Major equity benchmarks ended with strong gains on Wednesday. After opening at 15,818.20, the Nifty moved higher as the session progressed and closed near the 16,000 mark. consumer goods and durable consumer goods.
The barometer index, the S&P BSE Sensex, jumped 616.62 points or 1.16% to 53,750.97. The Nifty 50 index added 178.95 points or 1.13% to 15,989.80.
Bajaj Finserv (+4.54%), Bajaj Finance (+4.51%), Hindustan Unilever (+4.01%), Maruti Suzuki India (+3.48%) and Asian Paints (+3.45%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap Index gained 1.76% while the S&P BSE Small-Cap Index rose 0.94%.
Market breadth was positive. On BSE, 1,827 shares rose and 1,472 shares fell. A total of 137 shares remained unchanged.
Some cooling in global crude prices overnight boosted domestic investor sentiment. The low price of crude oil benefits India as it has a positive impact on growth, the current account deficit (CAD), inflation and the budget deficit.
Investors will be watching closely for the release of the Federal Reserve’s June meeting minutes, which will be released late Wednesday.
Numbers to watch:
The yield on India’s benchmark 10-year federal paper fell to 7.298 from 7.391 at the close of the previous trading session.
On the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.30, down from its close of 79.3350 in the previous trading session.
MCX Gold futures for the August 5, 2022 settlement declined by 0.15% to Rs 51,226.
The US dollar index (DXY), which tracks the value of the greenback against a basket of currencies, rose 0.21% to 106.76.
In the commodities market, Brent crude for September 2022 settlement rose $1.13 or 1.10% to $103.90 a barrel. The contract fell $8.86 or 7.94% to settle at $102.77 per barrel in the previous trading session.
European stocks rose across the board while Asian stocks tumbled on Wednesday.
In central bank news, Bank Negara Malaysia is expected to release its monetary policy statement today.
US stock indices first fell sharply on Tuesday before rebounding in the afternoon. Concerns about a possible recession in the United States weighed on investor confidence, but lower interest rates appeared to boost the technology sector.
The Nasdaq Composite ended the session up 1.75% at 11,322.24, while the S&P 500 was up 0.16% at 3,831.39. The Dow Jones Industrial Average, however, lost 129.44 points, or 0.42%.
New orders for manufactured goods in the United States rose more than expected in May. The Commerce Department said Tuesday that factory orders rose 1.6% in May after rising 0.7% in April.
The Nifty FMCG index rose 2.64% to 40,740.15. The index fell 0.16% in the previous session.
Emami (+6.51%), Britannia Industries (+4.69%), Hindustan Unilever (+4.31%), Varun Beverages (+3.56%), United Breweries (+3.28%), Tata Consumer Products (+2.61%), Colgate-Palmolive (India) (+2.56%), Procter & Gamble Hygiene & Health Care (+2.15%), United Spirits (+2.02%), Nestle India (+2%) and ITC (+0.84%) advanced.
Godrej Consumer Products jumped 6.13% after the company said in India it expects early double-digit sales growth in the first quarter of FY23 on a high basis. In India, the company expects to achieve early double-digit sales growth on a high basis in the quarter and the 3-year compound annual growth rate (CAGR) is expected to remain robust and in the early double digits.
In Indonesia, as hygiene performance declined after COVID-19 and there is a large hygiene comparator in the database, the company expects a high single-digit sales decline. In Godrej Africa, the United States and the Middle East, Godrej Consumer expects to achieve double-digit sales growth, with a continued focus on sustainable and profitable sales growth. In addition, the company expects steady foreign currency sales growth in the 2000s in its Latin American business.
Marico rose 1.30%. Major FMCG said its business volumes in India in the first quarter of FY23 declined to mid-digits, particularly driven by a sharp decline in saffron oils, while coconut oil Parachute saw a slight drop in volume. Value-added hair oils recorded sub-single digit growth in value despite weak consumer sentiment, especially in rural areas. International activity maintained its strong momentum, recording growth at constant exchange rates. Consolidated revenue for the quarter ended June 2022 was slightly higher year-over-year, Marico said Tuesday.
Dabur India rose 2.39% after the major consumer packaged goods company said its India business is expected to record high single-digit revenue growth from a very high base of 35.4% revenue growth in the first quarter of FY22. Business growth in India is supported by mid-single-digit volume growth.
Dabur’s international business is expected to record high single-digit revenue growth in the quarter in constant currency, but due to currency devaluation, particularly the Turkish Lira, reported growth in rupees would be less than one. figure.
Overall, consolidated sales are expected to grow mid to high. The company said it will continue to grow ahead of category growth and gain market share in most of our segments.
Actions in the spotlight:
Kiri Industries hit a 20% higher circuit at Rs 553.60 after the company said it had won the appeal to the Supreme Court of Singapore over the valuation judgments of the Singapore Court of International Commerce (SICC).
Kiri Industries had filed a lawsuit against Senda International Capital regarding its minority stake held in DyStar. As a result of the lawsuit, the international court ordered Senda to buy out Kiri’s minority stake in DyStar. The company said the latest judgment will significantly increase the value of the company’s stake.
Bajaj Finance increased by 4.51%. NBFC recorded a 60.9% increase in new earmarked loans to 74 lakh in the first quarter of FY23 from 46 lakh in the first quarter of FY22. The customer deductible as of June 30, 2022 was to 6.03 crore from 5.05 crore as of June 30, 2021, up 19.4% year-on-year. Major assets under management (AuM) stood at around Rs 2,04,000 crore as of June 30, 2022 from Rs 1,56,115 crore as of June 30, 2021, jumping 31% year-on-year. Bajaj Finance’s deposit book stood at approximately Rs 34,100 crore as of June 30, 2022, compared to Rs 27,972 crore as of June 30, 2021, registering a growth of 22% year-on-year.
Macrotech Developers rose 5.14%. The property major’s pre-sales for the first quarter of FY23 stood at Rs 2,814 crore in India, jumping 194% from the Rs 957 crore posted in the first quarter of FY22. property developer rose 53% year-on-year to Rs 2,616 crore in the first quarter of FY23. Meanwhile, Indian corporate net debt was reduced to Rs 8,858 crore in the first quarter of FY23, compared to Rs 9,300 crore recorded in the fourth quarter of FY22 and Rs 12,417 crore in the first quarter of FY22.
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