflation print for January 2022 is along expected lines, with Reserve Bank of India (RBI) Governor Shaktikanta Das saying earlier that it was likely to come in around the 6% mark.

Buzzing Index:

The Nifty FMCG index advanced 2.18% to 36,438.70. The index lost 3.57% in the past two trading sessions.

Radico Khaitan (up 5.83%), United Spirits (up 4.60%), Nestle India (up 2.86%), Hindustan Unilever (HUL) (up 2.76%) and Marico (up 2.69%) were the top gainers in the FMCG segment.

Godrej Consumer Products advanced 2.11%. The company said it has divested its entire stake in Bhabani Blunt Hair Dressing (Bblunt) to Honasa Consumer for Rs 84.5 crore. Honasa Consumer (HCPL), the parent company of direct to consumer brand, Mamaearth, has acquired Bblunt, a hair care, hair colour and styling products brand from Godrej Consumer Products (GCPL), along with Bblunt salons operated by Bhabani Blunt Hair Dressing. Godrej Consumer Products will receive a total of Rs 84.5 crore from the divestment business.

Stocks in Spotlight:

Coal India rose 1.42%. The state-run coal major's consolidated net profit jumped 47.74% to Rs 4,558.39 crore on 19.73% increase in sales to Rs 25,990.97 crore in Q3 December 2021 over Q3 December 2020. Profit before tax jumped 32.90% to Rs 6,302.20 crore in Q3 December 2021 as against Rs 4,742.20 crore in Q3 December 2020. Total expenses rose 16.27% year-on-year (Y-o-Y) to Rs 22,780.95 crore in Q3 December 2021. Cost of raw material consumed increased 25.55% to Rs 2389.29 crore. Consolidated coal production (raw coal) rose 4.49% to 163.82 million tonnes (MT) in Q3 FY22 as against 156.78 million tonnes (MT) in Q3 FY21. Offtake (raw coal) jumped 12.50% to 173.77 MT in Q3 FY22 as against 154.46 MT in Q3 FY21.

Eicher Motors jumped 5.87%. The firm recorded 14% fall in consolidated net profit to Rs 456 crore despite a 1.9% rise in total revenues to Rs 2,881 crore in Q3 FY22 over Q3 FY21. EBITDA was at Rs 582 crore as compared to Rs 672 crore in the same quarter of the previous financial year, down 13% Y-o-Y. Royal Enfield sold 1,67,664 motorcycles during the quarter, a decline of 15.6% from 1,98,557 motorcycles sold over the same period in FY2020-21.

Reliance Industries (RIL) rallied 3.36%. The company said that Jio Platforms will invest $200 million in Glance, an AI-driven lock-screen platform. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals. Jio Platforms (Jio), a subsidiary of Reliance Industries, has built an all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm). The proposed investment by Jio is aimed at accelerating Glance's launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming to create the world's largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally.

One 97 Communications (Paytm) slipped 1.42%. The company said that it had disbursed 1.9 million loans through its platform in January 2022, up 331% Y-o-Y (year-on-year). The value of the loans disbursed was Rs 921 crore, an increase of 334% Y-o-Y. Gross Merchandise Value (GMV) processed through the Paytm platform during January 2022 aggregated to approximately Rs 83,481 crore, up 105% Y-o-Y.

Vedanta advanced 2.85%. The company has reportedly partnered Taiwan's Foxconn, the world's largest contract electronics manufacturer, to make semiconductors in India. Vedanta will be the majority shareholder in a new joint venture company with Foxconn.

Balkrishna Industries gained 2.17%. The company reported 2% rise in net profit to Rs 329 crore on a 39% increase in total income to Rs 2,079 crore in Q3 FY22 over Q3 FY21. Raw Material costs zoomed 58% to Rs 1,015 crore in Q3 FY22 from Rs 642 crore in Q3 FY21. EBITDA in Q3 FY22 was Rs 507 crore, up 6% Y-o-Y. EBITDA margin was 24.4% in Q3 FY22 as against 31.9% in Q3 FY21. EBITDA margin was impacted on account of higher Raw Material costs, increased power and fuel costs and marketing spends,” the company said in a statement.

Anant Raj hit an upper circuit of 10% at Rs 73.55. The company's net profit rose 59.51% to Rs 11.82 crore on 34.01% rise in net sales to Rs 97.37 crore in Q3 December 2021 over Q3 December 2020. On a consolidated basis, profit before tax (PBT) spurted 682.35% year-on-year to Rs 18.62 crore in Q3 December 2021. Total expenses rose 12% year-on-year to Rs 84.84 crore in Q3 December 2021. Cost of sales increased 18.87% to Rs 65.90 crore.

Spicejet soared 8.02%. The airline company jumped 6.41% to Rs 63.05 after the company reported a standalone net profit of Rs 23.28 crore in Q3 FY22 as against a net loss of Rs 56.95 crore in Q3 FY21. Total revenue from operations increased by 34% YoY to Rs 2,259.29 crore during the quarter. Air Transport Service revenue was Rs 1681.40 crore (up 22% YoY) while that from Freighter & Logistics service was Rs 583.76 crore (up 89% YoY) in Q3 FY22. Capacity (in terms of Seat Kilometres) increased by 78% as compared to the previous quarter.

Global Markets:

The Dow Jones index futures were up 273 points, indicating a strong opening in the US stocks today.

European stocks rallied across the board while Asian stocks ended mixed on Tuesday as global investors continued to monitor the geopolitical situation in Ukraine.

