Domestic stock market took a breather today, ending a five-day winning run. Investors cashed in profits after US economic data showed a slowdown in growth coupled with stubborn inflation. The Nifty fell below 22,450, despite early gains. While consumer durables and media shares found buyers, banking and financials took a hit.

The barometer index, the S&P BSE Sensex dropped 609.28 points or 0.82% to 73,730.16. The Nifty 50 index declined 150.40 points or 0.67% to 22,419.95.

Bajaj Finance (down 7.73%), Bajaj Finserv (down 3.55%) and Nestle India (down 3.08%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.83% and the S&P BSE Small-Cap index added 0.27%.

The market breadth was positive. On the BSE, 1920 shares rose and 1866 shares fell. A total of 127 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.81% to 10.93.

Politics:

The second phase of voting for the Lok Sabha elections 2024 were held today across 89 constituencies in 13 states and Union territories. The BJP aims for a third consecutive term, while the opposition, including the Congress, has formed the Indian National Developmental Inclusive Alliance (INDIA) bloc to oppose PM Modi's re-election. These elections span over seven phases from April 19 to June 1, and the results will be announced on June 4.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 7.206 as compared with previous close 7.204.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3650, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.55% to Rs 71,699.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 105.69.

The United States 10-year bond yield fell 0.23% to 4.699.

In the commodities market, Brent crude for June 2024 settlement gained 30 cents or 0.34% to $89.31 a barrel.

Global Markets:

European markets rose on Friday, while most Asian stocks closed higher.

The Bank of Japan (BOJ) left its monetary policy unchanged, maintaining its benchmark interest rate at 0%-0.1%. The BOJ has revised its inflation expectations for fiscal 2024 upwards, projecting inflation between 2.5% and 3%, compared to the 2.2% to 2.5% range forecast in January.

U.S. stocks fell on Thursday in response to data indicating a significant slowdown in economic growth alongside persistent inflation.

The U.S. economy grew at its slowest pace in two years last quarter, as consumer and government spending cooled amid a surge in inflation. The U.S. gross domestic product (GDP) grew at an annualized rate of 1.6% in the first quarter of 2024, down from a 3.4% growth rate in the previous quarter.

Inflationary pressures intensified, with the personal consumption expenditures (PCE) price index, excluding food and energy, rising at a 3.7% annual rate, following a 2% increase in the fourth quarter.

Stocks in Spotlight:

Bajaj Finance tumbled 7.73% after the NBFC?s loan losses and provisions jumped 53% to Rs 1,310 crore in Q4 FY24. The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.

Bajaj Finserv slipped 3.55%. The NBFC said that its consolidated net profit jumped 20% to Rs 2118.53 crore in Q4 FY24 as compared with Rs 1768.95 crore in Q4 FY23. Total income increased 35.63% YoY to Rs 32041.93 crore in Q4 FY24. Profit before tax stood at Rs 5526.54 crore in the quarter ended 31 March 2024, up 21.72% as compared with Rs 4,540.46 crore in Q4 FY23.

Motilal Oswal Financial Services rallied 5.57% after the company?s consolidated operating profit after tax stood at Rs 495 crore in Q4 FY24, up 66% YoY. Operating revenue jumped 60% YoY to Rs 1,569 crore in Q4 FY24. Further, the board recommended issuing 3 bonus shares for each existing equity share held (3:1).

Tech Mahindra surged 7.34% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.

L&T Technology Services dropped 7.78%. The company said that its consolidated net profit increased 1.4% to Rs 340.9 crore in Q4 FY24 as compared with Rs 336.2 crore in Q3 FY24. Revenue from operations jumped 7.04% to Rs 2,537.5 crore in the quarter ended 31 March 2024 as compared with Rs 2,370.6 crore in the quarter ended 31 December 2023.

IndusInd Bank slipped 3.36%. The private lender's standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.

Cyient declined 1.55%. The IT major reported 28.53% rise in consolidated net profit to Rs 189.2 crore on 2.16% increase in revenue from operations to Rs 1,860.8 crore in Q4 FY24 over Q3 FY24.

Zensar Technologies jumped 7.96% after the company?s consolidated net profit jumped 7.17% to Rs 173.3 crore in Q4 FY24 as compared with Rs 161.7 crore in Q3 FY24. Revenue from operations increased 1.41% QoQ to Rs 1,229.7 crore in Q4 FY24.

Supreme Industries advanced 2.34%. The company reported 1.28% fall in consolidated net profit to Rs 354.82 crore on a 15.95% increase in total consolidated income to Rs 3,025.98 crore in Q4 FY24 over Q4 FY23.

Som Distilleries & Breweries lost 2.54%. The company?s consolidated net profit jumped 17.97% to Rs 18.84 crore in Q4 FY24 as compared with Rs 15.97 crore in Q4 FY23. Revenue from operations (excluding excise duty) jumped 43.27% to Rs 381.59 crore in Q4 FY24 as compared with Rs 266.34 crore posted in same quarter last year.

Schaeffler India added 1.88% after the company has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.

Olectra Greentech lost 3.66% after the company reported 49.2% drop in consolidated net profit to Rs 13.71 crore in Q4 FY24 from Rs 27.01 crore in Q4 FY24. Net sales declined by 23.2% YoY to Rs 288.81 crore during the period under review.

Domestic stocks extended their winning streak for a fifth day, shrugging off mixed global cues. The Nifty surged above 22,570, led by PSU banks, healthcare, and auto stocks. This resilience is surprising, considering rising US bond yields, geopolitical tensions, and even heavy selling by foreign investors. But local institutions are on a buying spree, outweighing the foreign selling, keeping the markets buoyant.

The barometer index, the S&P BSE Sensex jumped 486.50 points or 0.66% to 74,339.44. The Nifty 50 index gained 167.95 points or 0.75% to 22,570.35. The 50-unit index has risen 2.61% in five straight sessions.

Axis Bank (up 5.98%), SBI (up 5.10%) and ICICI Bank (up 1.48%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index added 0.54%.

