The domestic stocks ended almost flat today, clawing back from early losses. Metal and PSU bank shares surged, but private lenders and FMCG stocks dragged. Worries linger after cautious comments from the US Fed officials and continued foreign investor outflows.
The barometer index, the S&P BSE Sensex declined 52.63 points or 0.07% to 73,953.31. The Nifty 50 added 27.05 points or 0.12% to 22,529.05.
Nestle India (down 1.62%), ICICI Bank (down 0.84%) and HDFC Bank (down 0.48%) were major drags.
In the broader market, the S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index fell 0.18%.
The market breadth was weak. On the BSE, 1,619 shares rose and 2,316 shares fell. A total of 152 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 6.26% to 21.81.
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Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.27% to 7.076 as compared with previous close 7.072.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3700 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement fell 0.60% to Rs 73,920.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 104.52.
The United States 10-year bond yield declined 0.18% to 4.429.
In the commodities market, Brent crude for July 2024 settlement declined $1.16 or 0.97% to $82.74 a barrel.
Global Markets:
European stocks and Asian stocks tumbled on Tuesday as investors weighed US central bank policy and the health of the global economy. Additionally, the untimely demise of Iranian President Ebrahim Raeisi in a helicopter crash inside Iran has added a layer of uncertainty, potentially triggering a flight to safer assets.
Meanwhile, US stocks edged higher on Monday, with the Nasdaq Composite (^IXIC) reaching a record close, driven by Nvidia (NVDA) shares ahead of their earnings report this week. The S&P 500 rose slightly by 0.1%, while the Dow Jones Industrial Average dipped below 40,000, down 0.5% after Friday's record high.
Stocks in Spotlight:
The Nifty Metal index gained 3.88% to 9,981.15. The index surged 12.89% in eighth consecutive trading sessions. Among index components, Hindustan Zinc (up 19.99%), Vedanta (up 7.04%), Jindal Steel & Power (up 4.95%), Hindalco Industries (up 4.79%), Tata Steel (up 3.63%), JSW Steel (up 3.53%), Hindustan Copper (up 3.03%), APL Apollo (up 2.95%), SAIL (up 2.57%), Adani Enterprises (up 1.64%) and NMDC (up 0.89%) surged.
Oil & Natural Gas Corporation (ONGC) rose 0.30%.The state-owned oil & exploration company reported standalone net profit of Rs 9,869.37 crore in Q4 FY24, steeply higher than Rs 527.86 crore recorded in Q4 FY23.However, revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.
Oil India added 2.72% after the petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.
Meanwhile, the board recommended issue of bonus shares in the ratio of one equity share for every two existing equity shares held (1:2). The board has fixed 2nd July 2024 as record date.
Rainbow Children's Medicare declined 4.77% after the company reported 4.89% decrease in consolidated net profit to Rs 50.97 crore in Q4 FY24 as against Rs 53.59 crore in Q4 FY23. Revenue from operations increased 7.61% year on year (YoY) to Rs 341.10 crore in the quarter ended 31 March 2024.
Indian Railway Finance Corporation (IRFC) rallied 3.55% after the company's net profit jumped 33.62% to Rs ,1717.32 crore in Q4 FY24 as against Rs 1,285.24 crore posted in Q4 FY23. Total revenue from operations grew by 4.51% year on year (YoY) to Rs 6,473.12 crore in the quarter ended 31 March 2024.
Rail Vikas Nigam (RVNL) surged 14.03% after the company reported 33.16% increase in consolidated net profit to Rs 478.40 crore in Q4 FY24 as compared with Rs 359.25 crore in Q4 FY23. Revenue from operations jumped 17.38% year on year (YoY) to Rs 6,714.01 crore in the fourth quarter of FY24.
Further, the company has bagged a work order from South Eastern Railway. The time period for executing the project is 18 months and the cost of the project is Rs 148.26 crore.
Bharat Electronics (BEL) rallied 5.89% after the company reported 30.04% growth in consolidated net profit to Rs 1,797.11 crore in Q4 FY24 as against Rs 1,382.02 crore in Q4 FY23. Revenue from operations jumped 32.18% year on year (YoY) to Rs 8,564.08 crore in the quarter ended 31 March 2024.
Rolex Rings surged 14%. the companys consolidated net profit declined 49.1% to Rs 23.62 crore in Q4 FY24 as compared with Rs 46.41 crore in Q4 FY23. Revenue from operations rose 5.63% year on year (YoY) to Rs 316.34 crore in the fourth quarter of FY24.
Amber Enterprises shed 4% after the company reported 8.95% fall in consolidated net profit of Rs 94.67 crore in Q4 FY24 as compared with Rs 103.98 crore posted in Q4 FY23. Revenue from operations fell 6.57% year on year (YoY) to Rs 2,805.46 crore in the quarter ended 31 March 2024.
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