Sensex, Nifty Log Fourth Day Of Gains Aided By RIL, Bharti Airtel, M&M
India's stock benchmarks advanced, aided by gains in energy, telecom, auto, metal, power and realty stocks. This is the fourth consecutive session the S&P BSE Sensex and NSE Nifty 50 have logged gains. Focus shifts to information technology stocks as Tata Consultancy Services Ltd., Infosys Ltd. and Wipro Ltd. are scheduled to report their December quarter earnings post market hours.
The S&P BSE Sensex rose 0.88% to 61,150.04. This is the first time the 30-stock gauge closed above 61,000 in 10 weeks. This is also the highest close for Sensex since Nov. 26, 2021. The NSE Nifty 50 also advanced by similar magnitude to 18,212.35. This is the first time the 50-stock gauge close above 18,200 in 10 weeks. This is also the highest close for Nifty since Nov. 26, 2021.
Mahindra & Mahindra Ltd. had the largest increase, rising 4.7%. Today, 37 of 50 shares rose, while 13 fell.
The broader indices almost mirrored their larger peers with S&P BSE MidCap adding over 1% and S&P BSE SmallCap gaining 0.7%. Barring S&P BSE Healthcare and S&P BSE Consumer Durables, all the other 17 sectoral indices compiled by BSE Ltd. rose, with S&P Telecom gaining over 3% and S&P BSE Power, Energy and Utilities advancing over 2%.
The market breadth was skewed in the favour of bulls. About 1,839 stocks advanced, 1,609 declined and 82 remained unchanged.
"The Nifty has maintained a breakout continuation formation but profit booking at higher levels is not ruled out due to the extended rally in recent sessions", Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. wrote in a note and added that "the 18,100 level would be the key to watch out for and above the same the uptrend texture will continue up to 18,275-18,350. On the other hand, below 18,100, the market may trigger short-term correction up to 18,050-18,000 levels".
Bharti Airtel Shares Advance
Kolte-Patil Developers Posts 28% QoQ Growth in Sales Volume In Q3
Kolte-Patil Developers Ltd. has posted a 28% QoQ growth in sales volume in December quarter, according to its business update
Sales Volume up 28% QoQ to 0.83 million square feet
New area sales value up 31% QoQ to Rs 561 crore
Realisation up 2% QoQ to Rs 6,489 per square feet
Collections up 13% QoQ to Rs 421 crore
Shares of Kolte-Patil Developers rose over 5% in intraday trade. All the four analysts tracking the company maintained a 'buy' recommendation. The overall consensus price of analysts tracking by Bloomberg implied an upside of 33.4%.
Source: Exchange Filing, Bloomberg
Federal Bank Approves Raising Up To Rs 700 Crore Via Bonds
Federal Bank Ltd. has approved the issuance of Unsecured Basel III Tier-II subordinate bonds in the nature of debentures, amounting up to Rs 700 crore on a private placement basis, the company said in an exchange filing.
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