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Benchmark Indian stock indices rose marginally for the week to end in the green. For the week, the Sensex was up 0.14% to end at 60067.6 and the broader index Nifty 50 rose 0.33% to 17916.8.
On Thursday [November 4, 2021], the market was open for one hour on account of Muhurat trading. The Sensex and Nifty gained 0.49% each on the day of Muhurat trading.
For the week, Foreign Insitutional Investors were net sellers as they sold for Rs 686.8 crore and Domestic Insitutional Investors were net buyers as they bought for Rs 343.8 crore.
Top gainers were Nifty Realty (10.4%), Nifty PSU Bank (6%), BSE Capital Goods (4.6%). Top loser was BSE Energy (-2.5%).
Company News
State Bank of India: The lender’s standalone net profit rose on higher core income and lower provisions for bad loans. Net profit jumped 67% year-on-year to Rs 7,626.5 crore in Q2FY22 from Rs 4574 crore. Net interest income rose 10.65% YoY to Rs 31184 crore from Rs 28181 crore. Net NPA ratio fell 25 basis points to 1.52% on a sequential basis.
Tata Motors: The automaker reported an increase in its consolidated net loss to Rs 4,415.54 crore in Q2FY22 due to rising input costs and lower sales of British arm JLR hit by semiconductor shortage. The company had posted a consolidated net loss of Rs 307.26 crore in the corresponding period last year. Its consolidated revenue from operations stood at Rs 61,378.82 crore, as against Rs 53,530 crore in the year-ago quarter.
HDFC Ltd: The mortgage lender reported a 32 % rise in its standalone net profit to Rs 3,780.50 crore in Q2FY22, compared with a net profit of Rs 2,870.12 crore in the same period last financial year. Total income stood at Rs 12,226.39 crore in the reported quarter, compared with Rs 11,732.70 in the same period last year.
Sun Pharma: The drugmaker reported a 12.92% rise in its consolidated net profit to Rs 2,047.01 crore in Q2FY22, from a net profit of Rs 1,812.79 crore in the year-ago period. Its consolidated operating revenue stood at Rs 9,625.93 crore in the reported quarter, as against Rs 8,553.13 crore in the same quarter last fiscal year.
Godrej Properties: The realty firm posted a jump in its consolidated net profit to Rs 35.72 crore in Q2FY22, from a net profit of Rs 7.10 crore in the year-ago period. Total income rose to Rs 334.22 crore in the second quarter, from Rs 250.23 crore in the corresponding quarter last year.
Economy News
The Indian economy continued to expand as manufacturing and services sectors grew, according to IHS Markit survey.
Data released by the IHS Markit showed Manufacturing Purchasing Managers’ Index (PMI) rose to 55.9 in October expanding for the fourth consecutive month. In September, the manufacturing PMI was 53.7.
IHS Markit’s Services PMI rose to 58.4 in October from 55.2 in September. Markit Composite PMI increased to 58.7 in October 2021, as against 55.3 in the previous month.
India’s Balance of Trade narrowed to $19.9 billion in October, from $22.6 billion in September. Exports rose to $35.47 billion in October from $33.8 billion in the preceding month. However, imports fell to $55.37 billion during October, from $56.4 billion in the previous month. Petroleum and crude products were the biggest imported commodities, followed by Electronic Goods and Gold. The top three exported commodities were Engineering Goods, Petroleum Products and Gems And Jewellery.
Global Markets
In the US markets, all three major stock indices closed higher as dovish stance by the Fed with respect to tapering and strong US jobs data boosted investor sentiments. Pfizer announced its new antiviral pill was 89% effective in high-risk cases which had a postive effect on travel-related stocks. For the week, the S&P 500 jumped 2%, the Dow added 1.42% and the Nasdaq surged 3.05%.
In Asian markets, the Chinese stock indices closed lower as the troubled realty sector and rising Covid-19 cases weighed on investors’ sentiments. Growth outlook was trimmed as new restrictions were imposed that would put pressure on the country’s road to quick economic recovery. For the week, CSI 300 index fell 1.35%, Shanghai Composite declined 1.57% and Hang Seng dropped 2%.
Japanese equities closed higher as investors were buoyed by the election victory of Prime Minister Fumio Kishida’s ruling Liberal Democratic Party. Japan’s Nikkei rose 2.49% and broader Topix jumped 2.01%.