Market down for 3rd day; Nifty ends below 22,900; VIX climbs over 24

Indian equity indices ended with minor cuts on Tuesday, sliding for the third day in a row. The Nifty settled below the 22,900 level after hitting the day's high of 22,998.55 in morning trade. Pharma, media and healthcare stocks advanced while realty, PSU bank and oil & gas shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 220.05 points or 0.29% to 75,170.45. The Nifty 50 index lost 44.30 points or 0.19% to 22,888.15.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.63% and the S&P BSE Small-Cap index declined 1.09%.

 

The market breadth was weak. On the BSE, 1,322 shares rose and 2,505 shares fell. A total of 106 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.32% to 24.20.

Buzzing Index:

The Nifty Realty index slipped 2.16% to 1,010. The index rose 0.85% in the previous trading session.

Sobha (down 4.91%), Prestige Estates Projects (down 4.33%), Brigade Enterprises (down 4.14%), Phoenix Mills (down 3.43%), Godrej Properties (down 2.93%), DLF (down 2.69%), Mahindra Lifespace Developers (down 2.57%), Macrotech Developers (down 0.32%) slipped.

On the other hand, Oberoi Realty (up 1.63%) ,Sunteck Realty (up 0.8%) edged higher.

Stocks in Spotlight:

Vishnu Prakash R Punglia rallied 3.87% after the companys standalone net profit jumped 67.82% to Rs 67.13 crore in Q4 FY24 as compared with Rs 40 crore posted in Q4 FY23. Revenue from operations increased 44.22% YoY to Rs 657.20 crore in the quarter ended 31 March 2024.

Sumitomo Chemical India gained 1.74% after the company's consolidated net profit jumped 52.09% to Rs 109.70 crore on a 3.47% increase in revenue from operations to Rs 674.20 crore in Q4 FY24 as compared with Q4 FY23.

Life Insurance Corporation of India (LIC) slipped 2.17%. The insurance giant reported 2.49% jump in net profit to Rs 13,762.64 crore in Q4 FY24 as compared with Rs 13,427.81 crore posted in Q4 FY23. Total premium income surged 15.58% to Rs 1,52,293.13 crore in the fourth quarter of FY24 as compared with Rs 1,31,761.11 crore recorded in the fourth quarter of FY23.

Meanwhile, the companys board has declared a final dividend of Rs 6 per equity share for FY24. The board has fixed 19 July 2024 as the record date.

TVS Supply Chain Solutions shed 0.62%. The companys consolidated net profit of Rs 5.38 crore in Q4 FY24 as against a net loss of Rs 12.35 crore posted in corresponding quarter last year. Revenue from operations increased 4.50% to Rs 2,426.31 crore in Q4 FY24 as compared with Rs 2,321.61 crore in Q4 FY23. The normalization of freight rates and continuous growth in the ISCS segment have helped achieve this topline growth.

Automotive Axles fell 3.08% after the company's standalone net profit declined 13.22% to Rs 44.09 crore on 17.53% decrease in revenue from operations to Rs 571.52 crore in Q4 March 2024 over Q4 March 2023.

Meanwhile, the board declared a final dividend of Rs 32 for the financial year ended 2024.

NMDC declined 1.48% after the companys consolidated net profit from continuing operations declined 37.82% to Rs 1,415.88 crore in Q4 FY24 as compared with Rs 2,277.13 crore recorded in same quarter last year. Total income stood at Rs 6,908.37 crore in the fourth quarter of FY24, registering a growth of 18.24% year on year (YoY).

Garware Technical Fibres soared 9.07%% after the company's consolidated net profit jumped 16.44% to Rs 69.47 crore on 3.18% increase in revenue from operations to Rs 382.27 crore in Q4 March 2024 over Q4 March 2023.

Adani Enterprises declined 1.52%. The company said that its board has approved a proposal to raise funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 16,600 crore by way of qualified institutional placement.

Bharat Heavy Electricals (BHEL) slipped 2.56%. The company said that it has entered into a technology transfer agreement (TTA) with Bhabha Atomic Research Centre (BARC) for 50 kW alkaline electrolyser system for hydrogen production.

Adani Energy Solutions declined 1.72%. The company said that its board has approved raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 12,500 crore by way of Qualified Institutional Placement (QIP).

Global Markets:

Most of the European and Asian stocks ended lower on Tuesday, as investors awaited global inflation data expected to impact monetary policy.

The US market was closed on Monday, 27th May, for Memorial Day.

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