Indian equity indices ended with major losses on Wednesday, declining for the fourth day in a row. The Nifty settled around the 22,700 level. Pharma, metal and media stocks advanced while financial services, private bank and bank shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 667.55 points or 0.89% to 74,502.90. The Nifty 50 index lost 183.45 points or 0.80% to 22,704.70.
In the broader market, the S&P BSE Mid-Cap index shed 0.38% and the S&P BSE Small-Cap index rose 0.23%.
The market breadth was negative. On the BSE, 1,683 shares rose and 2,136 shares fell. A total of 110 shares were unchanged.
Economy:
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Rating firm S&P Global Ratings on Wednesday revised outlook for the Indian economy to 'positive' from 'stable' and has affirmed the overall rating at 'BBB-' citing robust growth and improved quality of government expenditure.
'BBB-' is the lowest investment grade rating offered. The last time the agency upgraded the rating outlook was in 2010 when it shifted from negative to stable.
S&P stated, "India's robust economy growth positive impacts credit metrics. India's fiscal deficit elevated, but consolidation efforts are on. We expect India's fundamentals to aid growth momentum in 2-3 years."
Buzzing Index:
The Nifty Financial Services index slipped 1.65% to 21,620.45. The index gained 3.07% in the past four trading sessions.
ICICI Prudential Life Insurance Company (down 4.09%), HDFC Asset Management Company (down 2.93%), HDFC Life Insurance Company (down 2.9%), ICICI Lombard General Insurance Company (down 2.76%), SBI Life Insurance Company (down 2.57%), REC (down 2.23%), Bajaj Finserv (down 2.04%), ICICI Bank (down 2.04%), Axis Bank (down 1.56%) and Power Finance Corporation (down 1.55%) slipped.
Stocks in Spotlight:
Campus Activewear surged 17.59% after the company reported 42.76% jump in consolidated net profit to Rs 32.75 crore in Q4 FY24 as compared with Rs 22.94 crore in Q4 FY23. Revenue from operations increased 4.63% year on year (YoY) to Rs 363.86 crore in the fourth quarter of FY24.
Amines & Plasticizers jumped 5.08% after the company reported 51.34% jump in consolidated profit to Rs 12.94 crore on 6.26% rise in revenue from operations to Rs 177.33 core in Q4 FY24 over Q4 FY23.
Vasundhara Rasayans zoomed 12.34% after the companys net profit stood at Rs 2.13 crore in Q4 FY24, steeply higher than Rs 0.42 crore in Q4 FY23. Revenue from operations jumped 12.31% YoY to Rs 11.13 crore in the quarter ended 31 March 2024.
NBCC (India) rallied 2.45% after the companys consolidated net profit jumped 24.52% to Rs 141.49 crore in Q4 FY24 as compared with Rs 113 crore in Q4 FY23. Revenue from operations increased 42.86% to Rs 3,936.98 crore in Q4 FY24 as compared with Rs 2,755.81 crore in Q4 FY23.
Bal Pharma locked in an upper circuit of 20% after the companys consolidated net profit stood at Rs 5.53 crore in Q4 FY24, steeply higher than Rs 1.61 crore in Q4 FY23. Revenue from operations jumped 14.76% YoY to Rs 94.62 crore in Q4 FY24.
Indian Railway Catering and Tourism Corporation (IRCTC) dropped 3.57%. The companys net profit fell 5.21% to Rs 284.36 crore in Q4 FY24 as compared with Rs 300 crore posted in Q3 FY24. However, revenue from operations grew by 3.26% quarter on quarter to Rs 1,154.77 crore in Q4 FY24.
Emami slipped 3.04%. The company reported 3.09% jump in consolidated net profit to Rs 148.90 crore in Q4 FY24 as compare with Rs 144.43 crore in Q4 FY23. Revenue from operations increased 6.61% to Rs 891.24 crore during the quarter as compared with Rs 835.95 crore posted in the corresponding quarter last year.
Prestige Estates Projects declined 2.74% after the company reported 70.1% drop in consolidated net profit to Rs 140 crore in Q4 FY24 from Rs 468.40 crore recorded in Q4 FY23. Net sales declined by 17.8% year-over-year to Rs 2,164 crore during the period under review.
Aditya Birla Fashion and Retail (ABFRL) jumped 5.16% after the company reported consolidated net loss of Rs 229.57 crore in Q4 FY24 as against a net loss of Rs 186.94 crore recorded in Q4 FY23. Revenue from operations jumped 18.3% year on year (YoY) to Rs 3,406.65 crore in the March 2024 quarter, in a muted market marred by prolonged sluggish consumption in the discretionary space.
Global Markets:
The Dow Jones index futures were down 221 points, indicating a weak opening in the US stocks today.
European stocks declined on Wednesday, pressured by inflation worries.
Most Asian stocks ended lower. Chinese markets bucked the trend, edging higher on government support for the property sector.
In the US, the Nasdaq crossed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia. However, the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited US inflation data that could impact expectations for Federal Reserve rate cuts.
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