Key indices advanced during the week, snapping its five-week losing trend. Recovery in Asian stocks boosted sentiment. China's central bank cutting the 5-year loan prime rate ... Key indices advanced during the week, snapping its five-week losing trend. Recovery in Asian stocks boosted sentiment. China's central bank cutting the 5-year loan prime rate and easing of Covid-related restrictions also provided a major leg-up to the market. In the week ended on Friday, 20 May 2022, the Sensex gained 1,532.77 points or 2.9% to settle at 54,326.39. The Nifty 50 index advanced 484 points or 3.07% to settle at 16,266.15. The BSE Mid-Cap index rose 691.19 points or 3.17% to settle at 22,506.85. The BSE Small-Cap index rose 1035.54 points or 4.09% to settle at 26,351.29. Weekly Index Movement:

Trading for the week began on a positive note. The equity benchmarks ended with small gains on Monday. Value buying emerged after the market tumbled in the past six sessions. The barometer index S&P BSE Sensex rose 180.22 points or 0.34% to 52,973.84. The Nifty 50 index gained 60.15 points or 0.38% to 15,842.30.

The benchmark indices ended with strong gains on Tuesday amid wide spread buying support. Strong global cues boosted investors sentiment. The S&P BSE Sensex jumped 1344.63 points or 2.54% at 54,318.47. The Nifty 50 index gained 417 points or 2.63% at 16,259.30.

The key equity indices reversed intraday gains and ended with minor cuts on Wednesday. The barometer index, the S&P BSE Sensex, fell 109.94 points or 0.20% at 54,208.53. The Nifty 50 index lost 19 points or 0.12% to 16,240.30.

The domestic equity benchmarks tumbled on Thursday, amid weak global cues. Continuous selling by foreign investors coupled with mounting fears of an economic slowdown dented investors sentiment. The barometer index, the S&P BSE Sensex, tumbled 1,416.30 points or 2.61% at 52,792.23. The Nifty 50 index lost 430.90 points or 2.65% at 15,809.40.

The domestic equity benchmarks ended with blockbuster gains on Friday amid strong global cues. 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.

Stocks in Spotlight:

ITC jumped 8.24% to Rs 279.95. The company's standalone net profit rose 11.81% to Rs 4,190.96 crore on 16.49% increase in net revenue to Rs 15,331.48 crore in Q4 March 2022 over Q4 March 2021. EBITDA improved by 16.8% to Rs 5,224 crore in Q4 FY22 from Rs 4,473 crore in Q4 FY21. Profit before tax in the fourth quarter stood at Rs 5,442 crore, up by 12.1% from Rs 4,854 crore reported in the same period last year. The board recommended a final dividend of Rs 6.25 per share for the financial year ending 31st March 2022.

Bharti Airtel shed 0.25% to Rs 687.70. The telecom major reported a 164% jump in consolidated net profit to Rs 2007.8 crore on 22.3% in revenue from operations to Rs 31,500 crore in Q4 FY22 over Q4 FY21. The revenue grew on the back of strong and consistent performance across the portfolio. India revenue grew by 22.7% year on year to Rs 22,500 crore in Q4 FY22. Average revenue per user (ARPU) grew by 22.7% year on year to Rs 178 as compared to Rs 145 in Q4 FY21. Mobile revenues grew by 25.1% year on year.

Lupin slumped 8.32% to Rs 638.40. The company reported a consolidated net loss of Rs 518 crore in Q4 FY22 as against a net profit of Rs 460.4 crore in Q4 FY21. Income from operations rose by 2.8% YoY to Rs 3,864.5 crore during the quarter. While the total revenue from formulations was Rs 3,644.2 crore (up 4% YoY), the revenue from API was Rs 220.3 crore (down 13.8% YoY) in Q4 FY22.

Maruti Suzuki India rose 6.83% to Rs 7,587.20. The car major finalised land site for new manufacturing plant in Haryana. The first plant with a manufacturing capacity of 250,000 vehicles per annum is expected to be commissioned within the year 2025 subject to administrative approvals. In the first phase, the investment would be over Rs 11,000 crore.

NTPC rose 3.78% to Rs 149.50. The state-run power utility reported an 11.8% rise in consolidated net profit to Rs 5,199.5 crore on a 23.2% rise in net sales to Rs 37,085.07 crore in Q4 FY22 over Q4 FY21.

Economy:

India's inflation based on wholesale price index (WPI) stood at 15.08% in April 2022 compared with 10.74% in April 2021. The WPI came in at 14.55% in March 2021, while the figure for February was 13.11%.

"The high rate of inflation in April, 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the Ministry of Commerce & Industry said in a statement.

Global Markets:

On the macro front, Japan's economy shrank 1% on an annualized basis in January-March as compared with the previous quarter, data showed Wednesday.

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%.

In the US, consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.

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.

In the U.K., data showed inflation soared to a 40-year high of 9% in April as food and energy prices spiraled.