Market Wrap-Up

Indian equity markets pared day's losses to end Wednesday's volatile session marginally lower. The Sensex ended 19.69 points, or 0.04% lower at 51,309.39, while the Nifty settled at 15,106.50, down 2.80 points, or 0.02%. Broader markets outperformed front liners with Nifty Smallcap 100 and Nifty Midcap 100 closing 0.70% higher. Among sectors, Nifty Auto, Nifty Pharma, Nifty IT and Nifty Realty ended in the green, while Nifty FMCG, Nifty Finnacial Services and Nifty Private Bank ended lower. On the Nifty 50 index, Eicher Motors, Bharti Airtel, HDFC Bank, Tata Steel and Britannia led the losses while, Cipla, Bajaj Finserv, SBI Life, HDFC Life, and M&M were the top gainers. Global shares rose to new all-time highs and European indexes strengthened, with market sentiment generally upbeat. In Europe, STOXX 600 index rose 0.30%, while German’s DAX rose 0.10%.

Sector & Economic Update

India’s plan to take millions of old gas-guzzling cars and pollution-belching trucks and buses off the roads may be stymied by a lack of incentives for owners and infrastructure to recycle the vehicles. As part of efforts to tackle the nation’s life-shortening air pollution, more than 20 years old cars and more than 15 years old commercial vehicles will need to undergo fitness tests. The program could cover around 5.2 million passenger vehicles and 3.7 million commercial vehicles, according to the Federation of Automobile Dealers Associations.

Corporate and 3^rd Quarter FY20-21 Results Update

Titan revenues rose 17.40% to Rs 7,287 crore while profit declined 10.90% to Rs 419 crore

ABB India revenues dipped 12.90% to Rs 1,701 crore however profit went up as high as 48.90% to Rs 57.60 crore

Eicher Motors revenues swelled 19.30% to Rs 2,828.30 crore, however profit just rose 6.80% to Rs 532.60 crore

BEML revenues saw a meager increase of 5.10% to Rs 728.20 crore while profit skyrocketed 5.6x to Rs 27.70 crore.

RITES revenues nosedived 27.50% to Rs 459.30 crore and profit also plummeted 29.80% to Rs 105.30 crore

VA Tech Wabag secures multiple orders worth about 100 million euro in the Europe and North Africa

Page Industries revenues grew 16.80% to Rs 927.10 crore, however profit witnessed a whopping rise of 76.60% to Rs 153.70 crore

GAIL revenues declined 13.00% to Rs 15,454 crore while profit increased 18.90% to Rs 1,487.30 crore

Hindalco Industries revenues rose 11.00% to Rs 11,351 crore while profit witnessed tremendous growth of 76.20% to Rs 340 crore

Bharata Bijlee revenues went down 10.00% to Rs 222.30 crore, profit increased 12.10% to Rs 16 crore

Suven Pharma revenues swelled 53.90% to Rs 274.90 crore while profit saw a dramatic rise of 96.20% to Rs 113.60 crore

(In association with AUM Capital Market)