Indices at previous closing
Nifty50: 14,310 ▼ -524 (-3.5%)
Sensex: 47,883 ▼ -1,707 (-3.4%)
Nifty Bank: 30,792 ▼ -1,656 (-5.1%)
In the news
TCS reports growth in Q4
- The country’s largest IT services company reported growth for the third consecutive quarter. At ₹43,705 crore, its revenue rose 4% QoQ, beating street estimates of ₹43,551 crore. Meanwhile, net profit rose 6% in QoQ to ₹9,246 crore, almost in line with the estimate of ₹9,276 crore.
- The improvement in performance comes on account of continued spending on digital services during the pandemic and deal wins. Meanwhile, the stock was down 2.1% but has risen about 13% so far this year.
CPI inflation rises, IIP contracts
- Retail inflation in March rose to 5.5% led by rising fuel, transportation and food prices. The number was higher than the street expectation of 5.4%.
- The double-whammy came when the index of industrial production (IIP) for February 2021 contracted by 3.6% versus an expected contraction of 3.0%. This suggests that Covid-related restrictions and regional lockdowns have started impacting the overall demand and growth in the country.
Lockdown fears trigger selling in PSU Banks
- The Nifty PSU Bank index (-9.2%) was the hardest hit during the sell-off on Monday. Its constituents like Indian Bank and Canara Bank and Punjab National Bank were down by over 10%.
- This fall in the stock prices comes primarily due to fears that regional lockdowns could in turn hurt the fragile asset quality and loan-growth prospects of the state-owned lenders.
M&M predicts slow tractor growth in FY22
- As per the company’s management, M&M’s tractor segment, which grew at nearly 20% in FY21, is expected to grow in single digits for FY22. The higher base of FY21 and cyclicality in the tractor industry could lead to the relatively slower growth.
- However, the company is optimistic about growth in the farm-machinery business, which currently contributes less than 10% of total farm equipment sales. Shares of M&M fell 5.1% yesterday amid a weak market.
Evets of the week
Tuesday: Core CPI (US)
Wednesday: Crude oil inventories (US), Holiday (India)
Thursday: Retail sales, initial jobless claims (US)
Sectoral indices (9 April)
| Top gainers | Top losers |
| NA | Nifty PSU Bank ▼ 9.2% |
| NA | Nifty Media ▼ 8.1% |
Global markets (at 8:15 am)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▲ 1.0% |
| Hang Seng (Hong Kong) | ▲ 1.2% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) (12 April) | ▼ 0.1% |
The Kissan brand (known for ketchup and jams) was owned by United Breweries (UB) from 1950 to 1993 before it was acquired by HUL.
Source: Kissan
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