Sensex jumps 488 pts, Nifty above 17,420; media stocks climb

The key indices were trading near the day's high in mid-morning trade. The Nifty was trading above the 17,400 mark. Media stocks bounced after a four-day decline.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 488.24 points or 0.84% to 58,296.82. The Nifty 50 index added 158.50 points or 0.92% to 17,425.25.

In the broader market, the S&P BSE Mid-Cap index gained 0.91% while the S&P BSE Small-Cap index rose 0.25%.

The market breadth was positive. On the BSE, 1612 shares rose and 1627 shares fell. A total of 105 shares were unchanged.

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) started its two-day meet on Tuesday, 8 February 2022. The RBI's MPC will announce its interest rate decision on 10 February 2022.

 

Buzzing Segment:

The Nifty Media index rose 2.05% to 2,219.30. The index fell 4.90% in the past four sessions.

TV18 Broadcast (up 11.49%), Network18 Media & Investments (up 4.96%), Sun TV (up 4.09%), Hathway Cable & Datacom (up 1.6%), DishTV India (up 0.92%), INOX Leisure (up 0.84%), PVR (up 0.66%), Zee Entertainment Enterprises (up 0.57%) and Nazara Technologies (up 0.55%) advanced.

Stocks in Spotlight:

Mahanagar Gas declined 3.53% after the company reported a 74% fall in net profit to Rs 56.79 crore in Q3 FY22 from Rs 217.2 crore posted in Q3 FY21. Net sales for Q3 FY22 grew by 54.2% to Rs 1,027.8 crore from Rs 666.4 crore registered in Q3 FY21. Profit before tax slipped 74.2% to Rs 75.18 crore in Q3 FY22 over Q3 FY21.

Latent View Analytics surged 3.46% after the company's consolidated net profit surged 122.4% to Rs 49.93 crore on a 37.7% increase in net sales to Rs 107.75 crore in Q3 FY22 over Q3 FY21. Consolidated EBITDA grew 19.1% year on year to Rs 32.2 crore in Q3 FY22. EBITDA margins fell to 29.9% in Q3 FY22 from 34.6% in Q3 FY21.

Larsen & Toubro (L&T) rose 1.01%. The construction arm of L&T has secured an order to construct Hi-Tech IT Parks at 8 locations (2 packages at 4 locations each) across Bangladesh. The order is from the Bangladesh Hi-Tech Park Authority. This project is being funded by the Indian EXIM Bank and is the first IT & office space order that L&T has secured in Bangladesh.

As per L&T's classification, the value of the significant project is 1,000 to 2,500 crore.

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