Benchmark stock indices surged over 2% helped by gains in metal and energy stocks as well as index heavyweights. The Sensex zoomed 2.54% and the Nifty soared 2.63%.
The broader markets ended higher, tracking headline indices. The Nifty Midcap 100 rose 2.73% and the BSE Smallcap was up 2.78%.
Sectorally, all the sectors ended in the green. Top gainers in Nifty sectoral indices were Metal [6.86%], Energy [3.11%], Media [3.01%], IT [2.77%] and Auto [2.46%].
Indian rupee fell 12 paise to 77.57 against the US dollar on Tuesday.
India’s annual inflation based on wholesale price index accelerated to a 15.08% in April from the previous month’s 14.55%, remaining in double-digits for the 13th month in a row, government data showed on Tuesday.
Stock in News Today
Life Insurance Corporation of India (LIC): The biggest IPO in India had a weak stock market debut and has a negative listing. Shares of the company opened Rs 872 apiece against an issue price of Rs 949 per equity share. Shares of LIC closed at 875.25 per equity share. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday said the weak debut was due to unpredictable market conditions and suggested investors to hold on to the stock for long-term value.
Adani Group: International Holding Company PJSC (IHC) of Abu Dhabi has completed its Rs 15,400 crore investment transaction in three Adani companies, Adani Green Energy (AGEL), Adani Transmission (ATL) and Adani Enterprises (AEL), a statement from Adani said. IHC has invested Rs 3,850 crore each in AGEL and ATL and Rs 7,700 crore in AEL.
Tata Power: The company and Hyundai Motor India have joined hands to set up fast charging electric vehicle infrastructure across its select dealerships in the country. Under the collaboration, 60 kW DC charging stations will be installed at the company’s 34 EV dealerships in 29 cities to cater to all kinds of electric vehicles through Hyundai and Tata Power EZ Charge Mobile App.
Metal companies: Shares of metal companies represented by the Nifty Metal index gained 4%, amid hopes of China demand revival and value buying. Among individual stocks, top gainers were Vedanta [11.86% ], Hind Copper [10.19%] and Hindalco Industries [9.77%].
Bajaj Electricals: The company reported a 28.73% decline in consolidated net profit at RS 38.67 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 54.26 crore in the year-ago period. Its total revenue from operations was up 6% at Rs 1,334.32 crore during the quarter under review as against Rs 1,258.47 crore in the same period last fiscal.
ITC: Shares of the company rose 4.3% ahead of its March quarterly results as analysts expect ITC is better-placed than peers with improving cigarette performance, strong earnings visibility and less margin pressure.
Aurobindo Pharma: Shares of the pharmaceutical company slipped 11% in the past one week after the company received six observations from the United States Food and Drug Administration (USFDA) for its Unit VII.
Abbott India: Shares of the company closed 6.88% higher after the pharma firm posted 15% rise in consolidated revenue at Rs 1,255 crore in Q4FY22 as against Rs 1,096 crore in the year-ago period. Its net profit jumped 39% YoY to Rs 211 crore in the quarter under review from Rs 152 crore in the year-ago period. EBITDA also climbed 43% to Rs 294 crore in the reported quarter from Rs 206 crore in Q4FY21. The company’s board has recommended final dividend of Rs 145 per share and special dividend of Rs 130 per share of face value Rs 10 each.
BSE Ltd: The company has appointed SS Mundra as Chairman Of Board Of Directors. The appointment follows the board approval on Monday and is subject to approval by SEBI. SS Mundra retired as Deputy Governor of Reserve Bank of India on July 30, 2017, after completing a stint of three years.