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Benchmarks trade with minor gains; Nifty above 18,100.

STREET INVESTMENT

The key equity barometers were trading with decent gains in morning trade. The Nifty traded above the 18,100 level. Metal, financial services and IT shares were in demand while PSU bank, realty and auto shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 203.05 points or 0.33% to 60,858.77. The Nifty 50 index added 56.80 points or 0.31% to 18,110.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was strong. On the BSE, 1,911 shares rose, and 1,236 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.

Earnings Today:

IndusInd Bank (up 0.27%), Persistent Systems (up 0.33%), Central Bank of India (down 0.77%), Rallis India (down 0.34%), Oracle Financial Services Software (down 0.18%), CCL Products (India) (up 2.53%), Alok Industries (up 1%), PSP Projects (down 0.06%), Stylam Industries (up 1.67%), Surya Roshni (up 0.71%), Wendt (India) (up 2.58%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Metal index gained 1.19% to 29,634.70, extending gains for the second day. The index advanced 1.40% in two trading sessions.

Hindustan Zinc (up 3.9%), APL Apollo Tubes (up 2.83%), Jindal Steel & Power (up 2.04%), Hindalco Industries (up 1.85%), Tata Steel (up 1.84%), Steel Authority of India (up 1.61%), Vedanta (up 1.51%), Jindal Stainless (up 1.41%), JSW Steel (up 0.83%) and MOIL (up 0.74%) advanced.

On the other hand, Adani Enterprises (down 0.77%) and Ratnamani Metals & Tubes (down 0.05%) edged lower.

Stocks in Spotlight:

Maruti Suzuki India rose 0.17%. The car major has recalled a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January 2023 to inspect and replace airbag controller (affected part), free of cost, if required in these vehicles. The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara.

Delta Corp slipped 4.09%. The gaming and casino firm's consolidated net profit rose 20.5% to Rs 84.82 crore on 10.58% increase in net sales to Rs 273.37 crore in Q3 FY23 over Q3 FY22.

Sundram Fasteners rose 1.36% after the company announced that it secured a $250-million contract from a leading global automobile manufacturer for supplying sub-assemblies for its electric vehicle (EV) platform.

Shares near the day's low; realty stocks in demand. 25March2022

The key equity benchmarks traded near the day's low in morning trade. The Nifty was trading below the 17,200 mark. Realty stocks outperformed for second day in a row.

The barometer index, the S&P BSE Sensex, was down 116.51 points or 0.20% to 57,479.17. The Nifty 50 index lost 37.20 points or 0.22% to 17,185.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.31%.

Buyers outnumbered sellers. On the BSE, 1724 shares rose and 1308 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 0.96% to 448. The index has added 1.46% in two sessions.

Prestige Estates (up2.26%), Godrej Properties (up 1.90%), DLF (up 0.90%), Oberoi Realty (up 0.69%), Indiabulls Real Estate (up 0.62%) and Sobha Developers (up 0.50%) advanced.

Macrotech Developers (down 1.99%), Brigade Enterprises (down 0.63%), The Phoenix Mills (down 0.57%) and Sunteck Realty (down 0.31%) declined.

Stocks in Spotlight:

GTPL Hathway rose 1.76% to Rs 197.05. The company announced its partnership with Verimatrix to onboard its Video Content Authority System (VCAS) to protect its Google Android TV-based DVB Hybrid set top box.

Lumax Auto Technologies added 0.78% to Rs 180.90. The application filed by the company along with its subsidiaries under the Production Linked Incentive (PLI) Scheme for automobile and auto component industry (PLI-AUTO) has been approved by IFCI.

Capri Global Capital gained 0.67% to Rs 620.10. Capri Global Housing Finance, a wholly owned subsidy of Capri Global Capital, has entered a co-lending alliance with State Bank of India (SBI).

Equity indices traded with small gains in early trade. Barring metal and oil & gas sector, buying demand was seen across the board.

The barometer index, the S&P BSE Sensex, rose 82.35 points or 0.15% at 56,568.15. The Nifty 50 index gained 8.05 points or 0.04% at 16,879.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.61%.

