S&P BSE Sensex index closed 0.16% lower, with 13 stocks advancing and 17 stocks declining.
The rupee declined for a third day as higher oil prices fuelled worries about inflation and government finances, according to Bloomberg. A stronger dollar also weighed on emerging Asian currencies.
Muthoot Finance Ltd. shares surged nearly 10% even as the company's March-quarter performance fell short of expectations.
Net profit rose 2% quarter-on-quarter to Rs 996 crore, according to its exchange filing. That compares with the Rs 1,120-crore consensus estimate of analysts tracked by Bloomberg.
The non-bank financier's total income rose 2% sequentially to Rs 2,820 crore.
Muthoot Finance's board approved fund raising to the tune of Rs 5,000 crore by way of public issue of redeemable non-convertible debentures in one or more tranches.
To read the full research note, click here.
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Risks to Upside
- Improvement in real estate sector fundamentals, driven by strong progress made by the government's real estate fund
- Asset quality improvement
Risks to Downside
- Rise in NPLs, especially retail NPLs
- Further aggressive price competition
India’s economy expansion was faster than expected last quarter, official data showed yesterday. While the period preceded a resurgence of viral infections, the economic effects of the latest wave are unlikely to be large, India’s Chief Economic Adviser Krishnamurthy Subramanian said. New virus cases have halved from a May peak to fewer than 200,000 a day.
Indian sovereign bonds may come under pressure amid higher oil prices and U.S. Treasury yields. Traders await a 360-billion-rupee ($4.9b) auction of Treasury bills, while the RBI’s monetary policy committee begins its meeting Wednesday.
- RBI policy decision is due on Friday, where it’s likely to keep interest rates on hold
- USD/INR rose 0.4% to 72.8988 on Tuesday
- Implied opening from forwards suggest spot may start trading around 72.86
- 10-year yields little changed at 6.02% on Tuesday
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