Market Walk

FPIs are expecting aggressive rate hikes in the US, which may result in risk-off flows out of India

GST revenues in April 2022 touched an all-time high of Rs.1.68 trillion

GST revenues in April 2022 touched an all-time high of Rs.1.68 trillion. That is nearly 20% higher on a yoy basis. However, it must be remembered that April GST revenues actually pertain to March economic activity. According to the GST Council, a total of 1.06 crore GST returns in GSTR-3B were filed. The break-up of the GST collections was Rs.33,159 crore central GST, Rs.41,793 crore state GST and Rs.81,939 IGST. The surge was triggered by tighter compliance and better use of data analytics and AI to plug loopholes.

FPIs were net sellers to the tune of Rs.17,144 crore in equities

After FPIs sold Rs.1.48 trillion in the second half of FY22, the selling spree has continued in April also. For the month of Apr-22, FPIs were net sellers to the tune of Rs.17,144 crore in equities. If you add debt and hybrids, the total selling by FPIs was more than Rs.22,500 crore in Apr-22. FPIs have been wary ahead of the 04th May Fed meet and the LIC IPO opening on the same day. FPIs are expecting aggressive rate hikes in the US, which may result in risk-off flows out of India. Valuation concerns are still there after Q4 results.

Maruti wholesale sales at 150,661 units were down 6% yoy

Auto numbers for Maruti continued to fall, but the intensity of the fall has come down. For Apr-22, Maruti wholesale sales at 150,661 units were down 6% yoy. The wholesale sales are measured on the basis of cars shipped from the factories to the dealers. The sharpest fall in sales was seen in the mini-cars segment where sales fell by as much as 32% yoy. Even the compact cars segment saw 18% fall in sales in the month. Apr-22 numbers were redeemed by exports, growing 7% yoy at 18,413 units. Chips are still the bottleneck.

Camlin Fine Chemicals touched a 52-week low of Rs.112

Camlin Fine Chemicals touched a 52-week low of Rs.112 on concerns that the ongoing Russia-Ukraine war could negatively impact the Q4 earnings of the company. The war had impacted the price of raw materials, logistics as well as power and fuel costs. Camlin has warned that things could get worse. Its EU based subsidiary has been facing an unprecedented 240% spike in power costs. Even in Q3, input costs had been a major challenge with input inflation leading to EBITDA margins contracting 270 bps from 15.3% to 12.6%.

BSE Sensex and NSE Nifty50 indexes in India are expected to open significantly down on Monday

The BSE Sensex and NSE Nifty50 indexes in India are expected to open significantly down on Monday, despite weakness in other Asian markets. The Singapore Exchange (SGX) Nifty futures, which are an early predictor of the 50-scrip index, were down 253 points or 1.5 percent at 16,873.5 at 7:38 a.m., indicating a gap-down start on Dalal Street. With blue-chip businesses HDFC and Britannia expected to disclose their financial results later in the day, earnings will remain a hot topic.

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