The market breadth was strong. On the BSE, 1,795 shares rose and 683 shares fell. A total of 83 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 176.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,098.62 crore in the Indian equity market on 14 March, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.59%. Reliance New Energy Limited (Reliance), a wholly owned subsidiary of Reliance Industries (RIL), signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV (Lithium Werks) for a total transaction value of $61 million including funding for future growth.

Persistent Systems rose 0.51%. The IT company announced it has entered into an agreement to acquire Princeton, New Jersey-based MediaAgility. MediaAgility is a global cloud transformation services provider with deep expertise building scalable, cloud-based solutions as a Google Cloud Premier Partner.

Global Markets:

Asian stocks were in the red on Tuesday as surging COVID-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years, which could come this week.

Major US stock indexes closed mostly lower on Monday as investors sold tech and big growth names ahead of this week's Federal Reserve meeting and an expected hike in interest rates.

Wall Street kept an eye on the conflict between Russia and Ukraine, as the two countries resumed talks on Monday. A Ukrainian official reportedly said the country's objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees. Hopes that talks between Russia and Ukraine due to resume on Tuesday could provide a resolution to the conflict prompted a sharp fall in global oil prices.

Fighting has intensified around Ukraine's capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape.

Investors were also focused on the Fed, which is expected to raise its target fed funds rate by a quarter-percentage point from zero at the end of its two-day meeting Wednesday.

The key equity indices tumbled further and hit fresh intraday low in mid-morning trade. The Nifty was trading below the 17,150 mark. Realty stocks declined for the fourth consecutive session.

The barometer index, the S&P BSE Sensex, was down 335.53 points or 0.58% to 57,285.66. The Nifty 50 index lost 96.55 points or 0.56% to 17,117.05.

In the broader market, the S&P BSE Mid-Cap index slipped 0.90% while the S&P BSE Small-Cap index declined 1.69%.

The market breadth was weak. On the BSE, 734 shares rose and 2,433 shares fell. A total of 106 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Vedant Fashions (Manyavar) received bids for 54,88,926 shares as against 2,54,55,388 shares on offer, according to stock exchange data at 11:12 IST on Tuesday (8 February 2022). The issue was subscribed 22%.

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 Realty fell 1.80% to 459.75, extending decline for fourth day in a row. The index has declined 7.21% in four sessions.

Indiabulls Real Estate (down 4.99%), Macrotech Developers (down 3.35%), DLF (down 2.11%), Godrej Properties (down 1.83%), Sunteck Realty (down 1.72%) and Oberoi Realty (down 1.18%) declined.

Stocks in Spotlight:

Chemcon Speciality Chemicals declined 6.09% to Rs 340. The chemical maker posted a 18.1% fall in net profit to Rs 13.49 crore in Q3 FY22 from Rs 16.48 crore registered in Q3 FY21. Net sales fell 23.6% YoY to Rs 49.54 crore in Q3 FY22.

Jindal Stainless fell 2.87% to Rs 211.30. The company's 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 shed 0.45% to Rs 968.10. 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.

Global Markets:

Most Asian stocks were trading 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.

Benchmarks turn red; PSU banks decline. 08February2022

The domestic equity barometers pared all gains and turned red, as they traded below the flat line in morning trade. The Nifty was trading below the 17,200 mark. PSU Banks edged lower.

The barometer index, the S&P BSE Sensex, was down 160.43 points or 0.28% to 57,460.76. The Nifty 50 index lost 33.90 points or 0.20% to 17,179.70.

In the broader market, the S&P BSE Mid-Cap index slipped 0.61% while the S&P BSE Small-Cap index declined 1.35%.

The market breadth was weak. On the BSE, 974 shares rose and 2,072 shares fell. A total of 123 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.

