Slide of the markers for the 2nd day; Nifty owns the 17k mark

Equity benchmarks ended with small losses on Monday, extending losses for the second day. The Nifty managed to close above the 17,050 level after hitting the low of the day at 16,917.25 in early trading. Metals, private banks and media stocks supported the indices while autos, IT and consumer durables lagged.

The barometer index, S&P BSE Sensex fell 84.88 points or 0.15% to 56,975.99. The Nifty 50 index fell 33.45 points or 0.20% to 17,069.10.

The rise in the dollar index, continued selling of domestic equities by FIIs and firmness in commodity prices put pressure on the stock exchanges. However, India’s robust GST collection and improving manufacturing PMI for April supported sentiment.

The broader market ended with more losses than the frontline indices. The S&P BSE Mid-Cap Index fell 0.47% while the S&P BSE Small-Cap Index fell 0.87%.

The scope of the market was small. On BSE, 1,235 shares rose while 2,228 shares fell. A total of 181 stocks remained unchanged.

The NSE’s Indian VIX, a gauge of near-term market volatility expectations, rose 4.46% to 20.2825.

The national stock market will remain closed tomorrow, May 3, 2022, due to Ramzan Eid.

Indian manufacturing PMI:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 54.7 in April from 54 in March. The indices range between 0 and 100, with a reading above 50 indicating an overall increase from the previous month, and below 50 an overall decrease.

GST collection in India:

Gross Goods and Services Tax (GST) revenue collection in India hit an all-time high of Rs 1,67,540 crore in April 2022. Out of the total GST collection in April this year, the central tax on goods and services, CGST collection is 33,159 crore, State Goods and Services Tax, SGST is 41,793 crore, Integrated Goods and Services Tax, IGST is 81,939 crore and tax is 10,649 crores.

April 2022 revenues are 20% higher than GST revenues for the same month last year. During the month, revenue from importing goods was 30% higher and domestic transaction revenue was 17% higher than revenue from these sources in the same month last year.

Numbers to watch:

The yield on the benchmark 10-year Federal paper fell to 7.122% from its previous close of 7.139%.

On the foreign exchange market, the rupee appreciated slightly against the dollar. The partially convertible rupee was hovering at 76.455, down from its close of 76.5 in the previous trading session.

MCX Gold futures for June 3, 2022 settlement slid 1.34% to Rs 51,063.

The US dollar index (DXY), which tracks the value of the greenback against a basket of currencies, rose 0.36% to 103.33.

In the commodities market, Brent crude for the June 2022 settlement fell $2.96 or 2.76% to $104.18 a barrel.

Global Markets:

The Dow Futures rose 146 points, indicating a positive start to the US market today.

Most European markets fell as investors watched monetary policy, inflation data and sharp moves on Wall Street.

Meanwhile, global investors continue to monitor the war in Ukraine and its geopolitical implications. European leaders are expected to work on a Russian oil embargo this week. Over the weekend, the United Nations and the International Committee of the Red Cross began evacuating civilians from the besieged port city of Mariupol. This operation should continue on Monday.

Most Asian markets closed higher on Monday, with data released over the weekend showing Chinese factory activity contracted in April. Markets in Hong Kong, mainland China, Singapore and Taiwan are closed Monday for a public holiday.

Chinese factory activity contracted at a faster rate in April as Covid lockdowns hit industrial production. The official manufacturing purchasing managers’ index for April fell to 47.4, a second straight month of contraction after March’s reading of 49.5, data from the National Bureau of Statistics showed on Saturday.

A private survey also showed a contraction in Chinese factory activity, with the Caixin/Markit manufacturing PMI coming in at 46, down from the previous month’s reading of 48.1.

Wall Street slid to its biggest daily losses since 2020 on Friday, as Amazon slumped following a dismal quarterly report, and the biggest rise in monthly inflation since 2005 spooked already worried investors of rising interest rates.

April auto sales:

Eicher Motors fell 3.07%. The company’s unlisted subsidiary, VE Commercial Vehicles (VECV) sold 5,525 commercial vehicle units in April 2022, up 157.6% year-on-year.

Separately, Eicher Motors reported a 17% increase in total motorcycle sales in April 2022 to 62,155 units from 53,298 units sold in April 2021.

Bajaj Auto fell 2.75% after the company reported a 20% drop in total sales to 3,10,774 units in April 2022 from 3,88,016 units sold in April 2021.

Maruti Suzuki India fell 1.18%. The automaker’s total sales fell 6% to 150,661 units in April 2022 from 159,691 units sold in April 2021.

Mahindra & Mahindra (M&M) fell 0.14%. The company’s overall auto sales for the month of April 2022 were 45,640 vehicles, up 25% from April 2021.

