Sensex, Nifty Log Best Single-Day Gains In Two Months, Snap 3-Day Losing Streak
A pedestrian holding an umbrella walks past an electronic ticker board displaying stock figures at the Bombay Stock Exchange (BSE), which stands partially covered by scaffolding, in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Log Best Single-Day Gains In Two Months, Snap 3-Day Losing Streak

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Closing Bell

India's stock benchmarks snapped three-day losing streak amid strong global cues and a slew of quarterly earnings.

The S&P BSE Sensex gained 1.22% to 52,837.21, while NSE Nifty 50 Index advanced by a similar magnitude to 15,824.05. Infosys Ltd. contributed the most to the index gain, increasing 2.6%. Tech Mahindra Ltd. had the largest increase, rising 5.7%.

  • This month, the index rose 0.7%

  • So far this week, the index fell 0.6%

Sensex, Nifty Log Best Single-Day Gains In Two Months, Snap 3-Day Losing Streak

The broader markets almost mirrored their larger peers. The S&P BSE MidCap rose by 1.48% while the S&P BSE SmallCap gained 1.51%. All the sectoral indices barring S&P BSE FMCG (down 0.2%) advanced with S&P BSE Telecom index and S&P BSE Capital Goods rising 3% each.

The market breadth was skewed in favour of the bulls. About 2,176 stocks advanced, 1,058 declined and 128 remained unchanged on the BSE.

Government Announce PLI Scheme For Specialty Steels

India’s cabinet Thursday approved a production-linked incentive plan worth Rs 6,322 crore ($849 million) over five years for making specialty steel, Information and Broadcasting Minister Aurag Thakur said at a briefing.

  • The plan will help in bringing in investment of about Rs 40,000 crore, generate employment of 525,000, the minister said

  • It is aimed at boosting production of high-grade specialty steel to minimize the nation’s dependence on import of high-end steel

DB Corp Slumps On I-T Raids

CSB Bank Falls Most Since March 2020 After Bad Loans Surge In Q1

CSB Bank drops as much as 19%, the most since March 2020, after the lender reported gross bad loan ratio for the June-ending quarter rose to 4.88% from 2.68% in the previous quarter.

  • Stock pares decline to 4.2% as of 2:35 p.m. in Mumbai

FIRST QUARTER RESULTS

  • Net income Rs 61 crore, +14% y/y

  • Interest income Rs 495 crore, +17% YoY

  • Interest expense Rs 228 crore, -3.8% YoY

  • Provisions Rs 98.26 crore, +38% QoQ

  • Provision for loan losses Rs 104 crore

  • Covid-related provisions Rs 3.8 crore

Hindustan Zinc Q1 Net Income Misses Estimates

  • Net Profit Rs 1,983 crore vs estimate of Rs 2,200 crore

  • Operating revenue Rs 6,378 crore vs estimate of Rs 5,710 crore

  • Total expenses Rs 3,723 crore, +24% YoY

  • Ebitda Rs 3,560 crore vs estimate of Rs 3,130 crore

COMMENTARY AND CONTEXT

  • Maintains FY22 operational, financial guidance

  • Q1 includes one-time loss of Rs 134 crore

  • Sees FY22 project capex $100 million

  • Q1 mined metal output 221,000 tonnes, refined metal output 236,000 tonnes

  • Chanderiya fumer plant commissioning seen by Nov. end

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