The market breadth was positive. On the BSE, 2076 shares rose and 1718 shares fell. A total of 140 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.42% to 10.73. Volatility zoomed as the April 2024 F&O contracts expired today, 25 April 2024.

Politics:

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.22% to 7.202 as compared with previous close 7.186.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3175, compared with its close of 83.3300 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.22% to Rs 71,406.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 105.61.

The United States 10-year bond yield shed 0.17% to 4.646.

In the commodities market, Brent crude for June 2024 settlement gained 8 cents or 0.09% to $88.10 a barrel.

Global Markets:

The US Dow Jones index futures were currently down by 208 points, signaling a weak opening for US stocks today.

European and Asian stocks were mixed on Thursday. The Bank of Japan kicked off its monetary policy meeting Thursday. Due to be published on Friday, investors will monitor the outcomes from the Bank of Japan, especially for any action to restrict the yen weakness.

Wall Street ended on a mixed note on Wednesday as traders assessed bleak outlook from Meta Inc., one of the magnificent seven, and as treasury yields rose following sales of 5-year U.S. Treasury notes. The US first-quarter gross domestic product figures are due on April 25.

Stocks in Spotlight:

Kotak Mahindra Bank slumped 10.85% after the Reserve Bank of India (RBI) directed the private lender to immediately stop onboarding new customers through its online and mobile banking channels and issuing new credit cards.

Axis Bank rallied 6% after the private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.

Nestle India advanced 2.39% after the FMCG major's net profit jumped 26.81% to Rs 934.17 crore in March 2024 quarter as against Rs 736.64 crore in March 2023 quarter. Revenue from operations rose 9.05% year on year to Rs 5267.59 crore in the quarter ended 31 March 2023.

Hindustan Unilever declined 1.25% after the FMCG major reported 5.72% fall in standalone net profit to Rs 2,406 crore in Q4 FY24 as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations rose marginally to Rs 14,693 crore in Q4 FY24 as against Rs 14,638 crore posted in Q4 FY23.

LTIMindtree lost 2.03% after the company?s net profit fell 5.87% to Rs 1,100 crore in Q4 FY24 as compared with Rs 1,169 crore posted in Q3 FY24. Revenue from operations declined 1.38% to Rs 8,892 crore in Q4 FY24 as compared with Rs 9,016 crore in Q3 FY24.

5paisa Capital dropped 6.46% after the company reported 59.95% drop in consolidated net profit to Rs 5.78 crore in Q4 FY24 as compared with Rs 14.41 crore posted in Q4 FY23. Revenue from operations grew by 24.58% year on year (YoY) to Rs 112.86 crore in the quarter ended 31 March 2024.

Kirloskar Pneumatic Company surged 15% after the company reported 87% jump in net profit to Rs 60.23 crore in Q4 FY24 from Rs 32.24 crore in Q4 FY23. Revenue from operations increased by 36% YoY to Rs 489.96 crore during the quarter.

Indian Hotels Company (IHCL) dropped 5.06%. The company reported 27.26% jump in consolidated net profit to Rs 417.76 crore in the quarter ended 31 March 2024 as compared with Rs 328.27 crore in the quarter ended 31 March 2023. Revenue from operations increased 17.22% YoY to Rs 1,905.34 crore in Q4 FY24 as compared with Rs 1,625.43 crore in Q4 FY23. The said growth was led by a 19% growth in Room Revenue and 12% in Food & Beverage.

Oracle Financial Services Software declined 2.57%. The company said that it has reported 15.86% jumped in consolidated net profit to Rs 560.12 crore in Q4 FY24 as compared with Rs 479.30 crore in Q4 FY23. Revenue for the quarter was Rs 1,642 crore, up 12% YoY.

Supreme petrochemicals surged 9.78%. The company?s net profit declined 17.47% to Rs 131.50 crore in Q4 FY24 as against Rs 159.33 crore recorded in Q4 FY23. Net revenue from operations rose 12.69% year on year (YoY) to Rs 1,562.84 crore in the quarter ended 31 March 2024.

MAS Financial Services advanced 3.27% after the company?s net profit jumped 22.5% to Rs 68.05 crore in Q4 FY24 as compared with Rs 55.55 crore posted in corresponding quarter last year. Revenue from operations increased 23% YoY to Rs 328.10 crore during the quarter.

Tata Teleservices (Maharashtra) fell 1.97% after the company?s consolidated net loss widened to Rs 309.34 crore in Q4 FY24 as compared with Rs 277.07 crore posted in Q4 FY23. Revenue from operations grew by 15.41% year on year (YoY) to Rs 323.29 crore in the quarter ended 31 March 2024.

IPO Update:

The initial public offer (IPO) of JNK India received 31,10,55,912 bids for shares as against 1,10,83,278 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (25 April 2024). The issue was subscribed 28.07 times.

The issue opened for bidding on Tuesday (23 April 2024) and it will close on Thursday (25 April 2024). The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

The barometer index, the S&P BSE Sensex, was up 114.49 points or 0.16% to 73,852.94. The Nifty 50 index added 34.40 points or 0.15% to 22,402.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.92% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was positive. On the BSE, 2228 shares rose and 1594 shares fell. A total of 107 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.27% to 7.186 as compared with previous close 7.167.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3025, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.03% to Rs 71,109.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 105.84.

The United States 10-year bond yield advanced 0.91% to 4.640.

In the commodities market, Brent crude for June 2024 settlement lost 39 cents or 0.44% to $88.03 a barrel.

Global Markets:

European and Asian stocks advanced on Wednesday following Wall Street?s continued rally for a second straight day.

U.S stock indexes climbed for a second straight session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates.

Stocks in Spotlight:

The Nifty Metal index jumped 2.69% to settle at 9,140.10. It hit a record high of 9,158.40 today.

In the index, Steel Authority of India (up 7.36%), NMDC (up 5.58%), Ratnamani Metals & Tubes (up 4.21%), Hindalco Industries (up 3.96%), JSW Steel (up 3.87%), Tata Steel (up 2.82%), Jindal Steel & Power (up 2.81%), National Aluminium Company (up 2.54%), Welspun Corp (up 2.01%) and Hindustan Copper (up 2%) rallied.

