Indices trade sideways; broader market rallies

The key equity barometers were trading with small losses in mid-afternoon trade. The Nifty was trading a tad above the 16,650 mark. Realty stocks advanced for the fourth consecutive trading session.

At 14:25 IST, the barometer index, S&P BSE Sensex was down 47.17 points or 0.08% to 55,878.57. The Nifty 50 index rose 14.75 points or 0.08% to 16,676.15.

The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index added 0.88% while the S&P BSE Small-Cap index rose 1.04%.

The market breadth was positive. On the BSE, 1,954 shares rose while 1,341 shares fell. A total of 127 shares were unchanged.

The government will announce data of first quarter gross domestic product (GDP) on 31 May 2022.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.440% as compared with 7.409% at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 77.6875, compared with its close of 77.54 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.37% to Rs 51,103.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, decreased 0.01% to 101.66.

In the commodities market, Brent crude for July 2022 settlement rose $4.40 or 3.68% at $123.83 a barrel.

Buzzing Index:

The Nifty Realty index rose 2.32% to 412.95. The index jumped 8.47% in four trading sessions.

Macrotech Developers (up 4.24%), Prestige Estates Projects (up 3.93%), Phoenix Mills (up 3.43%), Indiabulls Real Estate (up 3.35%), Godrej Properties (up 2.7%), Sunteck Realty (up 2.12%), Sobha (up 2%), Oberoi Realty (up 1.6%), Brigade Enterprises (up 1.56%) and DLF (up 0.45%) edged higher.

Earnings Impact:

Aurobindo Pharma rose 0.38% after the company reported 28.1% fall in consolidated net profit to Rs 576.1 crore on a 3.2% all in revenue from operations to Rs 5,809.4 crore in Q4 FY22 over Q4 FY21. In the fourth quarter, US formulations revenue declined by 4.7% on a YoY basis to Rs 2,728.1 crore. Europe formulation revenue stood at Rs 1,540.7 crore, largely flat on YoY basis. Growth Markets grew by 28% YoY to Rs 391.3 crore. Further, ARV revenue declined by 52% YoY to Rs 235.9 crore. API revenue for the quarter was at Rs 913 crore as against Rs 794.3 crore in the corresponding previous period.

Dilip Buildcon declined 0.36% after the company reported a 97.7% fall in net profit to Rs 2.99 crore in Q4 FY22 from Rs 127.28 crore posted in Q4 FY21. Net sales slipped 14.3% to Rs 2,506.20 crore for the quarter ended 31 March 2022 from Rs 2,924.97 crore recorded in the corresponding quarter previous year. Profit before tax slumped 98.1% to Rs 4.11 crore in Q4 FY22 from Rs 215.03 crore in the same period last year.

Himatsingka Seide slipped 6.14% after the company's consolidated net profit declined 78.60% to Rs 8.04 crore on 2.51% rise in net sales to Rs 764.78 crore in Q4 March 2022 over Q4 March 2021. Profit before tax tumbled 61.1% year-on-year to Rs 20.47 crore in Q4 March 2022. EBITDA declined 14.8% YoY to Rs 110.46 crore during the period under review. EBITDA margin stood at 14.3% in Q4 FY22 lower than 17.3% in Q4 FY21.

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