On the strength of positive fourth quarter (Q4) results and steady purchasing by foreign institutional investors (FIIs), the Indian stock market indexes posted small increases over the week ending on Friday, May 12th.
The overall market’s performance remained consistent with the equity benchmarks. The Nifty reached a milestone of over 18,300. The S&P BSE Sensex increased by 973.61 points or 1.59% for the week to close at 62,027.90. To end at 18,314.80, the Nifty 50 index gained 245.8 points or 1.36%. To finish at 26,200.75, the BSE Mid-Cap index saw an increase of 1.35%. At 29,616.61, the BSE Small-Cap index saw a growth of 1.14%.
Weekly market summary on May 12th
Monday, May 8th saw significant purchasing interest in the domestic equities markets after a dramatic sell-off on Friday, May 5th. The Nifty ended up over 18,250 points. S&P BSE Sensex, the barometer index, rose 709.96 points or 1.16% to 61,764.25. To reach 18,264.40, the Nifty 50 index gained 195.40 points or 1.08%.
On Tuesday, May 9th, the domestic equities market ended unchanged. The Nifty 50 index reached a closing high of 18,250. S&P BSE Sensex, the gauge index, dropped 2.92 points to 61,761.33 points. To reach 18,265.95, the Nifty 50 index rose 1.55 points or 0.01%.
On Wednesday, May 10th, the major market indices saw a tumultuous day but still managed to close with respectable gains. The Nifty index crossed the 18,300 mark to close higher. The S&P BSE Sensex, a gauge index, increased 178.87 points or 0.29% to 61,940.20. To 18,315.10, the Nifty 50 index rose 49.15 points or 0.27%.
On Thursday, May 11th, the major equity barometers concluded with slight declines, reflecting unfavourable global signals. Due to the NSE’s weekly index option’s expiry, trading was erratic. The Nifty ended the day just below the 18,300 mark. The S&P BSE Sensex, a gauge of economic health, dropped 35.68 points, or 0.06%, to 61,904.52. To 18,297, the Nifty 50 index dropped 18.10 points or 0.1%.
On Friday, May 12th, the major equity indexes closed with modest increases. The Nifty reached a milestone of over 18,300. S&P BSE Sensex, the barometer index, increased 123.38 points or 0.20% to 62,027.90. To reach 18,314.80, the Nifty 50 index gained 17.80 points or 0.1%.
Major stock movers
Larsen & Turbo
Larsen & Turbo (L&T) had a 6.6% decline. The EPC major’s consolidated net profit increased by 10.11% to Rs 39.87bn on an increase in operations revenue of 10.38% to Rs 583.35bn in Q4 of the financial year (FY) 2022-23 compared to Q4 of the FY 2021-22.
The order inflow for the quarter that ended on March 31st, totalled Rs 760.99bn, up 3% from the same period the year before. AM Naik has opted to resign from the position of non-executive chairman, effective September 30th, according to an announcement made by the EPC major.
Naik has been given the title of Chairman Emeritus by the company’s board of directors. SN Subrahmanyan, the company’s existing chief executive officer and managing director, has been re-designated as its chairman and managing director.
Asian Paints
Asian Paints gained 3.96%. On the back of a 10.9% increase in operating revenue to Rs 87.51bn in Q4 FY 2022-23 over Q4 FY 2021-22, the paint giant’s consolidated net profit increased by 45.12% to Rs 12.34bn.
Adani Enterprises
Gains for Adani Enterprises were 2.28%. The company’s board of directors will meet on May 13th 2023, to discuss and authorise fundraising by the issuing of equity shares or any other qualifying securities through legal channels.
Dr Reddy’s Laboratories
Around 9.55% of Dr Reddy’s Laboratories’ stock fell. In Q4 FY 2022-23, the pharmaceutical giant posted a consolidated net profit of Rs 9.59bn, a significant increase from the Rs 875m reported in Q4 FY 2021-22. For the three months ending March 31st 2023, revenues rose 15.82% year over year (Y-o-Y) to Rs 62.97bn.
Eicher Motors
Eicher Motors had an 8.12% increase. From Rs 61.01bn in Q4 FY 2021-22 to Rs 9.05bn in Q4 FY 2022-23, the company’s consolidated net profit increased by 48.42%. A total of Rs 38.04bn in income from operations was reported, an increase of 19.13% from Rs 31.93bn in the same quarter the year prior.
Mahindra & Mahindra
Mahindra & Mahindra increased by 5.22%. According to the firm, there were 58,644 units manufactured overall in April 2023, up 18.54% from the 49,472 units produced during the same period in 2018.
In comparison to the same time a year prior, the automobile major’s overall sales increased by 40.9% to 60,481 vehicles in April 2023, from 42,937 units sold. In the meantime, exports for the studied period fell by 32.9% YoY to 1,813 units.
Coal India
Coal India decreased by 0.99%. In Q4 FY 2022-23, the state-run business posted a consolidated net profit of Rs 55.28bn, down from Rs 67.15bn in Q4 FY 2021-22. In the Q4 of FY 2022-23, net sales increased to Rs 351.61bn from the Rs 299.85bn reported in the same period the previous year.
Britannia Industries
The company lost 0.44%. When compared to the same time in the previous year, the FMCG company’s consolidated net profit increased by 47% to Rs 5.59bn during Q4 2022-23, while sales increased by 11% to Rs 38.92bn.
Hindalco Industries
Hindalco Industries fell 6.75%. Novelis Inc, a fully owned subsidiary of Hindalco Industries, reported a 27% decline in net income to $156m for the three months ended March 31st 2023. At the same time in the prior year, the firm reported a net income of $215m. For the Q4 of the fiscal year 2022-23, net sales declined 9% YoY to $4.4bn.
UPL
UPL fell by 5.11%. In comparison to the Q4 FY 2021-22 net profit of Rs 13.79bn, the firm reported a 42.57% fall in net profit to Rs 7.92bn in Q4 FY 2022-23. For the quarter ended March 31st 2023, revenue from operations increased 4.46% Y-o-Y to Rs 165.69bn.
