The equity benchmarks ended with minor cuts on Friday, extending losses for the fourth straight session. Rising bond yields and crude oil prices dented investor sentiment and stoked concerns around global growth outlook. The Nifty closed below the 18,150 mark after hitting the day's high of 18,314.25 in morning trade. Metals and IT shares tumbled while banks and realty stocks bucked the trend.
The barometer index, the S&P BSE Sensex, dropped 101.88 points or 0.17% to 60,821.62. The Nifty 50 index lost 63.20 points or 0.35% to 18,114.90. It has fallen 1.96% in four sessions.
Sentiment also took a hit after the media reported that China has started shutting down schools, cancelling hundreds of flights and ramping up mass testings following a new outbreak of Covid-19.
HDFC (up 2.11%), Kotak Mahindra Bank (up 1.19%) and HDFC Bank (up 0.37%) supported the indices. ITC (down 3.39%), Infosys (down 1.96%) and TCS (down 0.94%) dragged.
In the broader market, the S&P BSE Mid-Cap index slipped 0.97%. The S&P BSE Small-Cap index shed 1.20%. Both the indices have fallen over 5% each in four sessions.
Sellers outnumbered buyers. On the BSE, 1,315 shares rose and 1,983 shares fell. A total of 150 shares were unchanged.
The NSE's VIX index, a gauge of market's expectation of volatility over the near term, fell 2.71% to 17.545.
Numbers to Track:
MCX Gold futures for 3 December 2021 settlement rose 0.65% to Rs 47,712.
The yield on India's 10-year benchmark federal paper was currently at 6.366% as compared with its previous closing of 6.338%.
In the commodities market, Brent crude for December 2021 settlement added 53 cents or 0.63% to $85.14 a barrel.
In the foreign exchange market, the partially convertible rupee fell to 74.9050 from its previous closing of 74.8725.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 93.60.
Global Markets:
European stocks rallied across the board while Asian stocks ended mixed on Friday, as fears over the Chinese property market cooled, while investors monitored corporate earnings and key economic data.
Shares of China Evergrande Group bounced in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.
In the US, the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the Labor Department said Thursday. That's the fewest people to apply for benefits since March 14, 2020, when the pandemic intensified.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.15%. Shareholders of RIL have approved appointment of His Excellency Yasir Othman H. Al Rumayyan as an independent director of the company for three years. Yasir bin Othman Al-Rumayyan is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, and the chairman of Saudi Aramco.
RIL board will consider Q2 September 2021 results today, 22 October 2021.
HDFC Life Insurance Company shed 0.61%. The company reported a 16% fall in standalone net profit to Rs 274.16 crore in Q2 FY22 as compared to Rs 326.09 crore posted in Q2 FY21. Net premium income during increased by nearly 14% year on year to Rs 11,443.96 crore.
JSW Steel fell 0.82%. The company reported a 350% year-on-year (Y-o-Y) jump in consolidated net profit to post its highest quarterly profit of Rs 7,179 crore for the second quarter ending 30 September. The company also reported its highest-ever quarterly revenue from operations at Rs 32,503 crore for the quarter, against Rs 19,264 crore a year ago.
TVS Motor Company jumped 7.54%. The company posted a consolidated net profit of Rs 234.37 crore in Q2 FY22 over net profit of Rs 181.41 crore in Q2 FY21. Total income rose to Rs 6,491.18 crore for the second quarter as compared to Rs 5,269.59 in the year-ago period.
ICICI Lombard General Insurance Company shed 0.39%. The company's net profit rose 7.44% to Rs 446.67 crore in the quarter ended September 2021 as against Rs 415.74 crore during the previous quarter ended September 2020. Sales rose 31.99% to Rs 3250.29 crore in the quarter ended September 2021 as against Rs 2462.52 crore during the previous quarter ended September 2020.
Yes Bank declined 4.12%. The bank's net profit rose 74.31% to Rs 225.50 crore on 7.06% decline in total income to Rs 5430.30 crore in Q2 September 2021 over Q2 September 2020. Net interest income (NII) for the quarter ended 30 September 2021 fell 23.4% to Rs 1,512 crore from Rs 1,973 crore for the quarter ended 30 September 2020. NII rose 7.9% QoQ from Rs 1,402 crore in Q1 June 2021. NIM stood at 2.2% as on Q2 September 2021 as against 2.1% as on 30 June 2021 and 3.1% as on Q2 September 2020.
IndiaMART InterMESH tumbled 7.32%. The company posted a 18% rise in consolidated net profit to Rs 82 crore on a 12% increase in net sales to Rs 182 crore in Q2 FY22 over Q2 FY21. On a sequential basis, the company posted a 7% fall in net profit on a 0.4% increase in net sales in Q2 FY22 over Q1 FY22.
IndiaMART registered a traffic growth 10% year on year with 284 million in Q2 FY22 as compared to 259 million in Q2 FY21. Unique business enquiries stood at grew to 6.7 million, an increase of 7% YoY and paying subscription suppliers grew to 150 thousand, a growth of 6%.
Mphasis dropped 4.28%. The company's consolidated net profit rose 0.52% to Rs 341.45 crore on a 6.62% increase in revenue from operations to Rs 2,869.22 crore in Q2 FY22 over Q1 FY22.
Indian Hotels Company declined 4.21%. The company reported consolidated net loss of Rs 120.58 crore in Q2 September 2021 lower than net loss of Rs 230.01 crore in Q2 September 2020. Net sales surged 183.78% to Rs 728.37 crore in Q2 September 2021 over Q2 September 2020.
The company's board approved Rs 4000 crore of fund raising: Rs 2000 crore will be raised by way of rights issue and additional Rs 2000 crore through QIP, subject to receipt of requisite approvals.
Tanla Plaforms was locked in an upper circuit of 5% at Rs 1,062.5 after the IT software company posted a 67% increase in net profit to Rs 136.17 crore on a 44.3% rise in net sales to Rs 841.62 crore in Q2 FY22 over Q2 FY21. The company's customer base expanded with addition of 87 new customers. Revenues from Rs 10 million+ customers grew by 46% year-over-year.
Zee Entertainment Enterprises fell 4.09%. According to the media reports, the Bombay High Court on Thursday asked the media company to call an extraordinary general meeting (EGM) as requisitioned by shareholders Invesco Developing Market Funds and OFI Global China Fund.
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