Results Today:

Bharti Airtel (up 0.93%), IRCTC (up 0.90%), Godrej Consumer Products (up 0.07%), Jindal Steel & Power (up 0.63%), NMDC (down 0.32%), Bata India (down 1.06%), Bajaj Electricals (up 0.18%), Escorts (up 0.53%), Gujarat Gas (down 2.06%), Indraprastha Gas (down 1.10%), Borosil Renewables (down 8.30%), Aster DM Healthcare (down 0.49%), Latent View Analytics (down 1.74%), Tata Teleservices (Maharashtra) (up 4.98%), Mahanagar Gas (down 1.11%), Suven Pharmaceuticals (up 0.95%), Endurance Technologies (down 1.91%), Ratnamani Metals & Tubes (up 0.12%), Redington (India) (down 2.91%), Praj Industries (down 1.22%), Rites (down 0.49%) and Tasty Bite Eatables (down 0.13%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty PSU Bank index shed 0.52% to 3,004.20. The index had advanced 0.92% to end at 3,019.95 yesterday.

Canara Bank (down 1.51%), SBI (down 1.32%), Punjab National Bank (down 1.20%), Indian Overseas Bank (down 1.19%), Union Bank of India (down 0.84%) and Central Bank of India (down 0.70%) declined while Punjab & Sind Bank (up 1.17%) and UCO Bank (up 0.37%) bucked the trend.

Stocks in Spotlight:

M M Forgings rallied 4.68% to Rs 696.65 after the company's consolidated net profit surged 90.1% to Rs 29.41 crore on a 33.1% jump in net sales to Rs 293.13 crore in Q3 December 2021 over Q3 December 2020.

Strides Pharma Science shed 0.35% to Rs 388.25. The company said that its board will meet on 10 February 2022 to consider fund raising by way of issue of equity shares/ convertible warrants and/or any other instruments through preferential issue on a private placement basis. On the same day, the company will announce its financial results for the quarter and nine months ended 31 December 2021.

Wockhardt rose 2.77% to Rs 398.80. The drug maker said that it has received permission from the Central Drugs Standard Control Organization (CDSCO) to export up to 80 million doses of Sputnik Light and up to 20 million doses of Sputnik V Component I vaccine.

The domestic equity barometers traded with minor cuts in early trade, amid bouts of volatility. At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 37.47 points or 0.06% to 58,607.35. The Nifty 50 index lost 43.90 points or 0.25% to 17,516.30.

Hindalco (up 2.45%), ONGC (up 1.28%), Sun Pharma (up 1.12%), Asian Paints (up 1%) and Divi's Lab (up 0.95%) were the top index gainers.

Hero MotoCorp (down 2.25%), SBI (down 1.97%), Mahindra & Mahindra (down 1.92%), NTPC (down 1.79%) and Eicher Motors (down 1.57%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.43%.

The market breadth was strong. On the BSE, 1,260 shares rose and 554 shares fell. A total of 129 shares were unchanged.

The Reserve Bank of India's Monetary Policy Committee will meet on February 8-10 instead of February 7-9, the central bank said on February 6. The change in the committee's meeting schedule comes after February 7 was declared as public holiday by the Maharashtra state government following the demise of renowned singer Lata Mangeshkar.

Stocks in Spotlight:

Reliance Industries (RIL) added 0.61% to Rs 2346. Jio Platforms announced an investment of US$15 million in Two Platforms Inc. (TWO), a Silicon Valley based deep tech startup founded by Pranav Mistry, for a 25% equity stake on a fully diluted basis. Jio Platforms is a majority-owned subsidiary of RIL.

SBI gained 0.72% to Rs 534. 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 1.62% to Rs 1195.25. 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 was up 0.25% to Rs 24765.80. 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.

Godrej Properties surged 6.20% to Rs 24765.80. The realty firm said its board has decided not to proceed with a previously announced plan to invest in DB Realty. The decision was taken after the board took into consideration the feedback from the stakeholders and minority investors.

Global Markets:

Asian stocks are trading lower on Monday, with mainland China markets reopening following the Lunar New Year holidays last week. 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.

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.

In US, the S&P 500 and Nasdaq Composite jumped Friday as continued strength in earnings reports extended the tech-led rebound from the January rout.

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.

Market rebounds in Budget week, these 80 smallcap stocks gain 10-47.

