Indian shares are up in positive territory Friday morning, extending gains from the previous session, thanks to positive global cues and on optimism about another batch of impressive earnings updates from top notch companies.
The benchmark BSE Sensex, which dropped to 57,544.48 after climbing to 57,902.83 in early trades, was up 237.43 points or 0.41% at 57,758.49 a little while ago.
The National Stock Exchange’s Nifty index is up 65.55 points or 0.38% at 17,310.60. The index briefly slipped into negative territory after advancing to 17,349.30.
Dr Reddy’s Laboratories is gaining 2.6% ahead of results. Sun Pharmaceutical Industries is up 2.3%. Tata Steel is moving up 2.1% and Kotak Bank is gaining 1.6%.
HDFC Life is surging up 3.2%. IndusInd Bank, HDFC Bank, Bajaj Finserv, HDFC, Mahindra & Mahindra, ICICI Bank, Bharti Airtel, Shree Cement and Tata Consumer Products are up 1 to 1.5%.
Axis Bank is down more than 4% despite reporting a sharp surge in net profit and a drop in NPAs in the fourth quarter. The bank reported a net profit of Rs 4,118 crore for the quarter ended March 2022, up 54% over a net profit of Rs 2,677 crore it had posted in the corresponding quarter last year.
Power Grid Corporation is lower by about 1.4%. Wipro is down 1.3%
Vedanta’s consolidated net profit dropped 9.84% to Rs 5,799 crore in the January – March 2022 quarter, compared to a year ago. After dropping initially, the stock moved into positive territory and is gaining about 1%.
Shriram Transport Finance is up nearly 7.5% after the company reported a 44% surge in net profit at Rs 1,086.13 crore in the fourth quarter, compared to a year ago.
Piramal Enterprises Ltd shares are up nearly 3% after the company announced that it is planning to raise up to Rs 700 crore through issue of non-convertible debentures on private placement basis.
Market Analysis
Sensex, Nifty Extending Gains As Stocks Move Higher On Earnings Optimism
2022-04-29 05:40:40
