The domestic equity benchmarks ended with modest losses on Monday, mirroring weak global stocks. The Nifty closed below the 17,700 mark. IT shares declined the most, followed by banks and financials. Oil & gas, media, realty and metal shares bucked the weak market trend.
As per provisional closing data, the S&P BSE Sensex shed 482.61 points or 0.81% at 58,964.57. The Nifty 50 index fell 109.40 points or 0.62% at 17,674.95.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.41% while the S&P BSE Small-Cap index rose 0.38%.
The market breadth was strong. On the BSE, shares 2,116 rose and 1,440 shares fell. A total of 129 shares were unchanged.
The IT bellwether TCS (up 0.34%) will announce its Q4 results after market hours today.
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Shares of Veranda Learning Solutions closed at Rs 164.80 on the BSE, at a premium of 20.29% compared with the issue price of Rs 137.
The scrip was listed at Rs 157, representing a premium of 14.60% to the initial public offer (IPO) price. The scrip has hit a high of Rs 164.85 and a low of Rs 149.15. Over 22.88 lakh shares of the company have changed hands in the counter.
The IPO of Veranda Learning Solutions was subscribed 3.53 times. The issue opened for bidding on 29 March 2022 and it closed on 31 March 2022. The price band of the IPO was fixed at Rs 130-137 per share.
Buzzing Index:
The Nifty IT index shed 1.40% to 34,897.60. The index has declined 4.30% in four sessions.
L&T Technology Services (down 3.97%), HCL Tech (down 2.73%), Infosys (down 2.48%), MindTree (down 2.17%), Wipro (down 2.09%), Larsen & Toubro Infotech (down 1.60%), Coforge (down 1.51%) and Mphasis (down 1.06%) declined.
Stocks in Spotlight:
Tata Motors rose 0.32% to Rs 453.55. The company's' wholly owned subsidiary Jaguar Land Rover (JLR) said retail sales for the quarter ending 31 March 2022 were 79,008 vehicles, down 1% (1,118 units) from the previous quarter ending 31 December 2022 and 36% (44,475 units) from the quarter a year ago ending 31 March 2021.
Axis Bank fell 0.85% to Rs 788.15. The bank said that its board is scheduled to meet on Thursday, 28 April 2022, to consider raising funds by issue of debt Instruments, including but not limited to bonds and non-convertible debentures.
GTPL Hathway slipped 2.32% to Rs 208.85. The company reported 8.3% decline in consolidated net profit to Rs 56.6 crore on a 20.3% fall in total income to Rs 627.8 crore in Q4 FY22 over Q4 FY21.
Shoppers Stop lost 0.63% to Rs 456.60. The company has completed the sale of 19.50% of stake in Crossword. Accordingly, the company's equity stake in Crossword stands reduced to 29.50%.
Seamec slipped 2.06% to Rs 1339.50. The company and its consortium partner, Posh India Offshore has entered into an deal with Larsen & Toubro for diving related and other associated work through deployment of its vessel, Seamec Princess, for ONGC work of Pipeline Replacement project VII.
SMS Lifesciences jumped 11.03% to Rs 876.95. The company on Friday announced that its manufacturing facility located at Sangareddy district in Telangana completed USFDA without any observations.
Sandur Manganese & Iron Ores hit an upper circuit limit of 20% at Rs 4522.80 after the company said its board has approved a rights issue of equity shares. The board of Sandur Manganese & Iron Ores has approved issuing upto 1,80,03,882 equity shares of face value Rs 10 each under the proposed rights issue. The entitlement ratio is set at 2:1 (two rights equity shares for each equity share held).
Further, the board approved a proposal for entering into power purchase agreement and share subscription and shareholding agreement with Renew Green Energy Solutions for supply of solar and wind power to the company and its associates.
The company also said that it will enhance capacity at the Karnataka plant with an estimated investment of Rs 900-950 crore. This capacity and product addition will help to cater growing demands for the product and meets company's internal consumption requirements as well, it added.
Hindustan Aeronautics (HAL) said that the company, along with L&T consortium, has emerged as the L-1 bidder to make five polar space launch vehicles (PSLVs) for ISRO.
Shares of HAL advanced 4% to Rs 1685 while those of L&T slipped 2.68% to Rs 1781.40.
Global Markets:
Shares in Europe and Asia declined on Monday. European Central Bank policymakers will meet in Frankfurt on Thursday to discuss their next monetary policy move, faced with the tough task of weighing surging consumer prices against downward pressure on economic growth from the war in Ukraine.
Meanwhile, China's producer inflation for March was higher than expected. The producer price index surged 8.3% as compared with a year ago, official data showed Monday. Chinese consumer inflation also rose more than expected in March, with the consumer price index climbing 1.5% year on year.
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