Axis Bank rose 0.69%. The private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024. Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.

Hindustan Unilever (HUL) fell 0.16%. The FMCG major reported 5.72% fall in consolidated net profit to Rs 2,406 crore as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations increased marginally to Rs 14,693 crore in Q4 FY24 as compared to Rs 14,638 crore posted in Q4 FY23. HUL delivered Underlying Sales Growth (USG) of 1% and Underlying Volume Growth (UVG) of 2% in Q4 FY24.

Tata Consumer Products slipped 5.40% after the company's consolidated net profit declined 19.35% to Rs 216.63 crore in Q4 FY24 as compared with Rs 268.59 crore recorded in Q4 FY23. Revenue from operations rose 8.52% year on year (YoY) to Rs 3,926.94 crore in March 2024 quarter.

Nippon Life India Asset Management (AMC) rallied 4% after its consolidated net profit surged 73.17% to Rs 342.92 crore in Q4 FY24 as compared with Rs 198.02 crore in Q4 FY23. Total income jumped 44.47% year on year (YoY) to Rs 560.57 crore in the quarter ended March 2024.

ICICI Prudential Life Insurance Company declined 2.92% after the company's net profit fell 26.02% to Rs 173.76 crore in Q4 FY24 from Rs 234.87 crore posted in Q4 FY23. Total income jumped 96.45% YoY to Rs 22,591.46 crore in Q4 FY24.

Tata Elxsi fell 4.85% after the design led technology service provider?s net profit declined 2.28% to Rs 196.93 crore in Q4 FY24 as against Rs 201.52 crore posted in Q4 FY23. Revenue from operations rose 8.12% year on year (YoY) to Rs 905.94 crore in the quarter ended 31 March 2024.

360 One Wam jumped 5.02% after the company?s consolidated net profit jumped 24.3% to Rs 241 crore in Q4 FY24 as compared with Rs 155 crore in Q4 FY23. Revenue from operations increased 45.8% YoY to Rs 573 crore in Q4 FY24.

Cyient DLM surged 5% after the company?s net profit surged 80.62% to Rs 22.74 crore on 30.46% rise in revenue from operations to Rs 361.84 crore in Q4 FY24 over Q4 FY23. Sequentially, the company?s net profit jumped 23.32% and revenue grew by 12.7% in Q4 FY24.

Huhtamaki India dropped 8% after the company?s net profit declined 26.66% to Rs 26.03 crore in Q1 CY24 as compared with Rs 35.49 crore in Q1 CY23. Revenue from operations fell 7.77% YoY to Rs 610.2 crore in Q1 CY24.

Multi Commodity Exchange of India (MCX) declined 4.73%. The company reported consolidated net profit of Rs 878.7 crore in Q4 FY24, steeply higher than Rs 5.45 crore in Q4 FY23. Revenue from operations increased 35.43% year on year (YoY) to Rs 181.14 crore in the quarter ended 31 March 2024.

Puravankara hit an upper circuit of 5% after the company announced that it has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.

Rail Vikas Nigam (RVNL) advanced 2.58% after the company's consortium was named the lowest bidder for the redevelopment project of Thiruvananthapuram Central Railway Station. The joint venture (JV) comprised of Kerala Rail Development Corporation (KRDCL) (holding a 51% stake) and RVNL (with a 49% stake) was selected by Southern Railway for the project which will be undertaken using the engineering, procurement, and construction (EPC) mode.

Sakuma Exports added 2.19% after the company has entered into a contract amounting to approximately Rs 150 crore for the supply of sugar to the North East, West Bengal, and Bihar regions.

IPO Update:

The initial public offer (IPO) of JNK India received 1,14,14,556 bids for shares as against 1,10,83,278 shares on offer. The issue was subscribed 1.03 times.

The issue opened for bidding on 23 April 2024 and it will close on 25 April 2024. The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

Domestic investors flexed their muscle today, steering key indices higher for a third consecutive session. The Nifty50 climbed above 22,350 despite global worries like high US bond yields and Middle Eastern jitters. Sectors like realty, FMCG, and consumer durables emerged as winners, while healthcare and oil & gas witnessed some selling pressure. This resilience highlights the growing confidence of domestic institutional investors (DIIs) who are effectively countering the selling by foreign institutional investors (FPIs).

The barometer index, the S&P BSE Sensex rose 89.83 points or 0.12% to 73,738.45. The Nifty 50 index added 31.60 points or 0.14% to 22,368.00.

Grasim Industries (up 3.91%), Bharti Airtel (up 3.38%) and Tata Motors (up 1.34%) boosted the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.52% and the S&P BSE Small-Cap index gained 1.05%.

The market breadth was strong. On the BSE, 2,314 shares rose and 1,512 shares fell. A total of 108 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 19.72% to 10.20. It hit the day's low of 9.86. The April 2024 F&O contracts will expire on Thursday, 25 April 2024.

Economy:

The headline HSBC Flash India Composite PMI Output Index ? a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors ? rose to 62.2 in April from 61.8 in March. This indicates the fastest rate of increase in aggregate business activity since mid-2010. Survey participants overwhelmingly attributed the expansion to buoyant demand from domestic and external clients. Growth in India remained broad-based across the manufacturing and service sectors.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.26% to 7.173 as compared with previous close 7.192.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3375, compared with its close of 83.3600 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 1.42% to Rs 70,710.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 106.10.

The United States 10-year bond yield rose 0.13% to 4.629.

In the commodities market, Brent crude for June 2024 settlement shed 15 cents or 0.17% to $86.85 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as tech shares rebounded on Wall Street and investors look toward flash business activity figures from Australia, Japan and India.

Investors remained on edge ahead of earnings from some of the world?s biggest companies this week, while more cues on U.S. interest rates were also in focus.

Wall Street stocks climbed on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy's health.

