As per provisional closing data, the barometer index, the S&P BSE Sensex was, down 7.65 points or 0.01% to 75,410.39. The Nifty 50 index shed 10.55 points or 0.05% to 22,957.10.
The Sensex and Nifty clocked an all-time high of 75,636.50 and 23,026.40 in mid-afternoon trade.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.23% and the S&P BSE Small-Cap index shed 0.20%.
The market breadth was weak. On the BSE, 1,694 shares rose and 2,154 shares fell. A total of 97 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.54% to 21.71.
IPO Update:
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The initial public offer (IPO) of Awfis Space Solutions received 8,74,71,930 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 15:45 IST on Friday (24 May 2024). The issue was subscribed 10.14 times.
The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index gained 1.04% to 1,897. The index rallied 7.02% in seven consecutive trading sessions.
Tips Industries (up 2.85%), Saregama India (up 2.58%), Dish TV India (up 2.08%), Zee Entertainment Enterprises (up 2.05%), TV18 Broadcast (up 1.6%), Hathway Cable & Datacom (up 1.18%) and Network 18 Media & Investments (up 0.74%) advanced.
On the other hand, PVR Inox (down 0.75%), Sun TV Network (down 0.38%) and Nazara Technologies (down 0.21%) edged lower.
Stocks in Spotlight:
Ashok Leyland fell 0.87%. The company reported 19.82% jump in standalone net profit to Rs 900.41 crore in Q4 FY24 as compared with Rs 751.41 crore in Q4 FY23. Revenue from operations fell 3.08% to Rs 11,266.69 crore in Q4 FY24 as compared with Rs 11,625.67 crore posted in corresponding quarter last year.
Hindalco Industries shed 0.51%. The Aditya Birla Group companys consolidated net profit surged 31.65% to Rs 3,174 crore in Q4 FY24 as against Rs 2,411 crore posted in Q4 FY23. Revenue from operations rose marginally to Rs 55,994 crore in Q4 FY24 as against Rs 55,857 reported in the same period a year ago.
Godrej Properties slipped 2.95% after media reports suggested that the Ministry of Defence raised objection against the real estate company's ongoing residential project in Kandivali, Mumbai.
As per reports, the Central Ordinance Depot has asked the Godrej company to suspend the project as it is 500 meters away from its office in Mumbai. The estimated income for the company from this project reportedly is Rs 7,000 crore.
The Godrej Reserve project is reportedly being built on an 18.6-acre land parcel. According the media reports, the developer has already launched about 1.91 million square feet and had got bookings for 1.51 million square feet worth Rs 2,693 crore.
InterGlobe Aviations (IndiGo) slipped 3.40%. The companys consolidated net profit surged 106.14% to Rs 1,894.82 crore in Q4 FY24 from Rs 919.20 crore posted in Q4 FY23. Revenue from operations increased 25.88% year on year (YoY) to Rs 17,825.27 crore in the quarter ended 31 March 2024.
Honasa Consumer (Mamaearth) advanced 2.75% after the company reported a consolidated net profit of Rs 30.47 crore in Q4 FY24 as against with net loss of Rs 159.97 crore recorded in Q4 FY23. Revenue from operations jumped 21.46% to Rs 471.09 crore in Q4 FY24 as against Rs 387.86 crore recorded in corresponding quarter last year.
Schneider Electric Infrastructure hit a lower circuit of 5% after the company's net profit slumped 92.69% to Rs 3.28 crore in Q4 FY24 from Rs 44.84 crore in Q4 FY23. However, revenue from operations grew by 14.92% to Rs 471.75 crore in the quarter ended 31 March 2024.
Johnson Controls-Hitachi Air Conditioning India was locked in 20% upper circuit after the company reported a net profit of Rs 50.14 crore in Q4 FY24 as compared with a net loss of Rs 1.88 crore posted in Q4 FY23. Net sales increased by 40.9% year-over-year (YoY) to Rs 771.81 crore during the period under review.
Finolex Cables rallied 11.47% after the company's consolidated net profit increased 6.34% to Rs 186.10 crore on 14.43% rise in revenue from operations to Rs 1,401.02 crore in Q4 FY24 over Q4 FY23.
Coral Laboratories surged 15.88% after the company reported consolidated net profit of Rs 5.78 crore in Q4 FY24 as compared with net loss of Rs 0.89 crore in corresponding quarter last year. Revenue from operations soared to Rs 28.88 crore in Q4 FY24 as against 11.43 crore in Q4 FY23.
Bikaji Foods International rallied 3.76% after the company reported a consolidated net profit of Rs 116.24 crore in Q4 FY24, steeply higher than Rs 38.10 crore posted in Q4 FY23. Revenue from operations grew by 12.81% year on year to Rs 520.83 crore during the quarter.
Orchid Pharma slipped 7.04% after the pharma companys consolidated net profit tumbled 49.19% to Rs 33.50 crore in Q4 FY24 as compared with Rs 65.93 crore in Q4 FY23. However, income from operations rose 3.43% YoY to Rs 217.10 crore in the quarter ended 31 March 2024.
JK Lakshmi Cement added 0.82% after the cement maker reported 46.27% rise in standalone net profit to Rs 142.35 crore in Q4 FY24 from Rs 97.32 crore in same quarter last year. Revenue from operations fell by 4.69% YoY to Rs 1,647.78 crore in the fourth quarter. Sales volume for the period under review was 25.51 lakh tones, down 4.28% YoY.
Global Markets:
European and Asian stocks declined on Friday, U.S. economic data increased expectations of sustained higher interest rates and a delayed rate cut by the Federal Reserve, dampening investor appetite for riskier assets.
Data released Thursday showed a decline in U.S. jobless claims, and S&P Global's Flash PMI survey indicated faster-than-anticipated business activity expansion in May. This robust economic data, coupled with hawkish minutes from the Fed's most recent meeting earlier this week, has prompted traders to reduce their bets on rate cuts this year. Markets are now fully expecting a rate cut in December, with a September cut remaining uncertain, according to the CME FedWatch tool.
In Japan, inflation moderated for the second consecutive month, as investors continued to assess the Bank of Japan's capacity for further interest rate hikes this year. Core CPI, which excludes volatile fresh food prices, rose 2.2% year-on-year in April, according to data released by the Statistics Bureau on Friday. This represents a decrease from the 2.6% increase observed in the previous month.
In the United States, the Dow Jones Industrial Average (DJIA) plunged on Thursday, dropping over 600 points and retreating back to the 39,000 level as investors reacted to diminishing hopes for a September interest rate cut by the Federal Reserve.
Initial jobless claims for the week ending May 18th came in at a higher-than-expected 2.15 lakh, while Mays S&P Global Services Purchasing Managers Index (PMI) rose to a 12-month high of 50.9 on Thursday.
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