Sensex, Nifty End Volatile Session Flat As Slump In Titan, IndusInd Counters Gains In Airtel, Adani, SBI Life
Last Hour Comeback Helps Sensex, Nifty End Little Changed
Indian equity benchmarks made a comeback to close little changed after falling 1.5% during the session.
The S&P BSE Sensex closed 0.13% lower at 48,718.52 while the NSE Nifty 50 Index was unchanged at 14,634.15. Titan Company Ltd. had the largest drop, falling 4.5%. Adani Ports & SEZ Ltd. and Bharti Airtel were the top gainers on the index.
Thirteen of the 19 sector sub-indices compiled by BSE Ltd. slipped, led by a gauge of telecom company stocks. On the flip side, the S&P BSE Consumer Durables Index was the worst performer, down nearly 2%.
The local stock market opened lower at the start of the week after Prime Minister Narendra Modi’s party lost elections in the key states of West Bengal, Tamil Nadu and Kerala.
The results add to growing signs of disappointment over Modi’s handling of the world’s worst Covid-19 outbreak, one that has overwhelmed India’s healthcare system as beds and oxygen supplies run out.
Telecom Index Dials Best Close In Three Months
BHEL Up 12%, Most in About 10 Months
Bharat Heavy Electricals Ltd. rose 12%. Trading in the company's call options was eight times the average. Trading volume was triple the average for this time of day.
- The stock was the best performer among its peers.
- Trading volume was 120.2 million shares, triple the 20-day average of 46.9 million shares for this time of day.
- Trading in the company's call options totalled 21,453 contracts, compared with the average of 2,695 over the past 20 days. Trading in the company's put options totalled 3,929 contracts, compared with the average of 973 over the same period.
- Stock advanced 139% in the past 52 weeks, compared with a 251% increase for the company's Bloomberg peers.
- Analysts have three buy, nine hold, and 19 sell recommendations on the stock.
SBI Life Q4 Net Profit Misses Estimate
SBI Life reported net income for the fourth quarter that missed the average analyst estimate.
- Net income Rs 532 crore, +0.4% YoY, estimate Rs 624 crore (Bloomberg Consensus)
- Net premium income Rs 15,560 crore, +31% y/y
- Value of new business Rs 2330 crore
COMMENTARY AND CONTEXT
- FY21 value of new business increased 16% to Rs 2,330 crore
- FY21 VoNB margin increased by 170 bps to 20.4%