The domestic equity barometers traded with steep losses in mid afternoon trade. The Nifty was trading below the 18,050 mark. Consumer durable stocks declined for third consecutive session.
At 14:27 IST, the barometer index, the S&P BSE Sensex, dropped 671.3 points or 1.10% to 60,588.66. The Nifty 50 index lost 217.85 points or 1.19% to 18,048.75.
In the broader market, the S&P BSE Mid-Cap index slipped 1.18%. The S&P BSE Small-Cap index shed 1.19%.
Sellers outnumbered buyers. On the BSE, 1265 shares rose and 1953 shares fell. A total of 161 shares were unchanged.
Meanwhile, Asian Paints slumped 7.19% to Rs 2940.75. The company posted a 28.2% decline in consolidated net profit to Rs 595.96 crore in Q2 FY22 as compared to Rs 830.37 crore posted in Q2 FY21.
The paint maker's revenue from operations increased by 32.6% to Rs 7,096 crore in Q2 FY22 from Rs 5350.23 crore posted in Q2 FY21.
Amit Syngle, MD & CEO of Asian Paints said, “The domestic decorative business continued to move ahead on its high growth trajectory with an unprecedented 34% volume growth in the quarter and a strong compounded growth rates over the last two years. The Industrial Coatings business also registered strong double-digit revenue growth led by robust demand for protective coatings and uptick in the automotive sector.
The Home Improvement business continued to scale up in a significant manner registering its highest quarterly revenues, aided by strong alignment with the projects business. Performance in the International Business was a mixed bag with good growth in the South Asian markets while markets in Middle East & Africa were sluggish with challenges around COVID and forex availability.
Steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter.”
We have taken a series of price increases and would look at further price increase to mitigate the impact of this persistently high inflation and are confident that we should be able to turn this around strongly in the coming quarter.”
Buzzing Index:
The Nifty Consumer Durables index slipped 2.11% to 28,251.75, extending decline for third day. The index has fallen by 7.28% in three sessions.
Among the index constituents, Havells (down 8.68%), Voltas (down 4.16%), Amber Enterprises (down 3.09%), Whirlpool (down 2.63%), TTK Prestige (down 1.32%), Kajaria Ceramics (down 1.21%), Titan (down 1.07%), Bata (down 0.95%) and Relaxo (down 0.91%) declined.
However, Dixon Tech (up 0.68%), Blue Star (up 0.25%) and Crompton (up 0.18%) bucked the trend.
Numbers to Track:
MCX Gold futures for 3 December 2021 settlement rose 0.09% to Rs 47,541.
The yield on India's 10-year benchmark federal paper was currently at 6.344% as compared with its previous closing of 6.373%.
In the commodities market, Brent crude for December 2021 settlement shed 84 cents or 0.98% to $84.98 a barrel.
In the foreign exchange market, the partially convertible rupee rose to 74.8550 from its previous closing of 74.8800.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 93.65.
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