Japan's economy expanded 5.4% on an annualized basis in the final quarter of 2021, according to government data released on Tuesday.

The media reported that over 10,000 Russian troops have been returning to their permanent bases after month-long drills near Ukraine. The drills were held in several regions near Ukraine, including in Crimea, which Russia annexed in 2014, as well as in the southern Russian regions of Rostov and Kuban. Russia's deployment of tens of thousands of troops to the north, east and south of Ukraine had fuelled fears in Kyiv and Western capitals that Moscow was planning an attack.

Russian President Vladimir Putin and German Chancellor Olaf Scholz will hold talks in Moscow today as diplomatic efforts ramp up amid fears that Russia could invade Ukraine in the coming days, a claim the Kremlin has repeatedly denied.

The United States on Monday ordered the closure of its embassy in Kyiv and ordered the relocation of staff to the western Ukrainian city of Lviv, citing the dramatic acceleration in the buildup of Russian forces at Ukraine's border.

The key equity barometers traded with strong gains in early afternoon trade. The Nifty was was trading above the 17,050 mark. Auto stocks witnessed some bit of bargain buying after a three-day fall.

The barometer index, the S&P BSE Sensex, was up 790.17 points or 1.40% to 57,196.01. The Nifty 50 index added 223.35 points or 1.33% to 17,066.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% while the S&P BSE Small-Cap index gained 0.26%.

The market breadth was weak. On the BSE, 1445 shares rose and 1799 shares fell. A total of 103 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 4.98% to 21.83. The Nifty 24 February 2022 futures were trading at 17,044.60, at a discount of 21.55 points as compared with the spot at 17,066.15.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 77.9 lakh contracts at the 17,500 strike price. Maximum Put OI of 54 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Auto index rose 2.06% to 11,335.45. The index had declined 4.91% in the past three sessions.

Hero MotoCorp (up 4.26%), Eicher Motors (up 4.13%), Bajaj Auto (up 3.06%), Mahindra & Mahindra (up 2.25%), Tata Motors (up 2.03%), Ashok Leyland (up 2.02%), TVS Motor Company (up 1.98%), Maruti Suzuki (up 1.31%) and Bharat Forge (up 0.55%) advanced.

Stocks in Spotlight:

Graphite India rose 2.07% to Rs 491.25 after the company's consolidated net profit surged 473.91% to Rs 132 crore on 76.35% increase in net sales to Rs 880 crore in Q3 December 2021 over Q3 December 2020.

Adani Enterprises (AEL) added 0.23% to Rs 1667.25. AEL reported a consolidated net loss of Rs 12 crore in Q3 FY22 as against a net profit of Rs 297 crore in Q3 FY21.Total income increased by 61% YoY during the quarter to Rs 18,963 crore due to improved realization on the back of higher index prices in IRM segment.

The benchmark indices were trading with steep losses in morning trade, dragged by banks and financial services. The Nifty hovered above its crucial 17,000 level. All the sectoral indices on the NSE were in the red.

The sentiment was impacted by negative global cues and geopolitical worries. Asian stocks tumbled after the White House warned of a possible imminent Russian invasion of Ukraine. Crude oil prices spiked to 7-year highs due to the Ukraine crisis. In the commodities market, Brent crude for April 2022 settlement rose $1.06 at $95.50 a barrel.

The barometer index, the S&P BSE Sensex, tumbled 1,062.15 points or 1.83% at 57,090.77. The Nifty 50 index lost 320.10 points or 1.84% at 17,054.65.

In the broader market, the S&P BSE Mid-Cap index skid 2.09% while the S&P BSE Small-Cap index declined 2.32%.

The market breadth was weak. On the BSE, 609 shares rose and 2,680 shares fell. A total of 134 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,266.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,881.32 crore in the Indian equity market on 27 January 2022, provisional data showed.

Economy:

Industrial output slumped to a 10-month low of 0.4% in December 2021, dragged down by manufacturing, capital goods and consumer durables output along with an unfavourable base, according to data released on Friday by the National Statistical Office (NSO). The IIP had registered a growth of 1.3% a month ago and 2.2% in December 2020.

LIC IPO:

Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital markets regulator SEBI, paving the way for India's largest initial public offering (IPO). LIC plans to sell 31.62 crore shares, which is about 5% of its total equity base. The IPO issue is expected to be the country's largest public issue and will hit the capital market in March 2022. LIC will offload 31.62 crore shares. As of September 2021, its assets under management (AUM) stood at Rs 39.6 lakh crore. The embedded value of LIC as of 30 September 2021, stood at Rs 5,39,686 cr.

Buzzing Index:

The Nifty Bank index skid 3% to 37,361.95. The index lost 4.22% in two trading sessions.

The Federal Bank (down 4.76%), Punjab National Bank (down 4.15%), IDFC First Bank (down 3.88%), IndusInd Bank (down 3.64%) and Bandhan Bank (down 3.48%) were the top losers in the Bank segment.

Bank of Baroda dropped 3.74%. The bank said that it will acquire Union Bank of India's 21% stake in IndiaFirst Life Insurance Company, a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments. The government backed lender said that pursuant to a 'Right of First Offer' (ROFO) made by Union Bank of India (UBI) to the existing shareholders of IndiaFirst Life Insurance Company to divest 21% of its stake in the life insurance company and on completion of related processes under the shareholders agreement (SHA) and further, consequent upon receiving approvals from the respective boards of both banks, it has been decided by Bank of Baroda to acquire the 21% stake of Union Bank of India in IndiaFirst Life Insurance Company, subject to receiving all statutory and regulatory approvals.

