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

Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.

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)
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)
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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.

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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

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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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