At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 53.87 points or 0.1% at 54,264.60. The Nifty 50 index up 4.50 points or 0.02% to 16,263.80.
In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index rose 0.32%.
The market breadth was positive. On the BSE, 1,850 shares rose and 1,382 shares fell. A total of 155 shares were unchanged.
Gainers & Losers:
Adani Ports And Special Economic Zone (up 2.27%), Tata Consumer Products (up 2.19%), Ultratech Cement (up 1.87%), Asian Paints (up 1.64) and Cipla (up 1.58%) were major Nifty gainers.
Power Grid Corporation Of India (down 3.81%), Bharat Petroleum Corporation (BPCL) (down 2.22%), Bajaj Finserv (down 2.12%), Bharti Airtel (down 2.10%) and Tata Motors (down 1.80%) were majority Nifty losers.
Bharti Airtel was down 2.10%. The telecom company reported a 164% jump in consolidated net profit to Rs 2007.8 crore on a 22.3% in revenue from operations to Rs 31,500 crore in Q4 FY22 over Q4 FY21. The telecom operator said rise in revenue was backed by strong and consistent performance delivery across the portfolio.
Stocks in Spotlight:
Indian Oil Corporation (IOCL) slipped 4.86% after the PSU OMC reported a 31.4% fall in standalone net profit to Rs 6021.88 crore despite a 43.2% increase in net sales to Rs 1,77,287.31 crore in Q4 FY22 over Q4 FY21. Total expenses increased by 29.5% YoY to Rs 1,99,327.91 crore during the quarter. Profit before tax in Q4 FY22 stood at Rs 8,084.68 crore, down by 26.2% from Rs 10,951.10 crore in Q4 FY21.
The IOCL board recommended issue of bonus equity shares in the ratio of 1 equity share for every two equity shares held. The bonus shares will also be eligible for the final dividend of Rs 3.60 per equity share (pre-bonus), which translates into final dividend of Rs 2.40 per equity share (post-bonus) for FY 2021-22.
DLF fell 2.20%. The realty major reported 15.7% fall in consolidated net profit to Rs 405.33 crore on a 9.7% decline in net sales to Rs 1,547.26 crore in Q4 FY22 over Q4 FY21.
Zydus Lifesciences shed 0.34%. The company said its board will consider a share buyback on 20 May 2022. The board will also consider FY22 results and final dividend on 20 May 2022.
Dr. Lal PathLabs tumbled 6.82% after the company reported a 26.5% fall in consolidated net profit to Rs 61.3 crore in Q4 FY22 compared with the net profit of Rs 83.4 crore in Q4 FY21. Net sales stood at Rs 485.5 crore for the quarter ended 31 March 2022 as against Rs 431 crore during the same period in the previous year, registering a growth of 12.65%.
Jubilant Ingrevia declined 4.10% after the company reported a 28% decrease in consolidated net profit of Rs 69 crore in Q4 FY22 compared with net profit of Rs 95 crore in Q4 FY21. During the quarter, total revenue from operations stood at Rs 1,296 crore in Q4 FY22, reporting a growth of 20% from Rs 1,078 crore in Q4 FY21. Profit before tax (before exceptional items) stood at Rs 115 crore in the fourth quarter, down 28% during the period under review.
EID Parry fell 1.17%. The company reported a sharply higher consolidated net profit of Rs 302.52 crore in Q4 FY22 as compared to a consolidated net loss Rs 1.62 crore in Q4 FY21. Net sales stood at Rs 5,667.34 crore for the quarter ended 31 March 2022 as against Rs 3,876.68 crore during the same period in the previous year, registering a growth of 46.2%.
Global Markets:
European opened lower while Asian stocks traded mixed on Wednesday following overnight comments from U.S. Federal Reserve Chairman Jerome Powell, who said he's resolved to raise rates until inflation comes down.
Earlier in May, the U.S. central bank raised rates by half a percentage point its largest hike in two decades as it looks to fight inflation. U.S. stock futures were lower in early premarket trade on Wednesday as investors looked to build on a solid rally in recent sessions. U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country's cost-of-living crisis.
On the macro front, Japan's economy shrank 1% on an annualized basis in January-March as compared with the previous quarter, data showed Wednesday.
Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other mega-cap growth stocks after strong retail sales in April eased worries about a slowing economic growth.
On the economic front, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.
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