All the sectoral indices ended in the green with Nifty Metal index added 6.6 percent, Nifty Pharma index rose 4.6 percent and Nifty FMCG index added 3.6 percent.

In the Budget week, the market broke its two-week losing streak and ended with over 2 percent gain amid volatility due to mixed data including decent earnings from Indian Inc., continued FII selling, weak PMI data, rate hike by BoE and hawkish ECB’s stance.

In the last week, BSE Sensex added 1,444.59 points (2.52 percent) to end at 58,644.82, while the Nifty50 rose 414.35 points (2.42 percent) to close at 17,516.3 levels.

All the sectoral indices ended in the green with Nifty Metal index added 6.6 percent, Nifty Pharma index rose 4.6 percent and Nifty FMCG index added 3.6 percent.

Broader indices also performed inline with main indices with BSE Midcap and Smallcap indices added over 2 percent each.

80 smallcap stocks gained between 10-47 percent including Bharat Road Network, Jindal Drilling Industries, Ambika Cotton Mills, Elgi Equipments, MAS Financial Services, Nahar Poly Films, DB Realty, Prime Focus, Gujarat Fluorochemicals, IRB Infrastructure Developers and Genus Power Infrastructures.

On the other hand, Apar Industries, IFB Agro Industries, UTI Asset Management Company, Neuland Laboratories, Gujarat Themis Biosyn, Welspun India, IFB Industries, Multi Commodity Exchange of India and Radico Khaitan remained among major losers.

"The Nifty attempted a bounce in the week gone-by, however faced resistance near the 20 DMA & 61.8% retracement of the Jan decline i.e. near 17770. Thereon it has stepped into a consolidation mode," said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

"On the way down it has broken the key hourly & the daily moving averages as well as broken down from a rising channel on the hourly chart."

"Going ahead, 17400 is a key support to watch out for below which the index can test 17200 in the short term. On the other hand, 17800 will act as the upper end of the short term consolidation range," Ratnaparkhi added.

The BSE Midcap index rose 2.3 percent supported by Jindal Steel & Power, Info Edge India, Canara Bank, TVS Motor Company, Steel Authority of India, PI Industries, Biocon, United Breweries and Torrent Power.

The BSE 500 index added 2.4 percent with Elgi Equipments, MAS Financial Services, Gujarat Fluorochemicals, IRB Infrastructure Developers, Spandana Sphoorty Financial and Deepak Fertilisers and Petrochemicals Corpn adding over 20 percent each.

"The equity market continued to be in the grip of extreme volatility, which has been a continuous feature of the markets during the whole week," said Joseph Thomas, Head of Research, Emkay Wealth Management.

"The concerns over rising interest rates in the US, the likely Fed rate action, the build- up of political and military tensions in Eastern Europe, and the adverse effects of the new variant of the pandemic, are all factors that worked on the minds of the investors. These factors, by their very nature, are likely to influence the markets in the coming weeks too," he added.

The benchmark indices were trading modest losses in afternoon trade, dragged by bank and auto stocks. Metal, IT and FMCG bucked the weak market trend. The Nifty regained the 17,500 level after hitting the day's low of 17,462.55 in afternoon trade.

The barometer index, the S&P BSE Sensex, dropped 163.42 points or 0.28% at 58,624.60. The Nifty 50 index lost 42.95 points or 0.24% at 17,517.25.

Reliance Industries (RIL) (down 0.93%), ICICI Bank (down 0.95%) and Housing Development Finance Corporation (HDFC) (down 0.74%) were major drags.

Selling was broad based. The S&P BSE Mid-Cap index fell 0.48%. The S&P BSE Small-Cap index shed 0.28%.

Sellers outnumbered buyers. On the BSE, 1,586 shares rose and 1,683 shares fell. A total of 100 shares were unchanged.

Tata Steel (up 1.45%) and Shree Cement (up 0.27%) will announce their quarterly results today.

Gainers & Losers:

Hindalco Industries (up 2.11%), Divi's Laboratories (up 1.88%), Ultratech Cement Co. (up 1.48%), Oil & Natural Gas Corporation (ONGC) (up 1.31%) and JSW Steel (up 0.90%) were major gainers in Nifty 50 index.

