The key equity indices ended a range bound session with modest gains on Tuesday. The Nifty settled a tad below the 18,150 level. Metal, oil & gas and IT shares advanced while pharma, FMCG and realty stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex rose for the eighth consecutive session, advancing 242.27 points or 0.40% to 61,354.71. The Nifty 50 index added 82.65 points or 0.46% to 18,147.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index advanced 0.63%.
The market breadth was strong. On the BSE, 2,117 shares rose and 1,515 shares fell. A total of 184 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 8.67% to 11.90.
Economy:
The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.
The output of eight infrastructure sectors registered a growth of 3.6% in March 2023, the slowest in five months, showed government data released on Friday. The output of core sectors had increased by 7.2% in February 2023 and 4.8% in the year-ago month. The previous low was 0.7% in October 2022. The output of crude oil declined by 2.8%, power by 1.8% and cement by 0.8% in March this year.
India's manufacturing activity expanded at the fastest pace in four months amid faster rises in new orders and output along with a lack of pressure on supplier capacity, the results of the purchasing managers' survey from S&P Global showed on Monday. The manufacturing Purchasing Managers' Index, or PMI, rose to 57.2 in April from 56.4 in February.
April Auto Sales Impact:
Mahindra & Mahindra (M&M) rose 0.68%. M&M announced that its overall auto sales for the month of April 2023 stood at 62,294 vehicles, up by 36% from 45,640 vehicles sold in the same period last year. M&M's Farm Equipment Sector (FES) sold 36,405 tractor units in April 2023 as against 40,939 tractor units in the same period last year, recording a de-growth of 11% on YoY basis.
Tata Motors declined 1.06% after the company's domestic and international sales for April 2023 stood at 69,599 vehicles, down 3.69% compared to 72,468 units during April 2022.
Maruti Suzuki India advanced 2.10%. The company announced that its total sales in the month of April 2023 aggregated to 160,529 units, which is higher by 7% as compared with 150,661 units sold in the same period last year. While the company's total domestic sales rose by 9% to 143,558 units, exports declined by 8% to 16,971 units in April 2023 over April 2022.
?The shortage of electronic components had some impact on the production of vehicles. The Company took all possible measures to minimise the impact,? the auto maker said in a statement.
Bajaj Auto added 1.46%. The auto company's total auto sales increased by 7% to 3,31,278 units in April 2023 from 3,10,774 units sold in April 2022.
TVS Motor Company rose 2.01%. The auto major said that total sales in the month of April 2023 were 306,224 units, recording a sales growth of 4% as compared with the same period last year. Total sales in April 2022 amounted to 295,308 units.
Escorts Kubota increased 0.43%. The company said that its Agri Machinery business had sold 7,565 tractors in April 2023 as against 8,325 tractors sold in April 2022, recording a de-growth of 9.1% on YoY basis. Domestic tractor sales during the month fell by 5.5% to 7,252 units from 7,676 units sold in April 2022.
Ashok Leyland declined 1.51%.The commercial vehicles maker reported 10% rise in total vehicle sales to 12,974 units in April 2023 from 11,847 units in April 2022.
Hero MotoCorp slipped 2.32% after the company's total sales declined by 5% to 396,107 units in April 2023 from 418,622 units in April 2022.
Stocks in Spotlight:
Oil and Natural Gas Corporation (ONGC) (up 3.43%), Oil India (up 1.16%) and Reliance Industries (up 0.82%) climbed after the government cut the windfall tax on petroleum crude to Rs 4,100 per tonne from Rs 6,400 per tonne, effective from 2 May 2023. The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero.
Kotak Mahindra Bank shed 1.02%. The bank's net profit rose to Rs 3,495.59 crore in Q4 FY23 as against Rs 2,767.40 crore posted in Q4 FY22. Total income rose to Rs 12,007.23 crore in Q4 FY23 from Rs 8,770.04 crore recorded in the corresponding quarter of previous year.
UltraTech Cement fell 1.28%. The cement major's consolidated net profit (from continuing operations) tumbled 31.48% to Rs 1,685.95 crore in Q4 FY23 as against Rs 2,460.51 crore posted in Q4 FY22. Revenue from operations grew by 18.36% to Rs 18,662.38 crore in Q4 FY23 from Rs 15,767.28 crore recorded in the corresponding quarter of previous year.
Adani Green Energy (AGEL) added 2.78% after the power generation company reported a consolidated net profit of Rs 508 crore in Q4 FY23, steeply higher than Rs 121 crore recorded in Q4 FY22. Revenue from operations climbed 81.65% year on year to Rs 2,583 crore during the quarter.
SBI Cards and Payment Services advanced 1.32%. The NBFC reported a 2.7% rise in net profit to Rs 596.47 crore in Q4 FY23 from Rs 580.86 crore recorded in Q4 FY22. Total income jumped 29.9% year on year to Rs 3,916.57 crore in the quarter ended 31 March 2023.
Rail Vikas Nigam Limited (RVNL) was locked in an upper circuit of 10% after the company and its JV partner emerged as the lowest bidder for construction works related to an irrigation project in Rajasthan. The project costs Rs 2248.95 crore and is divided between RVNL and SCC, with RVNL owning 51% of the project and SCC owning 49%. Meanwhile, RVNL was recently accorded with the status of 'Navratna' central public sector enterprise (CPSE) by the Finance Ministry.
IDFC First Bank rallied 3.65% after the bank's net profit surged 134.2 % to Rs 802.62 crore in Q4 FY23 as compared with Rs 342.73 crore in Q4 FY22. Total income jumped 45.3% to Rs 7,821.83 crore in quarter ended 31 March 2023 as against Rs 5,384.88 crore recorded in quarter ended 31 March 2022.
IDBI Bank rose 0.40% after the bank's standalone net profit surged 64.11% to Rs 1,133.37 crore on 28.87% rise in total income to Rs 7,013.84 crore in Q4 FY23 over Q4 FY22.
L&T Finance Holdings gained 0.24%. The company's consolidated net profit jumped 46.4% to Rs 501.08 crore on 11.42% rise in total income to Rs 3,417.53 crore in Q4 FY23 over Q4 FY22.
Global Markets:
Most of the shares in Europe declined while its Asian peers advanced on Tuesday, as investors awaiting the start of the U.S. Federal Reserve's latest monetary policy meeting.
Headline inflation of the Euro zone came in at 7% for last month, according to Eurostat, after it dropped to 6.9% in March. At the same time, core inflation, which excludes food and energy prices, stood at 5.6% in April from 5.7% in March.
Mainland Chinese markets are closed for a holiday Tuesday. South Korea's inflation rate softened to 3.7% in April, lower than March's figure of 4.2%.
Investors will be closely watching Australia's central's bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.
U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week's expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.
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