A man touches a bronze bull statue at the Bombay Stock Exchange (BSE) in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
India’s stock benchmarks advanced, aided by gains in Reliance Industries Ltd., HDFC Ltd., HDFC Bank Ltd. and auto stocks. This is the second consecutive session in which the Sensex and Nifty added over 1%. This is also the best day for the measures in over two weeks.
The S&P BSE Sensex rose over 1.5% to 57,911.68. The 30-stock gauge added over 950 points to an intraday high of 57,991.53. The NSE Nifty 50 advanced by similar magnitude to 17,392.60.
The move was the biggest since rising 2.2% on April 4.Eicher Motors Ltd. had the largest increase, rising 4.5%. Today, 42 of 50 shares rose, while 8 fell.
The broader indices underperformed their larger peers, with both S&P BSE MidCap and S&P BSE SmallCap rising 1.3%. Barring S&P BSE Metal, all the other 18 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Auto index gaining over 2%.
The market breadth was skewed in the favour of bulls. About 2,309 stocks advanced, 1,109 declined and 103 remained unchanged.
Supreme Court Directs Status-Quo On Interim Order Of Bombay High Order Asking Uber India To Apply For License
Supreme Court issues notice on Uber India’s appeal against Bombay High Court order asking it to apply for a license.
Supreme Court has directed status-quo on the interim order of the high court.
On March 7, the high court had directed cab aggregators such as Ola, Uber to apply for licences as per Motor Vehicles (Amendment) Act to carry on business
Rupee Little Changed, 10-Year Yield Rises
Tata Elxsi Rises Most In Three Weeks On Sequential Growth In Q4 Net Profit, Revenue
Shares of Tata Elxsi rose nearly 5%, the most in nearly three weeks after the company reported sequential growth in net profit and revenue in quarter-ended March, post market hours on Wednesday.
Trading volume was twice the 30-day average at this time of the day.
Tata Elxsi Q4 FY22 (Consolidated, QoQ)
Net profit up 6% to Rs 160.01 crore vs Rs 150.95 crore
Revenue up 7.29% to Rs 681.74 crore vs Rs 635.41 crore
EBITDA up 4.92% to Rs 218.07 crore vs Rs 207.84 crore
EBITDA margin at 31.9% vs 32.7%
Dividend of Rs 42.50 per equity share announced
Source: Exchange filing, Bloomberg
HDFC AMC On Course For Longest Ever Losing Streak
Shares of HDFC Asset Management Co. fell for 11th day in a row, on course for longest losing streak since the company went public on Aug. 6, 2018.
The stock has shed 11% over the past 11 sessions compared to 4.6% loss for Sensex.
The company is scheduled to report its March-quarter earnings on April 27.