After opening with strong gains, the key equity indices pared all gains and ended near the day's low on Wednesday. The Nifty closed below the 17,500 mark. Oil & gas, metals and FMCG shares advanced while banks, financials and auto stocks edged lower.
As per provisional closing data, the S&P BSE Sensex declined 237.44 points or 0.41% to 58,338.93. The Nifty 50 index slipped 54.65 points or 0.31% to 17,475.65.
The broader market bucked the trend. The S&P BSE Mid-Cap index fell 0.21% while the S&P BSE Small-Cap index gained 0.27%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,854 shares rose and 1,544 shares fell. A total of 131 shares were unchanged.
Trading remained volatile on account of weekly index options expiry on the NSE.
The Indian equity markets will remain closed on 14 and 15 April on account of Mahavir Jayanti / Dr. Baba Saheb Ambedkar Jayanti and Good Friday, respectively.
Economy:
India's merchandise trade deficit for March 2022 touched $18.51 billion as against $13.64 billion in March 2021 and $9.98 billion in March 2020, data released by the government showed on Wednesday (13 April).
Merchandise exports in March 2022 were $42.22 billion, as against $35.26 billion in March 2021, exhibiting a positive growth of 19.76%. Merchandise imports in March 2022 were $60.74 billion, an increase of 24.21% over imports of $48.90 billion in March 2021.
The country's factory output (IIP) rose 1.7% in February 2022 compared to a revised estimate of 1.5% in January this year, the data published by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday showed.
Meanwhile, India's retail inflation jumped to a 17-month high of 6.95% in March from 6.07% in February, according to data released on 12 April 2022 by the Ministry of Statistics and Programme Implementation.
Consequently, the yield on India's 10-year benchmark paper rose to 7.233% compared with 7.189% at close in the previous trading session.
New Listing:
Shares of Hariom Pipe Industries hit an upper circuit of 5% at Rs 224.70 on the BSE, representing a premium of 46.86% compared with the issue price of Rs 153.
The scrip was listed at Rs 214, a premium of 39.87% to the initial public offer (IPO) price. The scrip hit an intraday low of Rs 214 in early trade. Over 3.73 lakh shares of the company have changed hands in the counter till now.
Results Today:
IT major Infosys (up 0.55%) and Den Networks (down 1.18%) will announce their quarterly earnings today.
Earnings Impact:
Anand Rathi Wealth jumped 8.22% after the company's consolidated net profit surged 256.66% to Rs 35 crore on 49% increase in total income to Rs 115 crore in Q4 March 2022 over Q4 March 2021.
Hathway Cable & Datacom slumped 5.35% after the company reported a 60.6% fall in consolidated net profit to Rs 28.35 crore in Q4 FY22 from Rs 72.04 crore registered in Q4 FY21. Consolidated net sales grew by 2.3% to Rs 448.79 crore in Q4 FY22 over Q4 FY21.
Tinplate Company of India fell 1.65%. The company reported a 103.7% jump in net profit to Rs 114.41 crore on a 59.2% increase in net sales to Rs 1106.07 crore in Q4 FY22 over Q4 FY21.
Stocks in Spotlight:
Tata Steel shed 0.31%. Tata Steel Mining (TSML), the company's unlisted wholly-owned subsidiary, has successfully completed the acquisition of controlling stake of 90% in Rohit Ferro-Tech (RFT) in accordance with the approved Resolution Plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).
RITES declined 2.75%. The company has entered into a memorandum of understanding with Tata Steel for jointly exploring integrated infra services.
ICICI Bank lost 0.28%. The board of the bank at its meeting scheduled on 23 April 2022 will also consider, fundraising by way of issuance of debt securities.
Thermax zoomed 14.37%. The company has won an order of Rs 522 crore for utility boilers and associated systems for a grass root refinery and petrochemical complex in Rajasthan.
TVS Motor Company shed 0.04%. Swiss E-Mobility Group (Holding) AG (SEMG), the company's subsidiary, has acquired 100% stake in Alexand'Ro Edouard'O Passion Vo Sl (Passion Vo) for a cash consideration of CHF 2.79 million. This acquisition would help SEMG to geographically expand its network in the western part of Swiss region and strengthen its retail presence.
Zydus Lifesciences added 0.10%. The company announced that it will be manufacturing and supplying Sagent's Caffeine Citrate Oral Solution in the strength of 60 mg per 3 mL single-dose vial from its injectables facility at Jarod, Gujarat.
Prestige Estates Projects slipped 1.18%. The real estate developer recorded sales value of Rs 3,268.7 crore in Q4 FY22, up by 77% YoY. Sales volume in the fourth quarter increased by 76% YoY to 4.85 million square feet. Collections improved by 39% YoY to Rs 2,461 crore in Q4 FY22.
Global Markets:
Most European markets declined while Asian stocks mostly ended higher on Wednesday as investors watched for market reaction to the release of a slightly hotter-than-expected U.S. inflation report.
The Reserve Bank of New Zealand on Wednesday announced its decision to raise the official cash rate by 50 basis points to 1.5%.
U.S. consumer prices rose 8.5% in March as compared with a year ago, the fastest annual gain since December 1981, according to official data released Tuesday. The core consumer price index which excludes food and energy, however, showed signs it may be ebbing. It rose 0.3% for the month.
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