The domestic equity indices ended near the day's low after a volatile session on Friday. Sharp sell-off in the last hour of trade forced the equity benchmarks to pare all gains and edge lower. The Nifty closed below 15,800 level. Auto, FMCG and pharma shares rose while metal, financial services and bank stocks corrected.
As per provisional closing basis, the barometer index, S&P BSE Sensex fell 136.69 points or 0.26% at 52,793.62 . The Nifty 50 index lost 25.85 points or 0.16% at 15,782.15.
The key equity barometers extended losses for sixth consecutive session. The Nifty has fallen 5.40% in six days.
In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 1.28%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2155 shares rose while 1182 shares fell. A total of 135 shares were unchanged.
Economy:
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India's retail inflation, which is measured by the Consumer Price Index (CPI), rose to 7.79% in the month of April 2022. The retail inflation for the month of March was 6.95%. This is the fourth consecutive month that the CPI data has breached the Reserve Bank of India's (RBI) upper margin of 6%.
India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 1.9% in March 2022. Industrial production grew 1.7% in February 2022. The IIP soared 24.2% in March 2021, the data showed. The manufacturing sector's output grew 0.9% in March 2022. Mining output rose 4% and power generation increased 6.1%.
India's merchandise exports moved up 30.7% to $40.19 billion in the month of April, data from the commerce ministry showed on Friday. The trade deficit, although, widened to $20.11 billion, as compared to $15.29 in April 2021. After a record performance in the last financial year, the exports continued robust growth in April, 2022 with merchandise exports scaling a new high by crossing USD 40 billion, the commerce ministry said. Petroleum and crude oil imports during the month gained by 87.54% to $20.2 billion.
IPO Update:
The initial public offer (IPO) of Delhivery received bids for 9,46,37,760 shares as against 6,25,41,023 shares on offer, according to stock exchange data at 15:12 IST on Friday (13 May 2022). The issue was subscribed 1.51 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 462-487 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.
The initial public offer (IPO) of Venus Pipes and Tubes received bids for 4,81,39,322 shares as against 35,51,914 shares on offer, according to stock exchange data at 15:15 IST on Friday (13 May 2022). The issue was subscribed 13.55 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.
Buzzing Index:
The Nifty Metal index fell 2.07% to 5,313.85. The index fell 5.68% extending its losing run for two consecutive trading sessions.
Among the components of the Nifty Metal index, Vedanta (down 6.01%), Hindalco Industries (down 4.11%), JSW Steel (down 3.18%), Tata Steel (down 1.4%) and Jindal Steel & Power (down 1%) were the top losers.
Among the other losers were Steel Authority of India (down 0.74%), NMDC (down 0.73%), Hindustan Zinc (down 0.3%).
On the other hand, Jindal Stainless (Hisar) (up 6.95%) ,Welspun Corp (up 6.6%) and Ratnamani Metals & Tubes (up 4.17%) advanced.
Stocks in Spotlight:
Larsen & Toubro (L&T) rose 0.48%. The company's construction arm secured 'significant' contract for its water & effluent treatment business. As per L&T's classification, the value of the 'significant' contract lies between Rs 1,000 crore to Rs 2,500 crore.
L&T had announced its earnings for the quarter and the year ended on 31 March 2022 after market hours yesterday. The engineering and construction major's consolidated net profit rose 10% to Rs 3620.69 crore on 9.9% increase in revenues to Rs 52850.67 crore in Q4 March 2022 over Q4 March 2021.
In its outlook, L&T, with its detailed 5 year Strategic Plan (Lakshya'26), has chalked out a path for pursuing profitable growth in its traditional businesses of EPC projects and manufacturing. The group will look to expand the size and scale of its IT&TS portfolio. The company will incubate digital offerings in data centers, tech education and B2B e-commerce. It also has plans to invest in the new areas of green energy.
