Sensex, Nifty off day high; stocks of oil and gas in demand
Benchmarks came out of the day’s high by mid-morning, dragged down by auto stocks. However, banks and oil and gas stocks continued to support indexes. The Nifty slipped below the 17,850 mark.
At 11:30 am IST, the barometer index, the S&P BSE Sensex, climbed 298.38 points or 0.50% to 59,900.22. The Nifty 50 index jumped 94.40 points or 0.53% to 17,840.30.
Across the market, the S&P BSE Mid-Cap Index rose 0.58% while the S&P BSE Small-Cap Index gained 0.41%.
The scale of the market was strong. On BSE, 2,215 stocks rose and 1,035 stocks fell. In total, 105 shares remained unchanged.
Foreign portfolio investors (REITs) sold stocks worth Rs 1,926.77 crore, while domestic institutional investors (DII) were net buyers to the tune of Rs 800.91 crore in the Indian stock market on January 6, 2022, according to provisional data.
RBL Bank (down 1.14%) is under F&O ban for Friday January 7, 2022. Blackout securities under the F&O segment include companies in which the security has crossed 95% of the position limit at market scale.
The Nifty Oil & Gas index rose 0.90% to 7,676.50. The index lost 0.90% during the last trading session.
Oil India (up 8.67%), Oil & Natural Gas Corporation (ONGC) (up 2.39%), Gujarat State Petronet (GSPL) (up 2.06%), Hindustan Petroleum Corporation ( HPCL) (up 1.51%) and Reliance Industries (RIL) (up 1.07%) were the first winners in the Oil & Gas segment.
The RIL rose 1.07%. The company’s branch, Reliance Retail, has purchased a 25.8% stake in Dunzo. Dunzo, India’s leading fast-trade player, raised $ 240 million in its most recent fundraiser. Reliance Retail will hold a 25.8% stake on a fully diluted basis with an investment of $ 200 million. After this agreement, Reliance Retail will be Dunzo’s main shareholder.
The capital will be used to help Dunzo become the country’s largest fast-trading company. It will also allow instant delivery of essential products from a network of micro-warehouses. Dunzo is also looking to expand its B2B business vertical to enable logistics for local traders in Indian cities.
In addition to the financing, Dunzo and Reliance Retail will also enter into certain business partnerships. Dunzo will enable hyper-local logistics for retail stores operated by Reliance Retail, further adding to Reliance Retail’s omnichannel capabilities. Dunzo will also facilitate last mile deliveries for JioMart’s merchant network.
Macrotech developers rose 0.63%. Major real estate group Lodha, listed as Macrotech Developers, reported a strong operational update for the third quarter of FY22. The company’s presales amounted to Rs 2,608 crore, an increase of 40% year-over-year in the third quarter of fiscal 22. The company said this was its best quarterly performance in the past 12 quarters. Additionally, the estate agent’s UK investment projects recorded pre-sales of £ 191million (around Rs 1,910 crore) in the quarter.
Collections for the third quarter of FY22 were Rs 2,127 crore, up 44% year-over-year (year-over-year). On a sequential basis, collection increased 11% from Rs 1,912 crore posted at Q2 FY22. The real estate agent said it has entered into a joint development agreement for six additional new projects during the quarter for 4.8 million square feet of salable area in the eastern suburbs of Mumbai. The real estate company also reduced its net debt to Rs 9,925 crore in the third quarter of FY 22 for India, compared to Rs 12,477 crore in the second quarter of FY 22 and Rs 16,625 crore in the third quarter of fiscal year 21.
Kalyan Jewelers India gained 1.25%. The company said its consolidated revenue growth for the recently concluded quarter was around 17%. Kalyan Jewelers said it achieved annual revenue growth of over 15% for its operations in India in the last quarter.
The company said it has experienced strong footfall and revenue momentum over the past four quarters starting with the same period last fiscal year (Q3 FY2021). The positive pull has continued into this holiday season with a further easing of COVID-related restrictions across all of its markets in India and the Middle East, supported by increasing immunization levels and continued dynamism of feelings of consumers.
The company said its gross margin improved sequentially for the recently concluded quarter. The main drivers of margin expansion have been improvements in both market share and revenue share in non-southern markets. The company also saw an improvement in Gold Savings Scheme (GSS) enrollments sequentially, as well as compared to the same period of the previous year.
Most Asian stocks rose on Friday, after heavy losses in some regional markets the previous trading day, as investors continue to assess the impact of a potentially faster-than-expected political tightening by the U.S. Federal Reserve.
US stocks fell on Thursday to end a choppy trading day, following the massive sell-off of technology in the previous session. The Dow Jones Industrial Average lost 170.64 points, or 0.47%, to 36,236.47, the S&P 500 lost 4.53 points, or 0.10%, to 4,696.05 and the Nasdaq Composite lost lost 19.31 points, or 0.13%, to 15,080.87.
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