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Benchmarks hit fresh intraday low; European shares advance

Published on May 11, 2022 13:29

The domestic equity barometers declined further and hit fresh intraday low in afternoon trade. The Nifty traded tad above the 16,000 mark. Shares across sectors declined with PSU banks, IT and metal stocks falling the most.

At 13:28 IST, the barometer index, S&P BSE Sensex declined 663.27 points or 1.22% to 53,909.46. The Nifty 50 index fell 223.85 points or 1.38% to 16,016.20.

In the broader market, the S&P BSE Mid-Cap index slipped 1.77% while the S&P BSE Small-Cap index tumbled 3.66%.

The market breadth was weak. On the BSE, 442 shares rose while 2,870 shares fell. A total of 120 shares were unchanged

Stocks in Spotlight:

Cipla added 0.86% to Rs 934.20. The company reported 12% fall in consolidated net profit to Rs 362 crore on a 14% rise in total revenue from operations to Rs 5260 crore in Q4 FY22 over Q4 FY21.

Vodafone Idea fell 2.40% to Rs 8.53. The teleco reported consolidated net loss of Rs 6563.10 crore in Q4 FY22 as compared to net loss of Rs 7230.90 crore in Q4 FY21. Total revenue rose to Rs 10239.50 crore in Q4 FY22 from Rs 9717.30 crore in Q4 FY21.

Kansai Nerolac Paints declined 4.66% to Rs 411. The company reported 80.1% drop in consolidated net profit to Rs 24.73 crore in Q4 FY22 from Rs 124.28 crore in Q4 FY21. Net sales during the quarter increased by 5.3% YoY to Rs 1,536.60 crore.

Mahanagar Gas (MGL) rose 1.84% to Rs 761.90. MGL reported 38.1% fall in net profit to Rs 131.80 crore on a 51.4% increase in net revenue from operations to Rs 1,086.77 crore in Q4 FY22 over Q4 FY21. As compared with Q3 FY22, the company`s net profit and net revenue from operations are higher by 132.08% and 5.74%, respectively.

Gujarat Gas jumped 4.78% to Rs 530.80. The company reported 30.5% jump in standalone net profit to Rs 453.28 crore on a 36% rise in net sales to Rs 4,669.39 crore in Q4 FY22 over Q4 FY21.

Max Financial Services (MFSL) advanced 3.90% to Rs 728.40 after the company reported an 88.8% rise in consolidated net profit to Rs 117.68 crore despite an 8.2% fall in total income to Rs 8962.31 crore in Q4 FY22 over Q4 FY21.

Zensar Technologies gained 1.37% to Rs 289.30. The IT company reported a 42.8% rise in consolidated net profit to Rs 129.90 crore on a 4.7% increase in net sales to Rs 1153.80 in Q4 FY22 over Q3 FY22.

Kalyan Jewellers India fell 4.69% to Rs 55.90 after the company`s consolidated net profit fell 2.55% to Rs 72.29 crore on 6.53% decline in net sales to Rs 2,857.06 crore in Q4 March 2022 over Q4 March 2021.

Prism Johnson declined 3.06% to Rs 100.40 after the company reported 87.4% drop in consolidated net profit to Rs 19.85 crore in Q4 FY22 from Rs 157.42 crore in Q4 FY21. Revenue from operations during the quarter was at Rs 1,853.87 crore, marginally higher as compared with same period last year.

Global Markets:

European stocks advanced across the board while Asian markets mostly traded higher on Wednesday.

The producer price index (PPI) in China rose 8% year-on-year, the National Bureau of Statistics (NBS) said in a statement on Wednesday, following an 8.3% rise in March.

Consumer inflation also rose more than expected. The consumer price index (CPI) gained 2.1% from a year earlier, the fastest pace in five months, speeding up from 1.5% growth in March.

In Europe, German inflation in April rose to an annual 7.4%, its highest print since 1981.

Investors are looking ahead to U.S. inflation data for April on Wednesday which is reportedly expected to come in slightly below March`s 8.5% and could signal that inflation has reached a peak.

Recent market volatility has been driven by investor concerns over rising interest rates and question marks over how aggressively the Federal Reserve will act to curb rising inflation. In addition, investors continue to monitor the ongoing conflict in Ukraine and lockdowns in China.

In US, the S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day`s selloff as Treasury yields tumbled. Bank shares fell along with yields.

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