Nifty holds 16,600 level, broader market outperforms

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The domestic equity benchmarks continued to trade in a narrow range with strong gains during mid-afternoon trade. Positive global cues boosted sentiment. The Nifty traded above the 16,600 mark. All sectoral indices on the NSE were trading in the green with IT, realty and consumer durables shares gaining the most.

At 14:25 IST, the barometer index, S&P BSE Sensex was up 968.33 points or 1.76% to 55,852.99. The Nifty 50 index rose 285.70 points or 1.75% to 16,638.15.

The broader market outperformed the mainstock indices. The S&P BSE Mid-Cap index rose 2.08% while the S&P BSE Small-Cap index advanced 2.06%.

The market breadth was strong. On the BSE, 2,360 shares rose while 1,048 shares fell. A total of 162 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.406% as compared with 7.350% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 77.55, compared with its close of 77.58 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.15% to Rs 50,990.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, decreased 0.10% to 101.56.

In the commodities market, Brent crude for July 2022 settlement rose $1.04 or 0.87% at $ 120.47 a barrel.

Buzzing Index:

The Nifty Consumer Durables index rose 3.44% to 24,777.60. The index gained 4.4% in three trading sessions.

Among the components of the Nifty Consumer Durables index, Crompton Greaves Consumer Electricals (up 6.41%), Titan Company (up 4.32%), Bata India (up 3.63%), Dixon Technologies (India) (up 3.42%) and Havells India (up 2.79%) were the top gainers.

Among the other gainers were Kajaria Ceramics (up 2.24%), Relaxo Footwears (up 2.19%), Voltas (up 2.04%), Whirlpool of India (up 1.73%) and Amber Enterprises India (up 1.51%).

On the other hand, Rajesh Exports (down 0.3%) and TTK Prestige (down 0.07%), declined.

Earnings Impact:

Astral fell 0.08% after the company reported a 19% decline in consolidated net profit to Rs 141.10 crore despite of a 23.3% rise in net sales to Rs 1,390.60 crore in Q4 FY22 over Q4 FY21. Profit before tax slumped 15.5% to Rs 193.30 crore in Q4 FY22 from Rs 228.80 crore recorded in Q4 FY21. Consolidated EBITDA fell 10.76% to Rs 2,313 crore in Q4 FY22 from Rs 2,592 crore posted in Q4 FY21. EBITDA margin declined to 16.63% in Q4 FY22 from 23% posted in the same quarter last year.'

Ion Exchange (India) rallied 4.5.42% after the EPC company reported an 18.4% surge in consolidated net profit to Rs 83.07 crore on a 11.5% rise in net sales to Rs 496.36 crore in Q4 FY22 over Q4 FY21. Profit before tax jumped 18.6% to Rs 106.48 in Q4 FY22 from Rs 89.80 crore recorded in the same period last year. Total expenditure advanced 11.6% to Rs 401.55 in Q4 FY22 over Q4 FY21.

Fine Organic Industries advanced 10.04%. The company reported a 283.3% jump in consolidated net profit to Rs 121.85 crore in Q4 FY22 from Rs 31.79 crore in Q4 FY21. Revenue from operations soared 91.1% to Rs 616.87 crore from Rs 322.88 crore in Q4 FY22 over Q4 FY21. Profit before tax surged nearly 292% year on year to Rs 161.87 crore in the quarter ended 31 March 2022. Total expenses were up 66.7% to Rs 457.46 crore in Q4 FY22 from Rs 274.49 crore in Q4 FY21.

Timken India spurted 8.99% after the company's net profit surged 128.87% to Rs 121.30 crore on 40.39% rise in net sales to Rs 667.40 crore in Q4 March 2022 over Q4 March 2021. Profit before tax surged 115.53% year-on-year to Rs 161 crore in Q4 March 2022. Total expense rose 25.51% to Rs 487.60 crore.

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