Nifty spurts above 16,000 on upbeat Asian stocks

Benchmark indices saw gap-up opening tracking positive Asian stocks. All the sectoral indices on the NSE were trading in the green with metal, auto and media stocks gaining the most. The Nifty regained the key 16,000 mark in early trade.

At 9:23 IST, the barometer index, the S&P BSE Sensex, jumped 923.83 points or 1.75% at 53,716.06. The Nifty 50 index gained 313.25 points or 1.98% at 16,122.65.

In the broader market, the S&P BSE Mid-Cap index rose 1.78% while the S&P BSE Small-Cap index was up by 1.82%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,183 shares rose and 313 shares fell. A total of 72 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,899.92 crore, while domestic institutional investors (DIIs) and were net buyers to the tune of Rs 3,225.54 crore in the Indian equity market on 19 May, provisional data showed.

Stocks in Spotlight:

Ashok Leyland jumped 6.59% to Rs 131 after the company reported standalone net profit of Rs 901 crore in Q4 FY22 as compared to net profit of Rs 241 crore in Q4 FY21. Revenue rose to Rs 8744 crore from 7000 crore.

HPCL rose 1.95% to Rs 243.35. The company reported consolidated net profit of Rs 2018.45 crore in Q4 FY22 as compared to net profit of Rs 3060.70 crore in Q4 FY21. Total income rose to Rs 106533.84 crore from Rs 85754.76 crore.

Biocon was up by 1.97% to Rs 329.30 Biocon Biologics, a subsidiary of Biocon, and Viatris Inc. announced on Thursday that Abevmy (bBevacizumab) is now available in Canada. Abevmy is a recombinant humanized monoclonal antibody that selectively binds to human vascular endothelial growth factor (VEGF) and neutralizes its biologic activity.

Godrej Consumer Products declined 1.09% to Rs 786.65. The company reported consolidated net profit of Rs 363.24 crore in Q4 FY22 as compared to net profit of Rs 365.84 crore in Q4 FY21. Total income rose to Rs 2939.58 crore from Rs 2747.31 crore.

Global markets:

Asian stocks were trading higher on Friday after China cut a key lending benchmark to support a slowing economy.

China cut its five-year loan prime rate (LPR) by 15 basis points on Friday morning, a sharper cut than had been expected, as authorities seek to cushion an economic slowdown, though it left the one-year LPR unchanged at 3.7%.

Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates. Shares of the networking gear maker slumped 13.73% as it lowered 2022 revenue growth outlook, taking a hit from Russia exit as well as component shortage due to China lockdowns.

New claims for U.S. unemployment benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 218,000 for the week ended 14 May 2022, the highest level since January, the Labor Department said on Thursday.

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