The benchmark indices trimmed losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, skid 125.89 points or 0.21% at 60,307.56. The Nifty 50 index fell 38.55 points or 0.21% at 18,005.70.
HDFC Bank (down 0.92%), ICICI Bank (down 1.13%) and Housing Development Finance Corporation (HDFC) (down 1.11%) were major drags.
In the broader market, the S&P BSE Mid-Cap index lost 0.27%. The S&P BSE Small-Cap index gained 0.29%.
Buyers outnumbered sellers. On the BSE, 1,741 shares rose and 1,478 shares fell. A total of 167 shares were unchanged.
Gainers & Losers:
Mahindra & Mahindra (M&M) (up 3.33%), UPL (up 2.48%), Britannia Industries (up 2.14%), Bharti Airtel (up 1.74%) and ITC (up 1.68%) were major gainers in Nifty 50 index.
Tata Steel (down 3.28%), Hindalco Industries (down 3.03%), IndusInd Bank (down 2.75%), JSW Steel (down 2.28%) and Coal India (down 1.96%) were major losers in Nifty 50 index.
Earning Impact:
Indraprastha Gas skid 0.62%. On a consolidated basis, Indraprastha Gas (IGL)'s net profit jumped 10% to Rs 418.63 crore on a 40.3% surge in net sales to Rs 1,831.19 crore in Q2 September 2021 over Q2 September 2020. On a standalone basis, Indraprastha Gas (IGL)'s net profit climbed 30.1% to Rs 400.54 crore on a 40.3% rise in net sales to Rs 1,831.19 crore in Q2 September 2021 over Q2 September 2020.
Total volumes grew 32% to 665.69 million standard cubic meter (million SCM) in Q2 FY22 as against 505.75 million SCM in Q2 FY21. In terms of million metric standard cubic meter per day (MMSCMD), total volumes also jumped 32% to 7.24 MMSCMD in Q2 FY22 from 505.75 MMSCMD in Q2 FY21. Standalone EBITDA grew 30% to Rs 530.18 crore in Q2 FY22 over Rs 407.12 crore in Q2 FY21. EBITDA margin stood at 29% in Q2 FY22 as against 31% in Q2 FY21.
Redington (India) surged 7.73% after the company's consolidated net profit increased by 72.7% to Rs 307.20 crore on a 11.1% rise in net sales to Rs 15,287.46 crore in Q2 FY22 over Q2 FY21. On the segmental front, India business revenue was Rs 6,841.89 crore while that from Overseas business was Rs 8,445.80 crore in the second quarter. Total expenses rose by 10.2% to Rs 14,922.59 crore in Q2 FY22 from Rs 13,545 crore in Q2 FY21.
India Cements tumbled 5.11% after the company's consolidated net profit declined 57% to Rs 29.75 crore in Q2 FY22 from Rs 69.21 crore posted in Q2 FY21. Revenue from operations rose by 13.2% to Rs 1,234.85 crore in Q2 FY22 from Rs 1,089.96 crore posted in Q2 FY21.
Global Markets:
European stocks opened higher while Asian stocks were mixed on Wednesday, 10 November 2021. Market participants wait for the next key reading of U.S. inflation data.
China's consumer price index for October rose 1.5% from last year. The producer price index for October surged 13.5% from last year.
Wall Street closed lower on Tuesday as profit-taking and worries over ongoing inflation fueled a broad sell-off. U.S. inflation data for October is also set to be released later Wednesday stateside.
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