Nifty ends below 17,650; consumer durable markers decline

21 Jan 2022 , 03:39 PM

The domestic equity benchmarks ended with significant cuts after a weak session on Friday. The Nifty closed below the 17,650 mark. Shares across sectors declined with consumer durables, PSU banks, oil & gas, IT and realty losing the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 427.44 points or 0.72% to 59,037.18. The Nifty 50 index fell 139.85 points or 0.79% to 17,617.15.

The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, jumped 6.16% to 18.89.

In the broader market, the S&P BSE Mid-Cap index lost 2.01% while the S&P BSE Small-Cap index fell 1.96%.

The market breadth was weak. On the BSE, 1,048 shares rose and 2,329 shares fell. A total of 89 shares were unchanged.

The unabated selling by foreign portfolio investors (FPIs) and muted corporate earnings triggered sharp selloff in the domestic market.

COVID-19 Update:

In last 24 hours, India registered 3,47,254 new COVID-19 infections in a day, according to the Union Health Ministry data on Friday. The country reported 703 new deaths taking the death toll to 4,88,396. The country recorded 2,51,777 recoveries, taking the total number of recoveries to 3,60,58,806. The active cases comprise 5.23% of the total infections, while the national COVID-19 recovery rate has decreased to 93.50%, the ministry said.

Buzzing Index:

The Nifty Consumer Durables index slipped 2.87% to 28,621.25, extending decline for fourth day in a row. The index has lost 4.65% in four sessions.

Voltas (down 4.81%), Rajesh Exports (down 4.49%), Dixon Tech (down 4.33%), Amber Enterprises (down 4.04%), Orient Electric (down 3.36%), Crompton (down 2.97%), Titan Company (down 1.53%), Blue Star (down 1.35%), and Bata India (down 1.10%) declined.

Stocks in Spotlight:

Indias largest conglomerate, Reliance Industries (up 0.01%) will announce its quarterly results today.

JSW Steel (down 2.31%), Bandhan Bank (down 1.05%), Gland Pharma (down 1.81%) and Vodafone Idea (down 1.24%) will also announce their quarterly results today.

Polycab India slumped 6.80% to Rs 2499.70. The companys consolidated net profit rose 1.38% to Rs 248.40 crore on 22.78% increase in net sales to Rs 3,371.99 crore in Q3 December 2021 over Q3 December 2020.

PNB Housing Finance was locked in 5% lower circuit at Rs 463 after the companys consolidated net profit declined 18.9% to Rs 188 crore on 21.1% fall in total income to Rs 1,495.61 crore in Q3 FY22 over Q3 FY21.

Sasken Technologies tumbled 11.15% to Rs 1120. The companys consolidated net profit fell 19.33% to Rs 30.08 crore 2.19% increase in revenue from operations to Rs 106.27 crore in Q3 FY22 over Q2 FY22.

Kajaria Ceramics dropped 6.31% to Rs 1,260.55. The companys consolidated net profit rose 3.05% to Rs 124.73 crore on a 27.42% rise in revenue from operations to Rs 1,068.23 crore in Q3 FY22 over Q3 FY21.

Shoppers Stop surged 5.81% to Rs 382.45 after the company reported consolidated net profit of Rs 77.32 crore in Q3 FY22 as against net loss of Rs 25.11 crore in Q3 FY21. Net sales rose 33.82% to Rs 958.11 crore in Q3 FY22 over Q3 FY21.

Container Corporation of India (CONCOR) dropped 5.57% to Rs 623.95. The companys consolidated net profit jumped 21.59% to Rs 283.39 crore on a 9.68% surge in revenue from operations to Rs 1,938.03 crore in Q3 FY22 over Q3 FY21.

Biocon added 3.44% to Rs 376.40. The companys consolidated net profit jumped 17.68% to Rs 219.60 crore on a 17.05% surge in revenue from operations to Rs 2,174.20 crore in Q3 FY22 over Q3 FY21.

Hindustan Unilever (HUL) gained 3.15% to Rs 2332.85. The FMCG major posted 16.76% rise in standalone net profit to Rs 2,243 crore on 10.43% increase in revenue from operations to Rs 12,900 crore in Q3 FY22 over Q3 FY21.

Havells India tumbled 5.04% to Rs 1244.20. The company registered a 12% decline in standalone net profit to Rs 306 crore in Q3 FY22 from Rs 349 crore posted in Q3 FY21. Net revenue increased by 15% to Rs 3,652 crore in Q3 FY22 from Rs 3,166 crore posted in Q3 FY21.

Global markets:

Shares in Europe and Asia declined on Friday, tracking declines on Wall Street overnight.

Britains GfK Consumer Confidence Index sank to -19 in January from -15 in December, its lowest reading since February 2021, as soaring inflation and the prospect of further interest rate hikes dampened the outlook.

Meanwhile, Japans inflation data released on Friday showed that core consumer prices rose 0.5% in December compared to a year earlier, as fuel and raw material costs increased, as per reports.

US stocks moved lower on Thursday, giving up their sharp gains from earlier in the session, as Wall Street continues to struggle this year in a rising interest rate environment.

Concern that the Federal Reserve will aggressively move to raise rates this year took toll on the market. Investors are anxiously awaiting the U.S. central banks policy meeting next week for new details on how it will tackle inflation.

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