The HDFC twins dragged down Indian equity indices on Wednesday, wiping out early gains and settling lower for the third day in a straight amid continuous foreign capital withdrawals.

The Nifty50 has formed a long negative candle on the daily chart with a minor upper shadow, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

The 50-scrip index is now at the edge of support at 17,450, a move below which could open further weakness in the short term, he warned.  

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Indian Indices

Sensex fell 237.44 points or 0.41% to 58,338.93 and Nifty was down by 54.65 points or 0.31% to 17,475.65 in the previous session. Sensex touched a high and low of 59,003.82 and 58,291.23, respectively. There were 10 stocks advancing against 20 stocks declining on the index. Nifty traded in a range of 17,663.65 and 17,457.40. There were 22 stocks advancing against 28 stocks declining on the index. 

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Broader Indices

The broader indices ended mixed with the BSE Midcap index falling 0.21%, while the Small cap index was up by 0.27%. The top gaining sectoral indices on the BSE were Oil & Gas up by 0.87%, Capital Goods up by 0.80%, FMCG up by 0.69%, Energy up by 0.63%, Metal up by 0.60% while, Auto down by 0.85%, Finance down by 0.73%, Bankex down by 0.65%, Telecom down by 0.59% and Realty down by 0.58% were the top losing indices on 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, fell 2.05% to 17.78 on Wednesday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 31-points loss. The Nifty futures were trading at 17,293.80 on the Singaporean Exchange around 06:40 hours IST.

Support and Resistance levels

The key support level for the Nifty is placed at 17,401 followed by 17,326. If the index moves up, the key resistance levels to watch out for are 17,607 and 17,739, according to pivot charts.

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US Markets

The S&P 500 fell 54 points, or 1.2%, to 4,392.59.

The Dow Jones Industrial Average fell 113.36 points, or 0.3%, to 34,451.23.

The Nasdaq fell 292.51 points, or 2.1%, to 13,351.08.

The Russell 2000 index of smaller companies fell 20.12 points, or 1%, to 2,004.98.

Asian Markets

Asian markets finished mixed. The Hang Seng gained 0.67%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.45% and 0.29% respectively.

European Markets

European markets finished higher on Thursday with shares in France leading the region. The CAC 40 was up 0.72% while Germany’s DAX was up 0.62% and London’s FTSE 100 was up 0.47%.

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Major News Headlines

HDFC Bank Q4 Results: Net profit jumps 23% YoY to Rs 10,055 crore, NII up 10%

HDFC Bank reported a 22.8% year-on-year increase in net profit to Rs 10,055.2 crore for the quarter ended March 31, 2022. HDFC Bank has posted a net profit of Rs 8,186.5 crore in the year-ago period. Net profit for the year ended March 31, 2022, was Rs 36,961.3 crore, up by 18.8% over the year ended March 31, 2021. The rise is primarily due to a reduction in provision by almost Rs 1,300 crore. Provision for the fourth quarter of the financial year 2022 was at Rs 3312 crore as against Rs 4,692 crore in the January-March period of 2020-21. Total provisions consisted of specific loan loss provisions of Rs 1,778.2 crore and general and other provisions of Rs 1,534.2 crore.  

Infosys Q4 Results: Profit grows 12%, board declares Rs 16 dividend

IT major Infosys on Wednesday reported a 12% year-on-year rise in its consolidated net profit at Rs 5,686 crore for the fourth quarter (Q4FY22) as compared to Rs 5,076 crore a year ago. Revenue grew around 23% to Rs 32,756 crore in the reported quarter as against Rs 26,311 crore in the year-ago period. On Wednesday, the company’s share on BSE closed 0.4% higher at Rs 1,748.65. The company’s board recommended a final dividend of Rs 16 per equity share for the financial year ended March 31, 2022. Sequentially, the net profit slipped 2.1% while revenue rose 1.3%. The company has a projected revenue growth outlook of 13%-15% for 2022-23 and an operating margin of 21%-23% in FY23.

LIC IPO: Centre amends FEMA rules to allow 20% FDI in insurance giant

Paving the way for up to 20% foreign direct investment (FDI) in the insurance giant Life Insurance Corporation of India (LIC), the government has amended the rules of the Foreign Exchange Management Act (FEMA). The government is planning to sell its stake in LIC through an initial public offering (IPO). In February, LIC filed the Draft Red Herring Prospectus (DRHP) before the Securities Exchange Board of India (SEBI) for the IPO. SEBI approved the draft papers in March, and LIC is filing a request for a proposal with changes. After the Cabinet approval, the Department for Promotion of Industry and Internal Trade (DPIIT) on March 14 amended the Foreign Direct Investment (FDI) policy to facilitate foreign investment in LIC ahead of the mega public offer, reported PTI.

Coal India set to launch its e-auction platform

Government-owned Coal India is all set to launch its e-auction platform. The mining giant has informed new and existing bidders to register on the company’s portal. Currently, the e-auction portal is managed by state-owned MSTC Ltd and mjunction. Annually, e-auction sales account for around 120 million tonnes for Coal India, while the remaining is sold through fuel supply agreements and other special sales windows. Coal India’s dedicated e-auction portal has been developed by National Informatics Centre and supported by the CIL subsidiary Central Mine Planning & Design Institute Ltd.

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Bulk Deal data

HITESH RUPARELIYA HUF bought 90,610 shares in Akash Infra-Projects Ltd at Rs 61.60 per share on the BSE.

RONIT SHAH bought 1,83,447 shares in Bang Overseas Limited at Rs 52.70 per share on the NSE.

GW CROWN PTE LTD sold 47,12,163 shares in Mrs Bectors Food Spe Ltd at Rs 303.26 per share on the NSE.

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NOMURA SINGAPORE LIMITED sold 3,45,190 shares in Hariom Pipe Industries Limited at Rs 225.84 per share on the NSE.

KAILASH SATYANARAYAN KABRA sold 2,40,000 shares in Maheshwari Logistics Limited at Rs 102.15 per share on the NSE.

SUNTECK WEALTHMAX CAPITAL PRIVATE LIMITED bought 1,03,316 shares in Rama Steel Tubes Limited at Rs 409.06 per share on the BSE.

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EKTHA COM PRIVATE LIMITED sold 59,106 shares in Silly Monks Entertain Ltd at Rs 24.27 per share on the NSE.

ALPHA LEON ENTERPRISES LLP sold 3,50,000 shares in Uma Exports Limited at Rs 79.40 per share on the NSE.

KUNAL RAKESH AGGARWAL bought 2,00,000 shares in Walchandnagar Ind. Ltd at Rs 72.95 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 2061.04 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1410.85 crore in the Indian equity market on April 13, as per provisional data available on the NSE.

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RBL Bank under the F&O ban for April 18. 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.