Sensex Adds Over 400 Points; Nifty Gains Nearly 1%
India's stock benchmarks rebound after yesterday's fall, aided by auto, consumer discretionary, I.T. stocks.
The Sensex jumped over 440 points (0.86%) to 52,265.72. The 30-stock gauge rose to an intraday high of 52,516.79. The Nifty also advanced by similar magnitude to 15,556.65. Today, 45 of the Nifty 50 stocks rose while five declined.
The broader indices outperformed their larger peers, with both MidCap and SmallCap measures adding over 1.2%. Barring energy and oil & gas, all the other 17 sectoral indices compiled by BSE gained, with Auto index climbing nearly 4.5%
The market breadth is skewed in the favour of bulls. About 2,090 stocks rose, 1,214 declined and 130 remained unchanged.
10-Year Bond Yield Rises
Yield on the 10-year bond added 3bps to 7.42% at the close.
Rupee Closes Near Record Low
Indian Rupee rose 0.20% (16 paise) to 78.23 during the session.
The currency pared gains to close at 78.31 against the dollar.
Rupee hit a record low 78.39 on Wednesday.
Nazara Technologies Jumps As JM Financial Initiates Coverage With 'Hold'
Shares of Nazara Technologies jumped over 5.7% and are on course for best day in nearly six weeks
JM Financial initiated coverage on the stock with 'hold' recommendation. The price target is set at Rs 1,070, an implied return of 6.92%.
The company's presence across eSports, gamified learning, simulation has given the company a toehold across India's online gaming market, according to JM Financial. The brokerage expects Nazara's revenue to grow at 32% over FY22-25.
Trading volume is nearly 1.5 times the 30-day average. Of the 10 analysts tracking the company, six maintain 'buy', two suggest 'hold' and two recommend 'sell'. The return potential of the stock is 58.3%.
Source: JM Financial note, Bloomberg
Allsec Technologies Climbs Most In Five Weeks
Shares of I.T. services outsourcing firm Allsec Technologies surged nearly 14%, the most in over five weeks.
The rise comes after the company and Quess Corp approved scheme of amalgamation which provides for merger of Allsec into Quess.
Minority shareholders of Allsec will be issued equity shares of Quess at the ratio of 0.74:1. The merger is subject to shareholders' and regulatory approvals.
Trading volume is 11 times the 30-day average.
Source: Exchange filing, Bloomberg