The benchmark indices closed near the flat line after a volatile session. The Nifty ended above the 17,500 mark after hitting day's low at 17,442.80 in the morning trade. Metal, private bank and healthcare stocks saw buying demand while IT, realty and consumer durables shares corrected.
As per provisional closing basis, the barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75.
In the broader market, the S&P BSE Mid-Cap index declined 0.13% while the S&P BSE Small-Cap index slipped 0.10%.
The market breadth was negative. On the BSE, 1,535 shares rose and 1,866 shares fell. A total of 124 shares were unchanged.
Buzzing Index:
The Nifty FMCG index fell 0.37% to 42,821.60, snapping its three days gaining streak. The index rose 0.83% in three trading sessions.
Among the components of the Nifty FMCG index, Marico (down 2.46%), Godrej Consumer Products (down 1.16%), Procter & Gamble Hygiene and Health Care (down 0.67%), ITC (down 0.64%), Colgate-Palmolive (India) (down 0.62%), United Spirits (down 0.45%), Varun Beverages (down 0.42%), Hindustan Unilever (down 0.26%), Dabur India (down 0.2%) and Radico Khaitan (down 0.2%) were the losers.
On the other hand, United Breweries (up 2.26%),Nestle India (up 0.58%) and Britannia Industries (up 0.48%) edged higher.
Earnings Impact:
Bharti Airtel rose 1.50% after the telecom major's consolidated net profit surged to Rs 1,606.9 crore in Q1 FY23 compared with Rs 283.5 crore in Q1 FY22. On a consolidated basis, revenue from operations jumped 22.16% to Rs 32,804.6 crore in Q1 FY23 as against Rs 26,853.6 crore posted in the corresponding quarter previous year. The company said that that rise in revenue was backed by strong and consistent performance delivery across the portfolio.
Hindalco Industries jumped 4.43% after the company's consolidated net profit surged to Rs 4,119 crore, a 48% growth YoY and 7% sequentially despite rising costs and inflationary pressures. Consolidated revenue for the first quarter stood at Rs 58,018 crore, up 40% YoY. EBITDA improved by 27% to Rs 8,640 crore in Q1 FY23 from Rs 6,790 crore in Q1 FY22.
Pidilite Industries fell 0.49%. The company reported consolidated profit after tax of Rs 358 crore in Q1 June 2022, growing 64% over the same quarter last year. During Q1 FY23, consolidated net sales at Rs 3,091 crore grew by 60% over the same quarter last year. EBITDA before non-operating income at Rs 529 crore grew by 52% over the same quarter last year. Profit before tax and exceptional items (PBT) at Rs 473 crore grew by 63% over the same quarter last year.
Tata Chemicals jumped 12% after the company's consolidated net profit (from continuing operations) surged 86.26% to Rs 641 crore on 34.2% jump in revenue from operations to Rs 3,995 crore in Q1 FY23 over Q1 FY22. The operating performance reflects improved realisations, efficient cost management and optimum capacity utilization in challenging market conditions, and in the context of rising input and energy costs.
Power Grid Corporation of India rose 0.74%. On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22. Consolidated revenue from operation stood at Rs 10,905.21 crore in Q1 FY23, rising 6.7% from Rs 10,218.58 crore posted in the corresponding quarter previous year.
Indraprastha Gas rose 5.85% after the company reported 72% jump in consolidated net profit to Rs 420.86 crore on a 155% rise in net revenue from operations to Rs 3,193.85 crore in Q1 FY23 over Q1 FY22. EBIDTA improved by 62% to Rs 617.51 crore in Q1 FY23 from Rs 380.86 crore in Q1 FY22. EBIDTA margin was 19% in Q1 FY23 as against 30% in Q1 FY22.
Indian Hotels Company (IHCL) fell 0.68%. The company reported a consolidated net profit of Rs 170.05 crore in Q1 FY23 as against a net loss of Rs 277.34 crore in Q1 FY22. The company reported revenue form operations fo Rs 1,266.07 crore in the quarter ended June 2022, steeply higher than Rs 344.55 crore recorded in the corresponding quarter previous year.
Zydus Lifesciences rose 0.97%. The pharma company's consolidated net profit fell 11.7% to Rs 518.3 crore on a 1.8% increase in total income from operations to Rs 4,072.7 crore in Q1 FY23 over Q1 FY22. EBITDA decliend by 14.3% to Rs 833 crore in Q1 FY23 from Rs 971.9 crore in Q1 FY22. EBITDA margin de-grew to 20.5% in Q1 FY23 as against 24.3% in Q1 FY22.
Cummins India declined 1.97% after the company's reported 19.8% fall in consolidated net profit to Rs 198.13 crore on a 41.9% increase in revenue from operations to Rs 1,695.92 crore in Q1 FY23 over Q1 FY22. On the segmental front, revenue from Engine sales was Rs 1,666.11 crore (up 41.5% YoY) while that from the sales of Lubes was Rs 514.71 crore (up 65% YoY) in the first quarter.
ABB India advanced 1.95% after the company reported 116% rise in standalone net profit to Rs 147 crore on a 44% increase in revenues to Rs 2,053 crore in Q2 2022 over Q2 2021. The company said that all the business areas registered growth compared to the quarter in the previous year. Electrification had a good run with expanded operations, robust backlog and better supply chain coordination. Faster conversion of backlog and export led growth in large motors division led to uptick in Motion's revenue performance.
Global Markets:
Shares in Europe were trading mixed while Asian stocks tumbled on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.
German final July consumer price inflation came in at 7.5% year on year and 0.9% monthly, official figures revealed on Wednesday, roughly in line with expectations.
China's consumer inflation edged up last month to the highest level in two years, data released on Wednesday showed, but producer prices continued to ease. China's consumer price (CPI) index rose by 2.7% in July from a year earlier, up from a rise of 2.5% in June. Producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July, down from a rise of 6.1% in June
US stocks closed lower on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.
The U.S. Labor Department will release its July report for consumer prices on Wednesday, followed by its report for prices at the wholesale level on Thursday. A strong inflation print is likely to reinforce the idea that the Fed is not close to pausing its tightening cycle and markets would readjust their expectations for U.S. interest rates.
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