Nifty50: 17,807 ▼ 149 (-0.8%)
Sensex: 59,610 ▼ 566 (-0.9%)
- After a gap-down opening, the market was dragged down by financial and IT stocks.
- In all, 30 of the Nifty50 stocks closed in the red.
- Investors seem to be taking a cautious route ahead of the US Fed meeting today and RBI interest rate decision on Friday. Amidst this, a bounce in crude oil prices remains an overhang.
Among the Nifty sectoral indices, PSU Bank (+1.9%) and Metal (+1.3%) were the top gainers, while IT (-1.6%) and Financial Service (-1.5%) were top losers.
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| Top gainers | Today's change |
| Coal India | ▲ 3.1% |
| NTPC | ▲ 2.6% |
| TATA Steel | ▲ 1.8% |
| Top losers | Today's change |
| HDFC Bank | ▼ 3.5% |
| HDFC | ▼ 3.3% |
| HDFC Life | ▼ 2.4% |
For more updates on F&O, click here.
Here are the top stories of the day.
Tata Steel production climbs new heights
Based on the provisional numbers released by Tata Steel, its annual crude steel production increased to 19.06 million tonnes during FY22. The company managed to achieve its highest-ever year-on-year growth of 13% despite the pandemic-related disruptions.
While domestic deliveries grew by 14%, the company marked its highest-ever quarterly deliveries in 4QFY22 by 16% to 5.12 million tonnes. The company’s Europe arm also saw a production growth of 6% to 10.12 million tonnes, while its Thailand unit saw a drop of 8% to 1.29 million tonnes.
Paytm rises on strong loan disbursal volumes
Digital payments solutions provider Paytm said it disbursed 65 lakh loans in Q4 FY22, a growth of 374% year-on-year (YoY). The value of loans disbursed was ₹3,553 crore, which was up 417% YoY.
Meanwhile, the gross merchandise value (GMV) saw a 111% growth YoY in FY22, rising to ₹8.52 lakh crore from ₹4 lakh crore. The company also said in a statement that it will break even on an operating profit level in the next six quarters, ahead of most analysts’ expectations.
Poonawalla Fincorp posts healthy AUM growth
NBFC Poonawalla Fincorp's assets under management (AUM) grew by 17% year-on-year to ₹16,575 crore at FY22-end. Meanwhile, its housing finance subsidiary's AUM crossed the ₹5,000 crore mark as on 31 March.
Disbursements during the year stood at ₹9,490 crore. This was higher than ₹3,680 crore in disbursements registered in the pandemic-impacted FY21. According to the management, the positive trend is expected to continue in the coming quarters, supported by a change in the company's product mix and momentum seen from its various distribution channels like direct, digital and partnerships.
IPO corner
According to reports, the government is unlikely to reduce its stake in LIC for at least two years after the launch of the IPO. The government plans to offload 5% of its stake in the life insurer through the IPO, which is expected to be launched in early May this year.
The government reportedly assured prospective investors during the roadshow that it won’t dilute its stake further. This may help in preventing a downward pressure on LIC shares and hence will be beneficial for investors.
Good to know
What is short selling?
Short selling involves selling stocks that the trader doesn’t own. It can be done on an intraday basis in equities or on a positional basis using derivatives such as futures or options. A trader ‘goes short’ or simply sells a stock at current price, if he believes that a stock price could fall in future. Once the price falls, the short position is squared off or the stock is purchased to pocket the profit. This is a speculative strategy and could result in a loss if, instead of falling, the stock price rises.
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