The domestic equity benchmarks ended almost flat on Monday, with the benchmark Nifty 50 index settling below the 22,450 mark, a significant reversal from its intraday high of 22,588.80.

Volatility continued to grip the market, with the India VIX, a key volatility gauge, surging over 13%. PSU banks bled heavily, dropping over 3.6%, in reaction to the Reserve Bank of India's proposed stricter lending norms for infrastructure and development projects. Profit booking and valuation concerns also weighed on the broader market, leading to significant selling pressure across sectors.

Meanwhile, on the global front, weaker-than-expected US payroll data has fueled speculation of potential interest rate cuts by the Federal Reserve. Investors are keeping a close eye on speeches by US Fed officials this week, hoping to glean insights into the future trajectory of US monetary policy, which could have a significant impact on global markets, including India.

The S&P BSE Sensex, a barometer index, managed a marginal gain of 0.02%, closing at 73,895.54. However, the Nifty 50 index, representing the 50 largest companies, inched down by 0.15%, settling at 22,442.70.

Broader market indices fared worse. The S&P BSE Mid-Cap and Small-Cap indices fell by 0.95% and 1.06%, respectively.

Market breadth, a measure of advancing and declining stocks, was skewed negative, with 1207 stocks rising compared to 2726 falling shares.

Adding to the cautious mood, the India VIX, a volatility gauge for the National Stock Exchange (NSE), witnessed a sharp rise of 13.56%, reaching 16.60. This suggests that investors anticipate increased market volatility in the near future.

Economy:

The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years.

Meanwhile, the HSBC India Composite PMI Output Index moderated to 61.5 in April, from 61.8 in March, the latest reading was one of the highest seen in close to 14 years and signalled a substantial rate of expansion across the private sector.

On a separate note, India's foreign exchange reserves witnessed a decline for the third consecutive week, falling by $2.412 billion to $637.922 billion during the week ending April 26th. This decrease was primarily driven by a decline in foreign currency assets and gold reserves.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.55% to 7.110 as compared with previous close 7.149.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5100, compared with its close of 83.4550 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.81% to Rs 71,703.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 105.06.

The United States 10-year bond yield fell 0.53% to 4.474.

In the commodities market, Brent crude for July 2024 settlement fell 85 cents or 1.02% to $ 82.82 a barrel.

Global Markets:

Dow Jones index futures are currently up 124 points, indicating a strong opening for US stocks today.

Shares in Asia and Europe advanced on Monday, mirroring the positive sentiment in the US. This optimism stems from the possibility of a Fed rate cut. Japan and South Korean markets remained closed for a public holiday.

Investors are closely watching the Reserve Bank of Australia's rate decision scheduled for Tuesday. China's April trade data, due for release on Thursday, will also be closely monitored.

US stocks closed Friday on a high note after a weaker-than-expected jobs report for April. Investors interpreted this as a sign that the Fed might be more inclined to cut interest rates in the near future.

The U.S. economy added fewer jobs than expected in April while the unemployment rate rose. Nonfarm payrolls increased by 175,000 on the month. The unemployment rate ticked higher to 3.9%, compared to 3.8% in the prior month, according to the Bureau of Labor Statistics.

IPO Update:

The initial public offer (IPO) of Indegene received 4,80,93,837 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 17:00 IST on Monday (6 May 2024). The issue was subscribed 1.67 times.

The issue opened for bidding on 6 May 2024 and it will close on 8 May 2024. The price band of the IPO was fixed at Rs 430 to Rs 452 per share.

Buzzing Index:

The Nifty PSU Bank index fell 3.66% to 7,252.85, marking a decline of 4.63% in three consecutive trading sessions. This downward trend was led by Punjab National Bank (down 6.41%), Canara Bank (down 5.4%), Bank of Baroda (down 4%), and other PSU banks. The decline is attributed to the impact of RBI's draft circular proposing stricter guidelines on project financing, which would require banks to make provisions of up to 5% of the outstanding exposures during construction, which would then reduce to 2.5% once the asset becomes operational.