Total M&M’s farm equipment tractor sales (domestic + exports) in April 2022 were 40,939 units, compared to 27,523 units sold in April 2021, registering a growth of 49%.

Tata Motors fell 1.10%. The Tata Group company’s domestic and international market sales for April 2022 amounted to 72,468 vehicles compared to 41,729 units in April 2021, up 73.66% year-on-year.

Escorts decreased by 3.20%. The tractor maker’s sales jumped 19.3% year-on-year to 8,325 units in April 2022 from 6,979 units sold in April 2021.

Ashok Leyland fell 0.86%. Total commercial vehicle (CV) sales of the Hinduja Group company jumped 42% to 11,847 units in April 2022 from 8,340 units sold in April 2021.

Hero MotoCorp fell 0.57%. Total sales for the two-wheeler major jumped 12.4% to 4,18,622 units in April 2022, from 3,72,285 units sold in April 2021.

TVS Motor Company fell 0.71%. The company’s monthly sales were 2,95,308 units in April 2022 compared to sales of 2,38,983 units sold in April 2021, registering a 24% year-over-year growth.

Revenue impact:

HDFC rose 1.55%. The housing finance major’s standalone net profit increased by 16.37% to Rs 3,700.32 crore on a 5.13% increase in total income to Rs 12,308.46 crore in the fourth quarter of March 2022 compared to the fourth quarter of March 2021. Housing Development Finance Corporation (HDFC) pre-tax profit for the fourth quarter of March 2022 stood at Rs 4,622 crore compared to Rs 3,924 crore in the corresponding quarter of the previous year, which represents a growth of 18%. Net interest income (NII) for the fourth quarter of March 2022 stood at Rs 4,601 crore compared to Rs 4,027 crore in the previous year, representing a growth of 14%.

IndusInd Bank jumped 4.17% after the bank reported a 55.4% rise in standalone net profit to Rs 1,361.37 crore on a 6.1% rise in total revenue to Rs 9,761.89 crore in Q4 FY22 compared to Q4 FY21. The bank’s consolidated net profit for the quarter ended March 31, 2022 was Rs 1,401 crore compared to Rs 926 crore in the corresponding quarter a year earlier, up 51% year-on-year.

Just Dial fell by 4.93% after the company’s consolidated net profit fell by 34.32% to Rs 22.05 crore on a 5.13% drop in net sales to Rs 166.67 crore in Q4 March 2022 compared to Q4 March 2021. Adjusted operating EBITDA, excluding ESOP expenses, stood at Rs – 0.8 crore in Q4 FY22 compared to Rs 41.5 crore in Q4 FY21. Profit before tax (PBT) fell by 47.33% to Rs 20.50 crore in Q4 FY22 compared to Q4 FY21.

Can Fin Homes jumped 8.33% after the company’s net profit rose 19.85% to Rs 122.93 crore on a 20.10% rise in total revenue to Rs 561.30 crore in the fourth quarter of March 2022 compared to the fourth quarter of March 2021. Profit before tax (PBT) increased by 15.72% year-on-year to Rs 164.34 crore in Q4 FY22. The company’s net interest income increased by 28% to Rs 237.28 crore in the fourth quarter of March 2022 compared to the fourth quarter of March 2021. Outstanding loans increased by 21% to Rs 26 Rs 711 crore during the reporting period.

Tata Chemicals jumped 9.89% after the Tata Group company reported substantial growth in consolidated net profit (from continuing operations) of Rs 470.24 crore in Q4 FY22 compared to net profit of Rs 29.26 crore in Q4 FY21. Operating revenue stood at Rs 3,480.67 crore in Q4 FY22 against Rs 2,636.21 crore in the same period of the previous year, registering a growth of 32.03%. Operating performance reflects increased volumes, achievements and favorable market conditions.

HFCL lost 8.82% after the company recorded a 22.9% drop in consolidated net profit to Rs 65.32 crore for the quarter ended March 2022 from Rs 84.68 crore in the quarter ended March 2021. Net sales in the fourth quarter amounted to Rs 1,182.98 crore, down 15% from Rs 1,391.40 crore compared to the same period last year. Pre-tax profit fell by 21.1% to Rs 93.35 crore in the fourth quarter of March 2022 from Rs 118.24 crore in the fourth quarter of March 2021.

Yes Bank rose 1.17% after the bank reported a net profit of Rs 367.46 crore in the fourth quarter of FY22 compared to a net loss of Rs 3,787.75 crore in the fourth quarter of FY21. Total Private Banking revenue increased by 21.3% to Rs 5,829.22 crore in the fourth quarter of FY22 compared to the fourth quarter of FY21. The bank has recorded a pre-tax profit of Rs 503.19 crore in the fourth quarter of FY22, compared to a pre-tax loss of Rs 5,054.71 crore in the fourth quarter of FY22.

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