The domestic equity barometers were trading with modest losses in mid-afternoon trade. The Nifty continued to trade below the 17,200 mark. Metal stocks were in demand.
At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 144.34 points or 0.25% to 57,476.85. The Nifty 50 index fell 41.25 points or 0.24% at 17,172.15.
In the broader market, the S&P BSE Mid-Cap index lost 0.61% while the S&P BSE Small-Cap index declined 1.46%.
The market breadth was weak. On the BSE, 979 shares rose and 2,317 shares fell. A total of 85 shares were unchanged.
Buzzing Index:
The Nifty Metal index added 0.63% to 5,865.85. The index had ended flat yesterday.
Tata Steel (up 2.34%), JSW Steel (up 1.28%), Vedanta (up 1.23%) and Ratnamani Metals Tubes (up 0.63%) advanced.
APL Apollo Tubes (down 2.83%), Hindustan Copper (down 2.62%), Adani Enterprises (down 1.61%), Hindustan Zinc (down 1.18%), Coal India (down 0.78%), NMDC (down 0.58%) and SAIL (down 0.49%) declined.
Hindalco Industries added 0.69% to Rs 526.20. The company's wholly owned subsidiary, Novelis Inc, reported net income attributable to its common shareholder of $262 million in the third quarter of fiscal year 2022, compared to $176 million in the prior year period. Net income from continuing operations increased to $259 million compared to $195 million in the prior year period. Excluding special items in both years, third quarter fiscal year 2022 net income from continuing operations increased 15% to $241 million, driven mainly by lower interest expense and unrealized derivative gains in the current year.
Net sales increased 33% to $4.3 billion for the third quarter of fiscal year 2022, compared to $3.2 billion in the prior year period, primarily driven by higher average aluminum prices. Total flat rolled product shipments were 930 kilotonnes in the third quarter of fiscal year 2022, in line with the prior year period shipments of 933 kilotonnes. Shipment growth was constrained by the continued semiconductor chip shortage impacting the automotive industry.
Stocks in Spotlight:
Godrej Consumer Products shed 0.65% to Rs 883.55. The company's consolidated net profit rose 5.08% to Rs 527.60 crore on a 8.08% increase in net sales to Rs 3,302.58 crore in Q3 December 2021 over Q3 December 2020.
Granules India declined 0.54% to Rs 310.25 after the drug maker reported a 31.2% fall in consolidated net profit to Rs 101 crore in Q3 FY22 from Rs 147 crore posted in Q3 FY21. Consolidated Income from operations grew by 18% year on year to Rs 997 crore in Q3 FY22.
Bajaj Electricals fell 1.03% to Rs 1209.65. The company reported 50.9% fall in consolidated net profit to Rs 48 crore on a 12% fall in net sales to Rs 1,320 crore in Q3 FY22 over Q3 FY21.
The board of Bajaj Electricals has approved the demerger of the power transmission and power distribution businesses of the company. "There will be no change in the shareholding pattern of the demerged company," Bajaj Electricals said.
Numbers to Track:
The yield on 10-year benchmark federal paper was currently trading at 6.827% as compared with its previous closing of 6.879%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.74, compared with its close of 74.69 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement added 0.08% to Rs 48,265.
In the commodities market, Brent crude for April 2022 settlement shed 60 cents or 0.65% at $92.09 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Tuesday as investors continue to assess the inflation and central bank policy outlook.
Wall Street ended lower on Monday as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data. Corporate earnings were again a source of volatility for stocks on Monday.
The US Labor Department on Thursday is set to release consumer price index data for January.
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