Sensex, Nifty at day`s low, weak market breadth

The key equity indices hit intraday low in morning trade. The Nifty index traded above the 16,150 mark. Shares of media, metal and oil & gas advanced while FMCG, IT and PSU Bank stocks were under selling pressure.

At 10:23 IST, the barometer index, S&P BSE Sensex was down 250.02 points or 0.46% to 54,114.83. The Nifty 50 index fell 62.75 points or 0.39% to 16,177.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index declined 0.96%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 903 shares rose while 2,132 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,960.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,958.40 crore in the Indian equity market on 10 May 2022, provisional data showed.

Results Today:

Adani Ports and Special Economic Zone (APSEZ) (up 0.29%), Punjab National Bank (down 0.45%), Indian Bank (down 0.20%), Petronet LNG (down 0.44%), Balaji Amines (down 0.20%), Birla Corporation (down 0.33%), HSIL (Agi Greenpac) (down 0.95%), JSW Ispat Special Products (down 4.13%), Kalyan Jewellers India (up 0.17%), SKF India (down 0.14%), Butterfly Gandhimathi Appliances (up 0.18%) and Cholamandalam Financial Holdings (down 4.21%) will announce its quarterly earnings today, 11 May 2022.

Buzzing Index:

The Nifty Media index rose 1.11% to 1,981.95. The index had lost 9.19% in the past five trading sessions.

Among the components of the Nifty Media index, PVR (up 3.17%), Inox Leisure (up 2.81%) and Zee Entertainment Enterprises (ZEEL)(up 1.53%).

On the other hand, Nazara Technologies (down 4.37%), TV18 Broadcast (down 1.61%) and Saregama India (down 1.16%) edged lower.

Stocks in Spotlight:

Kansai Nerolac Paints declined 4.05%. 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. Total expenditure jumped by 16.6% to Rs 1,452.68 crore in Q4 FY22 over Q4 FY21, due to higher raw material costs (up 18.5% YoY), higher other expenses (up 11.9% YoY) and higher employee expenses (up 36.9% YoY). Profit before tax in Q4 FY22 stood at Rs 32.09 crore, down by 80.9% from Rs 168.4 crore in Q4 FY21. Current tax outgo during the period under review was Rs 13.90 crore (down 66.1% YoY). The paint manufacturer recorded 32.3% fall in consolidated net profit to Rs 358.86 crore on a 25.5% rise in net sales to Rs 6,369.35 crore in FY22 over FY21.

Wipro fell 0.43%. The IT major has extended its strategic agreement with Cr�dit Agricole CIB to fuel Cr�dit Agricole CIB`s next stage of growth. Cr�dit Agricole CIB is the corporate and investment bank division of Cr�dit Agricole Group. The engagement builds on Cr�dit Agricole CIB and Wipro`s decade-long relationship and will provide the Bank with a larger team of Wipro experts who will operate a robust and secure infrastructure. Wipro will enable Cr�dit Agricole CIB to embrace the latest cloud technologies and agile practices allowing it to achieve faster speed-to-market on new products and services, improving client satisfaction and unlocking new value streams.

Mahanagar Gas (MGL) gained 5.25%. 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. Total volumes declined by 6.13% to 285.26 SCM million in Q4 FY22 over Q3 FY22. CNG volumes were at 204.96 SCM million (down 6.85% YoY) and PNG volumes were at 80.30 SCM million (down 4.25% YoY) during the period under review. EBIDTA in Q4 FY22 was Rs 215.47 crore, up by 108.99% as compared with Rs 103.10 crore in Q4 FY21. EBIDTA margin was 19.83% in Q4 FY22 as against 10.03% in Q3 FY22. MGL said that the increase in EBIDTA was mainly due to full impact of price rise in the previous quarter, optimization of gas cost and better realization linked to alternate fuel prices. The city gas distributor recorded 3.65% fall in net profit to Rs 596.95 crore on a 65.40% rise in net revenue from operations to Rs 3,560.19 crore in FY22 over FY21.

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