Stocks in Spotlight:

Dr Reddy's Laboratories declined 2.26%. The pharmaceutical major has entered into an exclusive sales and distribution agreement with Novartis India (NIL) for the Voveran range, the calcium range and Methergine in India. Under the arrangement, Dr. Reddy's will have exclusive rights to promote and distribute the well-established Voveran range, the Calcium range and Methergine in India. The company will use its strengths in promotion and distribution to considerably expand its engagement with healthcare professionals with the aim of enabling access to patients in need.

Reliance Industries (RIL) fell 1.26%. Jio Platforms (JPL), India's leading digital service provider, and SES, a leading global satellite-based content connectivity solutions provider, today announced the formation of a joint venture - Jio Space Technology - to deliver the next generation scalable and affordable broadband services in India leveraging satellite technology. JPL, a subsidiary of RIL, and SES will own 51% and 49% equity stake in the joint venture.

The joint venture will use multi-orbit space networks that is a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul and retail customers across the length and breadth of India and neighbouring regions.

The benchmark indices suffered substantial losses in early trade on selling pressure in index pivotals. Global equities skid as tensions rise over Russia's military buildup near Ukraine. Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia.

The barometer index, the S&P BSE Sensex, slumped 1,218.56 points or 2.10% at 56,934.36. The Nifty 50 index dropped 363.45 points or 2.09% at 17,011.30.

In the broader market, the S&P BSE Mid-Cap index fell 2.36% while the S&P BSE Small-Cap index skid 2.81%.

The market breadth was weak. On the BSE, 433 shares rose and 2,506 shares fell. A total of 84 shares were unchanged.

On the macro front, Industrial output slumped to a 10-month low of 0.4% in December 2021, dragged down by manufacturing, capital goods and consumer durables output along with an unfavourable base, according to data released on Friday by the National Statistical Office (NSO). The IIP had registered a growth of 1.3% a month ago and 2.2% in December 2020.

Meanwhile, the Union government on 13 February 2022 has filed the draft red herring prospectus (DRHP) of state-owned Life Insurance Corporation of India (LIC) with market regulator SEBI to launch the much-awaited IPO before the end of March.

Stocks in Spotlight:

ONGC advanced 2.05%. The state-run oil major's consolidated net profit surged 334.12% to Rs 10,931.61 crore on 45.27% rise in net sales to Rs 145,685.58 crore in Q3 December 2021 over Q3 December 2020.

Dr. Reddy's Laboratories skid 3.36%. The pharma major announced that it has entered into an exclusive sales and distribution agreement with Novartis India (NIL) for the Voveran range, the Calcium range and Methergine in India.

Glenmark Pharmaceuticals slipped 1.04%. The company's consolidated net profit fell 3.4% to Rs 239.75 crore on a 13.9% rise in net sales to Rs 3,141.47 crore in Q3 December 2021 over Q3 December 2020.

Voltas fell 2.98%. The company's consolidated net profit dropped 24.9% to Rs 96.56 crore on a 10.1% fall in net sales to Rs 1,772.06 crore in Q3 FY22 over Q3 FY21.

Sequent Scientific rallied 3.63%. The company's consolidated net profit dropped 51.1% to Rs 18.56 crore on a 0.8% increase in net sales to Rs 358.05 crore in Q3 FY22 over Q3 FY21.

Anupam Rasayan India dropped 4%. The company posted a 75.1% jump in consolidated net profit to Rs 37.9 crore in Q3 FY22 from Rs 21.65 crore registered in Q3 FY21. Net sales grew 44.6% to Rs 266.1 crore in Q3 FY22 over Q3 FY21.

Global Markets:

Overseas, most Asian stocks are trading lower on Monday on tensions between Russia and Ukraine. Some airlines have reportedly canceled or diverted flights to Ukraine amid heightened fears that an invasion by Russia is imminent despite intensive weekend talks between the Kremlin and the West.

US stocks slid on Friday as increased tensions between Ukraine and Russia led investors to dump risky assets like equities.

In economic data, the University of Michigan's preliminary February gauge of consumer sentiment fell to 61.7, from January's level of 67.2, the lowest reading since October of 2011.

The domestic equity barometers ended with steep cuts, after a weak session on Friday. The Nifty closed below the 17,350 mark. Shares across sectors declined with IT, PSU banks, consumer durables and realty shares falling the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 773.11 points or 1.31% to 58,152.92. The Nifty 50 index fell 260.30 points or 1.48% to 17,345.55.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 5.47% to 18.68.

In the broader market, the S&P BSE Mid-Cap index shed 1.84% while the S&P BSE Small-Cap index lost 1.90%.

The market breadth was weak. On the BSE, 935 shares rose and 2371 shares fell. A total of 102 shares were unchanged.

Weak global cues spoiled investor sentiment as the higher-than-expected US inflation data raised fears of aggressive rate hikes by the US Federal Reserve.

Yield on the 10-year US Treasury note ended above 2% for the first time since August 2019 after US inflation came in higher than expected. US consumer prices rose at an annual rate of 7.5% in January, which was the highest print since February 1982.

Further, St. Louis Federal Reserve Bank President James Bullard said that the data had made him dramatically more hawkish and that he now wanted a full percentage point of interest rate hikes by Jul 1.