Stocks in Spotlight:

Reliance Industries (RIL) slipped 1.42%. The company?s consolidated net profit rose 0.1% to Rs 21,243 crore on 10.8% increase in gross revenue to Rs 264,834 crore in Q4 FY24 over Q4 FY23. EBITDA stood at Rs 47,150 crore in Q4 FY24, registering the growth of 14.3% as compared with Rs 41,252 crore posted in same quarter last year. EBITDA margin expanded by 50 bps to 17.8% in Q4 FY24 as against 17.3% in Q4 FY23. Capital expenditure for the quarter ended 31 March 2024, was Rs 23,207 crore.

Rallis India declined 4.12% after the company reported a net loss of Rs 21 crore in Q4 FY24, lower than net loss of Rs 69 crore posted in Q4 FY23. Total income dropped to Rs 442 crore from Rs 527 crore.

Mahindra & Mahindra Financial Services fell 5.47%. The NBFC announced deferment of board meeting for considering quarterly results due to detection of fraud at one of company?s branches in the North East.

Aditya Birla Money hit an upper circuit of 5% after the company reported 123.34% surge in net profit to Rs 16.46 crore in Q4 FY24 as compared with Rs 7.37 crore posted in Q4 FY23. Revenue from operations soared 73.05% year on year to Rs 114.06 crore in the quarter ended 31 March 2024.

Netlink Solutions (India) hit an upper circuit of 20% after the company reported 62.09% jump in consolidated net profit to Rs 4.49 crore in Q4 FY24 as compared with Rs 2.77 crore in Q4 FY23. Revenue from operations increased 34.31% YoY to Rs 1.84 crore during the quarter.

Tejas Networks hit an upper circuit of 20% after the company reported consolidated net profit of Rs 146.78 crore in Q4 FY24 as against Rs 11.47 crore posted in Q4 FY23. Revenue from operations zoomed to Rs 1,326.88 crore in March 2024 quarter as compared with Rs 299.32 crore recorded in same quarter last year.

Artson Engineering hit an upper circuit of 5% after the company reported consolidated net profit of Rs 1.31 crore in Q4 FY24 as compared with net loss of Rs 9.96 crore posted in corresponding quarter last year. Revenue from operations declined 15.12% YoY to Rs 24.87 crore in Q4 FY24 from Rs 29.30 crore posted in Q4 FY23.

K P Energy hit an upper circuit of 5% after the company has received new order for development of 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.

Shish Industries jumped 10.36% after the company announced that it has received order worth minimum of $37.5 million from USA-based Best Construction Products Inc. (BCP).

Hatsun Agro Product rallied 8.89% after the company reported net profit stood at Rs 52.15 crore in Q4 FY24, steeply higher than Rs 24.98 crore in Q4 FY23. Revenue from operations jumped 14.38% to Rs 2046.87 crore during the quarter as compared with Rs 1,789.46 crore posted in corresponding quarter last year.

Redtape advanced 3.39% after the company has commenced online operational activity from it's new warehouse situated at Bhiwandi, Maharashtra with effect from 22 April 2024. This new warehouse facility will help the company to fulfil delivery of its products more efficiently to the online shopping customers.

Domestic stocks advanced on Monday, clawing their way back after last week's selloff. The Nifty climbed above 22,300, with all sectors on the rise. PSU banks, consumer durables, and healthcare led the charge. Relief from Middle East tensions helped fuel the rally. Investors also piled back into smaller companies, broadening the market recovery. However, worries about persistently high inflation and a hawkish US Federal Reserve are keeping a lid on investor enthusiasm.

The barometer index, the S&P BSE Sensex jumped 560.29 points or 0.77% to 73,648.62. The Nifty 50 index gained 189.40 points or 0.86% to 22,336.40.

Larsen & Toubro (up 2.67%), Bajaj Finance (up 2.3%) and ICICI Bank (up 1.94%) boosted the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.93% and the S&P BSE Small-Cap index gained 1.26%.

The market breadth was strong. On the BSE, 2599 shares rose and 1310 shares fell. A total of 148 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.62% to 12.70.

Economy:

The provisional figures for India's Direct Tax collections in the Financial Year (FY) 2023-24 reveal that Net collections stand at Rs 19.58 lakh crore, marking a considerable rise from the Rs 16.64 lakh crore recorded in the preceding Financial Year (FY) 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were initially set at Rs 18.23 lakh crore. These figures were subsequently revised, and the Revised Estimates (RE) were fixed at Rs 19.45 lakh crore. The provisional Direct Tax collections (net of refunds) have not only surpassed the BE by 7.40% but also exceeded the RE by 0.67%.

India?s foreign exchange (forex) reserves decreased by $5.401 billion to $643.162 billion during the week ended April 12th, as per the latest RBI data. In the preceding reporting week, overall reserves had surged by $2.88 billion to reach a new high of $648.562 billion.

For the week ended April 12th, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Conversely, Gold reserves continued their ascent, increasing by $1.241 billion to $55.798 billion during the week. However, the special drawing rights (SDRs) witnessed a decline of $93 million to $18.077 billion, as reported by the RBI.

Furthermore, India?s reserve position with the IMF experienced a decrease, falling by $35 million to $4.634 billion in the reporting week, according to data from the central bank.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.47% to 7.191 as compared with previous close 7.225.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement slipped 1.01% to Rs 72,156.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 106.14.

The United States 10-year bond yield rose 0.89% to 4.655.

In the commodities market, Brent crude for June 2024 settlement declined 61 cents or 0.70% to $86.68 a barrel.

Global Markets:

The US Dow Jones index futures were currently up by 194 points, signaling a positive opening for US stocks today.

European shares advanced while Asian stocks ended mixed on Monday as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy.

Investors look to fresh data points out of China, Japan and South Korea this week.

China?s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.

In US, the Nasdaq and the S&P 500 closed sharply lower on Friday as investors juggled lackluster earnings, uncertainties surrounding central bank policy and geopolitical strife.

Stocks in Spotlight:

ICICI Bank rose 1.94%. The bank's board will meet on 27 April 2024 to consider raising funds through issuance of debt securities.

