Market at day's high; Media stocks rise for third day

Benchmark indices scaled fresh intraday high and traded with strong gains in mid afternoon trade. The Nifty traded above 16,200 level. All the sectoral indices on the NSE were in the green with metal, media and auto stocks rising the most.

At 14:32 IST, the barometer index, S&P BSE Sensex surged 1177.06 points or 2.22% to 54,150.90. The Nifty 50 index added 374.65 points or 2.36% to 16,216.95.

The broader market traded with strong gains as well. The S&P BSE Mid-Cap index gained 1.95% while the S&P BSE Small-Cap index added 2.23%.

The market breadth remained strong. On the BSE, 2,562 shares rose while 721 shares fell. A total of 138 shares were unchanged.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.363% from its previous close of 7.318%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.575, compared with its close of 77.555 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.29% to Rs 50,393.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, declined 0.48% to 103.69.

In the commodities market, Brent crude for June 2022 settlement rose 29 cents or 0.25% to $114.53 a barrel.

Buzzing Index:

The Nifty Media index rose 2.88% to 2,008.35 extending its gaining streak to the third day. The index rose 4.35% in three days.

Among the components of the Nifty Media index, Dish TV India Ltd (up 5.38%), TV18 Broadcast Ltd (up 5.1%), Saregama India Ltd (up 3.93%), Zee Entertainment Enterprises Ltd (up 2.82%) and Network 18 Media & Investments Ltd (up 2.41%) were the top gainers.

Stocks in Spotlight:

IRB Infrastructure Developers rose 1.69% to Rs 216.70 after the company said its toll revenue increased to Rs 327.04 crore in April 2022 as against Rs 306.66 crore in March 2022. The gross toll collections in April last year was at Rs 196.64 crore. The figures were steeply lower last year due to Covid-related lockdowns in many parts of the country.

Indoco Remedies jumped 7.24% to Rs 355.60 after the company reported 62.1% rise in standalone net profit to Rs 40.4 crore on a 35.8% increase in net revenues to Rs 400.3 crore in Q4 FY22 over Q4 FY21. EBIDTA improved by 47.5% to Rs 80.5 crore in Q4 FY22 from Rs 54.6 crore in Q4 FY21. EBIDTA margin was 20.1% in the fourth quarter as against 18.5% in the same period last year.

Zydus Wellness rose 3.87% to Rs 1663.35 after the company reported 0.13% rise in consolidated net profit to Rs 133.30 crore on 5.73% increase in net sales to Rs 635.19 crore in Q4 FY22 over Q4 FY21. Profit before tax stood at Rs 131.40 crore in the fourth quarter, down by 0.95% from Rs 132.66 crore during the period under review.

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