Investors are fully pricing in a rate hike of at least 25 basis points from the Fed at its Mar 15-16 policy meeting, and forecasting a significant chance of a 50 basis points hike.

Buzzing Index:

The Nifty IT index fell 2.77% to 34,364.05. The index had gained 2.38% in the past two sessions.

Larsen & Toubro Infotech (down 4.97%), L&T Technology Services (down 4.24%), Coforge (down 4.10%), MindTree (down 3.96%), Mphasis (down 3.53%), Tech Mahindra (down 3.10%), Infosys (down 2.79%), HCL Tech (down 2.39%), Wipro (down 2.26%), and TCS (down 2.10%) declined.

Stocks in Spotlight:

Gujarat State Petronet shed 0.65% to Rs 297.20. The company's consolidated net profit tanked 46.02% to Rs 350.95 crore on a 67.29% surge in revenue from operations to Rs 5,587.16 crore in Q3 FY22 over Q3 FY21.

Motherson Sumi Systems slumped 4.74% to Rs 171.85 after the company reported 69% fall in consolidated net profit to Rs 245.08 crore in Q3 FY22 from Rs 798.38 crore in Q3 FY21. Total revenue from operations declined 6% YoY to Rs 16,117.51 crore during the quarter.

Divi's Laboratories shed 0.44% to Rs 4294.45. The company's consolidated net profit rose 91.71% to Rs 902.24 crore on 46.54% increase in net sales to Rs 2493.24 crore in Q3 FY22 over Q3 FY21. Profit before tax rose 60.99% to Rs 1033.66 crore in Q3 FY22 over Q3 FY21.

Sun TV Network slipped 0.40% to Rs 519.15. The media company's standalone net profit rose 3.52% to Rs 457.39 crore on 6.25% rise in net sales to Rs 1033.10 crore in Q3 FY22 over Q3 FY21.

JSW Steel was up 0.07% to Rs 673. The steel maker's standalone crude steel production for the month of January 2022 grew 15% year on year to 16.46 lakh tonnes as against 14.32 lakh tonnes in January 2021. On a sequential basis, crude steel production rose by 8% in January 2022 from 15.26 lakh tonnes produced in December 2021.

Torrent Power fell 2.14% to Rs 495.80. The company has entered into a Share Purchase Agreement (SPA) with Blue Daimond Properties and Balrampur Chini Mills Limited (the Sellers) for the acquisition of 100% equity share capital of Visual Percept Solar Projects (the SPV).

Trent lost 0.50% to Rs 1070.15. The company reported a 77.7% increase in consolidated net profit to Rs 113.78 crore on a 75.6% increase in revenue from operations to Rs 1,499 crore in Q3 FY22 over Q3 FY21.

Hero MotoCorp fell 0.56% to Rs 2718.55. The company reported consolidated net profit of Rs 704.24 crore in Q3FY22 as compared to Rs 1029.17 crore in Q3FY21. Total income rose to Rs 8,133.30 crore from Rs 10,032.61 crore YoY.

Tata Chemicals tumbled 4.74% to Rs 913.75. The company's consolidated net profit surged 74.04% to Rs 349.35 crore on a 20.54% surge in revenue from operations to Rs 3,141.58 crore in Q3 FY22 over Q3 FY21.

Zomato slumped 5.98% to Rs 88.85. The company reported consolidated net loss of Rs 67.20 crore in Q3FY22 as compared to net loss of Rs 352.60 crore in Q3FY21. Total income rose to Rs 1259.70 crore from Rs 637.30 crore YoY.

Global Markets:

Shares in Europe and Asia declined across the board on Friday, tracking losses seen overnight on Wall Street.

Wall Street ended sharply lower on Thursday after US consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the US central bank will hike rates aggressively to fight inflation.

The consumer price index rose 0.6% from December, the Labor Department said, while in the 12 months through January, CPI jumped 7.5%, the biggest year-on-year gain since February 1982.

St. Louis Federal Reserve Bank President James Bullard said the data had made him dramatically more hawkish. Bullard, a voting member of the Fed's rate-setting committee this year, reportedly said he now wanted a full percentage point of interest rate hikes by July 1.

Benchmark indices traded sideways with strong gains in afternoon trade. The Nifty traded near the 17,400 mark. Barring the Nifty PSU Bank index, all sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 473.26 points or 0.82% to 58,282.84. The Nifty 50 index added 144.15 points or 0.83% to 17,410.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.89% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was almost even. On the BSE, 1606 shares rose and 1663 shares fell. A total of 115 shares were unchanged.

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) started its two-day meet on Tuesday, 8 February 2022. The RBI's MPC will announce its interest rate decision on 10 February 2022.

Gainers & Losers:

Coal India (up 4.6%), Maruti Suzuki (up 3.15%), IndusInd Bank (up 3.02%), Indian Oil Corp (up 2.68%) and Bajaj Auto (up 2.46%) were top gainers in Nifty 50 index.

ONGC (down 1.65%), ITC (down 0.65%), Tata Steel (down 0.57%) and PowerGrid Corp of India (down 0.43%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Jindal Steel & Power (JSPL) fell 2.14% after the company's standalone net profit from continuing operations declined 23% to Rs 1,714 crore despite 37% increase in net revenue to Rs 11,955 crore in Q3 FY22 over Q3 FY21. The decline in profitability was due to lower operating profit and higher tax expense partially offset by lower finance costs. EBITDA in Q3 FY22 was Rs 3,168 crore (down 19% YoY) as impact of higher realisations was more than offset by sharp rise in raw material cost, lower steel and pellet sales. During Q3FY22, JSPL reported steel sales (incl. pig iron) of 1.82 million tonnes, which were lower than production of 1.96 million tonnes due to logistical challenges encountered earlier and subdued domestic demand.