Stocks in Spotlight:

Titan Company dropped 7.18% after the company?s standalone net profit tumbled 24.42% to Rs 786 crore on 22.18% decrease in revenue from operations to Rs 10,047 crore for Q4 FY24 over Q3 FY24. For year on year basis, The Tata Group company reported 7.08% rise in standalone net profit and 17.47% jumped in revenue from operations for Q4 FY24 over Q4 FY23.

One 97 Communications (Paytm) hit a lower circuit of 5% after the company announced the resignation of Bhavesh Gupta, president and chief operating officer (COO) of the company effective from 31 May 2024,citing personal reasons.

Kotak Mahindra Bank jumped 5% after the bank reported 18% rise in standalone net profit to Rs 4,133 crore in Q4 FY24 from Rs 3,496 crore in Q4 FY23. Total income of the bank increased by 27% YoY to Rs 15,285.35 crore during the period under review.

Avenue Supermarts (Dmart) ended almost flat after its consolidated net profit jumped 22.41% to Rs 563.25 crore in Q4 FY24 as compared with Rs 460.13 crore in Q4 FY23. Revenue from operations increased 20.13% to Rs 12,726.55 crore in the quarter ended 31 March 2024.

Britannia Industries rallied 6.65%. The company said that its consolidated net profit declined 3.76% to Rs 536.61 crore in Q4 FY24 as compared with Rs 557.60 crore in Q4 FY23. Revenue from operations increased 5.45% to Rs 4,104.07 crore in the quarter ended 31 March 2024 as compared with Rs 3892.02 crore posted in the quarter ended 31 March 2023.

Mangalore Refinery & Petrochemicals (MRPL) dropped 8.75% after the company reported 40.41% decline in standalone net profit to Rs 1,136.84 crore in Q4 FY24 from Rs 1,907.98 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) fell marginally to Rs 25,328.67 crore in Q4 FY24 as compared to Rs 25,365.43 crore recorded in Q4 FY23.

Tata Technologies fell 3.77% after it reported a 7.63% decline in consolidated net profit to Rs 157.24 crore in Q4 FY24 as compared with Rs 170.22 crore in Q3 FY24. Revenue from operations rose marginally to Rs 1,301.05 crore in Q4 FY24 as compared with Rs 1,289.45 crore in Q3 FY24.

Kansai Nerolac Paints shed 0.23%. The paint major reported 8% rise in standalone net profit to Rs 102 crore on a 4% increase in net revenue to Rs 1,662 crore in Q4 FY24 as compared with Q4 FY23.

Inox Wind slipped 1.40%. The wind energy service provider reported a consolidated net profit (from continuing operations) of Rs 37.67 crore in Q4 FY24 as against a net loss of Rs 115.51 crore posted in Q4 FY23. Revenue from operations stood at Rs 527.73 crore in Q4 FY24, steeply higher than Rs 190.75 crore recorded in the corresponding quarter previous year.

Ujjivan Small Finance Bank shed 1.03%. The bank said that Reserve bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the bank for the period of 3 years with effect from 1 July 2024.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 732.96 points or 0.98% to 73,878.15. The Nifty 50 index fell 172.35 points or 0.76% to 22,475.85. The Nifty 50 reached an all-time high of 22,794.70 during early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index fell 0.55%.

The market breadth was weak. On the BSE, 1,538 shares rose and 2,296 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 8.72% to 14.62.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.13% to 7.153 as compared with previous close 7.162.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4375, compared with its close of 83.4675 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.16% to Rs 70,621.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 105.20.

The United States 10-year bond yield lost 0.09% to 4.564.

In the commodities market, Brent crude for July 2024 settlement gained 23 cents or 0.27% to $83.90 a barrel.

