Indices at previous closing
Nifty50: 14,631 ▼ 263 (-1.7%)
Sensex: 48,782 ▼ 983 (-1.9%)
Nifty Bank: 32,781 ▼ 932 (-2.7%)
In the news
O2C business drives RIL’s Q4 profit
- For Q4FY21, Reliance Industries reported a 0.7% QoQ growth in its consolidated net profit to ₹14,995 crore. Meanwhile, revenue grew 24.9% to ₹1.72 lakh crore, during the same period. Both figures beat street estimates of ₹13,703 crore and ₹1.39 lakh crore, respectively.
- The oil-to-chemicals segment reported a 20.6% QoQ rise in revenues supported by higher volumes and a sharp increase in product prices. Similarly, the retail segment saw a 24.4% rise in revenue led by a revival in store operations and rise in digital commerce. The stock was down 1.4% on Friday in a weak market, but the results were announced after market hours.
Passenger vehicle sales fall in April
- Although far from the zero sales month of April 2020, major passenger vehicle makers reported a month-on-month dip in sales during April 2021. At a total of 159,691 units, Maruti Suzuki’s sales shrank about 4% MoM, whereas Tata Motors reported a sharper 15% drop to 25,095 units in its domestic passenger vehicle segment.
- Meanwhile, M&M’s passenger vehicle division, which mainly includes utility vehicles, bucked the trend to report a 9.5% rise at 18,285 units in April.
- The drop in sales was largely due to the regional lockdowns during the second wave. The Nifty Auto index is down about 2.2% since April.
IndusInd Bank’s profit grows three-fold in Q4
- The private lender reported a 9% YoY improvement in its net interest income at ₹3,535 crore. Meanwhile, net profit at ₹926 crore zoomed 194%, versus street estimates of ₹904 crore. The sharp jump in profits is attributed to a 24% drop in provisions.
- At 0.69%, the bank’s net NPAs are 22 bps lower than Q4FY20. The stock was down 0.4% on Friday, but has risen about 4.5% so far this year.
FII turn net sellers in April
- After being buyers for six months, foreign institutional investors (FII/FPI) turned net sellers in April, as the second wave intensified. They sold equities worth ₹9,659 crore. However, this figure pales in comparison to the ₹55,741 crore that they pumped into the markets between January and March of 2021.
- Further, despite the selling pressure in April, the Nifty50 index has lost just 0.4% in the month and was largely supported by the buying from domestic institutional investors (DII).
Events of the week
- Monday: Manufacturing PMI (India)
- Wednesday: Services PMI (India), Crude Oil inventories (US)
- Thursday: Initial jobless claims (US) Friday: Unemployment rate (US)
Sectoral indices (30 April)
|Top gainers||Top losers|
|Nifty Fin Serv
Global markets (at 8:15 am)
|Nikkei 225 (Japan)||▼ 0.5%|
|Hang Seng (Hong Kong)||▼ 1.5%|
|SSE Composite (China)||▼ 0.6%|
|Dow Jones (US)
Fact of the day
American Express was the first company to introduce plastic credit cards. Before 1959, cards were made of either celluloid or cardboard.
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