The key equity benchmarks ended near the day's high on Thursday. The Nifty managed to close above the 16,100 mark. Shares across sectors advanced with metals, PSU banks and consumer durable stocks rising the most. Trading was volatile due to expiry of weekly index options on the NSE today.
As per provisional closing data, the barometer index, the S&P BSE Sensex, advacned 427.49 points or 0.80% to 54,178.46. The Nifty 50 index added 143.10 points or 0.89% to 16,132.90.
The broader market outperformed the domestic equity benchmarks. The S&P BSE Mid-Cap index rose 1.19% while the S&P BSE Small-Cap index gained 1.30%.
Buyers outnumbered sellers. On the BSE, 2270 shares rose and 1017 shares fell. A total of 151 shares were unchanged.
Investors assessed the minutes from the US Fed's June meeting which showed the central bank's determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.
Buzzing Index:
The Nifty Metal index jumped 4.20% to 4,861.20, extending gains for third consecutive session. The index has added 4.54% in three sessions.
Hindalco Industries (up 6.51%), Vedanta (up 6.39%), National Aluminium Company (up 5.89%), Jindal Steel & Power (up 5.5%) and Tata Steel (up 4.99%) were the top index gainers.
Among the other gainers were Steel Authority of India (up 4.81%), Jindal Stainless (up 4.11%), Hindustan Zinc (up 3.7%) and Hindustan Copper (up 3.58%).
Stocks in Spotlight:
Titan Company rallied 5.88%. The firm said that its jewellery sales in Q1 FY23 soared 205% year on year (YoY) on a low base and clocked 3-year CAGR of 20.5% over Q1 FY20. The firm said its network expansion and campaigns continued to progress well throughout Q1 FY23, which was the only non-disrupted first quarter in the last three years.
JSW Steel advanced 3.76%. The Mumbai-based steel making company said that the Group's combined crude steel production for Q1 FY23 was 5.88 million tonnes, registering a growth of 16% YoY.
JSW Ispat Special Products rose 4.63%. The company reported 25% YoY decline in crude steel production to 0.11 million tonnes (MT) in Q1 FY23 as against 0.14 MT recorded in Q1 FY22.
Kalyan Jewellers India rose 3.92%. The company said that it achieved consolidated revenue growth of over 105% in Q1 FY23 as compared to the same period in the previous financial year.
Equitas Small Finance Bank added 1.02%. The bank said its gross advances rose 22% to Rs 21,699 crore as on 30 June 2022 as against Rs 17,837 crore as on 30 June 2021. Total deposits grew 19% YoY and 8% QoQ to Rs 20,386 crore in Q1 FY23.
Sobha surged 9.86%. The company said it had achieved quarterly sales volume of 1.36 million sft in Q1 FY23, up by 51.7% year-on-year (YoY). Total sales value was at Rs 1,145.5 crore in Q1 FY23, up 67.7% YoY.
G M Breweries rose 0.20%. The company said its net profit jumped 38.8% to Rs 16.16 crore on 103.8% increase in revenue to Rs 142.02 crore in Q1 FY23 over Q1 FY22.
City Union Bank advanced 2.59%. The bank's board approved raising further capital through QIP route to the tune of Rs 500 crore (including premium).
Deep Industries surged 4.81%. The company has received letter of awards from ONGC for charter hiring of two Nos. of 1000 HP Mobile Drilling Rigs for Ahmedabad Asset for a period of three years. The total estimated value of the said Awards is $19.02 Million equivalent to approximate Rs 150.24 crore.
Escorts Kubota rose 1.13%. The company said that its agri machinery division will increase the prices of its tractors with effect from Sunday, 10 July 2022.
Global markets:
The Dow Jones index futures were up 77 points, indicating a muted to positive start to equities on Wall Street today.
Shares in Europe and Asia rose across the board on Thursday as investors digested the minutes from the Federal Reserve's June 14-15 monetary policy meeting.
The European Central Bank will be publishing the minutes of its last meeting on Thursday while the Group of 20′s foreign ministers meet in Bali.
U.S. stocks moved slightly higher on Wednesday. Federal Reserve officials recognized that a "more restrictive stance" in policy could be suitable if inflation doesn't ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.
"Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis," the document said.
Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May. The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May.
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