Stocks in Spotlight:

Coal India rallied 4.75% after the company reported 25.8% rise in consolidated net profit to Rs 8,640 crore in Q4 FY24 from Rs 6,869 crore in Q4 FY23. Net sales, however, declined 3% to Rs 34,263.89 crore in the fourth quarter from Rs 35,161.44 crore recorded in the same period last year.

Coforge tumbled 10.07% after IT company?s consolidated net profit decreased 6.01% to Rs 223.7 crore on in Q4 FY24 as compared to Rs 238 crore in Q3 FY24. Revenue from operations stood at Rs 2,358.5 crore in fourth quarter of FY24, registering a growth of 1.52%.

Bajaj Finance added 0.70% after the Reserve Bank of India (RBI) lifted restrictions on the sanction and disbursal of new loans under 'eCOM' and online/digitally on 'Insta EMI Card'.

In exchange filings on Thursday, Bajaj Finance said that the RBI, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ?Insta EMI Card?, with immediate effect.

The company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards,? the NBFC said in a statement.

Ajanta Pharma rallied 6.22% after the pharmaceutical company reported 65.82% jump in consolidated net profit to Rs 203 crore in Q4 FY24 as compared with Rs 122 crore in Q4 FY23. Revenue increased 19.53% YoY to Rs 1,054.08 crore in Q4 FY24.

MRF declined 4.06%. The company reported a consolidated net profit increased 16.28% to Rs 396.11 crore in Q4 FY24 as compared to Rs 340.65 crore posted in Q4 FY23. Revenue from operations grew 8.68% year on year (YoY) to Rs 6,349.36 crore in the quarter ended 31 March 2024.

Adani Green Energy rose 0.61%. The power generation company's consolidated net profit tumbled 70.47% to Rs 150 crore in Q4 FY24 as against Rs 508 crore reported in Q4 FY23. Revenue from operations stood at Rs 2,527 crore in Q4 FY24, down 2.32% from Rs 2,587 crore posted in Q4 FY23.

Raymond fell 3.17%. The company reported 18% jump in consolidated net profit to Rs 229 crore in Q4 FY24 as compared with Rs 194 crore posted in Q4 FY23. Revenue from operations increased 21.32% to Rs 2,608.50 crore during the quarter as compared with Rs 2,150.18 crore in corresponding quarter last year.

CEAT declined 2.96% after the company?s consolidated net profit fell 18.80% to Rs 108.56 crore in Q4 FY24 as compared net to Rs 133.70 crore posted in corresponding quarter last year. Revenue from operations increased 4.07% to Rs 2,991.85 crore in Q4 FY24 as against revenue of Rs 2,874.82 crore posted in Q4 FY23.

Godrej Properties rose 1.82% after the company said that its consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.

Blue Dart Express rallied 7.66% after the company reported 12.01% rise in consolidated net profit to Rs 77.78 crore on 8.74% increase in revenue from operations to Rs 1,322.87 crore in Q4 FY24 over Q4 FY23.

Global Markets:

European stocks advanced while Asian stocks ended mixed on Friday as investors look ahead to the release of key U.S. employment data later today. Stock markets in Japan and mainland China were shut for public holidays.

The employment data release will be closely watched by the trading community after the U.S. Federal Reserve held interest rates steady at the end of its two-day meeting on Wednesday.

The Japanese yen was still in focus as it continued to show strength against the U.S. dollar amid suspected government intervention to support the currency on Monday.

Stocks in the U.S. closed higher on Thursday as investors looked ahead to more earnings as well as the nonfarm payrolls report set to be released on Friday.

The barometer index, the S&P BSE Sensex rose 128.33 points or 0.17% to 74,611.11. The Nifty 50 index added 43.35 points or 0.19% to 22,648.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% and the S&P BSE Small-Cap index added 0.29%.

The market breadth was negative. On the BSE, 1,912 shares rose and 1,926 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.46% to 13.45.

