As per provisional closing basis, the barometer index, S&P BSE Sensex declined 84.88 points or 0.15% at 56,975.99. The Nifty 50 index fell 33.45 points or 0.20% at 17,069.10.

The broader market ended with more losses than frontline indices. The S&P BSE Mid-Cap index slipped 0.47% while the S&P BSE Small-Cap index fell 0.87%.

The market breadth was weak. On the BSE, 1,244 shares rose while 2,218 shares fell. A total of 182 shares were unchanged.

The domestic market will remain closed tomorrow, 3 May 2022 on account of Ramzan Eid.

Economy

For the first time, gross GST collection crossed Rs 1.5 lakh crore mark. The gross GST revenue collected in the month of April, 2022 was Rs 1,67,540 crore, which is higher by 18% as compared to Rs 1,42,095 crore recorded in March 2022. The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year, Finance Ministry said. Of the total GST collected, CGST was Rs 33,159 crore, SGST was Rs 41,793 crore, IGST was Rs 81,939 crore and cess was Rs 10,649 crore. The government has settled Rs 33,423 crore to CGST and Rs 26,962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2022 after regular settlement was Rs 66,582 crore for CGST and Rs 68,755 crore for the SGST.

During April 2022, 1.06 crore GST returns in GSTR-3B were filed, of which 97 lakh pertained to the month of March 2022, as compared to total 92 lakh returns filed during April 2021. Similarly, during April 2022, 1.05 crore statements of invoices issued in GSTR-1 were filed. Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7% as compared to 78.3% in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11% as compared to 73.9% in April 2021. This shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and smoother and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence,” Ministry of Finance said in a statement.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 54.7 in April, from 54 in March. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.

April Auto Sales:

Eicher Motors fell nearly 3%. The company's unlisted subsidiary, VE Commercial Vehicles (VECV) sold 5,525 units of commercial vehicles in April 2022, up 157.6% year on year. VECV had sold 2,145 units of commercial vehicles (CV) in April 2021. Total domestic commercial vehicle sales increased by 206.5% to 4,766 units in April 2022 from 1,555 units in April 2021. The company exported 650 units of commercial vehicles (up 20.1% YoY) during the period under review.

Separately, Eicher Motors reported 17% rise in total motorcycles sales in April 2022 to 62,155 units from 53,298 units sold in April 2021. The sale of models with engine capacity up to 350cc improved by 11% to 51,564 units and the sale of models with engine capacity exceeding 350cc increased by 57% to 10,591 units in April 2022 over April 2021.

Bajaj Auto shares declined nearly 3% after the company reported a 20% fall in total sales to 3,10,774 units in April 2022 as compared to 3,88,016 units sold in April 2021. On a sequential basis, the company's total sales rose 4.57% from 2,97,188 units sold in March 2022. Domestic sales dropped 24% to 1,02,177 units in April 2022 as compared to 1,34,471 units in April 2021. Exports skid 18% to 2,08,597 units in April 2022 as against 2,53,545 units in April 2021.

Maruti Suzuki India fell 1.2%. The automobile maker's total sales declined by 6% to 150,661 units in April 2022 from 159,691 units sold in April 2021. While total domestic sales fell by 7% to 132,248 units, total export rose by 7% to 18,413 units in April 2022 over April 2021. The shortage of electronic components had a minor impact on the production of vehicles, mainly domestic models. The company took all possible measures to minimise the impact,” Maruti Suzuki said in a statement.

M&M fell 0.07%. The company's overall auto sales for the month of April 2022 stood at 45,640 vehicles, rising 25% from April 2021. Sequentially, the automobile major's total sales dropped 16.47% from 54,643 units from March 2021. Mahindra & Mahindra's (M&M) passenger vehicles sales jumped 23% to 22,526 units in April 2022 as against 18,285 units in April 2021. Total exports for the month surged 35% to 2,703 vehicles in April 2022 over 2,005 units in April 2021.

M&M's Farm Equipment Sector total tractor sales (Domestic + Exports) during April 2022 stood at 40,939 units, as against 27,523 units sold in April 2021, registering a growth of 49%. Domestic tractor sales surged 51% to 39,405 units while tractor exports advanced 10% to 1,534 units during the period under review.

Tata Motors declined 1.14%. The Tata Group company's sales in the domestic & international market for April 2022 stood at 72,468 vehicles as compared to 41,729 units during April 2021, rising 73.66% year-on-year. The company's total domestic sales soared 81% to 71,467 units in April 2022 as against 39,401 units in April 2021. Total domestic passenger vehicle (PV) sales jumped 66% to 41,587 units in April 2022 over April 2021. PV ICE (internal combustion engine) sales rose 60% to 39,265 units while PV EV (electric vehicle) sales surged 300% to 2,322 units in April 2022 over April 2021.

Escorts declined 3.57%. The tractor maker's sales surged by 19.3% year on year to 8,325 units in April 2022 from 6,979 units sold in April 2021. On a sequential basis, tractor sales declined 17.36% in April 22 from 10,074 units sold in March 2022. The domestic tractor sales in April 2022 stood at 7,676 units, registering a growth of 20.2% as against 6,386 tractors sold in April 2021. Meanwhile, exports sales in April 2022 were at 649 tractors in April 2022 as against 593 tractors sold in April 2021, registering a growth of 9.4% year on year.

Ashok Leyland fell 0.59%. The Hinduja Group company's total commercial vehicle (CV) sales surged 42% to 11,847 units in April 2022 from 8,340 units sold in April 2021. On a sequential basis, the company's total CV sales declined 41.1% last month from 20,123 units sold in March 2022.