Hero MotoCorp (down 2.21%), State Bank of India (SBI) (down 2.20%), Mahindra & Mahindra (M&M) (down 2.16%), Eicher Motors (down 1.93%) and SBI Life Insurance Company (down 1.59%) were major losers in Nifty 50 index.

Stocks in Spotlight:

GAIL (India) rose 1.06%. The state-run company's consolidated net profit soared 100.31% to Rs 380 crore on a 66.98% surge in revenue from operations to Rs 2,617.56 crore in Q3 December 2021 over Q3 December 2020. Consolidated profit before tax (PBT) surged 105.46% to Rs 481.98 crore in Q3 FY22 from Rs 234.58 crore in Q3 FY21. GAIL (India) has recorded a good financial performance in the third quarter of FY2021-22 on account of improved gas marketing spread, better product prices and improved operating efficiency in petrochemicals and liquid hydrocarbons.

EIH dropped 3.56%. The firm's consolidated net profit stands at Rs 40.80 crore in Q3 December 2021 as compared to a net loss of Rs 55.78 crore in Q3 December 2020. Consolidated net sales surged 103.9% to Rs 365.38 crore in Q3 December 2021 over Rs 179.16 crore in Q3 December 2020. Pre-tax gains stood at Rs 56.10 crore in Q3 FY22 as against pre-tax loss of Rs 67.41 crore in Q3 FY21.

Inox Leisure shed 1.29%. The company commenced the commercial operations of a multiplex cinema theatre taken on a management contract basis, located at INOX Leisure, in Thiruvalam Road, Katpadi, Vellore (Tamil Nadu) with effect from today, i.e. Friday, 4 February 2022. The multiplex cinema theatre has three screens and 483 seats. INOX is now present in 71 cities with 159 multiplexes, 670 screens and a total seating capacity of 1,51,104 seats across India.

Nifty hovers at 17,550; metal stocks shine. 04February2022

Benchmark indices traded sideways with tiny losses amid bout of volatility in morning trade. The Nifty hovered at 17,550 level. Metal stocks saw buying while realty and auto shares declined.

The barometer index, the S&P BSE Sensex, fell 44.63 points or 0.08% at 58,743.27. The Nifty 50 index was down 6.8 points at 17,553.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.09% while the S&P BSE Small-Cap index gained 0.12%.

The market breadth was positive. On the BSE, 1,782 shares rose and 1300 shares fell. A total of 93 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,597.54 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 370.58 crore in the Indian equity market on 3 February, provisional data showed.

Results Today:

Shree Cement, Bank of India, InterGlobe Aviation, One 97 Communications (Paytm), Siemens, Aditya Birla Fashion, Alkem Laboratories, Astral, Birla Corporation, CMS Info Systems, City Union Bank, Devyani International, Godrej Agrovet, Jubilant Pharmova, Mahindra Lifespace Developers, Minda Corporation and Thermax are some of the companies that will announce their quarterly results today.

Buzzing Index:

The Nifty Metal index added 1.86% to 5,868.95, continuing its winning streak after a day's pause. The metal index declined 0.31% in previous trading session but added 6% in last four trading days.

Vedanta (up 3.59%), Hindalco Industries (up 2.79%), Jindal Steel & Power (up 2.49%) and Steel Authority of India (up 1.82%) were the top gainers. Among the other gainers were JSW Steel (up 1.6%), Coal India (up 0.81%), NMDC (up 0.68%) and Hindustan Zinc (up 0.39%).

Tata Steel (up 2.46%) will announce its financial result for quarter ended December 2021 today.

Earnings Impact:

Lupin fell 2.25%. The drug maker's consolidated net profit jumped 24.5% to Rs 545.52 crore on a 3.6% rise in total revenue from operations to Rs 4160.93 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) dropped 68.16% to Rs 167.08 crore in Q3 FY22 from Rs 524.84 crore in Q3 FY21. Consolidated EBITDA skid 49.5% to Rs 403.90 crore in Q3 FY22 as compared to Rs 799.80 crore in Q3 FY21. EBITDA margin stood at 9.9% in Q3 FY22 from 20.4% in Q3 FY21.

