Nifty slips below 15,650; FMCG stocks buck trend

Key equity indices were trading with steep losses in morning trade. The Nifty slipped below 15,650 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red. Global cues were weak amid mounting concerns about the rapidly surging delta variant of the Coronavirus in several countries.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 322.21 points or 0.61% at 52,231.79. The Nifty 50 index was down 106.35 points or 0.68% at 15,646.75.

In broader market, the S&P BSE Mid-Cap index was down 0.88% while the S&P BSE Small-Cap index declined 0.81%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1140 shares rose and 1781 shares fell. A total of 113 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 190,426,223 with 4,089,030 global deaths.

India reported 406,130 active cases of COVID-19 infection and 414,482 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Bajaj Finance (down 0.6%), Asian Paints (up 1.07%), CRISIL (up 1.97%), DCM Shriram (down 2.58%), ICICI Prudential Life Insurance Company (down 1.79%), ICICI Securities (down 1.43%), Jubilant Ingrevia (up 1.94%), Shyam Metalics and Energy (up 1.63%) and Syngene International (up 0.14%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty FMCG index gained 0.22% to 36,259.95 and was the only gainer on NSE Sectoral indices.

Colgate Palmolive (up 1.56%), Marico (up 0.78%), Nestle India (up 0.75%), Procter Gamble Hygiene Health (up 0.57%), Hindustan Unilever (up 0.41%) and Varun Beverages (up 0.38%) advanced.

Earnings Impact:

HCL Technologies fell 2.29%. On a consolidated basis, the IT firm's net profit jumped 8.5% to Rs 3,214 crore on 2.2% increase in revenues to Rs 20,068 crore in Q1 FY22 over Q4 FY21. On a year-on-year basis, the company's consolidated net profit surged 9.9% while revenue from operations soared 12.5% in Q1 FY22 over Q1 FY21. EBITDA stood at Rs 4,908 crore in Q1 FY22, falling 3.7% over Q4 FY21 and rising 7.5% over Q1 FY21. During the quarter ended June 2021, EBITDA margin stood at 24.5% while EBIT margin was at 19.6%. In dollar terms, revenue stood at $2,720 million, up 0.9% QoQ and up 15.5% YoY. Revenue in constant currency terms rose 0.7% QoQ and up 11.7% YoY. In its guidance, the company said its revenue is expected to grow in double digits in constant currency for FY22. EBIT margin is expected to be between 19.0% and 21.0% for FY22.

Nippon Life India Asset Management rose 2.14% to Rs 413.75 after the company's consolidated net profit increased 16.1% to Rs 181.54 crore on 9.8% rise in total income to Rs 369.18 crore in Q1 FY22 over Q1 FY21. For the quarter ended 30 June 2021, NIMF's overall AUM market share rose to 7.25%, an increase of 13 bps as against the quarter ended 31 March 2021. The company's overall AUM market share was 7.3% in the Q1 quarter last year. For the quarter ended 30 June 2021, NIMF's average assets under management was Rs 2,40,364 crore ($32.5 billion), an increase of 33.5% compared with Q1 FY21 and an increase of 5.2% compared with Q4 FY21. For the quarter ended 30 June 2021, share of equity assets rose to 41.3% of NIMF's AUM as against 37.8% for the quarter ended 30 June 2020. The share of equity assets was 40.6% for the quarter ended 31 March 2021.

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