HDFC Bank slipped 1.24%. The bank said that its net profit jumped 37.06% to Rs 16,511.85 crore in Q4 FY24 as compared with Rs 12,047.45 crore posted in Q4 FY23. Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

Gujarat State Petronet (GSPL) slumped 19.6% to Rs 303.80 following a decision by the Petroleum and Natural Gas Regulatory Board (PNGRB) to significantly reduce the natural gas pipeline tariff for the company's Gujarat pipeline network. The new tariff, set at Rs 18.1/mmbtu and effective from 1 May 2024, represents a 47% decrease from the existing rate (Rs 34/mmbtu) and falls far short of GSPL's requested range of Rs 51-54/mmbtu.

Wipro advanced 2.01% after the IT major's consolidated net profit grew 5.21% to Rs 2,834.6 crore in Q4 FY24 as against Rs 2,694.2 crore recorded in Q3 FY24. Revenue from operations rose marginally to Rs 22,208.3 crore in the March quarter as against Rs 22,205.1 crore reported in the preceding quarter same year.

Jio Financial Services rallied 3.45% after the company reported a net profit of Rs 310.63 crore in Q4 FY24 as against a net profit of Rs 293.82 crore posted in Q3 FY24. Total income rose to Rs 418.10 crore from Rs 414.33 crore.

KP Energy hit an upper circuit of 5% after the power generation company reported 60.85% jump in consolidated net profit to Rs 24.90 crore in Q4 FY24 as against Rs 15.48 crore in Q4 FY23. Revenue from operations stood at Rs 207.26 crore in fourth quarter of FY24, up 39.62% from Rs 148.45 crore as of 31 March 2024.

Voltas rose 6.34% to Rs 1382.90 after a foreign broker upgraded its rating on the stock from 'Neutral' to 'Buy' and raised the target price to Rs 1,800 from Rs 885.

Epigral rallied 6.39% after the company?s net profit jumped 57.44% to Rs 77.27 crore on 11.26% increase in revenue from operations to Rs 524.63 crore in Q4 FY24 over Q3 FY24.

HDFC Asset Management Company (HDFC AMC) fell 1.59%. The asset management company?s standalone net profit jumped 43.83% to Rs 541.09 crore on 33.4% rise in total income to Rs 850.89 crore in Q4 FY24 over Q4 FY23.

Indian Renewable Energy Development Agency (IREDA) jumped 6% after the company?s net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year.

Persistent Systems tumbled 9.70%. The company said that its consolidated net profit increased 10.2% to Rs 315.31 crore in Q4 FY24 as compared with Rs 286.13 crore posted in Q3 FY24. Revenue from operations rose 3.7% QoQ to Rs 2,590.52 crore in Q4 FY24. During the quarter, EBIT margin remained flat at 14.5% as compared with Q3 FY24.

Sterling and Wilson Renewable Energy was locked in 10% upper circuit after the company has reported a net profit of Rs 1 crore in Q4 FY24 as against a net loss of Rs 421 crore posted in Q4 FY23. Revenue from operations in the fourth quarter surged to Rs 1,178 crore. The company?s revenue for the same period last year was Rs 88 crore.

Oberoi Realty added 2.12% after the company reported booking value of Rs 1,775 crore during the quarter. In Q4 FY24, in terms of volume, the Mumbai based realty developer company booked 4,48,844 square foot (Sq.ft) area while 228 units were booked.

Pavna Industries was locked in 5% upper circuit after the company announced that it has inked an agreement with OLA Electric to supply ignition switches and latches.

Domestic stock market staged a comeback on Friday, ending a four-day losing streak. The Nifty 50 clawed its way back from early lows to settle near 22,150. Banks and financial stocks were the bright spot, while media and healthcare took a hit. Worries lingered though, with simmering tensions in the Middle East and jittery global markets keeping investors cautious. Rising US bond yields continued to be a headwind, leading to more foreign investor selling in Indian shares.

The barometer index, the S&P BSE Sensex jumped 599.34 points or 0.83% to 73,088.33. The Nifty 50 index gained 151.15 points or 0.69% to 22,147. In the previous four trading sessions, the Sensex shed 3.40% while the Nifty 50 declined 3.33%.

Bajaj Finance (up 3.38%), HDFC Bank (up 2.46%) and ICICI Bank (up 1.04%) boosted the indices.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.39% while the S&P BSE Small-Cap index declined 0.04%.

The market breadth was negative. On the BSE, 1662 shares rose and 2127 shares fell. A total of 114 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 3.20% to 13.46.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.53% to 7.218 as compared with previous close 7.180.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4750, compared with its close of 83.5250 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.16% to Rs 72,566.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 106.03.

The United States 10-year bond yield declined 1.55% to 4.577.

In the commodities market, Brent crude for June 2024 settlement lost 55 cents or 0.63% to $86.56 a barrel.

Global Markets:

The US Dow Jones index futures were currently down by 85 points, signaling a negative opening for US stocks today.

European and Asian stocks declined on Friday, as reports of Israeli strikes on Iran further ramped up concerns over worsening geopolitical conditions in the Middle East. Israel, early Friday morning local time, launched missiles in a retaliatory strike against Iran, as per reports. The missile launches follow Iran's attack last Saturday.

U.S. stocks closed mixed on Thursday, as investors focused on rising bond yields and uncertain oil prices.

Stocks in Spotlight:

Infosys shed 0.63%. The IT major's consolidated net profit jumped 30.51% to Rs 7,969 crore in Q4 FY24 from Rs 6,106 crore in Q3 FY24. Revenue from operations declined 2.31% to Rs 37,923 crore in Q4 FY24 as compared with Rs 38,821 crore in Q3 FY24. In terms of guidance, the company has revised its FY25 revenue guidance to 1%-3% in constant currency and operating margin guidance at 20%-22%.

Bajaj Auto slipped 2.47%. The auto major?s standalone net profit jumped 35.11% to Rs 1,936 crore on 28.97% rise in revenue from operations to Rs 11,484.68 crore in Q4 FY24 over Q4 FY23.

