The equity benchmarks pared losses in early afternoon trade. The Nifty regained the 17,000 mark after hitting the day's low of 16,917.25 in morning trade. The recovery was supported by gains in private banks, FMCG and oil & gas shares. Realty and media stocks also bucked the trend. On the other hand, shares of IT, autos and consumer durables companies were under pressure.
At 12:30 IST, the barometer index, S&P BSE Sensex declined 184.11 points or 0.32% to 56,876.76. The Nifty 50 index was down 72.25 points or 0.42% to 17,030.30.
In broader market, the S&P BSE Mid-Cap index slipped 0.61% while the S&P BSE Small-Cap index slided 0.84%.
The market breadth was weak. On the BSE, 1109 shares rose while 2221 shares fell. A total of 181 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 6.72% to 20.72. The Nifty 26 May 2022 futures were trading at 17,017, at a premium of 6.80 points as compared with the spot at 17,010.20.
The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 20.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 38.4 lakh contracts was seen at 16,000 strike price.
Buzzing Segment:
The Nifty Consumer Durables index fell 1.48% to 27,113.30. The index has fallen 2.27% in two sessions.
Dixon Technologies (India) (down 5.49%), Voltas (down 2.26%), Titan Company (down 2.04%), Orient Electric (down 1.82%) and Blue Star (down 1.7%) were the major losers.
Stocks in Spotlight:
Ajanta Pharma rose 3.93% after the company said its board will consider proposal to issue bonus shares on 10 May 2022. The board will also consider financial results for quarter and year ended 31 March 2022.
Can Fin Homes jumped 6.04% after the company's net profit rose 19.85% to Rs 122.93 crore on 20.10% increase in total income to Rs 561.30 crore in Q4 March 2022 over Q4 March 2021. Profit before tax (PBT) rose 15.72% year-on-year to Rs 164.34 crore in Q4 FY22. The company's net interest income rose 28% to Rs 237.28 crore in Q4 March 2022 over Q4 March 2021. Outstanding loan book increased 21% to Rs 26711 crore during the period under review.
India Manufacturing PMI:
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose at 54.7 in April, from 54 in march. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
India's GST Collection:
India's Gross Goods and Services Tax (GST) revenue collection has touched an all-time high of Rs 1,67,540 crorein April 2022. Of the total GST collection in April this year, Central Goods and Services Tax, CGST collection is 33,159 crore, State Goods and Services Tax, SGST is 41,793 crore, Integrated Goods and Services Tax, IGST is 81,939 crore and cess is 10,649 crore.
The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30% higher and the revenues from the domestic transaction are 17% higher than the revenues from these sources during the same month last year.
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