The benchmark indices settled near the flat line after a lacklustre session on Wednesday. The Nifty ended above the 17,500 mark after hitting the day's low at 17,442.80 in the morning trade. Metals, private banks and healthcare stocks were in demand while IT, realty and consumer durables shares corrected.
The barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75.
In the broader market, the S&P BSE Mid-Cap index declined 0.13% while the S&P BSE Small-Cap index slipped 0.10%.
The market breadth was negative. On the BSE, 1,509 shares rose and 1,903 shares fell. A total of 113 shares were unchanged.
Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next Fed policy meeting. The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.312 as compared with 7.348 at close in the previous trading session.
In the foreign exchange market, the rupee rose against the dollar. The partially convertible rupee was hovering at 79.5125, compared with its close of 79.6300 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement fell 0.28% to Rs 52342.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, lost 0.27% to 106.09.
In the commodities market, Brent crude for October 2022 settlement dropped $1.67 or 1.73% at $94.64 a barrel.
Global Markets:
Shares in Europe were mixed while Asian stocks tumbled on Wednesday as investors digest inflation data from China and look ahead to the US CPI report.
German final July consumer price inflation came in at 7.5% year on year and 0.9% monthly, official figures revealed on Wednesday, roughly in line with expectations.
China's consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June
US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
Buzzing Segment:
The Nifty Metal index jumped 1.62% to 5,759.60. The index has risen 2.93% in two sessions.
APL Apollo Tubes (up 2.78%), SAIL (up 2.43%), Tata Steel (up 1.87%), Adani Enterprises (up 1.22%), Hindustan Copper (up 1.22%), Jindal Steel and Power (up 1.10%), NALCO (up 0.82%), Hindustan Zinc (up 0.57%), JSW Steel (up 0.16%) and Ratnamani Metals & Tubes (up 0.07%) advanced.
Hindalco Industries jumped 4.41% after the company's consolidated net profit surged to Rs 4,119 crore, a 48% growth YoY and 7% sequentially despite rising costs and inflationary pressures. Consolidated revenue for the first quarter stood at Rs 58,018 crore, up 40% YoY. EBITDA improved by 27% to Rs 8,640 crore in Q1 FY23 from Rs 6,790 crore in Q1 FY22.
Stocks in Spotlight:
Bharti Airtel rose 1.50% after the telecom major's consolidated net profit surged to Rs 1,606.9 crore in Q1 FY23 compared with Rs 283.5 crore in Q1 FY22. On a consolidated basis, revenue from operations jumped 22.16% to Rs 32,804.6 crore in Q1 FY23 as against Rs 26,853.6 crore posted in the corresponding quarter previous year. The company said that that rise in revenue was backed by strong and consistent performance delivery across the portfolio.
City Union Bank rallied 8.51% after the private lender's net profit surged 30.1% to Rs 225.14 crore on 10.6% rise in total income to Rs 1,316.98 crore in Q1 FY23 over Q1 FY22. Net Interest Income (NII) grew 17% to Rs 524.91 crore in Q1 FY23 as against Rs 447.60 crore posted in Q1 FY22. Net Interest Margin (NIM) improved to 3.95% as on 30 June 2022 from 3.86% as of 30 June 2021.
Pidilite Industries fell 0.47%. The company reported consolidated profit after tax of Rs 358 crore in Q1 June 2022, growing 64% over the same quarter last year. During Q1 FY23, consolidated net sales at Rs 3,091 crore grew by 60% over the same quarter last year. EBITDA before non-operating income at Rs 529 crore grew by 52% over the same quarter last year. Profit before tax and exceptional items (PBT) at Rs 473 crore grew by 63% over the same quarter last year.
Tata Chemicals jumped 12.23% after the company's consolidated net profit (from continuing operations) surged 86.26% to Rs 641 crore on 34.2% jump in revenue from operations to Rs 3,995 crore in Q1 FY23 over Q1 FY22. The operating performance reflects improved realisations, efficient cost management and optimum capacity utilization in challenging market conditions, and in the context of rising input and energy costs.
Power Grid Corporation of India rose 0.74%. On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22. Consolidated revenue from operation stood at Rs 10,905.21 crore in Q1 FY23, rising 6.7% from Rs 10,218.58 crore posted in the corresponding quarter previous year.
Indraprastha Gas rose 5.88% after the company reported 72% jump in consolidated net profit to Rs 420.86 crore on a 155% rise in net revenue from operations to Rs 3,193.85 crore in Q1 FY23 over Q1 FY22. EBIDTA improved by 62% to Rs 617.51 crore in Q1 FY23 from Rs 380.86 crore in Q1 FY22. EBIDTA margin was 19% in Q1 FY23 as against 30% in Q1 FY22.
Cummins India declined 1.96% after the company's reported 19.8% fall in consolidated net profit to Rs 198.13 crore on a 41.9% increase in revenue from operations to Rs 1,695.92 crore in Q1 FY23 over Q1 FY22. On the segmental front, revenue from Engine sales was Rs 1,666.11 crore (up 41.5% YoY) while that from the sales of Lubes was Rs 514.71 crore (up 65% YoY) in the first quarter.
ABB India advanced 1.95% after the company reported 116% rise in standalone net profit to Rs 147 crore on a 44% increase in revenues to Rs 2,053 crore in Q2 2022 over Q2 2021. The company said that all the business areas registered growth compared to the quarter in the previous year. Electrification had a good run with expanded operations, robust backlog and better supply chain coordination. Faster conversion of backlog and export led growth in large motors division led to uptick in Motion's revenue performance.
Fairchem Organics surged 13.25% after the company's standalone net profit rose 21.2% to Rs 27.03 crore on 61.9% increase in net sales to Rs 224.94 crore in Q1 June 2022 over Q1 June 2021.
Chemcon Speciality Chemicals surged 19.13% after the company's net profit rose 89.9% to Rs 25.46 crore on 56.3% increase in net sales to Rs 89.41 crore in Q1 June 2022 over Q1 June 2021. EBITDA rose 87.8% to Rs 33.6 crore in Q1 FY23 as against Rs 17.9 crore in Q1 FY22. EBITDA margin stood at Rs 37.5% in Q1 FY23 as against 31.2% in Q1 FY22.
Fine Organic Industries climbed 15.83% after the company's consolidated net profit surged 345% to Rs 159.80 crore on 109.1% increase in net sales to Rs 747.74 crore in Q1 June 2022 over Q1 June 2021.
Shivalik Bimetal Controls surged 12.06% after the company's consolidated net profit rose 87% to Rs 21.69 crore on 57.6% increase in net sales to Rs 110.78 crore in Q1 June 2022 over Q1 June 2021.
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