Nifty, Sensex may snap back a bit – Tuesday closing report
Moneylife Digital Team 19 October 2021
We had mentioned in Monday’s closing report that Nifty, Sensex may consolidate or continue its rally. On Tuesday, the indices opened higher and ended with a loss. The market snapped its winning streak of eight sessions today. Broadly all major market indices witnessed correction today leaving NIFTY IT, whereas BSE small cap declined by -1.79%. On the NSE, there were 461 advances, 1,618 declines and 59 remained unchanged. After touching record highs in early trade Tuesday, the Indian benchmark slipped amid volatility and closed marginally down over yesterday's close. S&P BSE failed to hold on to the 62,000 peak hit at open and ended 50 points down at 61,716 points. The 50-share NSE Nifty 50 closed 0.3% lower at 18,418.75 after touching an all-time high of 18,604.
 
The trend of the major indices on Friday’s trading are given in the table below:
 
 
Nifty IT was the top performer today, up 2.20%, followed by financial service. Bank Nifty was down 144 points after touching the 40,000 mark. Kotak Mahindra Bank was the top performer, up 1.18%. 
 
Tech Mahindra, L&T, Infosys, Bajaj Finserv, Kotak Bank and HDFC Bank were gainers. ITC was the top laggard in the Sensex pack, tumbling over 6%. It was followed by HUL, Titan, Tata Steel, UltraTech Cement and PowerGrid.
 
Among Nifty 50 pack Tech Mahindra was the top performer, followed by L&T and Bajaj Finserv, while ITC, Tata Motors and Eicher Motors were top losers.
 
Major profit booking was seen in midcaps and small caps space, with the Nifty Midcap index down 714 points. 
 
Among the sectoral indices, the Nifty FMCG index fell 3.19%, dragged by ITC and HUL. Nifty PSU Bank index also fell 3.73% due to a fall in Union Bank of India and Indian Bank. 
 
The Nifty Metal index too fell 2.46%, led by a fall in Welspun Corp and National Aluminium Company.
 
Nestle India declared its Q3FY22 result (it follows Jan- Dec financial year), net sales increased by 9.63% from Rs 3,525.41 crore to Rs 3,864.97 crore. The net profit increased by 5.15 percent from 587.09 crore to Rs 617.37 crore as compared to previous year. Shares of Nestle India closed at 19,389.15 on BSE down 0.20%.
 
HUL reported Q2FY22 result, its revenue was Rs 12,516 crore up 10.99% as compared to previous year. The net profit increased by 8.86% on year-on-year basis to Rs 2,187 crore. 
 
India Energy Exchange soared by 19% initially to hit a record high of Rs 956.15 on the news of maiden bonus share issue. 
 
Axis Bank has announced discount on online purchases and waiver of 12 EMIs on select home loan products.
 
JP Morgan stated that demand for four-wheeler has increased by 5% as compared two years ago. The demand for two-wheeler is down by 30%. This shows a divergent from the bottom of pyramid to top of pyramid.
 
L&T Technology Services in its Q2FY22 results, reported PAT at Rs 230 crore as compared to Rs 216 crore in Q1FY22 and revenue at Rs 1,608 crore as compared to Rs 1,518 crore in previous quarter.
 
ACC reported its Q3 net profit at Rs 449 crore which was Rs 363 crore in last year and revenue was at Rs 3,749 crore as compared to Rs 3,537 crore.
 
The top gainers and top losers of the major indices are given in the table below: 
 
 
The closing values of the major Asian indices are given in the table below:
 
 
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