The equity benchmarks ended with small losses on Monday, extending losses for the second day. The Nifty managed to close above the 17,050 level after hitting day's low of 16,917.25 in the early trade. Metals, private banks and media shares supported the indices while autos, IT and consumer durables dragged.
The barometer index, S&P BSE Sensex declined 84.88 points or 0.15% at 56,975.99. The Nifty 50 index fell 33.45 points or 0.20% at 17,069.10.
The rising dollar index, continuous selling of domestic shares by FIIs and firm commodity prices put pressure on the bourses. However, India's robust GST collection and improving Manufacturing PMI for the month of April supported the sentiment.
The broader market ended with more losses than frontline indices. The S&P BSE Mid-Cap index slipped 0.47% while the S&P BSE Small-Cap index fell 0.87%.
The market breadth was weak. On the BSE, 1,235 shares rose while 2,228 shares fell. A total of 181 shares were unchanged.
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 4.46% to 20.2825.
The domestic stock market will remain closed tomorrow, 3 May 2022, on account of Ramzan Eid.
India Manufacturing PMI:
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose at 54.7 in April, from 54 in march. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
India's GST Collection:
India's Gross Goods and Services Tax (GST) revenue collection has touched an all-time high of Rs 1,67,540 crorein April 2022. Of the total GST collection in April this year, Central Goods and Services Tax, CGST collection is 33,159 crore, State Goods and Services Tax, SGST is 41,793 crore, Integrated Goods and Services Tax, IGST is 81,939 crore and cess is 10,649 crore.
The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30% higher and the revenues from the domestic transaction are 17% higher than the revenues from these sources during the same month last year.
Numbers to Watch:
The yield on the 10-year benchmark federal paper declined to 7.122% from its previous close of 7.139%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.455, compared with its close of 76.5 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement slipped 1.34% to Rs 51,063.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.36% to 103.33.
In the commodities market, Brent crude for June 2022 settlement fell $ 2.96 or 2.76% at $104.18 a barrel.
Global Markets:
The Dow Futures were up 146 points, indicating a positive start in the U.S. market today.
Most European markets declined with investors monitoring monetary policy, inflation data, and sharp moves on Wall Street.
Meanwhile, global investors continue to monitor the war in Ukraine and its geopolitical implications. EU leaders are set to work on a Russian oil embargo this week. Over the weekend, the United Nations and the International Committee of the Red Cross began evacuating civilians from the besieged southern port city of Mariupol. That operation is set to continue on Monday.
Most Asian markets closed higher on Monday, with data released over the weekend showing Chinese factory activity contracted in April. Markets in Hong Kong, mainland China, Singapore and Taiwan are closed on Monday for a holiday.
China's factory activity contracted at a steeper pace in April as Covid lockdowns hit industrial production. The official manufacturing Purchasing Managers' Index for April declined to 47.4, a second straight month of contraction following with March's reading of 49.5, data from the National Bureau of Statistics showed Saturday.
A private survey also showed contraction in Chinese factory activity, with the Caixin/Markit manufacturing PMI coming in at 46, declining from the previous month's reading of 48.1.
Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.
April Auto Sales:
Eicher Motors fell 3.07%. The company's unlisted subsidiary, VE Commercial Vehicles (VECV) sold 5,525 units of commercial vehicles in April 2022, up 157.6% year on year.
Separately, Eicher Motors reported 17% rise in total motorcycles sales in April 2022 to 62,155 units from 53,298 units sold in April 2021.
Bajaj Auto fell 2.75% after the company reported a 20% fall in total sales to 3,10,774 units in April 2022 as compared to 3,88,016 units sold in April 2021.
Maruti Suzuki India fell 1.18%. The automobile maker's total sales declined by 6% to 150,661 units in April 2022 from 159,691 units sold in April 2021.
Mahindra & Mahindra (M&M) fell 0.14%. The company's overall auto sales for the month of April 2022 stood at 45,640 vehicles, rising 25% from April 2021.
M&M's Farm Equipment Sector total tractor sales (domestic + exports) during April 2022 stood at 40,939 units, as against 27,523 units sold in April 2021, registering a growth of 49%.
Tata Motors declined 1.10%. The Tata Group company's sales in the domestic & international market for April 2022 stood at 72,468 vehicles as compared to 41,729 units during April 2021, rising 73.66% year-on-year.
