SGX Nifty Tanks 190 Points, What's Driving the Continuous FPI Selling, Wipro Quarterly Results, and Top Buzzing Stocks Today

Mon, 2 May Pre-Open

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On Friday, Indian share markets witnessed selling pressure during last hour of trade and ended on a negative note.

Benchmark indices took a U-turn and erased early gains as investors booked profits at higher levels.

At the closing bell on Friday, the BSE Sensex plunged 460 points, ending 0.8% lower.

Meanwhile, the NSE Nifty dipped 142 points, ending at 17,102.

Kotak Mahindra Bank, Sun Pharma, and HDFC Bank were among the top gainers.

Axis Bank, Power Grid, and Wipro were among the top losers.

The broader markets witnessed profit booking as the BSE Mid Cap index ended 0.8% lower while the BSE Small Cap index dipped 0.6%.

All sectoral indices ended in the red with stocks in the oil and gas sector, power sector, and banking sector witnessing most of the selling.

Shares of CRISIL, Reliance Industries, and Schaeffler India hit their 52-week high.

At 7:30 am today, the SGX Nifty was trading down by 190 points, or 1.1% lower at 16,940 levels.

Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.

Speaking of stock markets, Chartist Brijesh Bhatia explains how banking stocks could be the best trades of the month, in his latest video for Fast Profits Daily.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Yes Bank will be among the top buzzing stocks today.

The private sector lender posted strong March quarter results. The bank reported a profit of Rs 3.7 bn against a loss of Rs 37.9 bn registered in the corresponding quarter of the previous fiscal.

The 38% sequential profit was driven by a sharp downtick in provisions, strong net interest income, and pre-provision operating profit (PPoP) with an improvement in asset quality performance.

Varroc Engineering will continue to be in focus today.

The company signed an agreement last week to sell its four-wheeler lighting business to France's Compagnie Plastic Omnium SE for 600 m euros.

After the exit, Varroc Engineering will be left with a domestic business that supplies polymer, electrical and electronic components to vehicle makers in India, primarily two-wheelers companies.

Bajaj Auto accounts for 53% of Varroc's domestic business, followed by Honda (6.2%) and Royal Enfield (3.4%).

Market participants will also track shares of HDFC, Adani Wilmar, Britannia Industries, and IDBI Bank as these companies will report their March quarter earnings later today.

Wipro March Quarter Results

For the March quarter, Information technology major Wipro on Friday reported a 4% sequential rise in its consolidated net profit at Rs 30.9 bn.

IT services revenue jumped 3.1% on a sequential basis to US$ 2.7 bn during the quarter under preview.

Chief executive officer and managing director, Thierry Delaporte said:

• With all markets, sectors, and Global Business Lines now growing in double-digits year-on-year, we have a strong foundation for next year's growth.

During the quarter, Wipro added two new clients in the US$100 m-plus category and three in the US$ 50 m-plus basket.

The sector-wide crunch for talent and increased cost of retaining staff contributed towards weak operating performance of the company.

Operating margins declined to 17% in the March quarter against 17.6% in the previous quarter.

The company's annualised attrition rate in the quarter under review was 23.8% as against 22.7% in the previous quarter.

To know more about the company, check out Wipro's financial factsheet and its latest quarterly results.

Foreign Portfolio Investors (FPIs) Continue Outflow

During the month of April, FPIs have hauled Rs 171.4 bn from the Indian equity markets while they withdrew a net Rs 44.4 bn from the debt markets.

After six months of selling spree, FPIs had turned into net investors in the first week of April due to correction in the markets and invested Rs 77.1 bn in equities.

After a short breather, once again they turned net sellers, continuing their selling spree for the seventh consecutive month.

Brushing aside concerns over outflows, Finance Minister Nirmala Sitharaman on 4 April 2022 said:

• FIIs and FPIs would come and go. But today Indian retail investors have proven that even if they come and go, any shock that may come in is now taken care of because of the shock-absorbing capacity that the Indian retailers have brought into the market.

Amid an imminent rate hike by US Fed, uncertainty surrounding Russia -Ukraine war, high domestic inflation numbers, volatile crude prices and weak quarterly results foreign flows are likely to remain volatile in the near term.

Also adding to the worry is the resurgence of coronavirus cases in China.

Apart from India, other emerging markets, including Taiwan, S Korea, and the Philippines witnessed outflows in the month of April to date.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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