Mahanagar Gas declined 4.44% to Rs 791.35 after the company reported a 74% fall in net profit to Rs 56.79 crore in Q3 FY22 from Rs 217.2 crore posted in Q3 FY21. Net sales for Q3 FY22 grew by 54.2% to Rs 1,027.8 crore from Rs 666.4 crore registered in Q3 FY21. Profit before tax slipped 74.2% to Rs 75.18 crore in Q3 FY22 over Q3 FY21. EBITDA declined 65.8% to Rs 103 crore in Q3 FY22 from Rs 301.7 crore registered in Q3 FY21. EBITDA margin deteriorated to 10.03% in Q3 FY22 from 36.35% posted in the same quarter last year.

The key equity indices are trading lower in early trade amid volatility. The Nifty was trading below the 17,200 mark.

The barometer index, the S&P BSE Sensex, was down 132.96 points or 0.23% to 57,488.23. The Nifty 50 index lost 33.90 points or 0.20% to 17,179.70.

Maruti Suzuki (up 2.39%), Titan Company (up 1.09%), Eicher Motors (up 0.89%), Bajaj Finserv (up 0.87%) and Tata Steel (up 0.81%) were the top index gainers.

Tata Consumer (down 1.28%), SBI (down 0.97%), Power Grid Corp (down 0.80%), NTPC (down 0.79%) and ONGC (down 0.64%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index slipped 0.21% while the S&P BSE Small-Cap index declined 0.44%.

The market breadth was negative. On the BSE, 1,287 shares rose and 1,340 shares fell. A total of 101 shares were unchanged.

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will meet on 8-10 February 2022. The RBI's MPC will announce its interest rate decision on 10 February 2022.

Stocks in Spotlight:

TVS Motor Company advanced 3.60% to Rs 659.75 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 0.64% to Rs 402.50. 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 was up 0.08% to Rs 119.10. 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.

Tata Steel Long Products rose 1.12% to Rs 744.10. A meeting of the board of directors of the company will be held on 10 February 2022, to consider a proposal for raising of funds by way of preferential issue of equity and/or preference securities or any debt issue or any other method and for determination of issue price.

Global Markets:

Asian stocks were trading mostly higher on Tuesday. Investors in the region continue to assess the inflation and central bank policy outlook.

Wall Street ended lower on Monday as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data. Corporate earnings were again a source of volatility for stocks on Monday.

Big inflation news is on the horizon, with the Labor Department on Thursday set to release consumer price index data for January.

The domestic equity barometers ended with deep cuts after a weak session on Tuesday. After hitting the day's low at 17,119.40, the Nifty managed to pare some losses as it closed above the 17,200 mark. Shares across sectors declined with private banks, financials, and FMCG shares losing the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 1023.63 points or 1.75% to 57,621.19. The Nifty 50 index fell 302.70 points or 1.73% to 17,213.60.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 8.01% to 20.41.

HDFC Bank (down 3.47%), HDFC (down 3.06%) and ICICI Bank (down 2.32%) led the equity benchmarks lower.

In the broader market, the S&P BSE Mid-Cap index lost 1.25% while the S&P BSE Small-Cap index fell 0.75%.

Sellers outpaced buyers. On the BSE, 1,420 shares rose and 2,093 shares fell. A total of 137 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Vedant Fashions (Manyavar) received bids for 50,64,657 shares as against 2,54,55,388 shares on offer, according to stock exchange data at 15:30 IST on Monday (7 February 2022). The issue was subscribed 20%.

The issue opened for bidding on 4 January 2022 and it will close on 8 February 2022. The price band of the IPO is fixed at Rs 824-866. An investor can bid for a minimum of 17 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index fell 2.37% to 19,126.20, extending decline for third consecutive session. The index has lost 3.86% in three session.

Kotak Mahindra Bank (down 2.96%), IndusInd Bank (down 2.41%), RBL Bank (down 2.27%), IDFC First Bank (down 1.67%) and Axis Bank (down 1.12%) declined while Yes Bank (up 2.19%), Federal Bank (up 0.61%) and Bandhan Bank (up 0.42%) advanced.

Stocks in Spotlight:

SBI gained 0.38% to Rs 532.20. The banking major reported 62.27% rise in net profit to Rs 8,432 crore on 4.41% rise in interest income to Rs 69,678 crore in Q3 FY22 over Q3 F21.

Tata Steel advanced 0.35% to Rs 1180.25. The steel major reported consolidated net profit of Rs 9,598 crore in Q3 FY22 from net profit of Rs 4,011 crore in Q3 FY21. Turnover rose to Rs 60,783 crore from Rs 41,935 crore.

Shree Cement rose 0.70% to Rs 24876.60. The cement major reported a 23.6% fall in consolidated net profit to Rs 482.70 crore in Q3 FY22 from Rs 631.58 crore posted in Q3 FY21. Consolidated net sales grew 2.2% to Rs 3,637.11 crore in Q3 FY22 over Q3 FY21.

Bank of Baroda jumped 9.10% to Rs 116.30. The bank reported 107.17% rise in net profit to Rs 2197 crore on 14.38% rise in net interest income to Rs 8552 crore in Q3 FY22 over Q3 F21.

