Indices hit day's low; market breadth positive

Indices hit the day's low in morning trade. The Nifty slipped below 18,050 level. Auto, pharma and PSU banks stocks rallied while FMCG shares declined.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 146.18 points or 0.24% to 60,399.54. The Nifty 50 index fell 32 points or 0.18% to 18,036.55.

The broader market outperformed. The S&P BSE Mid-Cap index gained 0.81% while the S&P BSE Small-Cap index added 0.67%.

The market breadth was positive. On the BSE, 1946 shares rose and 1033 shares fell. A total of 166 shares were unchanged.

Results Today:

Mahindra & Mahindra (up 1.5%), Power Grid Corporation of India (down 0.71%), Bharat Heavy Electricals (up 0.89%), Bosch (up 2.25%), Indraprastha Gas (up 0.3%), Petronet LNG (up 0.56%), HEG (up 0.48%), Hindustan Copper (up 0.48%) and VST Tillers Tractors (up 0.59%) are among the companies scheduled to post their quarterly results today.

Buzzing Index:

The Nifty Auto index gained 1.37% to 11,805.1, rising for third trading session. The auto index surged 3.54% in three days.

TVS Motor (up 9.65%), Ashok Leyland (up 3.12%), Tata Motors (up 2.71%), Bosch (up 2%), Mahindra & Mahindra (up 1.6%), Bajaj Auto (up 1.35%) and Hero MotoCorp (up 1.09%) were top gainers in automobile space.

Stocks in Spotlight:

Shyam Metalics and Energy fell 0.12%. The company reported 157% jump in consolidated net profit to Rs 410.3 crore in Q2 FY22 from Rs 159.6 crore in Q2 FY21. Revenues in the second quarter increased by 87% to Rs 2,494.3 crore from Rs 1,335.2 recorded in the same period last year. EBITDA in Q2 FY22 was Rs 624 crore, up by 140% from Rs 260.3 crore in Q2 FY21. EBITDA margin was 25% in Q2 FY22 as against 19.5% in Q2 FY21.

Vijaya Diagnostic Centre rose 1.02% after the company reported a 5% rise in consolidated net profit to Rs 27.71 crore as revenue from operations remained flat at Rs 112.71 crore in Q2 FY22 over Q2 FY21. Non-COVID revenue was up by 22% YoY to Rs 104.3 crore and COVID revenue (RT-PCR & Antibody tests) declined 70% YoY to Rs 8.4 crore during the quarter. EBITDA in Q2 FY22 was Rs 51.15 crore. The company had reported an EBITDA of Rs 51.29 crore in Q2 FY21. EBITDA margin in the second quarter was 45.4% as against 45.3% in the same period last year.

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