Economy:

Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers? Index (PMI) signalled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).

The Indian manufacturing sector started the first fiscal quarter in a high gear, according to the latest HSBC PMI data. Firms experienced a sharp upturn in new business intakes, and scaled up production accordingly.

April's rise in raw material stocks was supported by a further increase in buying levels. Inputs were purchased to the greatest degree since June 2023. Another factor that facilitated this was suppliers' ability to deliver items in a timely manner. Vendor performance improved for the second straight month.

Pranjul Bhandari, Chief India Economist at HSBC, said: ?On the price front, higher costs of raw materials and labour led to a modest uptick in input costs, but inflation remains below the historical average. However, firms passed these increases onto consumers through higher output charges, as demand remained resilient, resulting in improved margins.

Meanwhile, the Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.

In the month of April, 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April, 2024 after regular settlement.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.38% to 7.168 as compared with previous close 7.195.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4625, compared with its close of 83.4350 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.20% to Rs 70,583.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 105.79.

The United States 10-year bond yield added 0.48% to 4.614.

In the commodities market, Brent crude for July 2024 settlement gained 59 cents or 0.71% to $84.03 a barrel.

Global Markets:

The Dow Jones index futures were up 157 points, indicating a positive opening in the US stocks today.

Most of the European stocks traded higher while Asian stocks declined on Thursday, after the U.S. Federal Reserve opted to hold interest rates steady at the end of its two-day meeting.

Fed Chair Jerome Powell ruled out the possibility of a rate hike, easing worries over the central bank likely not being able to rein in inflation.

South Korea?s consumer prices rose at a slower pace in April from March on a year-on-year basis, according to official data. April CPI came in at 2.9% year on year, compared with a 3.1% rise in March. Core CPI, excluding food and energy prices, rose 2.3%. It was slightly slower than a 2.4% increase in March.

US stocks closed with a mixed performance on Wednesday following the Federal Reserve's decision to keep its key interest rate unchanged, as widely anticipated. The central bank indicated a potential rate cut in the future but expressed uncertainty regarding sustained progress on inflation.

Stocks in Spotlight:

Godrej Industries slipped 7.15% and Godrej Properties declined 4.37% while Godrej Agrovet rose 3.58% to Rs 564.15 and Godrej Consumer Products added 1.11%. The Godrej Group announced entering into a family settlement agreement (FSA) and a brand & non-compete agreement, to split the conglomerate into two branches.

According to the FSA, Adi Godrej and Nadir Godrej will keep the listed companies. The unlisted company Godrej & Boyce Manufacturing Company will go to the families of Jamshyd Godrej and Smita Godrej. The shareholdings of family members will be realigned across companies to reflect their inherited businesses. Both groups will continue to use the Godrej brand.

Adani Power shed 0.99%. The power generation company reported 47.8% fall in net profit to Rs 2,737 crore in Q4 FY24 from Rs 5,242 crore in Q4 FY23. Continuing revenue from operations increased by 27.3% YoY to Rs 13,288 crore in the fourth quarter. The company had recorded revenues of Rs 10,436 crore in Q4 FY23.

Ambuja Cements rose 0.90%. The cement major?s consolidated net profit surged 63.61% to Rs 1,055.16 crore in Q4 FY24 as against Rs 644.94 crore recorded in Q4 FY23. Revenue from operations was at Rs 8,893.99 crore in the March quarter, up 11.65% from Rs 7,965.98 crore posted in the same period last year.

Havells India gained 0.31%. The company?s consolidated net profit jumped 24.8% YoY to Rs 447 crore in Q4 FY24. Revenue jumped 12% to Rs 5,442 crore in Q4 FY24 as compared with Rs 4,859 crore in Q4 FY23.

