Sensex Adds 650 Points; Nifty Closes Above 18,000
India's stock benchmarks closed higher, aided by gains in auto, banking, realty, capital goods and information technology stocks. The S&P BSE Sensex added 650 points while the NSE Nifty 50 closed above 18,000 mark for the first time since November 15.
The Sensex rose over 1% to 60,395.63. The NSE Nifty advanced by similar magnitude to 18,003.30.
Upl Ltd. had the largest increase, rising 4.1%. Today, 35 of 50 shares rose, while 15 fell.
Of the six sessions in 2022 so far, this is the fifth day of gains and the third time that the benchmark indices closed with over 1% gain.
The S&P BSE MidCap underperformed its larger peers with 0.7% gains while the S&P BSE SmallCap almost mirrored Sensex and Nifty. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Capital Goods rising more than 2%.
The market breadth was skewed in the favour of bulls. About 2,643 stocks advanced, 998 declined and 107 remained unchanged.
"Volatility in market persists till the announcement of first rate hike by Fed, post that it settles down and flow in equities resumes. Equities would continue with the outperformance with double-digit returns. Our year-end 2022 target for Nifty stands at 20,000, valuing it at 22x FY24E earnings. We expect Nifty to enjoy premium valuation for the next 1-2 years on the back of higher earnings CAGR (before reaching stable earnings pace of growth), as India becomes a preferred destination for global manufacturing", Mitul Shah, Head of Research at Reliance Securities wrote in a note.
Nifty Reclaims 18,000 In Intraday Trade For The First Time Since Nov. 17
JBM Auto Arm Acquires 51% Stake In JBM Green Energy
JBM Auto Ltd. has announced the acquisition of 51% stake in JBM Green Energy Systems Pvt Ltd. and JBM EV Industries Pvt Ltd. through its subsidiary JBM Electric Vehicles Pvt Ltd.
JBM Green Energy Systems and JBM EV Industries are now indirect subsidiary companies of JBM Auto Ltd.
JBM Green Energy in engaged in manufacturing complete lithium-ion battery packs for EVs.
JBM EV Industries manufactures key aggregates and auto systems for EVs.
The stake acquisition is aimed at further consolidating JBM Auto's initiative of creating end-to-end E-mobility platform completely localised in India.
Source: Exchange Filing
Suryoday Small Finance Bank Rises The Most In Four Weeks
Shares of Suryoday Small Finance Bank Ltd. rose nearly 5.5%, the biggest intraday gain in four weeks, to Rs 153.95 after the company reported 11% rise in gross advances in Q3, according to its quarterly business update.
Gross Advances rose 11% QoQ to Rs 4,966 crore (numbers provisional)
Disbursements up 5% QoQ to Rs 1,121 crore
Total deposits up 1% QoQ to Rs 3,170 crore
Collection Efficiency at 108% in December 2021 vs 108% in September 2021.
Trading volume on the stock was nearly five times the 30-day average volume, at this time of the day.
Source: Exchange Filing, Bloomberg