The key equity barometers pared gains in the early afternoon trade. The Nifty traded a tad below 15,850 mark. Shares of PSU banks, realty and autos were in demand while IT and consumer durables and pharma stocks corrected.
At 12:26 IST, the barometer index, S&P BSE Sensex was up 235.01 points or 0.45% to 53,028.63. The Nifty 50 index rose 64.65 points or 0.41% to 15,846.80.
The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index gained 0.89% while the S&P BSE Small-Cap index added 0.49%.
The market breadth was strong. On the BSE, 2,019 shares rose while 1,246 shares fell. A total of 166 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.17% to 24.23. The Nifty 26 May 2022 futures were trading at 15,815.95 at a discount of 30.85 points as compared with the spot at 15,846.80.
The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 38.6 lakh contracts at the 17,000 strike price. Maximum Put OI of 39 lakh contracts was seen at 16,000 strike price.
Buzzing Index:
The Nifty Auto index rose 1.55% to 10,574.25. The index added 4.03% extending its wining run to two consecutive trading sessions.
Among the components of the Nifty Auto index, Escorts (up 4.64%), Maruti Suzuki India (up 2.12%) and Bharat Forge (up 2.06%), Hero MotoCorp (up 1.88%), Bajaj Auto (up 1.8%), TVS Motor Company (up 1.8%), Bosch (up 1.02%) and Mahindra & Mahindra (up 0.82%) advanced.
Eicher Motors gained 5.83%. The company reported 16% jump in consolidated net profit to Rs 610.14 crore on a 8.6% increase in total revenue from operations to Rs 3,193.32 crore in Q4 FY22 over Q4 FY21. During the quarter, Royal Enfield recorded sales of 182,125 motorcycles, down by 10.4% from 203,343 motorcycles sold during the same period in FY 2020-21. Profit before tax rose 17.1% to Rs 806.29 crore in the quarter ended 31 March 2022 from Rs 688.59 crore in the quarter ended 31 March 2021. EBITDA rose 19.3% to Rs 757 crore as compared to Rs 634 crore in the same quarter of the previous financial year.
Balkrishna Industries spurted 6.36%. The company reported 36% jump in net sales to Rs 2,373.87 crore in Q4 FY22 from Rs 1,745.89 crore in Q4 FY21. Sales volumes were at 77,119 million tonnes (MT) in quarter ended March 2022, up by 13% from 68,003 MT recorded in the quarter ended March 2021. BKT recorded 1% YoY rise in standalone net profit to Rs 374 crore in Q4 FY22. Standalone EBITDA rose 3% to Rs 576 crore in Q4 FY22 from Rs 558 crore in Q4 FY21. EBITDA margin stood at 23.7% in Q4 FY22 as against 31.9% in Q4 FY21.
Stocks in Spotlight:
Amber Enterprises India tumbled 19.74%. The company reported 24.2% decrease in consolidated net profit to Rs 57.22 crore in Q4 FY22 as against Rs 75.46 crore in Q4 FY21. Net sales stood at Rs 1,936.69 crore for the quarter ended 31 March 2022 as against Rs 1,598.43 crore during the same period in the previous year, registering a growth of 21.2%.
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