Hero MotoCorp fell 0.61%. The two-wheeler major's total sales surged 12.4% to 4,18,622 units in April 2022 from 3,72,285 units sold in April 2021. In April 2022, the company's total motorcycles sales stood at 3,92,627 units (up 15.7% YoY) while total scooters sales were at 25,995 units (down 21.1% YoY).

TVS Motor Company fell 0.71%. The company's monthly sales stood at 2,95,308 units in April 2022 as against sales of 2,38,983 units sold in April 2021, registering a growth of 24% year-on-year. Motorcycle sales grew 4% increasing to 1,39,027 units in April 2022 from 1,33,227 units in April 2021. Scooter sales grew by 57% year on year to 1,02,209 units in April 2022 from 65,213 units sold in April 2021. In the three-wheeler segment, the sales of the company grew 20% to 15,286 units in April 2022 from 12,790 units in April 2021. In Electric Vehicle (EV) segment, the domestic two-wheeler sales include TVS iQube Electric sales of 1,420 units in April 2022 as against 307 units sold in April 2021.

Earnings Impact

HDFC rose 1.63% to Rs 2264.50. The housing finance major's standalone net profit rose 16.37% to Rs 3700.32 crore on 5.13% increase in total income to Rs 12308.46 crore in Q4 March 2022 over Q4 March 2021. Housing Development Finance Corporation (HDFC)'s profit before tax for Q4 March 2022 stood at Rs 4,622 crore compared with Rs 3,924 crore in the corresponding quarter of the previous year, representing a growth of 18%. The net interest income (NII) for Q4 March 2022 stood at Rs 4,601 crore compared with Rs 4,027 crore in the previous year, representing a growth of 14%.

IndusInd Bank jumped 4.12% to Rs 1018.50 after the bank reported 55.4% rise in standalone net profit to Rs 1,361.37 crore on an 6.1% increase in total income to Rs 9,761.89 crore in Q4 FY22 over Q4 FY21. The bank's consolidated net profit for the quarter ended 31 March 2022 was Rs 1,401 crore as compared to Rs 926 core during corresponding quarter of previous year, up by 51% YoY.

Just Dial fell 4.86% to Rs 816.90 after the company's consolidated net profit declined 34.32% to Rs 22.05 crore on 5.13% fall in net sales to Rs 166.67 crore in Q4 March 2022 over Q4 March 2021. Adjusted operating EBITDA, excluding ESOP expenses, stood at Rs -0.8 crore in Q4 FY22 as against Rs 41.5 crore in Q4 FY21. Profit before tax (PBT) fell 47.33% to Rs 20.50 crore in Q4 FY22 over Q4 FY21.

Can Fin Homes jumped 7.62% to Rs 638.30 after the company's net profit rose 19.85% to Rs 122.93 crore on 20.10% increase in total income to Rs 561.30 crore in Q4 March 2022 over Q4 March 2021. Profit before tax (PBT) rose 15.72% year-on-year to Rs 164.34 crore in Q4 FY22. The company's net interest income rose 28% to Rs 237.28 crore in Q4 March 2022 over Q4 March 2021. Outstanding loan book increased 21% to Rs 26711 crore during the period under review.

Tata Chemicals' shares surged 10.12% to Rs 1,036 after the Tata group company reported a substantial growth in consolidated net profit (from continuing operations) of Rs 470.24 crore in Q4 FY22 as compared to a net profit of Rs 29.26 crore in Q4 FY21. Revenue from operations stood at Rs 3,480.67 crore in Q4 FY22 as against Rs 2,636.21 crore during the same period in the previous year, registering a growth of 32.03%. The operating performance reflected higher volumes, realisations, and favorable market conditions.

HFCL lost 8.62% to Rs 67.85 after the company posted 22.9% decrease in consolidated net profit to Rs 65.32 crore for quarter ended March 2022 as against Rs 84.68 crore in quarter ended March 2021. Net sales in the fourth quarter stood at Rs 1,182.98 crore, down 15% from Rs 1,391.40 crore reported in the same period last year. Profit before tax slumped 21.1% to Rs 93.35 crore in Q4 March 2022 as against Rs 118.24 crore in Q4 March 2021.

Yes Bank rose 1.25% to Rs 13.80 after the bank reported net profit of Rs 367.46 crore in Q4 FY22 as against net loss of Rs 3,787.75 crore reported in Q4 FY21. The private bank's total income rose 21.3% to Rs 5,829.22 crore in Q4 FY22 over Q4 FY21. The bank recorded a pre-tax profit of Rs 503.19 crore in Q4 FY22 as against a pre-tax loss of Rs 5,054.71 crore posted in Q4 FY22.

Global Markets:

The Dow Futures were trading 150 points higher, indicating a positive start in the U.S. market today.

Most European markets declined with investors monitoring monetary policy, inflation data, and sharp moves on Wall Street.

Meanwhile, global investors continue to monitor the war in Ukraine and its geopolitical implications. EU leaders are set to work on a Russian oil embargo this week. Over the weekend, the United Nations and the International Committee of the Red Cross began evacuating civilians from the besieged southern port city of Mariupol. That operation is set to continue on Monday.

Asian markets closed mixed on Monday, with data released over the weekend showing Chinese factory activity contracted in April. Markets in Hong Kong, mainland China, Singapore and Taiwan are closed on Monday for a holiday.

China's factory activity contracted at a steeper pace in April as Covid lockdowns hit industrial production. The official manufacturing Purchasing Managers' Index for April declined to 47.4, a second straight month of contraction following with March's reading of 49.5, data from the National Bureau of Statistics showed Saturday.

A private survey also showed contraction in Chinese factory activity, with the Caixin/Markit manufacturing PMI coming in at 46, declining from the previous month's reading of 48.1.

Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.

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