Indian equity benchmarks concluded the Friday’s session on a negative note, with frontline gauges ending the day with a loss of over a per cent, breaching their critical 57,200 (Sensex) and 17,200 (Nifty) levels, dragged down by losses in all sectors following the US Fed chairman’s hawkish comments, which soured global sentiments. 

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Markets began the session on a negative note and remained in the red throughout the day, as traders became concerned after a report revealed that investments in the Indian capital markets through participatory notes (P-notes) fell to Rs 87,979 crore at the end of March, with experts predicting that foreign investors will remain cautious.

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The Nifty50 has formed along with negative candles on the daily chart, with a minor negative sequence of lower tops and lower bottoms, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

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“On the weekly chart, it formed a Doji type candle pattern at the valuation support of the 17,150 level. Normally, the formation of a Doji after a reasonable decline or upmove signals an impending reversal after confirmation. This could bring some hopes for bulls to make a comeback from the lows in the coming week,” he said. 

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Indian Indices

Sensex fell 714.53 points or 1.23% to 57,197.15 and Nifty was down by 220.65 points or 1.27% to 17,171.95 in the previous session. Sensex touched a high and low of 57,689.86 and 57,134.72, respectively. There were 6 stocks advancing against 24 stocks declining on the index. Nifty traded in a range of 17,315.30 and 17,149.20. There were 8 stocks advancing against 42 stocks declining on the index.

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Broader Indices

The broader indices ended in red with the BSE Midcap index rising 0.71%, while the Small cap index was down by 0.38%. The top losing sectoral indices on the BSE were Bankex down by 2.19%, Metal down by 2.17%, Finance down by 1.70%, Healthcare down by 1.57% and Basic Materials down by 1.45%, while there were no gaining sectoral indices on the BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, rose 2.80% to 18.35 on Friday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 20-points loss. The Nifty futures were trading at 17,020.00 on the Singaporean Exchange around 07:00 hours IST.

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Support and Resistance levels

The key support for the Nifty is at 17,109 followed by 17,046. If the index moves up, the key resistance levels to watch out for are 17,275 and 17,378, according to pivot charts.

US Markets

The S&P 500 fell 121.88 points, or 2.8%, to 4,271.78.

The Dow Jones Industrial Average fell 981.36 points, or 2.8%, to 33,811.40.

The Nasdaq fell 335.36 points, or 2.5%, to 12,839.29.

The Russell 2000 index of smaller companies fell 50.80 points, or 2.6%, to 1,940.66.

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Asian Markets

Asian markets finished mixed on Friday. The Shanghai Composite gained 0.23%, while the Nikkei 225 led the Hang Seng lower. They fell 1.63% and 0.32% respectively.

European Markets

European markets finished sharply lower on Friday with shares in Germany leading the region. The DAX was down 2.48% while France’s CAC 40 was off 1.99% and London’s FTSE 100 was lower by 1.39%.

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Major News Headlines

Reliance cancels a deal worth Rs 24,731 crore with Future Retail

Following resistance from FRL’s secured creditors, Reliance Industries (RIL) has cancelled a planned merger with Future Retail (FRL). FRL reported in a regulatory statement to the stock markets on Friday that 69.29% of secured creditors voted against the proposal, while 30.71% voted in favour. Meanwhile, 78.22% of unsecured creditors voted in favour, with just 21.78% voting against. Furthermore, 85.94% of FRL shareholders approved the deal, while 14.06% opposed it. RIL announced on Saturday that the Future Group companies, which include FRL and other publicly traded firms engaged in the plan, had informed their shareholders and creditors of the results of the scheme of arrangement vote at their respective meetings. “As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme,” RIL said in a statement. “In view thereof, the subject scheme of arrangement cannot be implemented,” it added. RIL’s subsidiary Reliance Retail Ventures (RRVL) announced the acquisition of the Future Group’s retail and wholesale companies, as well as its logistics and storage businesses, as going concerns on a slump sale basis for Rs 24,713 crore on August 29, 2020. However, Amazon, citing a non-compete agreement with the Kishore Biyani-led network, objected to the FRL’s transaction with RRVL. After purchasing 49% of Future Coupons for Rs 1,500 crore in August 2019, Amazon now owns around 5% of the company.

