Nifty50: 17,957 ▼ 96 (-0.5%)
Sensex: 60,176 ▼ 435 (-0.7%)
- After a gap-up opening, the markets remained range-bound, before witnessing pressure in the last hour of trade.
- The market breadth was nearly even, with 25 of the Nifty50 stocks closing in the green.
- Crude oil prices have been on the rise as Western countries plan to impose additional sanctions on Russia.
Among the Nifty sectoral indices, FMCG (+1.2%) and Auto (+1.2%) were the top gainers, while Financial Service (-1.5%) and Bank (-1.4%) were top losers.
Did you know?
You can now place Good-Till-Triggered (GTT) orders on the new Upstox app. To know more about GTT orders, click here.
| Top gainers | Today's change |
| Adani Ports | ▲ 3.1% |
| NTPC | ▲ 2.8% |
| TATA Motors | ▲ 2.3% |
| Top losers | Today's change |
| HDFC Bank | ▼ 3.1% |
| Bajaj Finserv | ▼ 2.3% |
| HDFC | ▼ 2.1% |
For more updates on F&O, click here.
Here are the top stories of the day.
Tata Motors’ sales in high gear
The carmaker recorded its highest annual sales of 3,70,372 units in FY22, up 67% as compared to FY21. Domestic sales increased by 30% in March 2022 as compared to March 2021. Passenger vehicle wholesales witnessed a 43% jump in March, mainly driven by the strong demand for SUVs.
The previous financial year was challenging for the entire auto industry due to the pandemic, the semiconductor crisis, and rising commodity prices. However, the management believes that the company was able achieve highest sales supported by a strong demand for its new range of vehicles and a 2.8x increase in production capacity in the last two years. Further, even EV sales grew by 353% in FY22 as compared to FY21.
BEML jumps after clocking all-time high revenue
Shares of BEML, a defence PSU company, surged 4% intraday after it reported an all-time high revenue from operations of over ₹4,000 crore for FY22. The company has been in the spotlight due to the ongoing divestment process of the Indian government’s stake in it.
Nearly 49% of the company’s revenue comes from the mining and construction vertical, 36% from the rail and metro vertical, and 15% from the defence and aerospace vertical.
Oil rises amid new Russia sanctions
Crude oil prices continued to rise, as the US and Europe plan new sanctions on Russia. Fresh sanctions could be imposed over alleged war crimes in Ukraine by Russian forces.
Brent crude was trading at $108.73 a barrel, up 1.1%, while US West Texas Intermediate crude was trading at $104.53 per barrel, up 1.2%. Crude prices had risen 3% on Monday amid threats of sanctions and a pause in talks to revive the Iran nuclear deal, which could bring Iranian oil supply into the market. Market experts said that geopolitical tensions are expected to keep oil prices rising in the coming days.
IPO corner
The government is reportedly ready to launch the LIC IPO in early May this year. According to a source quoted in the reports, the government is also expected to sell more than 5% of its stake in the life insurance giant. The market regulator SEBI had given its approval in March for the LIC IPO. However, the much-awaited public issue was postponed due to the market volatility triggered by the Russia-Ukraine conflict.
Good to know
What is the trade deficit?
A trade deficit is a situation in which a country’s imports surpass its exports. It is also referred to as a negative balance of trade. A country with a trade deficit has spent more money than it has made in international trade with the rest of the world. Implications of a trade deficit are based on impacts on production, jobs, national security and how the deficits are financed.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!