Indices at fresh record high; Nifty above 16,250

Indices were trading at record high level with decent gains in morning trade. The Nifty surpassed 16,250 level with ease to hit an all-time high of 16,278.95. Barring media and metal stocks, broad based buying was seen across the board. Meanwhile, the Sensex scaled record high of 54,385.83.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was up 561.58 points or 1.04% at 54,384.63. The Nifty 50 index gained 144.75 points or 0.9% at 16,275.40.

In broader market, the S&P BSE Mid-Cap index was up 0.24% while the S&P BSE Small-Cap index was up 0.5%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1826 shares rose and 1119 shares fell. A total of 133 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 199,523,213 with 4,245,626 global deaths.

India reported 410,353 active cases of COVID-19 infection and 425,757 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

State Bank Of India (down 0.36%), Hindustan Petroleum Corporation (up 0.36%), Titan Company (down 0.43%), Adani Green Energy (up 0.76%), Godrej Consumer Products (down 1.3%), Apollo Tyres (up 0.26%), Adani Total Gas (up 0.61%), Blue Star (up 0.64%), Bosch (up 1.68%), Butterfly Gandhimathi Appliances (down 0.83%), Chambal Fertilisers & Chemicals (up 1.36%), Nava Bharat Ventures (up 1.58%), PNB Housing Finance (up 0.49%), Solara Active Pharma Sciences (up 0.89%), Sonata Software (up 2.93%), Subros (up 2.26%) and Tata Communications (down 1%) are some of the companies that will announce their results today.

RBI MPC Meet:

The Reserve Bank of India (RBI) is set to begin its three-day meet to decide key monetary policy rates on Wednesday. The central bank will announce its bi-monthly monetary policy review on Friday, at the end of the meeting.

Earnings Impact:

Adani Enterprises fell 0.1%. The company's consolidated net profit stood at Rs 265.60 crore in Q1 FY22 as compared to a net loss of Rs 65.67 crore in Q1 FY21. Consolidated revenue from operations soared 138.90% to Rs 12,578.77 crore in Q1 FY22 from Rs 5,265.19 crore in Q1 FY21. Pre-tax profit was at Rs 379.54 crore in Q1 FY22 as against a pre-tax loss of Rs 137.54 crore in Q1 FY21. During the quarter, consolidated EBIDTA surged 215% Y-o-Y (year-on-year) to Rs 948 crore due to increase in revenue and better margins across all operating segments.

Tata Consumer Products declined 1.34%. The FMCG company's consolidated net profit dropped 38.15% to Rs 240.65 crore on a 10.85% rise in revenue from operations to Rs 3,008.46 crore in Q1 FY22 over Q1 FY21. For the quarter, revenue from operations increased by 10.85% (10% in constant currency) as compared to corresponding quarter of the previous year, mainly driven by growth of 28% in India beverages (including NourishCo) and 20% in India Foods. International business reported lower revenue as previous year benefitting from COVID-19 induced pantry stocking. Consolidated profit before tax skid 32.65% to Rs 336.36 crore in Q1 FY22 as against Rs 499.49 crore in Q1 FY21. Profit before exceptional items and tax is lower as previous year had the benefits of softer tea commodity cost in India and pantry stocking gains in the international business. The group's consolidated net profit was lower, mainly driven by lower PBT and one-time exceptional gain in the previous year.

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