Adani Energy Solutions declined 1.24% after the company said that its consolidated net profit declined 13.3% to Rs 381.29 crore in Q4 FY24 as compared with Rs 439.60 crore in Q4 FY23. Revenue jumped 17.4% YoY to Rs 3560 crore in Q4 FY24, on account of the contribution from the newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

Adani Total Gas rose 0.15%. The natural gas distribution company?s standalone net profit jumped 58.6% to Rs 165.34 crore in Q4 FY24 as against Rs 104.25 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) rose 4.61% year on year (YoY) to Rs 1,165.95 crore in the quarter ended 31 March 2024.

Adani Wilmar dropped 1.78%. The edible oil major?s consolidated net profit surged 67.45% to Rs 156.75 crore in Q4 FY24 as against Rs 93.61 crore posted in Q4 FY23. Revenue from operations stood Rs 13,238.04 crore in Q4 FY24, down 4.57% from Rs 13,872.64 crore recorded in the corresponding quarter previous year.

April Auto sales impact:

Ashok Leyland rallied 4.49% after the company reported 10% rise in commercial vehicle sales to 14,271 units in April 2024 from 12,974 units in April 2023.

Tata Motors added 2.18% after the auto major?s total domestic sales rose 12% to 76,399 units sold in April 2024 as against 68,514 units sold in April 2023.

Escorts Kubota jumped 3.64%. The tractor manufacturer said that its agri machinery business division sales declined marginally to 7,515 units in April 2024 as against 7,565 units sold in April 2023.

Hero MotoCorp added 0.48%. The company said that it had sold 533,585 units of motorcycles and scooters in April 2024, which is higher by 34.7% as compared with sales of 396,107 units recorded in April 2023.

Eicher Motors shed 0.04%. The vehicles manufacturer?s unlisted subsidiary, VE Commercial Vehicles (VECV) reported 18.1% year on year decrease in commercial vehicles (CV) sales to 5,377 units in April 2024.

TVS Motor Company rose 0.97%. The two-wheeler maker reported monthly sales of 383,615 units in April 2024, registering a growth of 25% as against 306,224 units sold in April 2023.

Maruti Suzuki India fell 0.36%. The car manufacturer announced that its total production increased 16.99% to 169,751 units in April 2024 as against 145,096 units recorded in April 2023.

Domestic equity benchmarks surrendered early gains and closed moderately lower on Tuesday. The S&P BSE Sensex fell 188.50 points or 0.25% to 74,482.78, while the Nifty 50 slipped 38.55 points or 0.17% to 22,604.85.

After a strong rally in the previous few days and a shortened trading week due to a holiday, investors opted for profit booking, leading to a decline in closing prices. HDFC Bank and ICICI Bank, both financial giants, weighed heavily on the indices. Declines in metal and IT stocks further dampened investor sentiment. However, auto and realty shares rallied.

TCS (down 1.24%), Infosys (down 0.97%), HDFC Bank (down 0.77%) and ICICI Bank (down 0.58%) were major drags.

The Nifty 50 and Bank Nifty clocked all-time highs of 22,783.35 and 49,974.75, respectively early today.

Mixed signals from global markets ahead of the US Federal Reserve policy meeting added to the cautiousness. While markets seem to have priced in a low likelihood of an immediate rate cut, the upcoming decision still lingered in the background.

In the broader market, the S&P BSE Mid-Cap index rose 0.49% and the S&P BSE Small-Cap index added 0.10%.

The market breadth was negative. On the BSE, 1804 shares rose and 2014 shares fell. A total of 132 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.19% to 12.87.

The stock exchanges will remain closed on Wednesday, 1 May 2024, on account of Maharashtra Day.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.10% to 7.203 as compared with previous close 7.196.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4100, compared with its close of 83.4550 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.90% to Rs 70,957.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 105.69.

The United States 10-year bond yield added 0.48% to 4.637.

In the commodities market, Brent crude for June 2024 settlement gained 20 cents or 0.23% to $87.40 a barrel.

