Nifty, Sensex Remain Weak But with Chances of Corrective Bounce – Weekly closing report
Moneylife Digital Team 13 May 2022
We had mentioned in previous week’s closing report that Nifty, Sensex may try to rally mid week. The major indices opened lower this week and closed with loss.
 
 
On Monday, the indices opened gap down and ended with loss. On the National Stock Exchange (NSE), 511 stocks advanced, 1,590 declined and 58 remained unchanged with advance decline ratio of 0.32, indicating major weakness in broader markets. Nifty opened gap down, strengthened during the day and closed above the open. The broader market indices underperformed their larger peers with BSE Midcap and BSE Small Cap closing 1.9% and 1.7% down respectively. Barring Nifty IT all sectors ended in red with Nifty Media and Nifty PSU Bank being the biggest loser. Rupee closed at record of 77.47 against US Dollar. LIC IPO has been subscribed 2.9 times till 4:40 pm.
 
Aarti Drugs Q4FY21-22 revenue grew by 38% to Rs 694 crore and the profit grew by 7% to Rs 55 crore on a y-o-y basis. VST Tillers Q4FY21-22 revenue grew by 12% to Rs 218 crore and net profit increased by 70% to Rs 22 crore on a y-o-y basis. The company has declared a dividend of Rs 20 per share.
 
On Tuesday, the indices opened gap down, rallied during the day and ended with a minor loss. On the National Stock Exchange (NSE), 407 stocks advanced, 1,686 declined, and 44 remained unchanged with advance decline ratio of 0.24.
 
The markets opened gap down following their global peers but went up during the day and traded in green. In the last hour the market reversed and closed in red. Sector wise Nifty Bank and Nifty Financial Services were the biggest gainers whereas Nifty Metal and Nifty Realty were the biggest losers. The broader markets corrected heavily with BSE Midcap and BSE Small Cap closing almost 2% down.
 
According to AMFI April data, Equity mutual funds had a net inflow of Rs 15,890 crore in April as compared to Rs 28,463 crore in March.
 
Rainbow Children’s Medicare IPO listed at Rs 506 i.e., at a discount of 6% against its issue price of Rs 542. The IPO was subscribed 12 times.
 
On Wednesday, the indices opened gap up and ended with loss. On the National Stock Exchange (NSE), 452 stocks advanced, 1,633 declined, and 57 remained unchanged with advance decline ratio of 0.28. Nifty Sensex opened in green, trekked up a little and then fell sharply in the first half. It recovered in the second half but closed in red. The broader market indices faced major correction with BSE Small cap closing 2.23% down and BSE Midcap correcting in line with larger peers. Sector wise Nifty IT and Nifty Auto were the biggest losers whereas Nifty Realty and Nifty Bank were the biggest gainers.
 
Relaxo Footwear’s Q4FY21-22 revenue declined by 6.6% to Rs 692 crore and profit declined by 38% to Rs 63 crore on a y-o-y basis. Kalyan Jewellers Q4FY21-22 revenue declined by 6.5% to Rs2,857 crore and the profit declined 2.5% to Rs 72 crore on a y-o-y basis. Prism Johnson’s Q4FY21-22 revenue was flat at Rs 1,855 crore and the net profit declined by 82% to Rs 29 crore on y-o-y basis.
 
On Thursday, the indices opened gap down after the global markets corrected, and ended deeply in red. On the National Stock Exchange (NSE), 447 stocks advanced, 1,676 declined, and 31 remained unchanged with advance decline ratio of 0.27 indicating major correction. Nifty and Sensex opened with a deep cut and continued to fall heavily, remained weak in a range during the day and fell again in the last hour. All sectoral indices closed in red, Nifty PSU Bank and Nifty Metal being the biggest losers. The broader market indices fell in line with their larger peers as BSE Midcap and BSE Small cap closed 2.24% and 1.96% down respectively. 
 
On NSE, 293 stocks touched new 52 week low and 12 touched new 52 week high. 297 stocks closed in lower circuits and 34 stocks in upper circuit.  L&T’s Q4FY21-22 revenue grew by 9.9% to Rs 52,850 crore and the profit increased by 10% to Rs 3,620 crore on a y-o-y basis.
 
On Friday, the indices opened gap up but ended in the red. On the National Stock Exchange (NSE), 1,366 stocks advanced, 718 declined, and 40 remained unchanged with advance decline ratio of 1.90. Nifty and Sensex opened with a gap up, traded in a range and declined in last 90 minutes to close in red. Sector wise Nifty Metal and Nifty Financial Services were the biggest losers whereas Nifty Auto and Nifty FMCG were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and Small cap closing 0.8% and 1.28% higher.
 
APL Apollo Q4FY21-22 revenue grew by 63% to Rs 4,214 crore and the profit increased by 36% to Rs 163 crore. Escorts Q4FY21-22 revenue declined by 15% to Rs 1,861 crore and the profit declined by 25% to Rs 202 crore. Gujarat Fluorochemicals Q4FY21-22 revenue grew by 28% to Rs 1,074 crore and the profit grew by 96% to Rs 221 crore.
 
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