ICICI Securities rose 1.05%. The broking firm?s consolidated net profit zoomed 104.3% to Rs 536.53 crore in Q4 FY24 as against Rs 262.68 crore recorded in Q4 FY23. Total income was at Rs 1,544.44 crore in the quarter ended 31 March 2024, registering a growth of 74.5% year on year (YoY).

ITC added 1.40% after the company announced that its wholly owned subsidiary, ITC Infotech India has entered into Share Purchase Agreement to acquire 100% stake in Blazeclan Technologies for total consideration of Rs 485 crore.

Aurionpro Solutions jumped 5% after its board approved acquisition of 67% stake in Mumbai-based banking and insurance focused PaaS startup, Arya.ai, operated through legal entity Lithasa Technologies.

Motilal Oswal Financial Services gained 7.39% after the company said that its board will consider a bonus share issue on 26 April 2024.

Network18 Media & Investments declined 1.51% after the company?s consolidated net loss widened to Rs 206.92 crore in Q4 FY24 as against Rs 35.19 crore recorded in Q4 FY23. Revenue from operations climbed 63.06% year on year to Rs 2,419.28 crore in the quarter ended 31 March 2024.

TV18 Broadcast declined 2.57% after the media company reported a consolidated net loss of Rs 51.73 crore in Q4 FY24 as against a net profit of Rs 35.19 crore posted in Q4 FY23. Revenue from operations jumped 65.7% year on year to Rs 2,329.58 crore in Q4 FY24.

Domestic equity market experienced significant volatility on Thursday, extending their losing streak to a fourth consecutive day. Despite mixed global cues, the indices opened higher and remained positive in the first half of the trading session. However, the afternoon saw a surge in volatility, leading to a decline in both indices by the closing bell. The Nifty 50 closed below the 22,000 level after reaching a high of 22,326.50 earlier in the day. The expiry of weekly index options on the NSE contributed to the market's volatility. Sectors such as healthcare, oil & gas, and FMCG corrected sharply.

The barometer index, the S&P BSE Sensex, was slipped 454.69 points or 0.62% to 72,488.99. The Nifty 50 index lost 152.05 points or 0.69% to 21,995.85. In four trading sessions, the Sensex shed 3.40% while the Nifty 50 declined 3.33%.

Titan Company (down 3.31%), Adani Enterprises (down 2.77%) and HDFC Bank (down 0.98%) were major drags.

In the broader market, the S&P BSE Mid-Cap index declined 0.39% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was negative. On the BSE, 1,761 shares rose and 2,047 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 3.36% to 13.04.

Economy:

The International Monetary Fund raised India?s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.24% to 7.176 as compared with previous close 7.193.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5525, compared with its close of 83.6150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.18% to Rs 72,655.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 105.89.

The United States 10-year bond yield fell 0.28% to 4.571.

In the commodities market, Brent crude for June 2024 settlement lost 89 cents or 1.02% to $86.40 a barrel.

Global Markets:

Dow Jones index futures were up 120 points, indicating a firm opening in the US stocks today.

Sharres in Europe and Asia advanced on Thursday.

Investors will assess Australia's unemployment rate, which is one of the metrics the country?s central bank weighs when considering monetary policy.

US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.

The U.S. economy grew slightly over the past six weeks while price increases moved at a modest pace and employment showed slight gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.

Stocks in Spotlight:

Bajaj Auto rose 1.11%. The auto major?s standalone net profit jumped 35.11% to Rs 1,936 crore on 28.97% rise in revenue from operations to Rs 11,484.68 crore in Q4 FY24 over Q4 FY23. The revenue growth was led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports, notwithstanding the continued challenges in overseas markets. Meanwhile, the company?s board has approved a final dividend of Rs 80 per share for FY24. The record date for the dividend is Friday, 14 June 2024.

Infosys rose 0.41%. The IT major reported a strong 30% year-over-year increase in its net profit for the quarter ending March 2024. The company's net profit reached Rs 7,969 crore, compared to Rs 6,128 crore in the same quarter last year. Revenue also grew slightly, with revenue from operations reaching Rs 37,923 crore, up 1% from the previous year's quarter.

Infosys forecasts its constant currency revenue growth to be in the range of 1-3% for FY25. The company also expects operating margins to stay between 20-22% during the current fiscal year.

The company's board has recommended a final dividend of Rs 20 per share for FY24, along with an additional special dividend of Rs 8 per share.

Nestle India declined 3.31%, following news reports that the company added sugar to its Cerelac baby cereal in India, but not in its main European and UK markets.

In a joint investigation between Public Eye and International Baby Food Action Network (IBFAN) sent baby food samples in Asia, Latin America, and Africa from Nestle to a testing laboratory in Belgium. The study said that Nestle added the sugar equivalent to an average of 4 gram per sugar cube in wheat-based cereals, Cerelac. It is made for children aged between six months and two years.

Just Dial surged 13% after the company?s net profit jumped 38.02% to Rs 115.65 crore on 16.23% rise in revenue from operations to Rs 270.27 crore in Q4 FY24 over Q4 FY23. Operating EBITDA margin improved to 26.1% in Q4 FY24 as compared to 14.4% recorded in Q4 FY23. The growth in the margin was led by topline growth and cost efficiencies, both on employee costs and other expenses. During the quarter, collections stood at Rs 305.3 crore, up 13.8% YoY. Consequently, deferred revenue was at Rs 507.7 crore in Q4 FY24, up 15.9% YoY.

Angel One shed 2.09%. The brokerage company reported 27.34% rise in consolidated net profit (from continuing operations) to Rs 339.95 crore in Q4 FY24 as against Rs 266.97 crore recorded in Q4 FY23. Total income climbed 63.46% to Rs 1,358.54 crore in Q4 FY24 from Rs 831.09 crore recorded in the corresponding quarter previous year.

Biocon rose 1.60% after the company has signed a licensing and supply agreement with Biomm S.A., for the commercialization of Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.

Power Grid Corporation of India advanced 2.13% after its board has approved the raising of bonds as POWERGRID bonds issue(s) upto Rs 12,000 crore during FY 2024-25.

