Nifty50: 18,125 ▲+10 (+0.05%)
Sensex: 60,967 ▲+145 (+0.24%)
With strong support from the banking stocks, the market snapped the four-day losing streak and ended in the green. Out of the Nifty50 pack, 39 stocks closed lower.
Among the Nifty sectoral indices, Bank (+2.1%) and Financial Services (+1.3%) were the top gainers and Realty (-2.7%) and Auto (-1.8%) were the top losers.
| Top gainers | Today's change |
| ICICI Bank | ▲ 11.5% |
| Axis Bank | ▲ 3.4% |
| ONGC | ▲ 2.7% |
| Top losers | Today's change |
| BPCL | ▼ 3.3% |
| Bajaj Finserv | ▼ 3.2% |
| SBI Life | ▼ 2.9% |
For more updates on F&O, click here.
Here are the top stories of the day.
Coforge falls, misses street's estimates
Shares of the IT company declined over 12% intraday as its September quarter net profit increased 21.6% sequentially to ₹146 crore but missed the street’s estimate of ₹165 crore. Its revenue increased by 7.4% to ₹1,569 crore.
The company said that its total order book executable over the next 12 months has expanded 40% year-on-year to about ₹5,165 crore. Meanwhile, in line with the industry trend, its attrition rate has jumped from 12.6% to over 15% within a quarter. In view of sustained deal wins and incremental business from its customers, the management has revised its FY22 revenue guidance upward from 19% growth to at least 22%. The stock recovered from day’s lows to close about 6% lower
Tatva Chintan soars on robust Q2 results
The Gujarat-based specialty chemical maker’s consolidated net profit increased by 825% year-on-year to ₹32 crore in the September quarter. The strong growth in the bottom line was supported by a 106% rise in the revenue to ₹123.6 crore.
The shares of the company have soared by 114% against the issue price of ₹1,083 per share. The company had made a stellar debut on the stock exchanges in July ‘21, listing a premium of 95%. Meanwhile, the shares of Tatva Chintan Pharma pared some of its early gains and closed 8.5% higher.
Global oil prices at 7-year high
US crude oil prices hit a seven-year high level and inched closer to $85 per barrel. This comes as the global supply remains tight and the demand rises due to economic recovery after the second wave.
Oil prices have also strengthened because of concerns over ongoing coal and gas shortages in China, India and Europe. This has also led to a rise in the demand of diesel and oil. Meanwhile, WTI crude has registered a gain of over 12% so far this month
Closing bell
The market showed a peculiar movement today. After an initial weakness, markets turned positive and remained sideways for most part of the day. Despite a positive closing, the market breadth was extremely weak with 39 stocks in the Nifty50 ending in the red. ICICI Bank (+11.5%), which has about 6% weightage in Nifty50, almost single-handedly helped the index to stay afloat. With no major data releases this week, expect the markets to witness stock specific movements based on September quarter results.
Good to know
What is gross profit margin?
Gross profit margin is a financial metric, which helps in assessing the profitability of a company. Gross profit can be calculated by subtracting costs of goods sold (COGS) from the revenue or sales. The COGS includes direct costs such as raw material and labour. A higher gross profit margin indicates that a company is efficiently producing goods. Investors can compare gross profit margins of companies in the same industry to understand which firms are operating efficiently.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.