Siemens fell 0.30% to Rs 2414.15. Revenue from continuing operations in Q1 FY22 was Rs 3,197 crore, a 11.8 % increase over the same quarter in the preceding year. Profit after Tax from continuing operations was Rs. 245 crore, decreased by 6.5% over the same period last year.

One 97 Communications (Paytm) added 0.61% to Rs 959.05. Paytm reported a consolidated net loss of Rs 778.50 crore in Q3 December 2021, higher than net loss of Rs 535.50 crore in Q3 December 2020. Consolidated net sales jumped 88.6% to Rs 1,456.10 crore in Q3 December 2021 over Rs 772 crore in Q3 December 2020.

InterGlobe Aviation (IndiGo) jumped 9.82% to Rs 2168.20 after the low-cost air carrier reported consolidated net profit of Rs 129.79 crore in Q3 December 2021, compared with net loss of Rs 620.14 crore in Q3 December 2020. Revenue from operations was at Rs 9294.8 crore for the quarter, an increase of 89.3% against a 50.3% increase in capacity compared to same period last year.

CreditAccess Grameen jumped 10.70% to Rs 725.80 after the company reported a standalone net profit of Rs 129.2 crore in Q3 FY22 as against a net loss of Rs 71.6 crore in Q3 FY21. Net Interest Income increased by 40.4% YoY to Rs 349.4 crore during the quarter.

Lakshmi Machine Works gained 3.05% to Rs 11165. The company reported a 93.5% jump in consolidated net profit to Rs 64.37 crore in Q3 FY22 from Rs 33.26 crore posted in Q3 FY21. Consolidated net sales grew by 90.5% to Rs 911.7 crore in Q3 FY22 from Rs 478.56 crore posted in the same quarter last year.

CMS Info Systems gained 2.84% to Rs 280.50 after the company reported a 48% increase in consolidated net profit to Rs 60.24 crore in Q3 FY22 from Rs 40.7 crore posted in Q3 FY21. Consolidated net sales grew by 21.4% to Rs 403.65 crore in Q3 FY22.

Affle (India) advanced 3.12% to Rs 1298.95 after the company's consolidated net profit surged 102.58% to Rs 62.07 crore on 125.53% increase in net revenue from operations to Rs 339.40 crore in Q3 FY22 over Q3 FY21.

Clean Science and Technology shed 0.85% to Rs 2313.15. The company reported an 18% jump in consolidated net profit to Rs 57.9 crore in Q3 FY22 from Rs 49 crore posted in Q3 FY21. Consolidated revenue from operations grew by 44% to Rs 180.8 crore in Q3 FY22 as compared to Rs 125.42 posted in Q3 FY21.

Global Markets:

Shares in Europe and Asia traded mixed on Monday as investors continued to consider last week's jobs data from the U.S. and central bank decisions in Europe.

Last week, investors in the region digested the latest decision from the European Central Bank, which kept interest rates unchanged in spite of record inflation levels across the euro zone. The Bank of England, meanwhile, hiked rates in its reportedly first back-to-back interest rate rise since 2004.

Stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.

US employers added a burst of 467,000 jobs in January despite a wave of omicron inflections that sickened millions of workers, kept many consumers at home and left businesses from restaurants to manufacturers short-staffed. The Labor Department's report on Friday also showed the unemployment rate ticked up from 3.9% to 4%. Estimated job growth for December was also revised much higher, from 199,000 to 510,000.

Investors continued to monitor the situation around Ukraine, with White House national security adviser Jake Sullivan reportedly warning Sunday that a Russian invasion could be imminent.

The main indices were trading at the day's low amid profit selling after a three-day rally. The Nifty traded below the 17,700 mark. Auto, media and consumer durables stocks were trading firm while banks and IT shares were under pressure.

The barometer index, the S&P BSE Sensex, declined 325.51 points or 0.55% at 59,232.27. The Nifty 50 index fell 82.1 points or 0.46% at 17,697.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.46% while the S&P BSE Small-Cap index gained 0.04%.

The market breadth was positive. On the BSE, 1,802 shares rose and 1410 shares fell. A total of 96 shares were unchanged.

Economy:

IHS Markit India Services PMI came at 51.5 in January 2022 falling from 55.5 posted in December 2021. The headline figure pointed to the slowest rate of expansion in the current six month sequence of growth. The upturn was reportedly stymied by the intensification of the pandemic, the reintroduction of restrictions and inflationary pressures.

Commenting on the latest survey results, Pollyanna De Lima, Economics Associate Director at IHS Markit said, “The escalation of the pandemic and reintroduction of curfews had a detrimental impact on growth across the service sector. Both new business and output rose at slight rates that were the weakest in six months. Concerns about how long the current wave of COVID-19 will last dampened business confidence and caused job shedding. Firms were also alarmed about price pressures. On this front, the latest PMI results brought worrying news as input prices increased at the sharpest rate in over a decade. Charges rose at a faster pace as some firms continued to transfer additional cost burdens to consumers, but the rate of inflation here was moderate as the vast majority of monitored companies left their fees unchanged since December. Private sector growth was sustained at the start of the year but, with the slowdown seen in services mirrored by manufacturing, there were weaker expansions in aggregate sales and output.”

Buzzing Index:

The Nifty Auto index added 1.72% to 11,832.15, rising for second trading session in a row. The auto index added nearly 2% in two days.

