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EQUITY - MARKET SCREENER

Sensex drops 413 pts, Nifty settles below 18,300, broader mkt outperforms
16-May-23   15:48 Hrs IST

The domestic equity barometers ended a volatile session with significant losses on Tuesday. After opening higher at 18,432.35, the Nifty 50 index slipped into the negative terrain and traded with modest losses for the most part of the session. Further, the Nifty witnessed sharp selling in the final hour of the session which caused the index to drop below 18,300 level. PSU bank, IT and consumer durables stocks edged higher while media, auto and financial services shares were under pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 413.24 points or 0.66% to 61,932.47. The Nifty 50 index shed 112.35 points or 0.61% to 18,286.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.18% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 1,846 shares rose and 1,678 shares fell. A total of 135 shares were unchanged.

Economy:

Merchandise exports in April 2023 were $34.66 billion, as compared to $39.70 billion in April 2022, registering a de-growth of 12.7%. Merchandise imports in April 2023 were $49.90 billion, as compared to $58.06 billion in April 2022, down 14%.

India's overall exports (Merchandise and Services combined) in April 2023 is estimated to be $65.02 billion. Overall imports in April 2023 are estimated to be $66.40 billion. Riding on the high exports base of April 2022, India's overall exports are projected to grow at 2% during April 2023.

Buzzing Index:

The Nifty Media index declined 1.38% to 1,712.60. The index added 2.06% in the past trading session.

Dish TV India Ltd (down 4.83%), PVR Inox Ltd (down 2%), New Delhi Television Ltd (down 1.82%), Network 18 Media & Investments Ltd (down 1.73%), TV18 Broadcast Ltd (down 1.22%), Sun TV Network Ltd (down 0.74%), Zee Entertainment Enterprises Ltd (down 0.53%), Hathway Cable & Datacom Ltd (down 0.36%) and Nazara Technologies Ltd (down 0.06%) edged lower.

Stocks in Spotlight:

Bank of Baroda rose 1.85% the bank reported 168.46% surge in net profit to Rs 4,775.53 crore in Q4 FY23 as compared with Rs 1,778.77 crore in Q4 FY22. Total income increased 41.68% to Rs 29,332.74 crore during the quarter as compared with Rs 20,695.90 crore recorded in corresponding quarter last year.

PVR Inox slipped 2.14% after the company reported a consolidated net loss of Rs 333.37 crore in Q4 FY23 as compared with net loss of Rs 105.49 crore in Q4 FY22. Net sales stood at Rs 1143.17 crore in Q4 FY23, steeply higher from Rs 536.17 crore recorded in corresponding quarter last year.

Meanwhile, the company said that it plans to shut down approximately 50 cinema screens over the next 6 months. These properties are loss making, or housed in malls which have reached the end of their life cycle with little hope of any revival.

Cipla shed 0.25%. The pharma major said that it has entered into a binding term sheet to sell its entire stake of 51% held in Saba Investment, UAE (Saba), to Shibam Group Holding, UAE.

UltraTech Cement fell 0.74%. UltraTech Nathdwara Cement (UNCL), a wholly owned subsidiary of UltraTech Cement, has commissioned a 0.8 million tonnes per annum (MTPA) brownfield cement factory at Neem Ka Thana in Rajasthan.

Berger Paints India lost 2.98%. The company's consolidated net profit fell 15.6% to Rs 186.01 crore in Q4 FY23 as against Rs 220.29 crore reported in Q4 FY22. Total income from operations rose 7.6% year on year to Rs 2443.63 crore in the quarter ended 31 March 2023.

Procter & Gamble Health gained 2.28%. The company reported 16% increase in net profit to Rs 59.2 crore on a 21% rise in total sales to Rs 316.3 crore in Q3 March 2023 as compared with Q3 March 2023.

Pfizer shed 0.02%. The drug maker reported 3.07% rise in net profit to Rs 129.65 crore in Q4 FY23 as against Rs 125.79 crore posted in Q4 FY22. Revenue from operations grew by 4.18% year on year to Rs 572.64 crore in the quarter ended 31 March 2023.

Granules India slipped 2.83%. The pharmaceutical company reported 7.75% rise in consolidated net profit to Rs 119.60 crore on 16.07% increase in revenue from operations to Rs 1195.5 crore in Q4 FY23 over Q4 FY22.

Vesuvius India was locked in 20% upper circuit after the company reported 83.5% jump in net profit to Rs 43.35 crore in Q1 March 2023 from Rs 23.63 crore in Q1 March 2022. Net sales increased by 18% YoY to Rs 365.81 crore during the quarter.

Suryoday Small Finance Bank added 0.64% after the bank reported a net profit of Rs 38.91 crore in Q4 FY23 as compared with net loss of Rs 48.12 crore in Q4 FY22. Total income jumped 41.65% to Rs 363.41 crore in Q4 FY23 as against Rs 256.55 crore in Q4 FY22.

Global Markets:

Markets in Europe and Asia traded in a mixed fashion on Tuesday, with investors digesting global growth concerns, political uncertainty as well as more corporate earnings.

Investors have traded in a cautious manner Tuesday, with data showing that the U.K. unemployment rate unexpectedly rose to 3.9% in March while pay growth, which has been fueling inflation, remained strong by historical standards.

The European Commission on Monday lifted its gross domestic product estimate higher for this year, now forecasting 1% growth, up from a previous 0.8% estimate.

However, it also raised its forecasts for inflation for the euro area to 5.8% this year and 2.8% in 2024, expecting the European Central Bank to continue with rate hikes, potentially adding to growth concerns.

Adding to these growth concerns is the political uncertainty in Turkey as well as the drawn-out U.S. debt ceiling debate.

Meanwhile, China's industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021.

Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier. It grew 5.1% in the January-March period.

US stocks rose on Monday amid ongoing debt ceiling negotiations between the White House and Republicans. In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

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