Domestic headline indices ended with blockbuster gains on Friday amid strong global cues. Strength in index heavyweight Reliance industries and HDFC twins catapulted the indices higher. All the sectoral indices on the NSE advanced with media, realty and metal index gaining the most. The Nifty ended above the 16,250 mark. The investor sentiments were boosted after China cut its key lending rates and India's Finance Minister projected 8.9% GDP growth for FY23.

As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 1,534.16 points or 2.91% at 54,326.39. The Nifty 50 index advanced 456.75 points or 2.89% at 16,266.15.

In the broader market, the S&P BSE Mid-Cap index rose 1.98% while the S&P BSE Small-Cap index added 2.13%.

Buyers outnumbered sellers. On the BSE, 2,525 shares rose and 828 shares fell. A total of 113 shares were unchanged.

RIL surged 5.77% to Rs 2622.15. HDFC Bank jumped 2.60% and HDFC rose 3.13%.

Buzzing Index:

The Nifty Media index surged 4.47% to 2,018.15, snapping its two-day losing streak. The index lost 3.94% in two trading sessions.

Sun TV Network Ltd (up 8.4%), Network 18 Media & Investments Ltd (up 6.74%), Inox Leisure Ltd (up 6.43%), PVR Ltd (up 5.09%) and TV18 Broadcast Ltd (up 3.9%) were the top gainers.

Earnings Impact:

Zydus Lifesciences surged 5.73% to Rs 358. The pharma company reported 41.5% fall in consolidated net profit to Rs 397.4 crore despite a 5.3% increase in total income from operations to Rs 3,863.8 crore in Q4 FY22 over Q4 FY21. EBITDA decliend by 15.5% to Rs 717.7 crore in Q4 FY22 from Rs 849.5 crore in Q4 FY21. EBITDA margin was 18.6% in Q4 FY22 as against 23.1% in Q4 FY21.

Container Corporation of India (CONCOR) slumped 4.55% to Rs 578.40. The PSU company reported a sharply higher consolidated net profit of Rs 257.56 crore in Q4 FY22 as compared to Rs 25.64 crore posted in Q4 FY21. Consolidated net sales rose 5.2% to Rs 2,057.56 crore in Q4 FY22 from Rs 1,956.69 crore reported in Q4 FY21. Profit before tax soared 744.9% to Rs 332.28 crore in Q4 FY22 from Rs 39.33 crore registered during the same period last year.

Hindustan Petroleum Corporation (HPCL) rose 2.22% to Rs 244. The company reported a 40.5% fall in standalone net profit to Rs 1,795.26 crore in Q4 FY22 from Rs 3,017.96 crore posted in Q4 FY21. Net sales surged 30.4% to Rs 97,226.51 crore for the quarter ended 31 March 2022 from Rs 74,544.62 crore posted in the corresponding quarter last year.

Gland Pharma fell 1.10% to Rs 3061.70. The company reported 10% rise in consolidated net profit to Rs 285.9 crore on a 24% increase in revenue from operations to Rs 1,103 crore in Q4 FY22 over Q4 FY21. The growth in consolidated revenue during the year was driven by the launch of new products and robust volume growth in existing products.

Ashok Leyland rallied 6.10% to Rs 130.40 after the company reported a sharply higher standalone net profit of Rs 901.37 crore in Q4 FY22 as compared to Rs 241.17 crore posted in Q4 FY21. Standalone revenue from operations stood at Rs 8744.29crore for the quarter ended 31 March 2022 as against Rs 7,000.49 crore during the same period in the previous year, registering a growth of nearly 25%.

Surya Roshni surged 10.89% to Rs 421.95 after the company's consolidated net profit rose 41.46% to Rs 82.81 crore on 33.66% increase in net sales to Rs 2,301.38 crore in Q4 March 2022 over Q4 March 2021. Net profit grew due to reduced finance costs and a healthy product mix of value-added products. On a consolidated basis, finance cost reduced 3.90% year-on-year (YoY) to Rs 15.05 crore in Q4 FY22.

Godrej Consumer Products (GCPL) tumbled 4.21% to Rs 761.80 after the company reported a consolidated net profit of Rs 363.24 crore in Q4 FY22, which is lower by 0.7% as compared with Rs 365.84 crore recorded in Q4 FY21. Revenue from operations rose 7% to Rs 2,894.15 crore in Q4FY22 over Q4FY21.

Hester Biosciences tumbled 2.33% to Rs 2,286.60 after the company reported 44% fall in standalone net profit to Rs 4.95 crore on a 20.4% decline in revenue from operations to Rs 50.25 crore in Q4 FY22 over Q4 FY21. On segmental front, revenue from vaccines slumped 20% to Rs 37.46 crore whereas revenue from health products jumped 29% to Rs 12.58 crore in Q4 FY22 over Q4 FY21.

Global Markets:

In the US, Dow Jones index futures were up 270 points, indicating a positive opening in the US stocks today.

Shares in Europe and Asia advanced on Friday after China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday (20 May 2022). This is its second reduction this year as Beijing seeks to revive the ailing housing sector to prop up the economy. China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%. The one-year LPR was unchanged at 3.7%.

Global investors continue to track the war in Ukraine and its geopolitical implications, which have fed into soaring energy and food prices worldwide. The World Food Programme has said failure to reopen Ukrainian ports would be a declaration of war on global food security. Finance ministers and central bankers from the Group of Seven leading industrial nations are currently meeting in Bonn, Germany, to discuss efforts to support Ukraine and global economic challenges arising from the conflict.

Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates. Shares of the networking gear maker slumped 13.73% as it lowered 2022 revenue growth outlook, taking a hit from Russia exit as well as component shortage due to China lockdowns.

New claims for U.S. unemployment benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 218,000 for the week ended 14 May 2022, the highest level since January, the Labor Department said on Thursday.

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