Pfizer fell 1.55%. The drug maker's reported 2% rise in net profit to Rs 143.91 crore on a 14% increase in net sales to Rs 675.90 crore in Q3 FY22 over Q3 FY21. Total expenditure rose 21% YoY to Rs 480.73 crore during the quarter. Profit before tax in Q3 FY22 stood at Rs 184.09 crore, up 2% from Rs 180.26 crore recorded in Q3 FY21.

STREET INVESTMENT

Amid volatility, the key indices are trading with small gains after opening lower. At 9:27 IST, the barometer index, the S&P BSE Sensex, rose 48.11 points or 0.08% at 58,836.27. The Nifty 50 index was up 19 points or 0.11% at 17,579.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.1% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was strong. On the BSE, 1,728 shares rose and 906 shares fell. A total of 93 shares were unchanged.

Stocks in Spotlight:

ITC rose 0.53%. The company's standalone net profit rose 12.70% to Rs 4,156.20 crore on 32.06% increase in net revenue to Rs 15,689.29 crore in Q3 FY22 as compared with Q3 FY21. EBITDA improved by 18.2% to Rs 5,102 crore in Q3 FY22 from Rs 4,315 crore in Q3 FY21. Profit before tax in the third quarter stood at Rs 5,492.03 crore, up by 12.53% from Rs 4,880.43 crore reported in the same period last year.

Total FMCG segment revenue increased by 12% YoY to Rs 10335 crore during the period under review. In the FMCG segment, cigarettes revenue rose by 14% YoY to Rs 6244 crore while the revenue from other FMCG segment improved by 9% YoY to Rs 4091 crore during the quarter. Hotel business revenue stood at Rs 473 crore (up 101% YoY), agri-business revenue was at Rs 4962 crore (down 100% YoY) and paperboards, paper & packaging revenues were at Rs 2046 crore (up 39% YoY) in the third quarter of FY22. The board recommended an interim dividend of Rs 5.25 per share for the financial ear ending 31st March 2022.

Dr.Reddy's Laboratories fell 0.32%. The drug major said that it has entered into a definitive agreement to acquire German medical cannabis firm Nimbus Health GmbH. Nimbus Health is a privately owned, licensed pharmaceutical wholesaler from Germany focusing on medical cannabis in Germany.The pharma company will acquire Nimbus Health for an upfront payment plus performance and milestone-based earn-outs over the next four years. Founded in 2018, Nimbus Health is one of the pioneer companies for medical cannabis in Germany. The acquisition will allow Dr. Reddy's to build on Nimbus Health's strengths and introduce medical cannabis-based medicines as a promising treatment option for patients. The company will be operating under the brand Nimbus Health and as a wholly-owned subsidiary of Dr. Reddy's.

Global Markets:

Asian stocks were trading higher on Friday, following heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite plunging nearly 4%. Markets in Hong Kong returned to trade on Friday after being closed for most of this week due to the Lunar New Year holidays. Over in mainland China, markets remain closed on Friday for the holidays.

U.S. stocks fell on Thursday, dragged down by technology and social-media companies, as Facebook owner Meta Platforms plunged after a disappointing earnings report.

Meta Platforms shares plunged after the company's quarterly profit fell short of expectations. The company also issued weaker-than-expected revenue guidance for the current quarter. It was the biggest drop ever for the Facebook parent.

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.

In commodities, front-month U.S. oil futures rose 2.3% to settle at $90.27 per barrel, the first time the benchmark had topped $90 since October 2014. Crude prices rose as demand for petroleum products surges while supply remains constrained.

In Europe, the Bank of England pressed ahead with raising borrowing costs Thursday, nudging up its policy rate to 0.5% from 0.25%. The European Central Bank kept its key interest rates unchanged, but ECB President Christine Lagarde signaled concern about inflation and opened the door to a possible rate hike later this year.

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