Indian shares are up firmly in positive territory Thursday morning with investors indulging in some brisk buying at several counters, reacting to fairly buoyant quarterly earnings updates.
Positive lead from Asian markets also contributes to the firm sentiment in the market.
The benchmark BSE Sensex, which soared to 57,296.44 earlier in the morning, gaining nearly 480 points in the process, has pared some gains subsequently but remains well placed in positive territory at 57,050.57, up 231.18 points or 0.41% from the previous close.
The broader Nifty index of the National Stock Exchange is up 63.85 points or 0.37% at 17,102.25, after having climbed to 17,189.50 earlier.
Hindustan Unilever is gaining about 3%. Hindustan Unilever’s consolidated net profit for the fourth quarter came in at Rs 2,307 crore, which was up 5.3% compared to its net profit in the corresponding quarter a year earlier.
Asian Paints is up 2.3%. Reliance Industries, Sun Pharmaceutical Industries, Power Grid Corporation, Maruti Suzuki, UPL, Eicher Motors, HeroMoto Corp, SBI Life and Larsen & Toubro are up 1 to 1.5%.
Infosys, ITC, Nestle, Dr Reddy’s Laboratories and Ultratech Cement are up with modest gains.
HCL Technologies and Bajaj Finance are down 2% and 1.6%, respectively. Bajaj Finserve is down 1.1%, while Tech Mahindra, TCS and HDFC Bank are down with modest losses.
ONGC announced that it has signed a memorandum of undrstanding with Norwegian state-owned multinational energy firm Equinor ASA, for collaboration in the field of upstream oil and gas, midstream, marketing and trading. The tie-up will also see the companies exploring options in low carbon fuel, renewables and carbon capture utilization and sequestration opportunities in India. ONGC shares are down by about 0.5%.
Bajaj Auto is down after reporting a drop in earninngs. The automobile major reported consolidated net profit of Rs 1,526 crore for the fourth quarter ended March 2022, down 2% from a year ago.
Indian Hotels Limited shares are up nearly 4% after the company reported a net profit of Rs 71.57 crore in the fourth quarter ended March 2022, as against net loss of Rs 97.72 crore in the year-ago quarter.
Mahindra Lifespace Developers posted a net profit of Rs 154.5 crore for financial year 2021-22, as against a net loss of Rs 71.7 crore a year earlier. The stock is up more than 2%.
Market Analysis
Sensex, Nifty Pare Some Gains After Buoyant Start; HUL Rises On Strong Results
2022-04-28 05:49:29