Further, the power ? transmission firm has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for three projects on build, own operate and transfer (BOOT) basis. Additionally, the company has also received letters of Intent (LoI) for the same projects.

Jubilant Pharmova gained 4.47% after Jubilant Generics received a communication from the US drug regulator, which determined the inspection classification of its Roorkee facility as ?Voluntary Action Indicated (VAI)?.

Meanwhile, the pharma company informed that its subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA. The expected date of cessation of manufacturing operation and first separations at the said facility will be on 17 June 2024.

Brigade Enterprises rallied 4.06% after the company announced that it has achieved pre- sales of Rs 2,243 crore in Q4 FY24. The company?s sales volume stood at Rs 2.72 million square feet (sq.ft) in Q4 FY24.

Sterling Tools zoomed 8.52% after the company announced the signing of a memorandum of understanding (MoU) with South Korea?s Yongin Electronics Company for setting up new greenfield manufacturing facility for EV components.

Stock markets got slammed today for a third straight session, with the Nifty 50 falling below 22,150. IT and banking stocks dragged the benchmarks, spooked by a nasty cocktail of worries. Rising US bond yields, a record-low Rupee, and simmering Middle East tensions. Foreign investors are pulling out of Indian shares, and strong US retail sales data is stoking fears of delayed US interest rate cuts.

The barometer index, the S&P BSE Sensex slipped 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90. In three trading sessions, the Sensex shed 2.79% while the Nifty 50 declined 2.66%.

Infosys (down 3.65%), Bajaj Finance (down 1.80%) and ICICI Bank (down 1.04%) tumbled.

The broader market bucked the trend. The S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 2,177 shares rose and 1,638 shares fell. A total of 118 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 1.18% to 12.62.

The domestic stock markets will remain closed on Wednesday, 17 April 2024, on account of Ram Navami.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.28% to 7.195 as compared with previous close 7.175.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.58, compared with its close of 83.4450 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.40% to Rs 72,568.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 106.25.

The United States 10-year bond yield grew 0.48% to 4.653.

In the commodities market, Brent crude for June 2024 settlement lost 22 cents or 0.24% to $89.88 a barrel.

Global Markets:

The US Dow Jones index futures were currently up by 220 points, signaling a positive opening for US stocks today.

European and Asian stocks tumbled on Tuesday, in the shadow of Middle East tensions.

China?s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.

Stocks in Spotlight:

Jio Financial Services added 2.10% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.

CRISIL declined 3.18% after company reported 5.50% fall in consolidated net profit to Rs 137.72 crore in Q1 CY24 as against Rs 145.75 crore posted in corresponding quarter last year. Revenue from operations jumped 3.18% to Rs 737.68 crore in Q1 CY24 as compared to Rs 714.89 crore posted in Q1 CY23. Total income for the March quarter, was up 3.62% to Rs 758.77 crore as against Rs 732.23 crore posted in the corresponding quarter previous year.

Sterlite Technologies jumped 6.75% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

Happy Forgings rallied 4.19% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

Ugro Capital rallied 2.94% after the company?s asset under management (AUM) jumped 48% to Rs 9,000 crore in Q4 FY24 as compared with Rs 6,081 crore in Q4 FY23. During the quarter, net loans stood at Rs 1,555 crore as compared with Rs 1,459 crore in Q4 FY23.

Dynacons Systems & Solutions hit an upper circuit of 20% after the company announced that it has secured a contract worth Rs 233 crore from National Bank for Agriculture and Rural Development (NABARD).

Caplin Point Laboratories advanced 1.52% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.

Gujarat Gas (GGL) declined 3.46% while Indian Oil Corporation (IOCL) gained 1.53%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

The domestic equity benchmarks ended with deep losses on Monday as tensions flared in the Middle East following Iran's attack on Israel. Worries about a wider conflict spooked investors, pushing the Nifty below 22,300. Adding fuel to the fire, hotter-than-expected inflation numbers from the US raised concerns about slowing growth. Small and mid-cap stocks, already facing valuation concerns, were hit especially hard. Oil & gas sector was the only bright spot, as all other sectors bled red. Media, PSU banks, and financial services took a particularly hard hit.

The barometer index, the S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.

ICICI Bank (down 2.30%), Larsen & Toubro (down 2.10%) and HDFC Bank (down 1.58%) were major drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 1.50%, while the S&P BSE Small-Cap index fell 1.54%.

The market breadth was firmly in favour of sellers. On the BSE, 877 shares rose and 3043 shares fell. A total of 129 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 8.10% to 12.47.

Economy:

India's combined exports (merchandise and services) in March 2024 are estimated at $70.21 billion. This represents a decrease of 3.01% compared to March 2023. Conversely, overall imports in March 2024 are estimated at $73.12 billion, reflecting a decline of 6.11% year-on-year.

For the entire fiscal year 2023-24 (April-March), India's combined exports reached an estimated $776.68 billion. This translates to a marginal growth of 0.04% compared to FY 2022-23. Overall imports for the fiscal year are estimated at $854.80 billion, signifying a decrease of 4.81% year-on-year.

The overall trade deficit is estimated at $78.12 billion, reflecting a significant decline of 35.77% compared to the deficit of $121.62 billion recorded in FY 2022-23.

India's wholesale inflation rate quickened to three-month high of 0.53% in February, mainly driven by food and primary articles, data released by the commerce ministry on April 15 showed. Wholesale Price Index (WPI) inflation stood at 0.2% in February and 1.34% in March 2023.

India's retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.

Monsoon Update:

India is forecast to receive an above-average monsoon this year (June-September) with rainfall predicted to be 106% of the historical average (87 cm). This is according to the Indian Meteorological Department (IMD) who announced this positive outlook on April 15th.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 7.173 as compared with previous close 7.179.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.3825 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.03% to Rs 71,861.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was fell 0.12% to 105.91.

The United States 10-year bond yield rose 1.54% to 4.568.

In the commodities market, Brent crude for June 2024 settlement declined 72 cents or 0.80% to $89.73 a barrel.

Global Markets:

The Dow Jones index futures were up 200 points, indicating a positive opening in the US stocks today.