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ICICI Bank’s Q4 PAT climbs 59% year on year to Rs 7019 crore

In Q4 March 2022, the private lender’s standalone net profit increased by 59.42% to Rs 7,018.71 crore, with total income up 14.44% to Rs 27412.32 crore, compared to Q4 March 2020. In Q4 March 2022, the bank’s profit before tax (PBT) increased by 63.07% to Rs 9223.99 crore, compared to Q4 March 2020. From Rs 10,431 crore in Q4 FY21 to Rs 12,605 crore in Q4 FY22, net interest income (NII) grew by 21% year on year to Rs 12,605 crore. In Q4 FY22, the net interest margin was 4%, up from 3.84% in Q4 FY21 and 3.96% in Q3 FY22. In Q4 FY22, the bank’s provisions and contingencies (excluding tax provisions) decreased by 62.93% to Rs 1068.95 crore, a decrease of Rs 62.93 crore from Q4 FY21. Provisions for Q4 FY22 included a contingency provision of Rs 1,025 crore made on a prudent basis. The bank’s gross non-performing assets (NPAs) stood at Rs 33919.52 crore as of 31 March 2021 as against Rs 37052.74 crore as of 31 December 2021 and Rs 41373.42 crore as on 31 March 2020. The ratio of gross NPAs to gross advances stood at 3.60% as of 31 March 2021 against 4.13% as of 31 December 2021 and 4.96% as of 31 March 2020. On a standalone basis, the profit after tax grew by 44% year-on-year to Rs 23,339 crore in the year ended 31 March 2022 compared with Rs 16,193 crore in the year ended 31 March 2021. The board recommended a dividend of Rs 5 per equity share.

NSE IFSC launching international sustainability platform at GIFT city

NSE IFSC Ltd, a subsidiary of the National Stock Exchange (NSE), on April 222, announced the launch of an international sustainability platform at Gujarat’s GIFT city. The platform is expected to get functional in the second half of the year. According to the NSE IFSC statement, this is a first of its kind ESG (environmental, social and governance) platform in India. The ESG platform will facilitate the listing and trading of a range of products such as green bonds, voluntary carbon, sustainable bonds, green real estate investment trusts (REITs), and green equity, among others. It will also help to channel the flow of sustainable finance to India and other markets. Setting it up in GIFT city will facilitate the participation of international investors in ESG transitions in India and other markets. “It is expected to get operationalised in the second half of 2022 subject to regulatory approvals,” NSE IFSC said. For listing on the platform issuers will have to meet a minimum set of ESG standards apart from complying with the specific criteria defined by NSE IFSC for the sustainability which they want to list.

Hindustan Zinc Q4 Results: Profit jumps 18% to Rs 2,928 crore, revenue rises 27%

Vedanta Group’s Hindustan Zinc Limited on April 22 reported an 18% year-on-year (YoY) rise in net profit at Rs 2,928 crore for the fourth quarter ended March 31, 2022, primarily driven by higher volumes and an increase in metal prices. In the corresponding quarter last year, the company posted a consolidated net profit of Rs 2,481 crore, Hindustan Zinc said in an exchange filing. Net profit for the financial year 2021-22 was Rs 9,629 crore, up 20.7% YoY. Hindustan Zinc is an integrated producer of zinc, lead and silver in the country. Consolidated revenue for the quarter grew 26.6% YoY to Rs 8,797 crore from Rs 6,947 crore in the year-ago period, on the back of higher zinc volumes, increased zinc LME prices and favourable exchange rates. During the year, zinc and lead LME prices were up 36.5% and 15.7% respectively. On a sequential basis, revenue increased by 10.1% For fiscal 2022, revenue saw a 30.1% YoY increase to Rs 29,440 crore. EBITDA for the reported quarter stood at Rs 5,007 crore, up 29.2% YoY and 14% sequentially. EBITDA for the full year was at Rs 16,289 crore, up 38.8% from the previous financial year.

Bulk Deal data

EUSTON INDUSTRIES LIMITED sold 25,00,000 shares in Birla Tyres Limited at Rs 17.28 per share on the NSE.

VENKATA NARAYANA KONANKI bought 1,00,000 shares in Cyber Media (India) Limited at Rs 26.95 per share on the NSE.

PRABIR KUMAR GHOUSHAL sold 35,412 shares in De Nora India Limited at Rs 537.90 per share on the NSE

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TOPGAIN FINANCE PRIVATE LIMITED sold 2,25,000 shares in Hariom Pipe Industries Limited at Rs 212.19 per share on the NSE.

ANAND RATHI GLOBAL FINANCE LTD sold 16,00,000 shares in Mercator Limited at Rs 2.01 per share on the NSE.

ASSET RECONSTRUCTION COMPANY INDIA LIMITED sold 8,50,000 shares in Sakthi Sugars Limited at Rs 20.96 per share on the NSE

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 2,461.72 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,602.35 crore in the Indian equity market on April 22, as per provisional data available on the NSE.

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No stock/security has been put under the F&O ban for April 25. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.