The domestic equity benchmarks ended with small losses on Tuesday. Metals and oil & gas stocks tumbled while PSU banks and realty shares rallied. Global stocks were mixed ahead of the upcoming Bank of England and US Fed meetings. Investors are worrying that the global central banks may soon end the pandemic-era stimulus.
The barometer index, the S&P BSE Sensex, fell 109.40 points or 0.18% to 60,029.06. The Nifty 50 index lost 40.70 points or 0.23% to 17,888.95.
Tata Steel (down 3.74%), Tech Mahindra (down 2.12%), HCL Technologies (down 1.49%) and Reliance Industries (down 1.44%) were major drags.
The broader market ended higher. The BSE Mid-Cap index rose 0.55% and the BSE Small-Cap index gained 1.11%.
The market breadth was strong. On the BSE, 1,959 shares rose and 1,294 shares fell. A total of 148 shares were unchanged.
Economy:
India's merchandise exports in October rose 42.3% on a year-over-year (Y-o-Y) basis to touch $35.47 billion, as per preliminary trade data revealed by the Ministry of Commerce and Industry on Monday. Total merchandise imports in October, however, rose 62.5% to $55.37 billion. The trade deficit in the month of October widened to $19.9 billion compared to $9.15 billion, recorded in October 2020.
Numbers to Watch:
The yield on 10-year benchmark federal paper fell to 6.361% as compared with 6.387% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.6875, compared with its close of 74.8750 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement fell 0.30% to Rs 47,759.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.09% to 93.97.
In the commodities market, Brent crude for January 2022 settlement rose 4 cents at $84.75 a barrel. The contract rose 99 cents, or 1.18% to settle at $84.71 a barrel in the previous trading session.
Foreign Markets:
Most European shares rose while most Asian markets ended lower on Tuesday.
Bank of England policy makers will decide on interest rates on Thursday (4 November).
The US Federal Reserve will hold two-day meeting on Tuesday and Wednesday. The Fed is widely expected to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.
US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials. The ISM's index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September.
Earnings Impact:
Bharti Airtel rose 0.08%. The telecom major posted a consolidated net profit of Rs 1,134 crore in Q2 FY22 as against a consolidated net loss of Rs 763.2 crore registered in Q2 FY21. The consolidated revenues for Q2 FY22 stood at Rs 28,326 crore, growing 18.8% YoY on a comparable basis and 13% YoY on a reported basis. Mobile ARPU (average revenue per user) rose 7% year-on-year to Rs 153 in Q2 FY22 compared with Rs 143 in Q2 FY21 on comparable basis.
Sun Pharmaceutical Industries rose 0.35% after the company's consolidated net profit rose 12.92% to Rs 2047.01 crore on 12.54% increase in total revenue from operations to Rs 9625.93 crore in Q2 September 2021 over Q2 September 2020.
Hindustan Petroleum Corporation (HPCL) lost 2.74% after the PSU oil marketing company's standalone net profit declined by 22.3% to Rs 1,923.5 crore in Q2 FY22 from Rs 2477.45 crore in Q2 FY21. Revenue from operations surged 60.6% to Rs 82,774.69 crore in Q2 FY22 from Rs 51,511 crore in Q2 FY21.
Procter & Gamble Hygiene & Health Care (PGHH) shed 1.47%. The company posted a 14% year on year decline in net profit to Rs 218.29 crore in Q1 September 2021 over Q1 September 2020. Profitability was impacted due to commodity cost inflation and lower marketing investments in the corresponding quarter of 2020. The FMCG company reported a 5% increase in net sales to Rs 1,058 crore on the back of superior strategy, robust product portfolio and strong retail execution.
Bajaj Consumer Care dropped 5.25% after the company's consolidated net profit fell 18.29% to Rs 46.51 crore on 4.54% decrease in net sales to Rs 213.23 crore in Q2 September 2021 over Q2 September 2020.
Dabur India rose 0.05%. The FMCG major's consolidated net profit rose 4.71% to Rs 504.35 crore on 11.98% increase in net sales to Rs 2,817.58 crore in Q2 September 2021 over Q2 September 2020. Dabur's India FMCG business reported volume growth of 10%, marking the fifth successive quarter of double-digit volume growth.
Tata Motors added 0.43%. The company's consolidated net loss was Rs 4,441.57 crore in Q2 FY22 as against a net loss of Rs 314 crore posted in Q2 FY21. Consolidated revenue from operations grew 14.7% to Rs 61,379 crore in Q2 FY22 from Rs 53,530 crore posted in Q2 FY21.
Godrej Properties gained 0.21%. The company's consolidated net profit stood at Rs 35.7 crore in Q2 FY22 steeply higher than Rs 7.10 crore posted in Q2 FY21. Revenue from operations grew by 44.4% to Rs 129.32 crore in Q2 FY22 over Q2 FY21. Total Income stood at Rs 290 crore in Q2 FY22, rising 21.8% year on year compared to Rs 238 crore in Q2 FY21.
VRL Logistics jumped 4.43%.The company's net profit rose 60.23% to Rs 49.48 crore on 44.87% increase in net sales to Rs 636.37 crore in Q2 September 2021 over Q2 September 2020.
Bayer Cropscience slumped 7.26%. The company's standalone net profit dropped 31.4% to Rs 154.10 crore on a 1.2% decline in net sales to Rs 1,365.10 crore in Q2 September 2021 over Q2 September 2020.
Advanced Enzyme Technologies slumped 3.91% after the company reported 22% fall in consolidated net profit to Rs 30.3 crore despite a 6% rise in revenue to Rs 127.1 crore in Q2 FY22 over Q2 FY21.
Radico Khaitan slipped 1.76% after the liquor maker posted a 4.3% decline in standalone net profit to Rs 69.26 crore in Q2 FY22 as compared to Rs 72.41 crore reported in Q2 FY21. Revenue from operations increased by 12.5% to Rs 708.83 crore in Q2 FY22 from Rs 630.05 crore in Q2 FY21.
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