Most European stocks advanced while Asian stocks mostly declined on Monday as geopolitical tension heightened after Iran's attack on Israel over the weekend.

Traders weighed the impact of Iran's massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel.

US stocks tumbled Friday following a mixed start to earnings reporting season.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 1.47%. The company announced that its consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 as compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24.

Aster DM Healthcare surged 7.13% after the company said its board has declared a special dividend of Rs 118 per equity share.

Senco Gold surged 19% after the company said that it has achieved 39% year on year (YoY) revenue growth in the quarter ended 31 March 2024. Gold prices continued its northward journey throughout FY 23-24 including in Q4 on account of heightened geopolitical tensions, increased gold buying by central banks across the globe, high FED rates and likely soft landing, INR US$ exchange rates and momentum effect, added the company.

Anand Rathi Wealth rallied 4.39% after its consolidated net profit rose 32.83% to Rs 56.60 crore in Q4 FY24 as against Rs 42.61 crore in Q4 FY23. Total revenue increased 34.08% year on year (YoY) to Rs 197.19 crore in the quarter ended 31 March 2024.

Adani Enterprises declined 1.87%. The company on Friday announced that its wholly owned subsidiary, Adani Global will acquire a 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi.

Adani Green Energy slipped 3.65%. The power generation company reported a 7% YoY increase in solar portfolio energy sales to 3,066 million units in Q4 FY24 as against 2,872 million units posted in Q4 FY23.

Container Corporation of India (CONCOR) declined 2.08%. The firm reported 11.24% increase in total throughput to 12,44,798 twenty-foot equivalent units (TEUs) in Q4 FY24 as compared with 11,19,034 TEUs recorded in Q4 FY23.

Ambuja Cements shed 0.47%. The company said that it has signed a definitive agreement to acquire My Home Group's 1.5 million tones per annum (MTPA) Cement Grinding Unit in Tuticorin, Tamil Nadu. The acquisition estimated at a total value of Rs. 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela. The total cement capacity of Adani Group stands at 78.9 MTPA,? the company said in a statement.

Domestic equity market took a tumble today, mirroring the downbeat mood in other Asian stock markets. Inflation worries flared up again after hot US inflation data squashed hopes of an interest rate cut in June. This spooked investors and whacked up bond yields. The Nifty 50 slid throughout the day, closing below 22,550. Every sector felt the pain, with pharma, PSU banks, and oil & gas shares leading the way down.

The barometer index, the S&P BSE Sensex, was dropped 793.25 points or 1.06% to 74,244.90. The Nifty 50 index fell 234.40 points or 1.03% to 22,519.40.

Larsen & Toubro (down 2.04%), HDFC Bank (down 1.10%) and Reliance Industries (down 0.79%) were major drags.

In the broader market, the S&P BSE Mid-Cap index shed 0.49% and the S&P BSE Small-Cap index fell 0.60%.

The market breadth was weak. On the BSE, 1405 shares rose and 2448 shares fell. A total of 90 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.82% to 11.53.

The Asian Development Bank (ADB) on Thursday raised India?s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.94% to 7.183 as compared with previous close 7.116.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4400, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement was up 1.57% to Rs 72,770.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.57% to 105.88.

The United States 10-year bond yield was declined 0.90% to 4.535.

In the commodities market, Brent crude for June 2024 settlement advanced $1.07 or 1.19% to $90.81 a barrel.

Global Markets:

European shares advanced as the European Central Bank held interest rates steady again but said slowing inflation could open the door to easing monetary policy.

Most Asian stocks ended lower on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapore?s first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge.

US inflation showed some heat in March. Consumer prices rose 0.4% month-on-month, steady from February. Year-over-year inflation ticked up to 3.5%, exceeding expectations and dashing hopes for a near-term rate cut. Core inflation, excluding volatile food and energy, remained elevated at 0.4% monthly and 3.8% annually. This suggests underlying price pressures persist.

New Listing:

Shares of Bharti Hexacom settled at Rs 813.75 on the BSE, representing a premium of 42.76% as compared with the issue price of Rs 570.

The scrip was listed at Rs 755.20, exhibiting a premium of 32.49% to the issue price.

The stock has hit a high of 879.90 and a low of 755.20. Bharti Hexacom's IPO was subscribed 29.88 times. It opened for bidding on 3 April 2024 and closed on 5 April 2024. The price band of the IPO was fixed at Rs 542 to 570 per share.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.45%. The IT major's consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24. On year on year basis, the company?s net profit rose 9% YoY and revenue from operations 3.51% in Q3 FY24. The company's order book total contract value (TCV) stood at $13.2 billion as on 31 March 2024 and operating cash flow was 100.4% of net income in Q4 FY24.

Vodafone Idea rose 0.23% after the telecom operator said that its board has approved to raise Rs 18,000 crore through follow on public offer (FPO) with price band of Rs 10 - 11 per equity share. The FPO is slated to open on Thursday, 18 April 2024, and close on Monday, 22 April 2024. Anchor investors will be allowed to participate two days prior to the bid/issue opening date, i.e. Tuesday, 16 April 2024.

Larsen & Tourbo declined 2.04%. The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).

Nibe hit an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 5% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Dr. Reddy?s Laboratories shed 1.22%. The company announced the launch of the drug-free non-invasive migraine management wearable device, Nerivio in Germany through its step-down subsidiary betapharm.

Computer Age Management Services (CAMS) advanced 1.91% after the Reserve Bank of India (RBI), in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has granted authorisation to the company to operate as an Online Payment Aggregator.

Metropolis Healthcare added 2.34% after the company said that its core business revenue (excluding revenue from Covid, Covid allied tests & PPP contracts) jumped approximately 15% YoY in Q4 of FY24.

The Phoenix Mills shed 1.13%. The company said that its total consumption stood at approximately Rs 2,818 crore in Q4 FY24, registering a growth of 27% year on year (YoY). Gross retail collections jumped 37% YoY to around Rs 791 crore in the quarter ended 31 March 2024.

PVR Inox rose 0.25%. The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.