Stock Market Highlights: Nifty ends near 17,800, Sensex gains 695 points in the closing; Bajaj Finserv, IndusInd Bank top gainers
A day after Budget 2022-23, the domestic equity markets ended higher for the third straight day as the street cheered the Finance Minister Nirmala Sitharaman's budget. The broader Nifty closed just a shade below 17,800, while the Sensex ended with nearly 700 points gain to 17,780 and 59,558.33 respectively.
Banking, financial shares surged amid various announcements related to sectors were made by FM Sitharaman in the Budget 2022-23. Top gainers on benchmark indices were IndusInd Bank, Bajaj Finserv, HCL Tech Bajaj Fianace, HDFC Life, Kotak Bank, Axis Bank, Dr Reddy's Laboratories, HDFC Bank and Wipro. Tech Mahindra, Ultratech Cement, Shree Cement, Nestle India, Britannia, L&T, Maruti and Sun Pharma declined the most.
All broader market and sectoral indices ended in the green as Budget provided the much-needed booster dose to the market which has been trading volatile for the past few weeks.
"The domestic market continued its bull ride, tracking budget cues and positive sentiments from global markets. Most sectors remained green, while banking and finance stocks contributed most to the gain. Global markets added its gain as strong earnings numbers helped investors to digest geopolitical worries, said Vinod Nair, Head of Research at Geojit Financial Services said.
On FY22Q3 results front, HDFC Ltd on Wednesday reported a nearly 13 per cent increase in its consolidated net profit at Rs 5,837 crore for the quarter ended December 2021.
The country's largest mortgage lender had posted a net profit of Rs 5,177 crore in the corresponding period a year ago. "For the quarter ended December 31, 2021, the consolidated profit after tax attributable to the Corporation stood at Rs 5,837 crore as compared to Rs 5,177 crore in the previous year," HDFC said in a release.
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A day after Budget 2022-23, the domestic equity markets ended higher for the third straight day as the street cheered the Finance Minister Nirmala Sitharaman's budget. The broader Nifty closed just a shade below 17,800, while the Sensex ended with nearly 700 points gain to 17,780 and 59,558.33 respectively.
Banking, financial shares surged amid various announcements related to sectors were made by FM Sitharaman in the Budget 2022-23. Top gainers on benchmark indices were IndusInd Bank, Bajaj Finserv, HCL Tech Bajaj Fianace, HDFC Life, Kotak Bank, Axis Bank, Dr Reddy's Laboratories, HDFC Bank and Wipro. Tech Mahindra, Ultratech Cement, Shree Cement, Nestle India, Britannia, L&T, Maruti and Sun Pharma declined the most.
All broader market and sectoral indices ended in the green as Budget provided the much-needed booster dose to the market which has been trading volatile for the past few weeks.
"The domestic market continued its bull ride, tracking budget cues and positive sentiments from global markets. Most sectors remained green, while banking and finance stocks contributed most to the gain. Global markets added its gain as strong earnings numbers helped investors to digest geopolitical worries, said Vinod Nair, Head of Research at Geojit Financial Services said.
On FY22Q3 results front, HDFC Ltd on Wednesday reported a nearly 13 per cent increase in its consolidated net profit at Rs 5,837 crore for the quarter ended December 2021.
The country's largest mortgage lender had posted a net profit of Rs 5,177 crore in the corresponding period a year ago. "For the quarter ended December 31, 2021, the consolidated profit after tax attributable to the Corporation stood at Rs 5,837 crore as compared to Rs 5,177 crore in the previous year," HDFC said in a release.
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Global cues, FIIs' behavior and OPEC meeting will be crucial: Parth Nyati, Founder, Tradingo
Indian equity markets are continuing their northward journey following a good gain on the budget day, where it was a third straight session when Nifty closed with a gain of more than 200 points. The main problem was weak global cues and they are also looking a little supportive now, while FIIs' selling has come down significantly. If we talk about the F&O data then it was very oversold therefore we are also getting the support of short covering. Technically, Nifty manages to close above all important moving averages that may lead to further strength in the market towards 18300/18600 levels. On the downside, 17650-17500 is an immediate demand zone while budget day's low of 17244 has become a sacrosanct support level. Banknifty has a very strong structure as it manages to close above 39000 resistance level, where 40,000 is an immediate target level while 41000 is the next resistance. On the downside, 38800-38500 will act as an immediate demand zone while 38000 is a major support level. The overall structure and undertone of our market are bullish, however global cues and FIIs' behavior will also be important. Today we have an OPEC meeting that will be important as crude oil prices are continuously rising.