Escorts declined 3.20%. The tractor maker's sales surged by 19.3% year on year to 8,325 units in April 2022 from 6,979 units sold in April 2021.
Ashok Leyland fell 0.86%. The Hinduja Group company's total commercial vehicle (CV) sales surged 42% to 11,847 units in April 2022 from 8,340 units sold in April 2021.
Hero MotoCorp fell 0.57%. The two-wheeler major's total sales surged 12.4% to 4,18,622 units in April 2022 from 3,72,285 units sold in April 2021.
TVS Motor Company fell 0.71%. The company's monthly sales stood at 2,95,308 units in April 2022 as against sales of 2,38,983 units sold in April 2021, registering a growth of 24% year-on-year.
Earnings Impact:
HDFC rose 1.55%. The housing finance major's standalone net profit rose 16.37% to Rs 3700.32 crore on 5.13% increase in total income to Rs 12308.46 crore in Q4 March 2022 over Q4 March 2021. Housing Development Finance Corporation (HDFC)'s profit before tax for Q4 March 2022 stood at Rs 4,622 crore compared with Rs 3,924 crore in the corresponding quarter of the previous year, representing a growth of 18%. The net interest income (NII) for Q4 March 2022 stood at Rs 4,601 crore compared with Rs 4,027 crore in the previous year, representing a growth of 14%.
IndusInd Bank jumped 4.17% after the bank reported 55.4% rise in standalone net profit to Rs 1,361.37 crore on an 6.1% increase in total income to Rs 9,761.89 crore in Q4 FY22 over Q4 FY21. The bank's consolidated net profit for the quarter ended 31 March 2022 was Rs 1,401 crore as compared to Rs 926 core during corresponding quarter of previous year, up by 51% YoY.
Just Dial fell 4.93% after the company's consolidated net profit declined 34.32% to Rs 22.05 crore on 5.13% fall in net sales to Rs 166.67 crore in Q4 March 2022 over Q4 March 2021. Adjusted operating EBITDA, excluding ESOP expenses, stood at Rs -0.8 crore in Q4 FY22 as against Rs 41.5 crore in Q4 FY21. Profit before tax (PBT) fell 47.33% to Rs 20.50 crore in Q4 FY22 over Q4 FY21.
Can Fin Homes jumped 8.33% after the company's net profit rose 19.85% to Rs 122.93 crore on 20.10% increase in total income to Rs 561.30 crore in Q4 March 2022 over Q4 March 2021. Profit before tax (PBT) rose 15.72% year-on-year to Rs 164.34 crore in Q4 FY22. The company's net interest income rose 28% to Rs 237.28 crore in Q4 March 2022 over Q4 March 2021. Outstanding loan book increased 21% to Rs 26711 crore during the period under review.
Tata Chemicals surged 9.89% after the Tata group company reported a substantial growth in consolidated net profit (from continuing operations) of Rs 470.24 crore in Q4 FY22 as compared to a net profit of Rs 29.26 crore in Q4 FY21. Revenue from operations stood at Rs 3,480.67 crore in Q4 FY22 as against Rs 2,636.21 crore during the same period in the previous year, registering a growth of 32.03%. The operating performance reflected higher volumes, realisations, and favorable market conditions.
HFCL lost 8.82% after the company posted 22.9% decrease in consolidated net profit to Rs 65.32 crore for quarter ended March 2022 as against Rs 84.68 crore in quarter ended March 2021. Net sales in the fourth quarter stood at Rs 1,182.98 crore, down 15% from Rs 1,391.40 crore reported in the same period last year. Profit before tax slumped 21.1% to Rs 93.35 crore in Q4 March 2022 as against Rs 118.24 crore in Q4 March 2021.
Yes Bank rose 1.17% after the bank reported net profit of Rs 367.46 crore in Q4 FY22 as against net loss of Rs 3,787.75 crore reported in Q4 FY21. The private bank's total income rose 21.3% to Rs 5,829.22 crore in Q4 FY22 over Q4 FY21. The bank recorded a pre-tax profit of Rs 503.19 crore in Q4 FY22 as against a pre-tax loss of Rs 5,054.71 crore posted in Q4 FY22.
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