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Barometers pare losses; Nifty regains 17,300 level

Published on Apr 22, 2022 11:39

The benchmark indices came off day`s low during mid-morning trade. Barring media scrips, the sectoral indices on the NSE were in red. The Nifty index re-claimed 17,300 mark. Sentiment was dented after Federal Reserve Chair Jerome Powell hinted a two or more half percentage-point interest-rate increases in the upcoming policy meeting.

Meanwhile, oil prices rose on Thursday, buffeted by concerns about tightened supply as the European Union (EU) mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade.

At 11:30 IST, the barometer index, S&P BSE Sensex declined 261.71 points or 0.45% at 57,649.97. The Nifty 50 index shed 90.35 points or 0.52% at 17,302.25.

The S&P BSE Mid-Cap index slipped 0.05%. The S&P BSE Small-Cap index rose 0.40%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,703 shares rose while 1,520 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 713.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,823.43 crore in the Indian equity market on 21 April 2022, as per provisional data showed.

COVID-19 Update:

India recorded 2,451 new COVID-19 cases and 54 deaths on Friday, according to the Union Ministry of Health and Family Welfare. The active cases increased to 14,241 while the recovery rate remained unchanged at 98.75%.

Results Today:

Aditya Birla Money (up 1.43%), Hindustan Zinc (up 0.74%), Tata Metaliks (up 1.06%), Tejas Networks (down 1.58%) and Wendt (India) (up 0.83%) will release quarterly earnings on 22 April 2022. Meanwhile, ICICI Bank (down 1.23%) will announce its quarterly earnings on 23 April 2022.

Crypto Market:

Among the popular crypto currencies, Tether (USDT) (up 0.72%) advanced.

However, Doge Coin (Doge) (down 1.64%), Binance Coin (BNB) (down 1.58%), Ethereum (ETH) (down 1.55%) and Bitcoin (BTC) (down 1.34%) and declined.

Buzzing Index:

The Nifty Financial Services index fell 0.74% to 16,833.75. The index added 1.54% in the past trading session.

Among the components of the Nifty Financial Services index, ICICI Lombard General Insurance Company (down 4.86%), State Bank of India (SBI) (down 1.97%), HDFC Life Insurance Company (down 1.87%), Axis Bank (down 1.77%) and Shriram Transport Finance Company (down 1.62%) were the top losers.

Among the other losers were Kotak Mahindra Bank (down 1.31%), ICICI Bank (down 1.23%), Bajaj Finserv (down 1.23%), Cholamandalam Investment & Finance Company (down 1.09%) and SBI Life Insurance Company (down 0.99%).

On the other hand, SBI Cards & Payment Services (up 3.12%), Bajaj Finance (up 0.63%) and Housing Development Finance Corporation (HDFC) (up 0.28%) edged higher.

ICICI Lombard General Insurance Company shed 0.54%. The company`s net profit for the quarter ended 31 March 2022 declined 9.6% to Rs 312.51 crore. The company had reported a net profit of Rs 345.68 crore in the same period of the previous fiscal. Total income increased by 32.3% YoY to Rs 4,801.32 crore in Q4 FY22.

Gross Direct Premium Income (GDPI) of the company stood at Rs 4,666 crore in Q4 FY22 as against Rs 3,478 crore in Q4 FY21, up 34.2% YoY. Excluding crop segment, GDPI of the company was at Rs 4,655 crore in Q4 FY22 as compared with Rs 3,478 crore in Q4 FY21, up 33.8% YoY.

Capital gains were at Rs 136 crore in Q4 FY22 as against Rs 66 crore in Q4 FY2021. The combined ratio stood at 103.2% in Q4 FY22 as against 101.8% in Q4 FY21. Profit before tax (PBT) in Q4 FY22 stood at Rs 410 crore, down by 8.8% from Rs 450 crore in Q4 FY21. The general insurer reported 13.7% fall in net profit to Rs 1,271.01 crore despite 32.8% rise in total income to Rs 16,836.02 crore in FY22 over FY21.

Earnings in Spotlight:

Cyient surged 6.17%. The IT firm`s consolidated net profit rose 17% to Rs 154.20 crore while revenue declined 0.19% to Rs 1,181.20 crore in Q4 FY22 over Q3 FY22. Compared with Q4 last year, adjusted net profit rose 49.56% while topline rose 8.06% in the last quarter. It reported highest ever group EBIT of Rs 170.8 crore, with a margin of 14.5%. In Dollar terms, the group revenue stood at $156.7 million, growth of 4.6% YoY and de-growth of 0.8% QoQ (0.4% in CC).

For the financial year 2021-22, the company posted a net profit of Rs 522.4 crore, a growth of 40.6%. It reported a revenue of Rs 4,534.4 crore in the year, a growth of 9.7%. It reported highest ever group EBIT at Rs 629.7 crore, an increase of 51.3% YoY. The group`s order intake for FY22 stood at Rs 5,454.3 crore, a YoY growth of 8%.

Rallis India skid 6.83%. The company reported a consolidated net loss of Rs 14.19 crore in Q4 FY22 as against a net profit of Rs 8.12 crore posted in Q4 FY21. Net sales grew by 7.7% to Rs 507.54 crore in Q4 FY22 from Rs 471.26 crore posted in Q4 FY21. On a sequential basis, net sales declined 19.1% to Rs 507.54 crore in Q4 FY22 over Q3 FY22. Rallis India posted a pre-tax loss of Rs 16.24 crore in Q4 FY22 as against a profit before tax of Rs 8.12 crore recorded in Q4 FY21.

The Tata Group company reported an 25.9% fall in consolidated net profit to Rs 164.20 crore in financial year ended 2022 over financial year ended 2021. Gross revenue rose 7.2% to Rs 2,603.93 crore in FY22 over FY21.

Global Markets:

Most Asian stocks were trading lower on Friday as investors watch for market reaction to overnight remarks from U.S. Federal Reserve Chairman Jerome Powell.

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation.

Powell hinted at more aggressive rate hikes ahead by the central bank as it seeks to bring down inflation. He said the Fed is committed to hiking rates �expeditiously� to tame inflation. �I would say 50 basis points will be on the table for the May meeting,� Powell said.

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