Weekly market watch – April 28th 2023

Here is the recap for Indian stock markets between April 24th and April 28th 2023. Learn about the shares that fared well and more updates.

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After increasing in each of the five sessions, the major equities barometers closed the week with significant gains. The Nifty recovered strongly and finished the week over 18,000 on Friday, April 28th, after making a low of 17,612.50 at the beginning of the week.

The Indian market’s performance followed the equity benchmarks’ lead. The US “big tech” delivered stronger-than-expected profits, which improved investor mood overall despite worries about potentially worse US GDP estimates and soaring inflation.

The threat of another rate rise by the US Federal Reserve lingers, but with inflation still high in the US, this might cause volatility in the global market in the coming days.

The S&P BSE Sensex increased by 1,457.38 points or 2.44% during the week that ended on Friday, to close at 61,112.44. To reach 18,065, the Nifty 50 index increased by 440.95 points or 2.50%. The BSE Mid-Cap index rose 2.61% to close at 25,492.43 points. At 28,917.07, the BSE Small-Cap index increased by 2.42%.

Weekly market summary

The major market indices posted small increases for the day on Monday, April 24th. Major corporations’ strong profitability encouraged consumers to spend. The Nifty reached a high of over 17,700. To reach 60,056.10, the S&P BSE Sensex increased by 401.04 points or 0.67%. The Nifty 50 Index increased 17,743.40 points, or 0.68%, to 119.35 points.

The major market indices posted modest increases throughout the day on Tuesday, April 25th. The Nifty ended up over 17,750 points. To achieve 60,130.71, the S&P BSE Sensex increased by 74.61 points or 0.12%. The Nifty 50 index also increased, closing at 17,769.25 after rising 25.85 points, or 0.15%.

Despite unfavourable global cues, the benchmark indices ended Wednesday, April 26th, with notable gains. The Nifty finished the day above the mark of 17,800. The S&P BSE Sensex barometer index increased 169.87 points, or 0.28%, to 60,300.58. At 17,813.60, the Nifty 50 index increased by 44.35 points or 0.25%.

On Thursday, April 27th, the major equity indexes finished with respectable gains, with the Nifty topping 17,900 thanks to broad purchasing across all industries. To reach 60,649.38, the S&P BSE Sensex increased by 348.80 points or 0.58%. The Nifty 50 Index increased by 101.45 points, or 0.57%, to 17,915.05, continuing its upward trend.

On Friday, April 28th, the major market indices saw significant increases. The Nifty ended up over 18,050. The S&P BSE Sensex, a gauge of economic health, increased by 463.06 points, or 0.76%, to 61,112.44. The Nifty 50 index climbed 1805 points, or 0.84%, to increase 149.95 points.

Economic updates

According to the Reserve Bank of India’s (RBI) statistics issued on Friday, April 28th, India’s foreign exchange reserves increased by US$1.65bn to $586.41bn as of April 14th, marking their second consecutive week of growth. The total reserves increased by $6.30bn to $584.75bn over the previous reporting week.

According to the Weekly Statistical Supplement published by the RBI, foreign currency assets, a significant part of the reserves, grew by $2.20bn to $516.64bn for the week ending April 14th.

Major stock movers of the week

Reliance Industries Limited (RIL) had a 3.04% increase. Compared to the fourth quarter (Q4) of the financial year (FY) 2021-22, the Mukesh Ambani-led diversified conglomerate’s consolidated net profit increased by 19.1% to Rs 192.99bn in Q4 FY 2022-23 on a 2.7% increase in net sales to Rs 2.13 trillion.

ICICI Bank increased by 3.79%. In Q4 FY 2022-23 over Q4 FY 2021-22, the private lender’s standalone net profit increased by 29.9% to Rs 91.22bn on a 31.73% increase in total income to Rs 361.09bn.

HDFC Life Insurance experienced a 3.20% spike. The private insurer’s standalone net profit increased slightly from the Rs 3.58bn reported in Q4 FY 2021-22 to Rs 3.59bn in Q4 FY 2022-23. In the quarter that ended on March 31st, 2023, the life insurer’s net premium income increased 34.95% to Rs 194.27bn from Rs 142.90bn reported in the Q4 of FY 2021-22.

IndusInd Bank increased by 3.24%. In comparison to Q4 FY 2021-22, the private lender’s standalone net profit increased by 49.89% to Rs 20.41bn on a 24.7% increase in total income to Rs 121.71bn. IndusInd Bank’s consolidated net profit increased by 45.89% in the Q4 of FY 2022-23, from Rs 14bn to Rs 20.43bn.

Adani Ports and Special Economic Zone increased by 2.39%. The crisis-hit Adani entity said that its finance committee has approved a tender offer to buy the outstanding 3.37% senior notes due 2024 for up to $130m in cash.

