Market slides for 4th session, Nifty ends at 16,167.10; broader mkt slumps

The domestic equity benchmarks declined for the fourth straight session on Wednesday. The Nifty 50 index settled above 16,160 mark after hitting the day`s low of 15,992.60 in afternoon trade. Banks, financials and realty shares advanced. On the other hand, IT, autos and FMCG shares tumbled. The broader market witnessed a major selloff with the Nifty Smallcap 100 index correcting 2.91%.

The barometer index, S&P BSE Sensex fell 276.46 points or 0.51% at 54,088.39. The Nifty 50 index lost 72.95 points or 0.45% at 16,167.10. The 50-unit index has corrected 3.09% in four consecutive sessions.

In broader market, the S&P BSE Mid-Cap index shed 0.46% while the S&P BSE Small-Cap index lost 2.23%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 801 shares rose while 2,594 shares fell. A total of 119 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 2.24% to 22.8025.

Numbers to watch:

The yield on India`s 10-year benchmark federal paper fell to 7.215% as compared with 7.301% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 77.2475, compared with its close of 77.34 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.30% to Rs 50,737.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.33% to 103.58.

In the commodities market, Brent crude for July 2022 settlement rose 3.27% at $105.81 a barrel. The contract fell $3.48 or 3.28% to settle at $102.46 a barrel during the previous trading session.

Global Markets:

The Dow Jones Futures were up 288 points, indicating a positive start to the US market. Investors are looking ahead to U.S. inflation data for April on Wednesday.

European stocks advanced across the board while most Asian markets settled 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. Meanwhile, 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.

Buzzing Segment:

The Nifty Bank index rose 0.61% to 34693.15. The index has risen 1.22% in two sessions.

Axis Bank (up 2.46%), IndusInd Bank (up 1.66%), AU Small Finance Bank (up 0.97%), Kotak Mahindra Bank (up 0.94%), ICICI Bank (up 0.76%), Bank of Baroda (up 0.74%), State Bank of India (up 0.67%) and HDFC Bank (up 0.63%) advanced.

Stocks in Spotlight:

Cipla gained 1.21%. The drug major`s consolidated net profit fell 12.4% to Rs 362 crore on 14.2% increase in total revenue from operations to Rs 5,260 crore in Q4 March 2022 over Q4 March 2021. On a consolidated basis, EBITDA fell 4.2% year-on-year to Rs 763 crore in Q4 March 2022. EBITDA margin stood at 14.5% in Q4 March 2022, lower than 17.3% in Q4 March 2021.

Balaji Amines jumped 6.31%. The company`s consolidated net profit rose 29% to Rs 108.72 crore on 88% increase in revenue from operations to Rs 779.04 crore in Q4 FY22 over Q4 FY21. On the segmental front, revenue from amines & speciality chemicals was Rs 802.90 crore (up 84% YoY) while that from hotel division was Rs 5.38 crore (up 51% YoY) in Q4 FY22. Total expenses during the quarter doubled to Rs 597.92 crore. Profit before tax in Q4 FY22 stood at Rs 183.23 crore, up by 52% from Rs 120.27 crore in Q4 FY21.

Kansai Nerolac Paints declined 4.50%. 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) added 2.92%. 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 6.10%. 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 4.04%. MFSL 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 rallied 2.93%. 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 soared 8.70%. 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.

Adani Ports and Special Economic Zone fell 1.52%. The company`s board rescheduled its meeting to consider Q4 results to 24 May 2022. The meeting was earlier scheduled today, 11 May 2022.

IPO Update:

Prudent Corporate Advisory Services: The initial public offer received bids for 34,04,391 shares as against 60,18,689 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 May 2022). The issue was subscribed 57%.

The issue opened for bidding on Tuesday (10 May 2022) and it will close on Thursday (12 May 2022). The price band of the IPO is fixed at Rs 595-630 per share. The company will offer a discount of Rs 59 per share to eligible employees. The offer includes a reservation of shares worth upto Rs 6.50 crore for eligible employees. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Delhivery: The initial public offer received bids for 1,32,64,410 shares as against 6,25,41,023 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 May 2022). The issue was subscribed 21%.

The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 462-487 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

Venus Pipes and Tubes: The initial public offer received bids for 84,13,860 shares as against 35,51,914 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 May 2022). The issue was subscribed 2.37 times.

The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 310-326 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Powered by Capital Market - Live News