Indices near day's low; Weak breadth

Indices traded near the day's low with a bout of volatility in morning trade. The Nifty slipped below 16,250 level. Barring IT and pharmaceutical space, selling pressure was seen across the board. The Nifty retreated after scaling record high of 16,294.65 in early trade.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 110.96 points or 0.2% at 54,258.95. The Nifty 50 index was down 32.9 points or 0.2% at 16,225.55.

The broader market saw more selling than frontline indices. The S&P BSE Mid-Cap index was down 0.48% while the S&P BSE Small-Cap index declined 1.08%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 704 shares rose and 2,235 shares fell. A total of 92 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 200,193,983 with 4,255,638 global deaths.

India reported 411,076 active cases of COVID-19 infection and 426,290 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

GAIL India (down 0.07%), Cipla (up 0.39%), Adani Power (down 0.83%), Aditya Birla Capital (down 2.2%), Indiabulls Housing Finance (down 1.97%), Bajaj Consumer Care (down 0.23%), Birla Corporation (up 0.61%), Brigade Enterprises (down 1.39%), Cera Sanitaryware (up 0.17%), Edelweiss Financial Services (down 3.65%), Escorts (down 0.71%), Gujarat Gas (up 0.35%), Hikal (down 4.06%), Honeywell Automation India (up 0.6%), Ipca Laboratories (down 0.52%), NCC (down 2%), Narayana Hrudayalaya (up 1.14%), Prince Pipes and Fittings (up 0.48%), Quess Corp (up 1.94%), REC (down 0.71%) and Thermax (up 0.77%) are some of the companies that will announce their quarterly results today.

Earnings Impact:

Hindustan Petroleum Corporation (HPCL) slipped 2.85% to Rs 264 after the company's standalone net profit declined by 36.2% to Rs 1,795 crore in Q1 FY22 from Rs 2,813.83 crore in Q1 FY21. Net sales increased by 92.5% YoY to Rs 72,166.39 crore during the quarter. As compared with Q4 FY21, the company's net profit and net sales have fallen by 40.5% and 3.2%, respectively. Total expenses surged 76% to Rs 75,560.66 crore in Q1 FY22 from Rs 42,941.72 crore in Q1 FY21. The company incurred a loss of Rs 71.35 crore during the quarter on account of foreign currency transactions and translations. Profit before tax in Q1 FY22 stood at Rs 2,396.85 crore, down by 35.7% from Rs 3,728.41 crore in Q1 FY21. Average gross refining margin (GRM) during the quarter ended 30 June 2021 was $ 3.31 per barrel as against $0.04 per barrel during the corresponding quarter of the preceding financial year. Crude throughput declined by 36.8% to 2.51 million metric tonnes (MMT) in Q1 FY21 from 3.97 MMT in Q1 FY21. It is lower by 42.8% as compared with 4.39 MMT in Q4 FY21.

Apollo Tyres fell 1.11%. The company's consolidated net profit stood at Rs 127.79 crore in Q1 FY22 as compared to a net loss of Rs 134.58 crore in Q1 FY21. Consolidated net sales soared 59.1% to Rs 4584.47 crore in Q1 FY22 from Rs 2881.74 crore in Q1 FY21. Pre-tax profit was at Rs 161.36 crore in Q1 FY22 as against a pre-tax loss of Rs 162.20 crore in Q1 FY21

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