Sensex Rallies 702 Points, Nifty Ends Above 17,200; FMCG & Power Stocks Witness Buying

Thu, 28 Apr Closing

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Indian share markets ended on a strong note today after extending early gains tracking positive global cues.

At the closing bell, the BSE Sensex surged 702 points, ending 1.2% higher.

Meanwhile, the NSE Nifty added 207 points, ending near 17,250.

HUL, Asian Paints, and NTPC were among the top gainers today.

Bharti Airtel, M&M, and HCL Technologies were among the top losers today.

India's most valued firm Reliance Industries surpassed market capitalisation milestone of US$250 bn for the first time with shares hitting a record high today.

In broader markets, the BSE Mid Cap index ended 0.8% higher while the BSE Small Cap index ended up by 0.1%.

Among sectoral indices, FMCG, power, auto, and capital goods witnessed most of the buying.

Shares of Fine Organic Industries and CRISIL hit their 52-week high today.

Outside the home ground, Asian share markets ended on a positive note as investors cheered solid corporate earnings on Wall Street.

At the close in Tokyo, the Nikkei 225 was up 1.8%% while the Hang Seng rose by 1.1%. The Shanghai Composite added 0.6%.

The SGX Nifty was trading 0.9% higher at the time of writing.

Gold prices are currently trading down by 0.1% at Rs 51,140 per 10 grams while silver is down 1% at Rs 64,090 per kg.

The rupee is trading at 76.56 against the US$.

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Moving on to stock specific news, Reliance industries signed an agreement with Restaurateur Rohit Khattar's company to take its flagship restaurant Indian Accent to Mumbai.

Indian Accent is owned and operated by EHV which is part of the Old World Hospitality group. The group also has other brands like Chor Bizarre, The All American Diner, Eatopia under its umbrella.

Indian Accent features on the list of Asia's 50 best restaurants and began operations in 2009.

Indian Accent Mumbai will open by the end of the year and will be located near the Dhirubhai Ambani Square at Jio World Centre in Bandra Kurla Complex.

On the agreement, Rohit Khattar, said:

• Indian Accent has a very loyal clientele of discerning guests from Mumbai. We are thrilled to be able to bring the Indian Accent experience to Mumbai and look forward to it embracing us as warmly as New Delhi and New York have.

Shares of Reliance Industries ended 1.5% higher on BSE today.

Over the past month, Reliance Industries, which soared 7.5%, has outperformed both the Indian benchmark indices, BSE Sensex and Nifty which are down 0.7% and 0.5% over the same period.

Moving on to another stock-specific news, Varun Beverages announced a bonus issue of 1:2.

Along with reporting the March quarter results, the board of Varun Beverages approved the bonus issue of equity shares in the proportion of one for every two held by investors.

The company is yet to announce the record date but confirmed that bonus shares will be issued within two months from the date of board approval (27 April 2022). Although shareholder approval for the same is yet to be received.

Coming to quarterly results, Varun Beverages follows the January to December financial year.

The PepsiCo maker reported a 26% year-on-year (YoY) rise in revenue from operations at Rs 28.7 bn for the March quarter compared with Rs 22.7 bn.

Despite the third wave of Covid-19 in January 2022, the company's total sales volume increased by 19% in the quarter under review to 180 m cases compared to 151 m cases in the same quarter last year.

Consolidated bottom-line zoomed 98% to Rs 2.7 bn during the first quarter, up from Rs 1.4 bn last year.

Commenting on the strong results, chairman Ravi Jaipuria said:

• On the demand front, we are seeing a solid uptick in consumption. The summer season in the domestic market has begun well.
  
  As we enter the peak months, we are well prepared to cater to the anticipated demand by optimizing our capacity utilization across all our plants and further enhancing our reach across established and underpenetrated markets.

Varun Beverages share price ended 2.8% higher today.

To know more about the company, check out Varun Beverages's financial factsheet and its latest quarterly results.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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