Global Markets:

European stocks declined on Tuesday after Euro Zone inflation came flat at 2.4%. Market expectation is mounting for the European Central Bank to start cutting interest rates at its next monetary policy meeting on June 6.

Asian market ended higher. China?s factory activity climbed faster than expected in April, with the official purchasing managers? index coming at 50.4. Factory activity expansion was lower than the 50.8 seen in March.

US stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.  

Listing:

Shares of JNK India were ended at Rs 693.95 on the BSE, representing a premium of 67.22% as compared with the issue price of Rs 415.

The scrip was listed at Rs 620, exhibiting a premium of 49.4% to the issue price.

The stock has hit a high of 712 and a low of 620. On the BSE, 14.37 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Mahindra & Mahindra rose 4.53% after launching its new compact SUV, the XUV 3XO. Prices start at Rs 7.49 lakh.

Jana Small Finance surged 20% after its management said it would apply for a universal bank license by next year.

KFin Technologies gained 6.48% after the company?s consolidated net profit jumped 30.61% to Rs 74.47 crore in Q4 FY24 as against 57.01 crore recorded in Q4 FY23. Revenue from operation increased 24.68% year on year (YoY) to Rs 228.34 crore in the quarter ended 31 March 2024. During the quarter, EBITDA stood at Rs 104.6 crore, registering a growth of 24.8% as against Rs 83.83 crore recorded in Q4 FY23. EBITDA margin rose by 3 basis points YoY to 45.8% in Q4 FY24.

Manappuram Finance rallied 1.75% after subsidiary Asirvad Micro Finance got a nod from Sebi to raise funds through an IPO.

Bajaj Consumer Care rose 1.41% as its board will consider a share buyback proposal on May 8th.

Patanjali Foods dropped 3.41% after reports said it was under the scanner for GST evasion.

Vesuvius India rallied 4.22% after the company reported a 58.7% jump in net profit to Rs 68.78 crore in Q1 CY24 from Rs 43.35 crore in Q1 CY23. Net sales increased by 23.9% YoY to Rs 453.09 crore during the period under review.

UCO Bank fell 1.98%. The private lender?s standalone net profit declined 9.54% to Rs 525.77 crore in Q4 FY24 as compared to Rs 581.24 crore reported in Q4 FY23. However, total income grew 17.45% to Rs 6,984.61 crore in the quarter ended 31 March 2024.

Birlasoft slipped 3.62%. The company said that its consolidated net profit jumped 11.82% to Rs 180.08 crore in Q4 FY24 as compared with Rs 161.05 crore in Q3 FY24. Revenue from operations rose 1.46% QoQ to Rs 1,362.54 crore in the quarter ended 31 March 2024.

Gillette India surged 7.23%. The company reported 3.5% decline in net profit to Rs 99.09 crore in the third quarter ended 31 march 2024 as against Rs 102.70 crore recorded in the same period a year ago. Revenue from operations grew by 10% year on year to Rs 680.74 crore in the quarter ended 31 March 2024.

Newgen Software Technologies surged 7.36% after the company?s consolidated net profit jumped 54.02% to Rs 105.27 crore on 15.95% rise in revenue from operation to Rs 375.27 crore in Q4 FY24 over Q3 FY24.

Can Fin Homes advanced 2.22% after the housing finance firm reported 26.07% rise in net profit to Rs 209.03 crore on 21.37% increase in total income from operations to Rs 927.64 crore in Q4 FY24 as compared with Q4 FY23.

Equity bulls charged out of the gate today! The Nifty soared past 22,600, fueled by rally in banks shares. Positive earnings from US tech giants and a dip in US bond yields supported the sentiment. While realty and IT stocks lagged behind, overall sentiment remains optimistic thanks to easing Middle East tensions and stable corporate earnings. All eyes are on the upcoming Fed policy decision and US jobs data as market's next move hinges on them.