TVS Motor Company (up 4.94%), Hero MotoCorp (up 3.61%), Tube Investments of India (up 3.01%), Ashok Leyland (up 2.65%) and Maruti Suzuki India (up 2.43%) were the top gainers. Among the other gainers were Bajaj Auto (up 2.35%), Escorts (up 1.25%), Balkrishna Industries (up 1.05%), Mahindra & Mahindra (up 0.96%) and Tata Motors (up 0.67%) were top gainers in auto space.

Stocks in Spotlight:

Angel One added 1.03% to Rs 1424.10 after the brokerage said that its client base had risen 7.2% to 8.34 million in January 2022 from 7.78 million in December 2021. The company's client base was 3.46 million in January 2021. Gross client acquisition was 0.54 million in January 2022 as compared with 0.46 million in December 2021 and 0.28 million in January 2021. The company's retail turnover market share in overall equity segment was 21.1% in January 2022 as against 20.8% in December 2021 and 19.7% in January 2021.

Balaji Amines jumped 6.49% to Rs 3584.65 after the company's net profit rose 19.46% to Rs 89.56 crore on 44.06% increase in revenue from operations to Rs 564.90 crore in Q3 FY22 over Q3 FY21. The revenue growth was muted sequentially as compared to previous quarter due to sluggish demand for few products as few of the company's clients could not procure Key Starting Materials (KSMs) for some of the company's matching products. At the same time, the company had to shut down the plants of DMF & Acetonitrile for a brief period to carry out the de-bottlenecking exercise, which were completed in the month of November 2021.

Profit before tax rose 38.48% to Rs 144.52 crore in Q3 FY22 over Q3 FY21. EBITDA rose 35.45% year-on-year to Rs 159.67 crore in Q3 FY22. EBITDA margin stood at 28.22% in Q3 FY22, higher than 25.39% in Q2 FY22 and lower than 30.02% in Q3 FY21.

Global Markets:

Asian stocks were trading mixed on Thursday amid some lingering concerns about global growth and ongoing geopolitical tensions. A number of major markets, including those on the Chinese mainland and in Hong Kong, remain shut for the Lunar New Year holidays.

US stocks rose for a fourth straight day Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings. Shares of Google-parent Alphabet surged after its quarterly numbers topped analyst expectations. The company also announced a 20-for-1 stock split.

On the data front, investors are awaiting the U.S. Labor Department's nonfarm payroll count due Friday, which is seen as one of the major indicators of the how the U.S. economy is doing.

Meanwhile, geopolitical tensions in eastern Europe remained at heightened levels after the Pentagon reportedly said it will move some of its Europe-based forces further east and deploy additional U.S.-based troops to Europe.

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Sensex, Nifty rally for third consecutive session. 02February2022

Equity indices extended their winning run to third sessiona and ended at the day's high on Wednesday. The Nifty managed to close tad below the 17,800 mark. All the sectoral indices on the NSE ended in the green with healthcare, realty, banking and financial stocks rising the most.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, added 695.72 points or 1.18% to 59,558.75. The Nifty 50 index advanced 203.15 points or 1.16% to 17,780.40.

The broader market ended with major gains as well. The S&P BSE Mid-Cap index added 1.08% while the S&P BSE Small-Cap index rallied 1.54%.

The market breadth was strong. On the BSE, 2301 shares rose and 1058 shares fell. A total of 98 shares were unchanged.

Investors cheered the union budget 2022-23 with its higher capital expenditure and thrust on infra. The government's focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

Union Budget Views:

MD & CEO, Bombay Stock Exchange Ashish kumar Chauhan while giving his views on Union Budget 2022-23 said, it is a very balanced budget. He said it continues the incremental growth-oriented approach of the last budget. Chauhan said that in this budget the Finance Minister has provided a springboard for an investment cycle with the highest ever share of capex, focus on the development of national manufacturing capabilities and clean energy, tax rationalization with no new taxes while maintaining its continuous growth focus on “Aatmanirbhar Bharat. He added that it boosts spending towards policies that are growth-oriented, create jobs, boost manufacturing, help agri-economy and infrastructure creation. He summarised that a mix of short-term boost and long-term structural emphasis has been the hallmark of this Budget.

Bandhan Bank MD & CEO, Chandra Shekhar Ghosh said that the Union Budget for 2022-23 seeks to support the recent economic growth momentum India has seen and helps it sustain over the long term. He said that the substantial rise in planned capital expenditure for the creation of infrastructure, focus on affordable housing, welfare & development of MSMEs, and the farm economy will prepare India for the next phase of growth. He added that this can lead to creation of millions of new jobs, helping India leverage its young demographic dividend. He also said that the new business opportunities and enterprises that will come up due to these projects will also benefit the banking sector.

Earnings Impact:

Jubilant Foodworks declined 4%. The QSR chain operator reported 9.8% growth in net profit to Rs 1,373 crore as revenue from operations rose by 12.9% to Rs 11,935 crore in Q3 FY22 over Q3 FY21. EBITDA in Q3 FY22 was Rs 3,174 crore, up by 13.9% from Rs 2,786 crore in Q3 FY21. EBITDA margin was 26.6% in Q3 FY22 as against 26.4% in Q3 FY21. Domino's Like-for-Like (LFL) sales growth stood at 7.5% in Q3 FY22 as compared to a negative 0.2% in Q3 FY21. LFL sales growth refers to the year-over-year growth in sales for non-split restaurants opened before previous financial year. Meanwhile, the board of directors has approved and recommended for approval of shareholders, the sub-division of equity shares from face value of Rs 10 each to face value of Rs 2 each.