Nifty support is placed at 17600 levels, resistance at 18000 levels:Sachin Gupta,AVP, Research, Choice Broking
Technically, the nifty index has been rising consecutively from the last three trading sessions and in the recent candle, it has managed to close above 61.8% Retracement Levels of its prior moves, which suggest a bullish presence in the index. A momentum indicator RSI & Stochastic turned up with positive crossover that supports the bullish strength in the index. On a four hourly chart, the index has closed above 200-SMA, which indicates a positive trend for the coming term. At present, the Index has support at 17600 levels while resistance comes at 18000 levels, crossing above the same can show 18300-18500 levels. On the other hand, Bank nifty has support at 38700 levels while resistance at 40000 levels.
Nifty needs to sustain above 17775-17800 to witness further rally: Rupak De, Senior Technical Analyst at LKP Securities.
"Indian equity remained strong during the last trading session as Nifty moved to its 61.8% retracement level of the previous fall. Going forward, Nifty needs to sustain above 17775-17800 to witness further rally toward 18000 and higher over the short term. On the lower end support seen at 17700, below which the index may consolidate over the near term."
Buzzing stocks- HDFC Ltd, Sun Pharma, Vodafone Idea: HDFC Ltd shares jump 3% post 11% rise in net profit in Q3, Sun Pharma shares trade flat post touching fresh 52-week high after board of the company fixed record date for interim dividend and Vodafone Idea shares surged nearly 10% as brokerage Care Ratings upgraded the share rating to ‘stable’
Nifty, Sensex trade near day's highs: Benchmark indices trade nearly day's high minutes before closing. The broader Nifty50 was trading with 193.60 points or 1.1% gain to 17,770.45 after touching day's high of 17,788.05. Similarly, the 30-share Sensex surged 629.33 points or over 1 per cent to 59,491.90 around 3 pm. The index traded on day's high value of 59,583.15 in the late afternoon
Nifty, Sensex top gainers: Banking and financial shares continue to surge as IndusInd Bank, Bajaj Finserv gain the most. Bajaj Finance, Axis Bank and Kotak Bank to gain up to 3 per cent.
Stocks to buy after budget 2022-23: These 15 stocks from infra and related sectors likley to benefit most with Nirmala Sitharaman's Capex push.
The Budget 2022-23 has pegged India’s economic growth at 9.2%, highest among major economies around the world, with special focus on infrastructure expansion in Financial Year-23. For FY23, Finance Minister Nirmala Sitharaman stepped up capital expenditure sharply by 35.4% to Rs 7.50 lakh crore in 2022-23(2.9% of GDP) against Rs 5.54 lakh crore in the current year. A go ahead to 100 PM GatiShakti cargo terminals, 25,000 Km of highway projects for FY2023 and 400 new generation Vande Bharat trains and similar provisions are likely to help many stocks in the long run.
Full report: Budget 2022: L&T, Ambuja Cement, Gati, Prince Pipes among 15 stocks from infra & allied space set to benefit the most from India's Capex drive
Stocks to Buy: LIC Housing Finance, Piramal Ltd- What makes Sanjiv Bhasin bullish on these two stocks post budget
जानिए IIFL सिक्योरिटीज के संजीव भसीन ने आज किन स्टॉक्स में दी निवेश की सलाह?@AnilSinghvi_ | @sanjiv_bhasin | @iiflsecurities
देखिए LIVE https://t.co/QTsT7fZ0ea#BudgetOnZee #GrowthBoosterZee pic.twitter.com/ZpbMlU3WB7
— Zee Business (@ZeeBusiness) February 2, 2022
HDFC Ltd q3 result: Profit before tax rises 16% YoY- The profit before tax for the nine months ended December 31, 2021 stood at ₹ 12,624 crore compared to ₹ 10,891 crore in the corresponding period of the previous year, representing a growth of 16%. After providing for tax of ₹ 2,582 crore (previous year: ₹ 2,044 crore), the profit after tax for the nine months ended December 31, 2021 stood at ₹ 10,042 crore compared to ₹8,847 crore in the corresponding period of the previous year, representing a growth of 14%.
