As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 111.66 points or 0.15% to 72,776.13. The Nifty 50 index added 48.85 points or 0.22% to 22,104.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index shed 0.23%.
The market breadth was weak. On the BSE, 1,780 shares rose and 2,176 shares fell. A total of 131 shares were unchanged
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 11.51% to 20.60.
Economy:
Indias industrial output expanded 4.9% year-over-year in March, slower than the 5.6% in February. Among the major three sectors, electricity output grew the most, up by 8.6%. This was followed by a 5.2% rise in manufacturing output. The slowdown in growth was largely due to a weaker upturn in mining output, which rose 1.2% annually in March versus 8.1% surge in the prior month. During April to March, industrial production expanded 5.8% from the same period last year, data showed.
Meanwhile, after falling for three consecutive weeks, Indias forex reserves jumped $3.668 billion to $641.59 billion for the week ended May 3, according to the latest RBI data. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion, following multiple weeks of increases. The foreign currency assets, a major component of the reserves, increased by $4.459 billion to $564.161 billion.
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Gold reserves decreased $653 million to $54.88 billion during week ended May 3. The special drawing rights (SDRs) were up $2 million to $18.051 billion, according to the latest RBI data.
New Listing:
Shares of Indegene were closed at Rs 570.65 on the BSE, representing a premium of 26.25% as compared with the issue price of Rs 452.
The scrip was listed at Rs 659.70, exhibiting a premium of 45.95% to the issue price.
The stock has hit a high of 659.70 and a low of 527.80. On the BSE, over 22.81 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Pharma index advanced 1.77% to 18,939. The index added 2.72% in two trading sessions.
Cipla (up 6.08%), Aurobindo Pharma (up 4.78%), Lupin (up 4.69%), Gland Pharma (up 3.09%), Divis Laboratories (up 2.91%), Abbott India (up 2.73%), Granules India (up 2.16%), Alkem Laboratories (up 1.91%), Zydus Lifesciences (up 1.29%) and Sun Pharmaceuticals Industries (up 1.22%) advanced.
On the other hand, Mankind Pharma (down 2.54%), Laurus Labs (down 1.42%) and Ipca Laboratories (down 1.19%) edged lower.
Stocks in Spotlight:
Tata Motors slumped 8.34%. The auto major reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Total revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.
Meanwhile, the company's board has recommended a final dividend of Rs 6 per ordinary share and Rs 6.20 per A ordinary share, for the financial year ended 31 March 2024. The dividend, if declared at the AGM, shall be paid to the eligible shareholders on or before 28 June 2024.
Mahindra & Mahindra added 0.59%. The company said that its total production jumped 19.02% to 70,025 units in the month of April 2024 as compared with 58,830 units produced in the same period last year. The auto major's total sales stood at 68,614 units in April 2024, registering a growth of 13.44% on YoY basis. On the other hand, exports for the period under review rose 2.43% YoY to 1,857 units.
Varun Beverages rose 0.66%. The company said that its consolidated net profit jumped 24.9% to Rs 547.98 crore in Q1 CY24 as compared with Rs 438.57 crore in Q1 CY23. The growth in the net profit was driven by volume growth, increase in net realization and improved profit margins. Revenue from operations (excluding excise duty) increased 10.9% YoY to Rs 4,317.31 crore in Q1 CY24.
JSW Steel gained 1.06%. The company has recorded crude steel production of 21.21 lakh tones in month of April 2024, which is marginally higher as compared with production volume of 21.13 lakh tones reported in the same period last year.
ABB India jumped 11.74% after the companys net profit (from continuing operations) surged 87.46% to Rs 459.60 crore in Q1 CY24 as against Rs 245.17 crore recorded in Q1 CY23. The companys total revenue from operations jumped 27.75% to Rs 3,080.36 crore in Q1 CY24 as compared to Rs 2,411.21 recorded in corresponding quarter last year.
JK Cement advanced 2.46% after the cement maker's consolidated net profit zoomed 100.6% to Rs 219.75 crore in Q4 FY24 as compared to Rs 109.52 crore recorded in Q4 FY23. Revenue from operations jumped 11.8% year on year to Rs 3,105.77 crore in the quarter ended 31 March 2024.
Bank of India tumbled 10.12%. The state-run banks net profit increased 6.55% to Rs 1,438.91 crore on 8.24% rise in total income to Rs 17,913.03 crore in Q4 FY24 over Q4 FY23.
Union Bank of India slipped 3.77%. The public sector bank's standalone net profit rose 18.99% to Rs 3,310.55 crore on 13.87% increase in total income to Rs 31,057.52 crore in Q4 FY24 over Q4 FY23.
VIP Industries dropped 3.18% after the company reported consolidated net loss of Rs 23.88 crore in Q4 FY24 as against net loss of Rs 4.26 crore in Q4 FY23. Net sales increased 14.59% year on year (YoY) to Rs 516.32 crore in the quarter ended 31 March 2024.
Kalyan Jewellers declined 2.64%. The jewellery retailers consolidated net profit jumped 96.3% to Rs 137.59 crore on 34.09% increase in revenue from operations to Rs 4,534.93 crore in Q4 FY24 over Q4 FY23.
Global Markets:
Markets in Europe and Asia traded mixed on Monday as investors will be keeping a close eye on the latest U.S. inflation figures.
Chinese stocks faced additional downward pressure due to potential new U.S. trade tariffs. Several media outlets reported last week that the Biden administration is considering imposing import tariffs on specific sectors within China, including electric vehicles and solar energy technology.
Regional markets largely followed the muted performance of Wall Street on Friday, with investor focus shifting towards the upcoming U.S. inflation data which could impact future interest rate decisions.
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