Sensex, Nifty Advance For Second Week Aided By Information Technology Stocks
India's stock benchmarks advanced for the second consecutive week, aided by gains in information technology and energy stocks, amid rising volatility in global markets following the sharp rise in inflation in the U.S.
On Friday, both the S&P BSE Sensex and NSE Nifty 50 snapped a 3-day losing streak, as well.
Sensex rose over 1.25% to 60,686.69. Nifty 50 also advanced by similar magnitude to 18,102.75. This is the biggest single day gain for Nifty and Sensex since rising 1.5% on November 1. Infosys Ltd. contributed the most to the index gain, increasing 2.7%. Tech Mahindra Ltd. had the largest increase, rising 4.1%. Today, 42 of 50 shares rose, while 8 fell.
The broader indexes underperformed their larger peers with the S&P BSE MidCap index adding nearly 0.6% and the S&P BSE SmallCap gaining 0.25%. All the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Information Technology and S&P BSE Teck indexes rising over 2%
The market breadth was skewed neither in the favour of bulls nor bears. About 1,659 stocks advanced, 1,655 declined and 150 remained unchanged.
Latent View Analytics IPO Becomes The Most Subscribed Offer Of 2021 So Far
Latent View Analytics was subscribed 305.9 times as of 3:26 p.m.
Paras Defence and Space Technologies’ IPO, with 304.3 times subscription, was the most subscribed issue of 2021 before this.
Vodafone Idea Q2 Net Loss At Rs 7,132.3 Crore
September Quarter Results (Consolidated, QoQ)
Net loss at Rs 7,132.3 crore vs net loss of Rs 7,319.1 crore (Bloomberg Consensus Estimate: Net loss of Rs 7,293 crore)
Revenue at Rs 9,406.5 crore vs Rs 9,152.3 crore (Estimate: Rs 9,322 crore)
Total costs at Rs 16,577.6 crore vs Rs 16,682.8 crore
Other income at Rs 29.1 crore vs Rs 33.5 crore
Mobile ARPU at Rs 109, up 4.8% QoQ
EBITDA up 4.2% at Rs 3862.9 crore vs Rs 3707.7 crore (Estimate: Rs 3844.8 crore)
EBITDA margins at 41.1% vs 40.5% (Est 41.2%)
Source: Exchange Filing
NSE Nifty IT Index Advances Over 2%
Hindalco Industries Advances On Q2 Beat
Shares of Hindalco Industries Ltd. rose over 3.5% in intraday trade to Rs 469.9 apiece after the company reported net income above average analyst estimate for the September quarter.
Second Quarter Numbers (Consolidated, QoQ)
Net Profit at Rs 3,417 crore vs Rs 2,787 crore (Bloomberg Consensus Estimate: Rs 2,779 crore)
Revenue at Rs 47,665 crore vs Rs 41,358 crore (Estimate: Rs 44,424.8 ccrore)
EBITDA at Rs 8,048 crore vs Rs 6,790 crore (Estimate: Rs 6,157 crore)
Margins at 16.9% vs 16.4%
Commentary and Context
Hindalco to acquire Polycab's 100% equity stake in Ryker Base.
Results driven by strong performance by Novelis and India business, favourable macros, strategic product mix, higher volume and stability in operations.
Source: Exchange Filing
Of the 29 analysts tracking the company, 28 maintained 'buy' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 23.3%.
Trading volume on the stock was 1.3 times the 30-day average volume, for this time of the day.
Karur Vysya On Track For Longest Winning Streak In Over 5 Years
Shares of Karur Vysya Bank Ltd. rose for the eighth straight day, on track for the longest winning streak since the period ended March 18, 2016.
Karur Vysya Bank has gained a total of 22% during the streak while the S&P BSE Sensex index increased 0.6%.
The relative strength index on the stock was at 77; suggesting it may be overbought.
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Sensex, Nifty Up Nearly 1%
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European Markets Open Higher As Investors Digest Key Earnings, UK GDP Data
Mid-Day Market Update: Sensex, Nifty Rise; Infosys Leads Advance
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Adani Enterprises Signs Initial MoU With Four Israeli Firms
RailTel Terminates Zee Subsidiary Contract
PM Modi Launches RBI's Retail Direct Scheme For Government Bonds
Latent View Analytics IPO Subscription Status: Day 3 Live Updates
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All Constituents Of NSE Nifty IT Index Advance
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- Hindalco Industries Advances On Q2 Beat
- Latent View Analytics IPO Subscription Status: Day 3 Live Updates
- Godrej Consumer Products Slips The Most In Seven Months As Analysts Reduce Target After Muted Q2
- Fino Payments Bank Lists At 5.8% Discount On Market Debut
- Tata Steel Advances As Analysts Retain Rating