Indian equity indices ended with major losses on Thursday, sliding for the fifth day in a row. The Nifty ended below the 22,500 level. Media, bank and private bank stocks advanced while metal, IT and consumer durables shares declined. Trading was volatile due to May F&O series expiry today.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 617.30 points or 0.83% to 73,885.60. The Nifty 50 index lost 216.05 points or 0.95% to 22,488.65.
In the broader market, the S&P BSE Mid-Cap index declined 1.21% and the S&P BSE Small-Cap index fell 1.33%.
The market breadth was weak. On the BSE, 1,201 shares rose and 2,609 shares fell. A total of 107 shares were unchanged.
Weather update:
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Southwest Monsoon has set in over Kerala and advanced into most parts of Northeast India. Monsoon hit Kerala's coasts a day earlier than forecasted by the Indian Meteorological Department.
Cyclone Remal, which struck West Bengal and Bangladesh on Sunday, may have drawn the monsoon flow to the Bay of Bengal, potentially contributing to its early onset in the northeast.
New Listing:
Shares of Awfis Space Solutions closed at Rs 416.10 on the BSE, representing a premium of 8.64% as compared with the issue price of Rs 383.
The scrip was listed at Rs 432.25, exhibiting a premium of 12.85% to the issue price.
The stock has hit a high of 451.45 and a low of 409.40. On the BSE, over 9.59 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Metal index slipped 2.56% to 9,589.75. The index advanced 0.27% in the previous trading session.
Hindustan Copper (down 6.39%), Hindustan Zinc (down 6.29%), Tata Steel (down 6.17%), APL Apollo Tubes (down 4.49%), NMDC (down 3.62%), Vedanta (down 3.06%), Steel Authority of India (down 3.05%), National Aluminium Company (down 2.88%), Adani Enterprises (down 2.17%) and JSW Steel (down 2.12%) slipped.
On the other hand, Welspun Corp (up 0.08%) moved up edged higher.
Stocks in Spotlight:
Tata Steel fell 5.74% after the companys consolidated net profit declined 64.59% to Rs 554.56 crore from Rs 1,566.24 crore posted in Q4 FY23. Revenue from operations fell 6.79% YoY to Rs 58,687.31 crore in Q4 FY24.
Godfrey Phillips India shed 1.27%. The cigarette makers consolidated net profit surged 45.59% to Rs 214.16 crore in Q4 FY24 as against Rs 147.10 crore posted in Q4 FY23. Revenue from operations (excluding excise duty) jumped 20% YoY to Rs 965.78 crore in the quarter ended 31 March 2024.
Meanwhile, the companys board has recommended a final dividend of Rs 56 per share for the financial year ended 31 March 2024, subject to the approval of the shareholders.
Edelweiss Financial Services tumbled 11.68% after the Reserve Bank of India (RBI) announced severe business restrictions against ECL Finance and Edelweiss Asset Reconstruction Company, owing to material supervisory concerns.
Bata India rose 0.01%. The companys consolidated net profit shed 3.01% to Rs 63.65 crore in Q4 FY24 as compared with Rs 65.62 crore posted in Q4 FY23. Revenue from operations rose 2.48% year on year (YoY) to Rs 797.87 crore in the quarter ended March 2024.
Indegene declined 2.62% after the companys consolidated net profit fell 3.9% to Rs 94.9 crore in Q4 FY24 as compared with Rs 98.8 crore in Q3 FY24. Revenue from operations fell marginally to Rs 673 crore in Q4 FY24 from Rs 673.4 crore in Q3 FY24.
SJVN slipped 4.26% after the company reported 56.04% drop in consolidated net profit to Rs 61.08 crore on 11.12% decline in revenue from operations to Rs 482.91 crore in Q4 FY24 over Q3 FY24.
Marksans Pharma tumbled 12.22% after the pharmaco reported 6.12% decline in consolidated net profit to Rs 77.64 crore in Q4 FY24 from Rs 82.71 crore in Q4 FY23. Revenue from operations jumped 15.23% YOY to Rs 560.01 crore in Q4 FY24, driven by volume gains, new launches, addition of new customers, and increase in our share with existing customers.
Shriram Properties slipped 4.55%. The company has reported 28% rise in net profit to Rs 20.1 crore as total revenues increased by 110% to Rs 358.4 crore in Q4 FY24 as compared with Q4 FY23.
Heritage Foods surged 10.38% after the companys consolidated net profit zoomed 125.88% to Rs 40.5 crore in Q4 FY24 as against Rs 17.93 crore recorded in Q4 FY23. However, revenue from operations jumped 16.26% year on year to Rs 950.57 crore in the fourth quarter of FY24 as compared with Rs 817.6 crore posted in the corresponding quarter last year.
Cummins India tumbled 6.23%. The company reported 76.3% jump in standalone net profit to Rs 561.52 crore on 20.08% rise in revenue from operations to Rs 2,268.50 crore in Q4 FY24 over Q4 FY23.
KNR Constructions rallied 8.05% after the EPC company's consolidated net profit surged to Rs 340.61 crore in Q4 FY24 as against Rs 141.73 crore in Q4 FY23. Revenue from operations rose 13.54% year on year (YoY) to Rs 1,414 crore in the quarter ended 31 March 2024.
Global Markets:
The Dow Jones index futures were down 328 points, indicating a weak opening in the US stocks today.
European stocks advanced while Asian stocks ended lower on Thursday.
Tepid demand in the $44 billion sale of seven-year US Treasuries initially caused them to fall across the curve. This raised concerns that funding the US deficit will drive up yields, especially with the Federal Reserve unlikely to cut rates soon.
Adding to these concerns, key US inflation data is due on Friday, including the PCE price index, the Federal Reserve's preferred inflation gauge. A revised reading on first-quarter US gross domestic product data is also due on Thursday. US indices fell on Wednesday, reflecting these anxieties. The S&P 500 fell 0.7%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average fell 1.1%.
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