Sensex, Nifty trade sideways; breadth positive

The benchmark indices witnessed divergence in morning trade. Consumer durables, metal and oil & gas scrips dragged while auto and FMCG stocks supported the indices. The Nifty index managed to hover a tad above 16,300 level.

At 10:30 IST, the barometer index, S&P BSE Sensex rose 30.84 points or 0.06% at 54,501.51. The Nifty 50 index fell 1.05 points or 0.01% at 16,300.80.

The S&P BSE Mid-Cap index slipped 0.59%. The S&P BSE Small-Cap index skid 0.22%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,540 shares rose while 1,467 shares fell. A total of 128 shares were unchanged.

Listing News:

Shares of Rainbow Childrens Medicare were currently trading at Rs 492 on the BSE, at a discount of 9.23% compared with the issue price of Rs 542. The scrip was listed at Rs 506, representing a discount of 6.64% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 519.35 and a low of Rs 482. Over 2.63 lakh shares of the company have changed hands in the counter till now.

The IPO of Rainbow Childrens Medicare was subscribed 12.43 times. The issue opened for bidding on 27 April 2022 and it closed on 29 April 2022. The price band of the IPO was fixed at Rs 516-542 per share.

Buzzing Index:

The Nifty Metal index fell 1.26% to 5,867.95. The index lost 5.30% in three trading sessions.

Among the components of the Nifty Metal index, Jindal Stainless (Hisar) (down 2.93%), Ratnamani Metals & Tubes (down 2.61%), Tata Steel (down 2.3%), National Aluminium Company (NALCO) (down 2.14%) and Jindal Steel & Power (down 2.02%) were the top losers.

Among the other losers were Hindalco Industries (down 1.99%), JSW Steel (down 1.97%), Hindustan Zinc (down 1.81%), NMDC (down 1.52%) and Welspun Corp (down 1.11%).

On the other hand, Hindustan Copper (up 2.38%) and APL Apollo Tubes (up 1.28%) edged higher.

Earnings in Spotlight:

Godrej Agrovet gained 1.53%. The company reported 120.6% YoY rise in consolidated net profit to Rs 139.8 crore in Q4 FY22. The company had recorded a net profit of Rs 63.4 crore in Q4 FY21. Revenues increased by 42.3% to Rs 2,080.8 crore in Q4 FY22 over Q4 FY21. EBITDA improved by 82.1% to Rs 222.4 crore in Q4 FY22 from Rs 122.2 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 10.7% as compared with 8.4% in Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 174.43 crore, up by 122% from Rs 78.57 crore in Q4 FY21. Godrej Agrovet recorded 20.6% rise in consolidated net profit to Rs 419.2 crore on a 32.5% increase in revenues to Rs 8,306.1 crore in FY22 over FY21.

Craftsman Automation advanced 4.04%. The auto ancillary company reported 8.8% rise in consolidated net profit to Rs 51.46 crore on a 22% increase in net sales to Rs 656.67 crore in Q4 FY22 over Q4 FY21. Consolidated profit before tax advanced 10% to Rs 81.09 crore in Q4 FY22 from Rs 73.72 crore in Q4 FY21. Total expenses were up by 29.8% year on year to Rs 501.66 crore in the quarter ended 31 March 2022.

Global Markets:

The US Dow Jones index futures were up 147 points, indicating a positive opening in the US stocks today.

Most Asian markets declined on Tuesday morning as investors shed riskier assets on worries about higher interest rates and their impact on economic growth.

In US, the S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.

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