Sun Pharmaceutical dropped by 0.24%. Before allowing more batches of the finished product into the US, the US drug authority told Sun Pharmaceuticals to conduct several corrective activities at the Mohali site. The pharmaceutical company disclosed that it had received a letter from the US Food and Drug Administration (USFDA) headed “consent decree correspondence/non-compliance letter”. Among the initiatives is hiring a third-party expert in certified good manufacturing practices (CGMP) to oversee batch certifications of medicines produced at the Mohali facility.

Nestle India increased by 6.12%. The largest fast-moving consumer goods (FMCG) company recorded a 24.69% increase in net profit to Rs 7.37bn on an increase in operating sales of 21% to Rs 48.30bn in Q1 of the calendar year (CY) 2023 compared to Q1 CY 2022. In Q1 CY23, total sales climbed 21.34% year over year to Rs 48.08bn.

Larsen & Toubro (L&T) increased by 6.41%. The company said that large orders in India and abroad had been acquired by its Power Transmission & Distribution division. The major project has a value of between Rs 10bn and Rs 25bn, according to L&T’s categorisation.

Maruti Suzuki India experienced a 0.38% increase. On the back of a 20.8% increase in net sales to Rs 308.22bn from Q4 FY 2021-22 to Q4 FY 2022-23, the passenger car major’s standalone net profit increased by 42.67% to Rs 26.24bn. Maruti Suzuki sold 514,927 more vehicles overall during Q4 of FY 2022-23 vis-à-vis the same period in the previous year. The company’s board has given in-principle approval for the establishment of extra capacity of up to one million vehicles per year considering the expected market demand, including exports.

Bajaj Auto increased by 2.79 %. The auto industry giant said that its consolidated net profit increased by 11.7% to Rs 17.05bn in Q4 FY 2022-23 over Q4 FY 2021-22, while its total operating revenue increased by 11.97% to Rs 89.29bn.

Tata Consumer Products rose by 9.06%. On the back of a 13.96% increase in operating revenue to Rs 36.19bn in Q4 FY 2022-23 vis-a-vis Q4 FY 2021-22, the company’s consolidated net profit increased by 21.13% to Rs 2.89bn.

Wipro rose by 4.66%. The IT giant’s consolidated net profit increased by 0.71% to Rs 30.74bn in Q4 FY 2022-23 over Q3, while operating revenue fell by 0.17% to Rs 231.9bn. In Q4 FY 2022-23, Wipro’s sales increased 11.17% but its net profit fell 0.41% year over year (YoY).

It has been reported that Wipro’s board has authorised a share buyback of up to Rs 120bn on a proportional basis at Rs 445 per equity share. According to this strategy, up to 269.6m equity shares, or 4.91% of Wipro’s total number of paid-up equity shares, would be repurchased.

Axis Bank saw a 0.43% decline. In comparison to a net profit of Rs 41.18bn in Q4 FY 2021-22, the private lender posted a net loss of Rs 57.28bn in Q4 FY 2022-23. Axis Bank’s overall income climbed 31.2% YoY to Rs 288.65bn in Q4 FY 2022-23.

Hindustan Unilever (HUL) lost 1.75% of its value. The leading FMCG company recorded a standalone net profit gain of 9.67% to Rs 25.52bn and a turnover increase of 10.98% to Rs 146.38bn from Q4 FY 2021-22 to Q4 FY 2022-23. HUL achieved a 4% growth in underlying volume.

Bajaj Finserv gained 2.63%. The company recorded a 31.41% increase in its consolidated net profit to Rs 17.69bn in Q4 FY 2022-23 vis-a-vis Q4 FY 2021-22. The total revenue increased by 25.25% to Rs 236.25bn.

Bajaj Finance increased by 5.78%. The financial corporation’s consolidated net profit increased by 30% to Rs 31.58bn in Q4 FY 2022-23 vis-à-vis FY 2021-22 riding on a 32% increase in its total income, which rose to Rs 113.63bn.

SBI Life Insurance Company has gained 2.90%. The life insurer’s net profit climbed by 15.6% to Rs 7.77bn in Q4 FY 2022-23 over Q4 FY 2021-22, while its total revenue increased by 6.43% to Rs 228.05bn.

Tech Mahindra increased by 2.55%. Consolidated net profit for the IT giant dropped 13.8% to Rs 11.18bn in Q4 FY 2022-23 from Rs 12.97bn in Q3. Operations revenue slightly decreased to Rs 137.18bn in Q4 from Rs 137.35bn in Q3. In Q4 FY 2022-23, Tech Mahindra’s sales increased 13.22% but its net profit fell 25.77% YoY.

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