HDFC rose 2% after the company's standalone net profit rose 11.44% to Rs 3,260.69 crore. The housing finance company's total income stood at Rs 11792.21 crore in Q3 FY22. Profit before tax rose 7.88% to Rs 4048.18 crore in Q3 FY22 over Q3 FY21. The net interest income (NII) for the quarter ended 31 December 2021 stood at Rs 4,284 crore compared to Rs 4,005 crore in the previous year. The reported Net Interest Margin (NIM) was 3.6%. As at 31 December 2021, the assets under management (AUM) stood at Rs 6,18,917 crore as against Rs 5,52,167 crore in the previous year.

Procter & Gamble Hygiene & Health Care fell 0.61%. The FMCG company reported a 15.4% fall in net profit to Rs 212.06 crore in quarter ended December 2021 from Rs 250.62 crore posted in quarter ended December 2020. Net sales increased by 7.3% to Rs 1,092.98 crore in quarter ended December 2021 from Rs 1,018.44 crore recorded in the same period last year. Profit before tax fell nearly 15% to Rs 287.50 crore in quarter ended December 2021 versus quarter ended December 2020.

Laxmi Organic Industries hit an upper circuit limit of 5% at Rs 477.75 after the company's consolidated net profit surged 81.60% to Rs 82.10 crore on 97.44% increase in net sales to Rs 859.88 crore in Q3 FY22 over Q3 FY21. Profit before tax (PBT) jumped 87.66% year-on-year to Rs 100.36 crore in Q3 FY22. Total expenses jumped 98.34% to Rs 761.53 crore with cost of materials consumed soaring 176.74% to Rs 553.72 crore during the period under review.

Alkyl Amines Chemicals fell 3.73% after the company's net profit declined 45.70% to Rs 45.88 crore on 16.30% increase in revenue from operations to Rs 376.66 crore in Q3 FY22 over Q3 FY21. Profit before tax fell 46.24% to Rs 62.26 crore in Q3 FY22 over Q3 FY21. EBITDA fell 46% year-on-year to Rs 66.6 crore in Q3 FY22. EBITDA margin stood at 17.7% in Q3 FY22, lower than 21.6% in Q2 FY22 and 38% in Q3 FY21.

VIP Industries surged 11% after the company posted a consolidated net profit of Rs 33.47 crore in Q3 FY22 as compared to a net loss of Rs 7 crore reported in Q3 FY21. Net sales jumped 70.9% to Rs 397.34 crore in Q3 FY22 from Rs 232.53 crore posted in Q3 FY21. The company posted a pre tax profit of Rs 43.71 crore in Q3 FY22 as against a pre tax loss of Rs 8 crore registered in Q3 FY21.

Global Markets:

European markets traded higher while most Asian stocks closed on a positive note on Wednesday. Markets in mainland China, Hong Kong, Singapore and South Korea are closed on Wednesday for the Lunar New Year holidays.

US stocks rose for a third day Tuesday, as Wall Street tried to recover its footing after a wild January. Bank stocks led the market higher.

On the macro front, the Institute for Supply Management said its manufacturing index came in at 57.6 for January, down 1.2 points from December. The data also showed that prices jumped by 7.9 points to 76.1 month over month.

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Equity indices trade sideways near day's high. 02February2022

The main indices traded sideways near the day's high with strong gains in early afternoon trade. The Nifty scaled 17,750 level and edged higher. All the sectoral indices on the NSE were in the green with banking and financial stocks rising the most.

The barometer index, the S&P BSE Sensex, added 683.92 points or 1.16% to 59,546.75. The Nifty 50 index advanced 191.85 points or 1.09% to 17,768.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rallied 1.42%.

The market breadth was strong. On the BSE, 2263 shares rose and 1050 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Metal index added 1.02% to 5,777.30, extending its winning run to fourth consecutive trading session. The metal index rallied 6% in four trade days.

APL Apollo Tubes (up 4.67%), NMDC (up 2.61%), Steel Authority of India (up 0.87%), Vedanta (up 0.86%) and Hindustan Zinc (up 0.83%) were the top gainers. Among the other gainers were Hindalco Industries (up 0.83%) and JSW Steel (up 0.53%).

Stocks in Spotlight:

HDFC rose 1.59% to Rs 2604.85 after the company's standalone net profit rose 11.44% to Rs 3,260.69 crore. The housing finance company's total income stood at Rs 11792.21 crore in Q3 FY22. Profit before tax rose 7.88% to Rs 4048.18 crore in Q3 FY22 over Q3 FY21. The net interest income (NII) for the quarter ended 31 December 2021 stood at Rs 4,284 crore compared to Rs 4,005 crore in the previous year. The reported Net Interest Margin (NIM) was 3.6%. As at 31 December 2021, the assets under management (AUM) stood at Rs 6,18,917 crore as against Rs 5,52,167 crore in the previous year.

Numbers to Track:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.9075, compared with its close of 74.65 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement fell 0.57% to Rs 47,692.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.29% to 96.1.

In the commodities market, Brent crude for March 2022 settlement fell 8 cents or 0.09% at $89.08 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Wednesday. Markets in mainland China, Hong Kong, Singapore and South Korea were closed on Wednesday for the Lunar New Year holidays.

US stocks rose for a third day Tuesday, as Wall Street tried to recover its footing after a wild January. Bank stocks led the market higher.

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