Benchmark indices traded with modest losses in morning trade. The Nifty hovered at the 17,050 level. All sectoral indices traded in the red with IT, metal and FMCG stocks losing the most. Domestic sentiment was negative amid weak global cues.At 10:30 IST, the S&P BSE Sensex fell 467.97 points or 0.82% to 56,888.13. The Nifty 50 index declined 149.1 points or 0.87% to 17,051.25.
Selling was broad based. The S&P BSE Mid-Cap index fell 1.1% while the S&P BSE Small-Cap index lost 1.16%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 905 shares rose while 2225 shares fell. A total of 111 shares were unchanged.
Meanwhile index heavyweight, Reliance Industries (RIL) (up 1.14%) hit fresh record high of Rs 2,827.10 in intraday today. The company hit a market capitalization of Rs 19 lakh crore.
RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA'ZIZ) have signed the formal shareholder agreement for the TA'ZIZ Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) project. RIL is a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA'ZIZ EDC & PVC, a world-scale chemicals development at the TA'ZIZ Industrial Chemicals Zone in Ruwais. The TA'ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, EDC and PVC production facility, with a total investment of over $2 billion (AED 7.34 billion).
Results Today:
Bajaj Auto (down 0.66%) and Hindustan Unilever (down 1.68%) are two Nifty 50 companies that will announce their quarterly results today.
Chennai Petroleum Corporation (down 1.24%), Hatsun Agro Product (up 1.22%), HDFC Asset Management Company (down 1.10%), Indian Energy Exchange (up 0.23%), Indian Hotels Company (up 1.31%), K.P.R. Mill (up 0.76%), Mahindra Lifespace Developers (down 1.35%), Persistent Systems (down 2.97%), Swaraj Engines (down 2.13%), Syngene International (down 0.85%) and Trent (down 2.56%) will also announce their financial results today.
Buzzing Index:
The Nifty IT index declined 1.44% to 31,380.5, continuing its losing run after a day's pause. The index has lost 3.2% this week.
Mindtree (down 2.7%), Wipro (down 2.2%), Larsen & Toubro Infotech (down 1.83%), HCL Technologies (down 1.44%) and L&T Technology Services (down 1.42%) were the top losers. Among the other losers were Infosys (down 1.42%), Tech Mahindra (down 1.37%), Mphasis (down 1.31%), Coforge (down 1.15%) and Tata Consultancy Services (down 0.61%).
Earnings Impact:
Mahindra Logistics jumped 10% to Rs 523. The third-party logistics provider's consolidated net profit declined 2.78% to Rs 12.23 crore on 10.13% rise in net sales to Rs 1072.68 crore in Q4 March 2022 over Q4 March 2021. The company's profit before tax (PBT) fell 13.37% to Rs 14 crore as against Rs 16 crore last year. EBITDA rose 19.6% to Rs 61 crore compared with Rs 51 crore last year. During the quarter, the company's supply chain segment grew at 11% YoY driven by continuing growth in non-auto end markets including durables, FMCG and E-Commerce.
United Breweries (UBL) fell 0.54%. The beer manufacturer reported 68.2% rise in consolidated net profit to Rs 163.40 crore on a 10.7% increase in net sales to Rs 1,709.17 crore in Q4 FY22 over Q4 FY21. Total expenditure during the quarter increased by 7.7% year on year to Rs 1,447.7 crore. Profit before tax in Q4 FY22 stood at Rs 218.78 crore, up by 50.7% from Rs 145.21 crore in Q4 FY21. UBL said that the fourth quarter witnessed robust year on year and sequential growth of 7% and 14% respectively. The growth was mixed during the quarter with January being muted due to the impact of the Omicron COVID variant, while March showed a promising start of the peak season.
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