Budget 2022: Experts give 4 out of 5 to Nirmala Sitharaman's budget; see 65,000 on Sensex by December 2022
Union Finance Minister Nirmala Sitharaman delivered her fourth budget for this year, which got a thumbs up from the markets as well as the analyst community.
Most experts, which Zeebiz.com spoke to, gave a rating of 4 out of 5 to Budget 2022 (5 being the best). Indian markets also closed with gains of over 1 per cent on Budget Day but pared some gains towards the close of the day.
Full Report: Budget 2022: Experts give 4 out of 5 to Nirmala Sitharaman's budget; see 65,000 on Sensex by December 2022
Drone technology in focus in Budget 2022-23: Zee Business Managing Editor Anil Singhvi tells why MapmyIndia is an interesting play here.
बजट में ड्रोन टेक्नोलॉजी पर फोकस,#MapmyIndia को क्यों जरूर चुनें?#DroneTechnology के लिहाज से कंपनी में क्या खास?
बजट में किन ऐलानों से कंपनी को होगा फायदा?देखिए LIVE https://t.co/DU5Jlxvwz1#GrowthBoosterZee #BudgetOnZee @AnilSinghvi_ @devanshiashar pic.twitter.com/DrUXnpqwdG
— Zee Business (@ZeeBusiness) February 2, 2022
Tech Mahindra stock strategy post Q3 results: Most global brokerage firms remain mixed on Tech Mahindra post-December quarter results after the Indian multinational information technology services and consulting company reported a 2.2 per cent QoQ rise in the consolidated profit at Rs 1,369 crore for the quarter ended December 31, 2021.
It had posted a profit of Rs 1,339 crore in the previous quarter ended September 30, 2021.
Full report here: Buy, Sell or Hold: What should investors do with Tech Mahindra post Q3 results?
Wheels India posts Rs 20.60 crore PAT for Q3: Automotive wheels major Wheels India Ltd on Wednesday said it had closed the third quarter of FY23 with a net profit of Rs 20.60 crore.
In a statement issued here, the company said it had closed the Q3 ended 31.12.2021 with a net profit of Rs 20.60 crore up from Rs 12 crore logged during the previous year corresponding period. Revenues for Q3 ended December 31, 2021 went up 57 per cent to Rs 1,007.18 crore as compared to Rs 641.74 crore registered in Q3 ended December 31, 2020.
20 Stocks to buy post Budget: L&T, UltraTech Cements, DLF, Bharti Airtel, IRCTC and 15 more
Finance Minister Nirmala Sitharaman delivered a pragmatic growth-oriented Budget 2022 to boost growth in Asia’s third-largest economy.
The highlight of Budget 2022 was increase in the capital expenditure outlay by around 35 per cent to Rs 7.5 lakh crore in the financial year 2022-23, and FY23 effective CAPEX is seen at Rs 10.7 lakh crore. In comparison, the CAPEX target in FY22 was set at Rs 5.5 lakh crore.
Full Report: Budget 2022: L&T, UltraTech Cements, DLF among top 20 stocks to buy post-budget, say Experts
Poonawalla Fincorp shares trade flat despite good q3 numbers: Shares of Poonawalla Fincorp trade flat despite the company saw Consolidated Profit Before Tax going up by 651% YoY to Rs 130 crore. At 11.50, Poonawalla Fincorp shares were trading at Rs 281.00, marginally down by Rs 0.85.
Performance Highlights (Consolidated)
• Assets Under Management remained at ₹ 15,228 crore
• NIM increased by 25 bps YoY to 8.8% in Q3FY22, driven largely by reduction in interest expenses
• Consolidated PBT was up 651% YoY, increasing from ₹ 17 crore in Q3FY21 to ₹ 130 crore in Q3FY22, driven largely by reduction in interest cost and recovery led credit costs
• Collections continued to remain buoyant; above 99% in Dec’21 significant reduction in Credit Costs and improvement in Asset Quality