Indian shares finish lower on Tuesday amid a lack of cues
11:32, 24 November 2021
Indian shares finished lower on Tuesday amid a lack of bullish cues. The National Stock Exchange’s (NSE) Nifty50 index ended 0.50% lower at 17,415.05 points while the S&P BSE Sensex closed 0.55% lower at 58,340.99 points.
- The Nifty IT index, a basket of 10 technology stocks including software exporter Mindtree, fell 1.51%
- The Nifty Auto index, a basket of 15 stocks including tractor manufacturer Eicher Motors, lost 1.28%
The Indian rupee was trading 0.061% higher to the US dollar at INR74.40 as of 17:05 hours local time (UTC+5:30).
On the Nifty50
Shares of state-run Oil and Natural Gas Corporation (ONGC), Adani Ports and Special Economic Zone, and mining giant Coal India (CIL) were the top gainers, adding 4.26%, 3.94%, and 1.7% respectively.
But stock in tractor manufacturer Eicher Motors, Tata Consumer Products, and the country’s leading carmaker Maruti Suzuki India (MSIL), were the top losers, shedding 2.81%, 2.8%, and 2.77% respectively.
On the Sensex
Kotak Mahindra Bank (KMB), the nation’s top electricity producer NTPC, and India’s second-largest private lender ICICI Bank were the biggest gainers, adding 1.45%, 1.42%, and 1.11% respectively.
MSIL, software major Infosys, and cigarette maker ITC were the biggest losers, shedding 2.62%, 2.01%, and 1.6% respectively.
Macro picture
Corporate earnings in the quarter ended 30 September 2021, “saw an overall in-line performance with divergences across sectors and companies”, according to an HDFC Securities’ Institutional Equities report.
“Aggregate revenue/profit after taxes grew by 31.7%/22.2% year-on-year across (HDFC’s) coverage universe (~188 stocks), while on two-year CAGR (compound annual growth rate) basis, it grew by 8.8%/17.1% respectively.
“Our coverage universe saw strong growth from consumer discretionary, insurance and capital markets, energy, real estate and large banks while autos and consumer staples disappointed. IT continued its strong momentum. The quarterly earnings reflect two noticeable trends: demand environment is conducive after gradual unlocking of the economy and rising energy and commodity prices are denting operating profitability,” HDFC analysts wrote in their 23 November report.