The barometer index, the S&P BSE Sensex surged 941.12 points or 1.28% to 74,671.28. The Nifty 50 index jumped 223.45 points or 1% to 22,643.40.

ICICI Bank (up 4.67%), SBI (up 3.09%) and HDFC Bank (up 1.26%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index gained 0.79% and the S&P BSE Small-Cap index added 0.07%.

The market breadth was positive. On the BSE, 1,982 shares rose and 1,934 shares fell. A total of 172 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 11.99% to 12.24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 7.194 as compared with previous close 7.199.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4700, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.12% to Rs 71,583.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 105.66.

The United States 10-year bond yield declined 0.99% to 4.624.

In the commodities market, Brent crude for June 2024 settlement lost 32 cents or 0.36% to $87.89 a barrel.

Global Markets:

European and Asian stocks advanced on Monday, as stocks on Wall Street gained after the Federal Reserve's preferred inflation gauge rose in line with expectation.

Traders look toward the Federal Reserve?s meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March?s core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago.

US stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

Stocks in Spotlight:

ICICI Bank, India's second-largest private lender, surged over 4% to a record high of Rs 1,163.25, pushing its market value past a whopping Rs 8 lakh crore for the first time ever. This stellar performance was driven by strong earnings for the March quarter and made ICICI Bank the key contributor to the BankNifty index, which also hit a record high of 49,473.60 today.

The private bank reported 17.38% increase in net profit to Rs 10,707.53 crore on a 20.74% rise in total income to Rs 43,597.14 crore in Q4 FY24 as compared with Q4 FY23.

AU Small Finance Bank rallied 7% as the bank has met all the criteria established by the Reserve Bank of India (RBI) to apply for a universal banking licence.

Shares of Bombay Stock Exchange (BSE) tumbled 13.31% after market regulator Securities and Exchanges Board of India (SEBI) asked the exchange to pay the regulatory fee based on the notional value of its options contracts.

The market regulatory had introduced the 'regulatory fee' on recognized stock exchanges vide the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006. As per the regulations, the stock exchanges would have to pay a regulatory fee to SEBI within a period of thirty days of conclusion of the relevant financial year.

HCL Technologies dropped 5.79%. The IT major?s consolidated net profit declined 8.37% to Rs 3,986 crore in Q4 FY24 as against Rs 4,350 crore reported in Q3 FY24. Revenue from operations rose marginally to Rs 28,499 crore in the March quarter from Rs 28,446 crore recorded in the preceding quarter of FY24.

L&T Finance advanced 3% after the investment company reported 10.53% jump in consolidated net profit to Rs 553.88 crore in Q4 FY24 from Rs 501.08 crore posted in Q4 FY23. Total income rose 6.76% to Rs 3,677.32 crore in Q4 FY24 as compared with Rs 3,444.43 crore recorded in the same period last year.

RBL Bank declined 1.09%. The private lender's standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.

IDFC First Bank dropped 3.74% after the private bank's standalone net profit declined 9.75% to Rs 724.35 crore in Q4 FY24 as compared to Rs 802.62 crore recorded in Q4 FY23. Total income jumped 26.07% to Rs 9,861.21 crore in Q4 FY24 as against to Rs 7,821.83 crore posted in the corresponding quarter previous year.

Bajaj Holdings & Investment rose 0.16%. The company reported consolidated net profit of Rs 2,716 crore in Q4 FY24 as compared to net profit of Rs 1,353 crore in Q4 FY23. Total income surged to Rs 1,222 crore in Q4 FY24 as compared with Rs 106 crore in Q4 FY23.

Maruti Suzuki India advanced 0.07% after the auto maker's standalone net profit jumped 47.80% to Rs 3,877.8 crore in Q4 FY24 from Rs 2,623.6 crore recorded in Q4 FY23. Net sales jumped 19.06% year on year (YoY) to Rs 36,697.5 crore in the quarter ended 31 March 2024.

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.