Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%
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Stock market highlights: After an hour’s trading in the negative zone, benchmark indices vaulted into the positive territory and held their gains through the day. The S&P BSE Sensex, which hit a high of 58,449 intra-day, closed at 58,410, up 491 points or 0.85 per cent.
The Nifty50 index, meanwhile, shut shop with gains of 126 points, or 0.73 per cent, at 17,312. The index hit a high of 17,328 during the day. The gains in the benchmark indices were led by SBI, NTPC, RIL, ICICI Bank, Bajaj Auto, SBI Life, Axis Bank, Bajaj Finserv, Dr Reddy’s Labs, IndusInd Bank, Maruti Suzuki, HUL, and Hero MotoCorp.
Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent, and Nifty IT index 0.3 per cent.
In the broader market, the Nifty MidCap index was up 0.24 per cent, while the Nifty SmallCap index added 0.5 per cent. Given this, the overall market breadth was mildly tilted towards sellers.
Electronics Mart India (EMIL) has made a strong market debut, with its shares listed at a 53 per cent prmium at Rs 90 as against its issue price of Rs 59 per share on the National Stock Exchange (NSE) on Monday. On the BSE, the stock opened at Rs 89.40, a 52 per cent premium over its issue price.
At 10:02 AM, EMIL traded 47 per cent higher at Rs 86.55, after hitting a low of Rs 83.30 in intra-day trade on the NSE. It hit intra-day high of Rs 91 on the NSE and BSE so far. Around 31.5 million equity shares have changed hands on the NSE at the counter.
“The electronic and consumer durable market is extremely competitive and has been disrupted by e-commerce players. Further, the company faces significant competition from players like Reliance Retail, Croma, etc. Therefore, we advise investors to lock in listing gains and only aggressive investors should consider making a long-term commitment to the company. Those who applied for listing gains can maintain a stop loss of Rs 77,” said Pravesh Gour, senior technical analyst at Swastika Investmart.
EMIL is the fourth largest and one of the fastest growing consumer durables and electronics retailers in India. EMIL is the largest regional organised player in the southern region in revenue terms with dominance in Telangana and Andhra Pradesh. The company registered a healthy revenue CAGR of around 17.9 per cent in FY16-21. EMIL has remained profitable even during the pandemic while its EBITDA margin has been in the range of 6-7 per cent over FY20-22.
Most of the brokerage had assigned a ‘Subscribe’ rating for EMIL IPO as valuations appeared reasonable considering the company’s strong and sustainable growth prospects and continued focus on maintaining balance of revenue growth with consistent margins in line with industry peers.
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