Sensex Gains 460 Points, Nifty Ends Above 18,450; Hindalco and Infosys Rally 5%

Mon, 18 Oct Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices extended their winning streak for the seventh straight day, ending at fresh record closing highs, led by gains in index heavyweights Infosys, ICICI Bank and ITC.

Investors shrugged off weakness in other Asian markets even as China's quarterly GDP growth hit a one-year low.

At the closing bell, the BSE Sensex stood higher by 460 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 139 points (up 0.8%).

Hindalco and Infosys were among the top gainers today.

M&M and HCL Technologies, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,482, up by 127 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.7%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector, power sector and IT sector witnessing most of the buying interest.

Healthcare and telecom stocks, on the other hand, witnessed selling pressure.

Shares of Bata India and Hindustan Aeronautics hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended up by 0.3%, while the Shanghai Composite ended down by 0.1%. The Nikkei ended down by 0.2% in today's session.

US stock futures are trading on a firm note today with the Dow Futures trading up by 278 points.

The rupee is trading at 75.34 against the US$.

Gold prices for the latest contract on MCX are trading on a flat note today at Rs 47,212 per 10 grams.

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In news from the finance sector, PNB Housing Finance was among the top buzzing stocks today.

Shares of PNB Housing Finance were locked at the 5% lower circuit at Rs 607.1 per share on the BSE today in an otherwise strong market, after the housing finance company called-off the Rs 40 bn deal with Carlyle-led group of investors.

The board of PNB Housing Finance decided not to proceed with a preferential issue of shares to investors led by Carlyle after the plan was delayed due to pending legal proceedings.

The share subscription agreements executed with the proposed allottees have been terminated. Carlyle's Pluto Investments will be initiating the process to withdraw the open offer for PNB Housing made at Rs 403.2 per share.

On 31 May 2021, the board of PNB Housing Finance had approved to raise Rs 40 bn through a preferential issue of equity shares and share warrants to a group of proposed allottees led by entities affiliated to the Carlyle Group Inc.

The board discussed that the proposed preferential issue has been held up for more than 4 months (after already having taken over two years), due to the pending legal proceeding before the securities appellate tribunal (SAT).

There continues to be no visibility or certainty as to the timeline for judicial determination of the legal issues, in particular as a third member of the SAT is yet to be appointed. The board further noted that due to the protracted litigation and the continuing interim order of the SAT dated 21 June 2021, there is no clarity on the shareholders' approval for undertaking the preferential issue.

The board's primary objective was to raise capital to support the growth of the company, and the board believes that the current situation is not in the best interests of the company and its stakeholders.

With today's fall, shares of PNB Housing Finance have slipped 34% from 52-week high level of Rs 924 touched on 8 June 2021.

PNB Housing Finance share price ended the day down by 5% on the BSE.

Moving on to news from the retailing sector...

Avenue Supermarts' Profit More Than Doubles in the September Quarter

Shares of Avenue Supermarts, which owns and operates retail chain D-Mart, hit fresh highs during the early trade today after reporting strong results for the second quarter ended September 2021.

However, the stock ended down over 7% amid profit-booking.

Avenue Supermarts on Saturday reported a two-fold increase in its consolidated net profit to Rs 4.2 bn for the second quarter ended September 2021. The company had posted a net profit of Rs 1.2 bn in the July-October quarter a year ago.

Its revenue from operations was up 46.8% to Rs 77.9 bn during the quarter under review as against Rs 53.1 bn in the same quarter of the last fiscal.

On a standalone basis, Avenue Supermarts' revenue from operations during the quarter was at Rs 76.5 bn, up 46.6%, in comparison to Rs 52.2 bn in the second quarter of 2020-21.

It revised its earnings before interest, taxes, depreciation, and amortization (EBITDA) estimates by around 15%, primarily led by margin improvement, as revenue recovery was largely factored in. This further provides D-Mart with added ammunition to compete.

Avenue Supermarts share price ended the day down by 7.5% on the BSE.

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

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