The domestic equity benchmarks ended with minor gains on Friday, snapping a five-day declining streak. The Nifty ended above the 22,500 level. Realty, metal and PSU bank stocks advanced while media, IT and healthcare shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 75.71 points or 0.10% to 73,961.31. The Nifty 50 index rose 42.05 points or 0.19% to 22,530.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index added 0.76%.
The market breadth was negative. On the BSE, 1,775 shares rose and 2,004 shares fell. A total of 101 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, added 1.76% to 24.60.
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The Nifty Realty index gained 2.34% to 1,019.40. The index declined 3.51% in the past three consecutive trading sessions.
Macrotech Developers (up 4.9%), Prestige Estates Projects (up 3.77%), Brigade Enterprises (up 3.63%), Mahindra Lifespace Developers (up 2.32%), DLF (up 2.25%), Godrej Properties (up 2.2%), Sobha (up 1.36%), Oberoi Realty (up 0.24%) and Phoenix Mills (up 0.21%).
On the other hand, Sunteck Realty (down 1.1%) moved lower.
Sunteck Realty shed 1.10%. The company has reported a net profit of Rs 101 crore in Q4 FY24 as against a net loss of Rs 28 crore in Q4 FY23. Revenue jumped to Rs 427 crore in Q4 March 2024 from Rs 49 crore in Q4 March 2023.
Meanwhile, the board of Sunteck Realty has approved a proposal to raise up to Rs 2,250 crore via issue of equity and debt securities. The company will raise Rs 1,500 crore through issue of non-convertible debt on a private placement basis in one or more tranches. It will also raise Rs 750 crore by way of equity shares or other securities convertible into equity, post the approval of shareholders.
Stocks in Spotlight:
Swan Energy was locked in 5% lower circuit after the company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as compared to Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.
Mrs. Bectors Food Specialities gained 2.19% after the company reported 21.6% rise in net profit to Rs 33.6 crore on a 17.4% increase in revenues to Rs 406.4 crore in Q4 FY24 as compared with Q4 FY23.
Bharat Dynamics rose 0.61%. The missiles makers net profit soared 89.04% to Rs 288.78 crore in Q4 FY24 as against Rs 152.76 crore recorded in Q4 FY23. Revenue from operations stood at Rs 848.57 crore in the March quarter, up 6.5% from Rs 796.79 crore reported in Q4 FY23.
Apollo Hospitals Enterprise added 1.56% after the companys consoloidated net profit surged 75.64% to Rs 253.8 crore as compared to Rs 144.5 crore reported in Q4 FY23. Revenue from operations jumped 14.92% year on year to Rs 4,943.9 crore in the quarter ended 31 March 2024.
V2 Retail rose 0.91%. The company reported a consolidated net profit of Rs 3.59 crore in Q4 FY24 as against a net loss of Rs 7.70 crore in Q4 FY23. Income from operations surged 51.86% year on year to Rs 296.98 crore in the final quarter of FY24.
Rajesh Exports slipped 1.21%. The company reported a consolidated net loss from ordinary activities of Rs 31.56 crore as against net profit from ordinary activities of Rs 366.01 crore in Q4 FY24 over Q4 FY23. Income from operations (inclusive of excise duty) tumbled 20.79% year on year to Rs 91,444.96 crore in the fourth quarter.
Aarti Industries shed 0.11%. The company said that its board has approved to appointment of Suyog Kalyanji Kotecha as chief executive officer (CEO) with effect from June 17, 2024 in place of Rajendra V Gogri.
Suzlon Energy rallied 4.96% after the company announced that it has received a new order for the development of 81.9 MW wind power project for Oyster Green Hybrid One.
Global Markets:
Most European stocks declined while Asian stocks ended mixed on Friday as investors awaited inflation readings from Europe and the U.S., which will likely dictate the path of interest rates globally.
China stocks rose, even though the nation's manufacturing activity unexpectedly fell in May. This weak economic data fueled calls for additional government stimulus to counteract the ongoing property crisis, which is still impacting businesses, consumers, and investor confidence.
U.S. stocks fell further on Friday on concerns about a delayed interest rate cut. The Dow Jones Industrial Average dropped 0.86%, the Nasdaq Composite fell 1.0%, and the S&P 500 closed down 0.6%.
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