The domestic equity benchmarks ended a volatile session with major losses on Friday. The Nifty traded settled below the 18,100 level. Consumer durables, auto and FMCG stocks were in demand while banking, financial services and media stocks witnessed a bit of a selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 694.96 points or 1.13% to 61,054.29. The Nifty 50 index lost 186.80 points or 1.02% to 18,069.
In the broader market, the S&P BSE Mid-Cap index declined 0.50% while the S&P BSE Small-Cap index shed 0.39%.
The market breadth was negative. On the BSE, 1,499 shares rose and 2,015 shares fell. A total of 127 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.79% to 12.30.
Buzzing Index:
The Nifty Bank index declined 2.82% to 21,478.95. The index advanced 3.66% in past eight trading sessions.
Federal Bank Ltd (down 8.72%), HDFC Bank Ltd (down 5.86%), IndusInd Bank Ltd (down 5.6%), City Union Bank Ltd (down 4.29%), RBL Bank Ltd (down 4.28%), Bandhan Bank Ltd (down 1.52%), Kotak Mahindra Bank Ltd (down 1.3%), IDFC First Bank Ltd (down 0.86%), Axis Bank Ltd (down 0.12%) slipped.
HDFC Bank slipped 5.86% and Housing Development Finance Corporation (HDFC) skid 5.52% amid reports that the merged HDFC entity could see $150-200 million in outflows. MSCI plans to include HDFC Bank in the large-cap segment of MSCI Global Standard Indexes with an adjustment factor of 0.5, causing concerns of potential outflows of $150-200 million instead of expected inflows. If the adjustment factor had been 1, HDFC Bank would have seen an incremental inflow of around $3 billion.
Federal Bank slumped 8.72%. The private bank's standalone net profit surged 67% to Rs 902.61 crore on a 38.2% increase in total income to Rs 4,120.03 in Q4 FY23 over Q4 FY22. Meanwhile, the board of directors recommended a final dividend of Re 1 for the year ended 31 March 2023.
Stocks in Spotlight:
Hero MotoCorp rose 1.25%. The two-wheeler major's consolidated net profit rose to Rs 810.80 crore in Q4 March 2023 as compared to net profit of Rs 620.56 crore in Q4 March 2022. Total income rose to Rs 8,671.82 crore in Q4 March 2023 from Rs 7,627.99 crore in Q4 March 2022.
Tata Power fell 1.94%. The company's consolidated net profit rose 48% to Rs 939 crore in Q4 March 2023 as compared to net profit of Rs 632 crore in Q4 March 2022. Revenue rose 6% to Rs 12,755 crore in Q4 March 2023 from Rs 12,085 crore in Q4 March 2022.
TVS Motor Company rallied 3.77%. The company's consolidated net profit rose to Rs 335.67 crore in Q4 March 2023 as compared to net profit of Rs 274.67 crore in Q4 March 2022. Total income rose to Rs 8,098.54 crore in Q4 March 2023 from Rs 6,598.75 crore in Q4 March 2022.
CEAT jumped 3.26% after the company reported consolidated net profit of Rs 133.70 crore in Q4 FY23, steeply higher from Rs 25.25 crore posted in Q4 FY22. Revenue from operations jumped 10.9% to Rs 2,874.82 crore in Q4 FY23 as compared with Rs 2,591.99 crore in Q4 FY22.
Bharat Forge declined 1.35% after the company's standalone net profit declined 6.66% to Rs 244.52 crore in Q4 FY23 as against Rs 261.96 crore reported in Q4 FY22. Revenue from operations jumped 19.31% year on year to Rs 1,997.28 crore during the quarter. Shipment Tonnage rose by 12.3% YoY, Domestic revenue was higher by 10% YoY and Export revenue surged 25.7% YoY.
United Breweries slipped 2.45% after the company's consolidated net profit slumped 94% to Rs 9.81 in Q4 FY23 as against Rs 163.40 crore recorded in Q4 FY22. Net sales stood at Rs 1,765.88 crore in Q4 FY23, up 3.3% from Rs 1,709.17 crore reported in Q4 FY22.
Fertilizers & Chemicals Travancore (FACT) tumbled 7.21% after the company's consolidated net profit declined 26.9% to Rs 165.60 crore in Q4 FY23 as against Rs 226.54 crore in Q4 FY22. Revenue from operations dropped 26.22% to Rs 1,248.84 crore during the quarter ended 31 March 2023 from Rs 1,692.55 crore posted in corresponding quarter last year.
360 ONE WAM added 2.10% after the company's consolidated net profit fell 6% to Rs 155.45 crore in Q4 FY23 on 8.5% decline in total income to Rs 529.83 crore in Q4 FY23 over Q4 FY22.
Global Markets:
Markets in Europe advanced across the board while Asian stocks ended mixed on Friday.
The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.
Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.
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