Nifty above 16,300; breadth strong

The benchmark indices were trading with modest gains in the morning trade. Barring the Nifty Metal index and The Nifty Oil & Gas index, all the other sectoral indices on the NSE were in the green. The Nifty was hovering above the 16,300 level.

At 10:22 IST, the barometer index, the S&P BSE Sensex, rose 208.77 points or 0.38% at 54,527.24. The Nifty 50 index rose 68.70 points or 0.42% at 16,328.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index rose 0.79%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall market health, was strong. On the BSE, 2116 shares rose and 860 shares fell. A total of 133 shares were unchanged.

 

Buzzing Index:

The Nifty IT index rose 1.22% to 30,587.35, extending its gaining streak to the second consecutive day. The index has gained 4.02% in two days.

Among the components of the Nifty IT index, Mphasis (up 4.23%), L&T Technology Services (up 3.19%), Mindtree (up 2.62%), Coforge (up 2.38%) and Larsen & Toubro Infotech (up 2.16%) were the top gainers.

Stocks in Spotlight:

Indian Oil Corporation (IOCL) slipped 3.46% to Rs 120.10 after the company reported 31.4% fall in standalone net profit to Rs 6021.88 crore despite a 43.2% increase in net sales to Rs 1,77,287.31 crore in Q4 FY22 over Q4 FY21. Total expenses increased by 29.5% YoY to Rs 1,99,327.91 crore during the quarter. Profit before tax in Q4 FY22 stood at Rs 8,084.68 crore, down by 26.2% from Rs 10,951.10 crore in Q4 FY21.

The IOCL board recommended issue of bonus equity shares in the ratio of 1 equity share for every two equity shares held. The bonus shares will also be eligible for the final dividend of Rs 3.60 per equity share (pre-bonus), which translates into final dividend of Rs 2.40 per equity share (post-bonus) for FY 2021-22.

DLF rose 0.66% to Rs 336.35. The realty major reported 15.7% fall in consolidated net profit to Rs 405.33 crore on a 9.7% decline in net sales to Rs 1,547.26 crore in Q4 FY22 over Q4 FY21. Profit before tax stood at Rs 307.30 crore in the fourth quarter, down by 26.5% from Rs 418.15 crore in the same period last year. The company reported a 6.3% decline in total expenditure to Rs 1,179.72 crore in Q4 FY22 over Q4 FY21.

Zydus Lifesciences fell 0.69% to Rs 346.65. The company said its board will consider a share buyback on 20 May 2022. The board will also consider FY22 results and final dividend on 20 May 2022. Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

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