The domestic equity indices ended with minor losses on Wednesday, snapping a three-day rising streak. The Nifty settled at 22,200 level after hitting the day's high of 22,297.55 in morning trade. PSU bank, realty and oil & gas stocks advanced while FMCG, media and auto shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 117.58 points or 0.16% to 72,987.03. The Nifty 50 index lost 17.30 points or 0.08% to 22,200.55.
The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 0.60% and the S&P BSE Small-Cap index gained 0.96%.
The market breadth was strong. On the BSE, 2,208 shares rose and 1,587 shares fell. A total of 140 shares were unchanged.
Economy:
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Passenger vehicle wholesales in India rose to record levels in April driven by strong demand for utility vehicles, automobile industry body SIAM said on Tuesday. The overall passenger vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of 3,35,629 units in April, as compared to 3,31,278 units in April 2023. Utility vehicle sales stood at 1,79,329 units last month, up 21 per cent from 1,48,005 units in the same month last year.
New Listing:
Shares of Aadhar Housing Finance were closed at Rs 329.55 on the BSE, representing a premium of 4.62% as compared with the issue price of Rs 315.
The scrip was listed at Rs 314.30, exhibiting a discount of 0.22% to the issue price.
The stock has hit a high of 343.20 and a low of 293.35. On the BSE, over 32.97 lakh shares of the company were traded in the counter.
Shares of TBO TEK were settled at Rs 1,404.85 on the BSE, representing a premium of 52.70% as compared with the issue price of Rs 920.
The scrip was listed at Rs 1,380, exhibiting a premium of 50% to the issue price.
The stock has hit a high of 1,455.95 and a low of 1,275. On the BSE, over 6.89 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer of Go Digit General Insurance received bids for 1,54,56,980 shares as against 5,28,69,677 shares on offer, according to stock exchange data at 15:40 IST on Wednesday (15 May 2024). The issue was subscribed 0.29 times.
The issue opened for bidding on Wednesday (15 May 2024) and it will close on Friday (17 May 2024). The price band of the IPO is fixed at Rs 258-272 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index added 1.42% to 7,160.75. The index added 2.34% in the two trading sessions.
Canara Bank (up 5.11%), Indian Bank (up 4.43%), Union Bank of India (up 4.12%), Punjab & Sind Bank (up 1.34%), UCO Bank (up 1.25%), Bank of Baroda (up 1.21%), Bank of India (up 1.18%), State Bank of India (up 0.31%), Central Bank of India (up 0.25%) and Indian Overseas Bank (up 0.08%) advanced.
On the other hand, Punjab National Bank (down 1.15%) edged lower.
Stocks in Spotlight:
Siemens gained 6.41% after heavy electrical equipment makers net profit jumped 73.72% to Rs 896.4 crore in March 2024 quarter as against Rs 516 crore reported in the same period last year. Total revenue from operations jumped 19% year on year (YoY) to Rs 5,313.8 crore during the second quarter ended March 2024.
Colgate-Palmolive (INDIA) slipped 5.09%. The FMCG major's net profit jumped 20.11% to Rs 379.82 crore in Q4 FY24 as against Rs 316.22 crore posted in Q4 FY23. Revenue from operations increased 10.35% year on year (YoY) to Rs 1,480.66 crore in the quarter ended 31 March 2024.
Oberoi Realty rallied 3.36% after the company's consolidated net profit rose 64.07% to Rs 788.03 crore in the quarter ended March 2024 as against Rs 480.29 crore during the previous quarter ended March 2023. Sales rose 36.75% to Rs 1314.77 crore in the quarter ended March 2024 as against Rs 961.43 crore during the previous quarter ended March 2023.
Apollo Tyres rose 0.04%. The companys consolidated net profit fell 13.7% to Rs 354.08 crore in Q4 FY24 as against Rs 410.3 crore recorded in Q4 FY23. However, revenue from operations rose marginally to Rs 6,258.20 crore in Q4 FY24 as compared to Rs 6,247.33 crore posted in Q4 FY23.
Bharti Hexacom jumped 6.54% after the companys standalone net profit jumped 10.25% to Rs 223 crore in Q4 FY24 as compared with Rs 202 crore in Q4 FY23. Revenue from operations increased 7.8% to Rs 1,868 crore during the quarter as compared with Rs 1,733 crore posted in the quarter ended 31 March 2023
Repco Home Finance advanced 5.72% after the company's consolidated net profit increased 21.12% to Rs 99.44 crore on 15.34% rise in total revenue from operations to Rs 392.58 crore in Q4 FY24 over Q4 FY23.
Aurionpro Solutions jumped 3.96% after the companys consolidated net profit jumped 48% to Rs 39.46 crore in Q4 FY24 as compared with Rs 26.60 crore posted in Q4 FY23. Revenue from operations increased 29% to Rs 246.87 crore as compared with Rs 190.65 crore posted in Q4 FY23. Meanwhile, the companys board approved the proposal of issuance of bonus shares in the ratio of 1:1.
Archean Chemical Industries slipped 3.85%. The companys reported 56.4% fall in net profit to Rs 59.64 crore on a 25.9% decline in net sales to Rs 283.39 crore in Q4 FY24 as compared with Q4 FY23.
Power Finance Corporation (PFC) rallied 3.58% after the company's consolidated net profit grew 20.26% to Rs 5,624.36 crore in Q4 FY24 as against Rs 4,676.71 crore recorded in Q4 FY23. Revenue from operations increased 29% to Rs 246.87 crore as compared with Rs 190.65 crore posted in Q4 FY23.
Global Markets:
Most of the European stocks advanced while Asian stocks ended mixed on Wednesday, as traders digested conflicting U.S. producer price data and awaited the critical consumer price report later in the day, which is expected to impact the Federal Reserve's near-term policy decisions.
The Nasdaq closed at a new all-time high on Tuesday as U.S. stocks rallied, dismissing data indicating higher-than-anticipated April wholesale inflation. The tech-heavy index ended up 0.8%. The Dow Jones Industrial Average gained 0.3%, and the broad-based S&P 500 rose 0.5%.
U.S. wholesale prices surged by 0.5% in April, exceeding expectations, in a trend that could lead to extended periods of higher Federal Reserve interest rates. All eyes are now on Wednesday's U.S. consumer price report.
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