Market reverses early gains; Nifty slips below 18,100

Key equity indices are trading with small losses, reversing initial gains. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 15.04 points or 0.02% to 60,806.58. The Nifty 50 index fell 16.1 points or 0.09% to 18,098.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.69% while the S&P BSE Small-Cap index declined 0.34%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1095 shares rose and 1218 shares fell. A total of 122 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.01%. The conglomerate reported a 43% increase in net profit to Rs 13,680 crore on a 49.84% rise in net sales to Rs 174,104 crore in Q2 FY22 over Q2 FY21. Profit before tax (PBT) rose 18.64% to Rs 19,234 crore in Q2 FY22 over Q2 FY21. EBITDA rose 30% year-on-year to Rs 30,283 crore in Q2 FY22. With reopening and revival in economic activity, all businesses contributed positively to EBITDA growth, RIL said in a statement.

ICICI Bank jumped 7.17% to Rs 813.55 after the private sector lender reported a nearly 30% rise in standalone net profit to Rs 5,510.95 crore on a 10% rise in total income to Rs 26,030 crore in Q2 FY22 over Q2 FY21. The bank's profit before tax grew by 37% year-on-year to Rs 7,201 crore in Q2 FY22 from Rs 5,266 crore posted in Q2 FY21.

Tata Consumer Products fell 1.43%. The FMCG company reported a 4% increase in consolidated net profit to Rs 268 crore in Q2 FY22 from Rs 257 crore posted in Q2 FY21. For the quarter ended Q2 FY22, revenue from operations stood at Rs 3,033 crore, rising 9% year on year on reported basis and growing 11% on a like to like basis mainly driven by growth of 14% in India Beverages and 23% growth in India Foods business.

PVR gained 1.4%. The company reported a consolidated net loss of Rs 153.27 crore in Q2 FY22 as against a net loss of Rs 184.06 crore in Q2 FY21. Revenue from operations during the quarter surged to Rs 120.32 crore. The company had recorded revenue of Rs 40.45 crore in the same period last year.

Global markets:

Asian stocks were trading mixed on Monday as investors look ahead to the release of quarterly earnings by HSBC. Meanwhile, the Covid-19 situation in China could weigh on investor sentiment after an official warned that the outbreak could spread further, as per reports.

In US, the Dow Jones Industrial Average closed at a record high Friday on optimism surrounding third-quarter earnings, even as shares of technology companies fell under pressure. The U.S. equity market on Friday faced pressure from selling in large-capitalization technology stocks, which weighed on the tech-heavy Nasdaq and the broad-market S&P 500.

Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was "on track" to begin reducing its purchases of assets.

In economic reports, IHS Markit's survey of senior business executives in service-oriented companies rebounded to a three-month high of 58.2 from 54.9 in September. A similar survey of manufacturers slipped to 59.2 from 60.7. Any reading over 50 signals improving conditions.

Powered by Capital Market - Live News