Tata Motors surged 8.81%. The company reported a consolidated net loss of Rs 1,032.84 crore in Q4 FY22 as against a net loss of Rs 7,605.40 crore in Q4 FY21.
With respect to outlook, Tata Motors said: "We expect performance to improve through the year as the China COVID and semiconductor supplies improve and aim to deliver strong EBIT improvement and free cash flows in FY 2023 to get to near net auto debt free by FY 2024.
Siemens rose 0.98%. The company reported a standalone net profit of Rs 328.90 crore in Q2 FY 2022, which is marginally higher as compared with a net profit of Rs 328.30 crore recorded in Q2 FY 2021. Net sales during the quarter increased by 8.2% YoY to Rs 3,568.10 crore.
Apollo Tyres advanced 2.78%. On a consolidated basis, the tyre maker's net profit dropped 60.5% to Rs 113.45 crore in Q4 FY22 as against Rs 287.27 crore in Q4 FY21. Net sales grew 11% to Rs 5,578.32 crore in Q4 FY22 from Rs 5,025.70 crore posted in Q4 FY21.
Honeywell Automation India tumbled 7.95%. The company reported 30.1% fall in net profit to Rs 72.67 crore in Q4 FY22 from Rs 104.02 crore in Q4 FY21. Net sales during the quarter declined by 0.7% YoY to Rs 667.98 crore.
State Bank of India (SBI) fell 4.21%. The PSU bank reported 41.28% rise in standalone net profit to Rs 9,114 crore on a 1.58% increase in total income to Rs 82,613 crore in Q4 FY22 over Q4 FY21. Provisions and contingencies declined by 34.51 % to Rs 7,237.45 crore in Q4 FY22 over Q4 FY21. Of this, provision for NPAs were at Rs 3,261.69 crore (down 67.10% YoY) in the fourth quarter.
CreditAccess Gramen up 5.37%. The company's consolidated net profit soared 104.41% to Rs 157.13 crore on 13.5% increase in total income to Rs 824.48 crore in Q4 FY22 over Q4 FY21. On consolidated basis, net interest income (NII) increased by 12.1% YoY to Rs 519.6 crore in Q4 FY22 as against Rs 463.7 crore in Q4 FY21. Net interest margin (NIM) stood at 10.9%.
Anupam Rasayan India rose 0.87%. The company reported 108.2% surge in consolidated net profit to Rs 46.10 crore in Q4 FY22 from Rs 22.14 crore registered in Q4 FY21. Net sales grew 16.8% to Rs 317.24 crore in Q4 FY22 over Rs 271.67 crore in Q4 FY21.
Global Markets:
The Dow Jones futures were up 227 points, indicating a positive opening in the US stock market today.
Shares in Europe and Asia advanced across the board on Friday as global markets looked to regain some ground after a bruising week, with investors assessing the outlook for inflation and interest rates.
U.S. Federal Reserve Chairman Jerome Powell said Thursday that he could not guarantee a so-called soft landing that tempers inflation without pushing the economy into recession.
In China, Beijing officials denied the city will be locked down. Residents flocked to grocery stores amid growing concern the Chinese capital will step up curbs to fight a persistent Covid outbreak.
Investors are also monitoring the geopolitical fallout from the war in Ukraine. Russia on Thursday threatened retaliation against Finland after Finnish leaders said the northern European nation must apply to join NATO without delay.
European leaders are also facing a race to secure alternative gas suppliers after Moscow announced sanctions on European subsidiaries of its majority state-owned corporation Gazprom. The move came after Ukraine's state-owned grid operator suspended Russian flows into Europe through a key entry point.
On the data front, French and Spanish inflation figures for April and euro area industrial production readings for March are due on Friday.
In the US, the S&P 500 and the Dow Jones bounced off the day's low to end slightly lower, but the Nasdaq eked out a modest gain on Thursday. Investors weighed signs of peaking inflation with fears that it could remain elevated. All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market.
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